6625 Fm 1398

Leary, TX 75561

$32,900B-

2 bd · 1.0 ba · 840 sqft · Built 1990 · Manufactured · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $870/mo
• Mortgage (P&I): −$173
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $446/mo
• Annual: $5,352/yr
• Cap rate: 22.56%
• Cash-on-cash: 58.10%
• DSCR: 3.59
• 1% rule: 2.64%
• Cash to close: $9,212

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $33k. Condition is rated fair.
• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($870 rent vs $33k).
• It's been on market 184 days — a 12% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $227 of loan paydown is wiped out by about $987 of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#776 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools F, crime F, amenities F.
• Hooks ISD (town): math 46% / reading 50% proficiency, ranked #226 of 826 in TX (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 137 units permitted in Bowie County in 2024 (5 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Dark and dated cabinets need replacement.
• Major: Countertops — Worn countertops need replacement.
• Major: Flooring — Old and stained flooring needs replacement.
• Major: Bathroom fixtures — Outdated fixtures need replacement.
• Major: Exterior siding — Weathered and peeling siding needs repainting or replacement.
• Major: Landscaping — Sparse landscaping needs improvement to enhance curb appeal.