2712 Evergreen Cir

Bryan, TX 77801

$289,900B+

8 bd · 4.0 ba · 3,156 sqft · Built 1979 · MultiFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,030/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$620
• HOA: −$0
• Vac / Maint / Mgmt: −$846
• Net cashflow: $1,043/mo
• Annual: $12,520/yr
• Cap rate: 10.61%
• Cash-on-cash: 15.42%
• DSCR: 1.69
• 1% rule: 1.39%
• Cash to close: $81,172

Investor read

• This is a 4 × 2-bed/1-bath units multifamily listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $261/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• It's been on market 85 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#99 in TX, #3,341 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, employment D+.
• Bryan ISD (urban): math 30% / reading 32% proficiency, ranked #608 of 826 in TX (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mary Branch El (math 32% / reading 17%, grade F, #3,052 of 4,322 statewide, top 74%, 617 students, 83% FRL); Jane Long (math 32% / reading 26%, grade F, #1,103 of 1,662 statewide, top 67%, 998 students, 85% FRL); Travis B Bryan H S (math 22% / reading 34%, grade F, #1,170 of 1,632 statewide, top 72%, 2,419 students, 67% FRL).
• Market conditions: Rents flat; 142 active listings in the ZIP; lower-income renter base — watch delinquency; 2,211 units permitted in Brazos County in 2024 (768 in 5+ unit buildings).
• Brazos County population projected at +55% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 13 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $81k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.6% vs local median 3.9% in Bryan — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent per unit runs 30% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.