1642 Elizabeth Ave · Wichita Falls, TX 76301

$120,000

3 bd · 2.0 ba · 1,725 sqft · MultiFamily public records · 337 Days on market

Built 1919 8,494 sqft lot $70/sqft · 31% above area Est $91k · 31% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +7.6/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex with 2-one bedroom one-bathroom units and a rear unit that is 1 bed 1 bath. One of the duplex units is currently vacant but could add $700 additional rental income totaling $2125 a month. Property is Currently rented for $1425 per month total. Units are occupied and can be viewed with an executed contract. This property is part of a portfolio. Ask agent for information on full portfolio

Key facts

• 8,494 sq ft lot
• 3 parking spots
• Built 1919

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.7% in Wichita Falls — 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.

Location & tenants

• Location reads 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 133 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent runs 43% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago 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.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 337 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.21%
• Cash-on-cash: 10.41%
• DSCR: 1.46
• GRM: 6.6

CMA / ARV

• ARV (median comp): $91,400
• List price: $120,000
• Delta: 31.29%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 Baylor St	0.53mi	3/3.0	1,592 (-8%)	6mo	$85,000	$53	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.27% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $2,723
• Equity at exit: $17,892

10-year hold

• IRR: 13.9%
• Equity multiple: 2.24×
• Total profit: $41,774
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76301

• Home prices YoY: -34.1%
• Rents YoY: 5.3%
• Active inventory: 133
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $1,516 high
• Mortgage (P&I): −$629
• Tax from tax record: −$227 /mo · $2,724/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $291

Break-even live

Break-even rent $1,147

Max offer price $120,000

Occupancy floor 76%

Sensitivity live

Price	-10% $359	-5% $325	+0% $291	+5% $257	+10% $223
Rent	-10% $172	-5% $231	+0% $291	+5% $351	+10% $411
Rate	-1.0pp $352	-0.5pp $322	base $291	+0.5pp $260	+1.0pp $229

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,516
Total (2 units)			$1,516

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1821 9th St Unit B Wichita Falls, TX	2.0	1.0	1200	$795	$0.66	44d	1	0.49mi
1714 7th St Wichita Falls, TX	3.0	1.0	1452	$850	$0.59	44d	1	0.59mi
1916 7th St Wichita Falls, TX	2.0	1.0	1226	$1,050	$0.86	44d	1	0.74mi
2130 Avenue K Wichita Falls, TX	3.0	2.0	1090	$1,390	$1.28	44d	1	0.96mi
2006 Bell St Wichita Falls, TX	3.0	1.0	1120	$1,000	$0.89	44d	1	0.99mi
1507 Polk St Wichita Falls, TX	3.0	1.0	1316	$1,050	$0.80	44d	1	1.00mi
1813 Polk St Wichita Falls, TX	3.0	2.0	1090	$1,364	$1.25	44d	1	1.19mi
2003 Buchanan St Wichita Falls, TX	3.0	2.0	1118	$1,100	$0.98	44d	1	1.50mi

Listing history 21 events

1. 2026-06-19
   days on market $120,000 Active 337 DOM
2. 2026-06-18
   days on market $120,000 Active 336 DOM
3. 2026-06-17
   days on market $120,000 Active 335 DOM
4. 2026-06-16
   days on market $120,000 Active 334 DOM
5. 2026-06-15
   days on market $120,000 Active 333 DOM
6. 2026-06-14
   days on market $120,000 Active 331 DOM
7. 2026-06-13
   days on market $120,000 Active 330 DOM
8. 2026-06-10
   days on market $120,000 Active 328 DOM
9. 2026-06-09
   days on market $120,000 Active 327 DOM
10. 2026-06-08
    days on market $120,000 Active 326 DOM
11. 2026-06-07
    days on market $120,000 Active 325 DOM
12. 2026-06-05
    days on market $120,000 Active 322 DOM
13. 2026-06-02
    days on market $120,000 Active 320 DOM
14. 2026-06-01
    days on market $120,000 Active 319 DOM
15. 2026-05-31
    days on market $120,000 Active 318 DOM
16. 2026-05-30
    days on market $120,000 Active 317 DOM
17. 2025-09-29
    status Active 401-char remark

    Show marketing remark (401 chars)

    Duplex with 2-one bedroom one-bathroom units and a rear unit that is 1 bed 1 bath. One of the duplex units is currently vacant but could add $700 additional rental income totaling $2125 a month. Property is Currently rented for $1425 per month total. Units are occupied and can be viewed with an executed contract. This property is part of a portfolio. Ask agent for information on full portfolio

18. 2025-09-24
    historical Active Option Contract 401-char remark

    Show marketing remark (401 chars)

    Duplex with 2-one bedroom one-bathroom units and a rear unit that is 1 bed 1 bath. One of the duplex units is currently vacant but could add $700 additional rental income totaling $2125 a month. Property is Currently rented for $1425 per month total. Units are occupied and can be viewed with an executed contract. This property is part of a portfolio. Ask agent for information on full portfolio

19. 2025-07-17
    listed $120,000 Active 401-char remark

    Show marketing remark (401 chars)

    Duplex with 2-one bedroom one-bathroom units and a rear unit that is 1 bed 1 bath. One of the duplex units is currently vacant but could add $700 additional rental income totaling $2125 a month. Property is Currently rented for $1425 per month total. Units are occupied and can be viewed with an executed contract. This property is part of a portfolio. Ask agent for information on full portfolio

20. 2021-05-10
    soldstatus
21. 2021-03-25
    listed $82,400

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $2,724 · $227/mo
• Projected year-2 tax: $2,724 · $227/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,192
• − Mortgage interest: −$6,722
• − Property taxes: −$2,724
• − Insurance: −$600
• − Repairs & maintenance: −$1,455
• − Management: −$1,455
• − Depreciation: −$3,491
• Taxable income: $1,745
• Est. tax owed @ 24.0%: −$419
• After-tax cash flow: $3,078/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment D+ Housing A+ Health & safety C- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 15,479
• Household income: $41,947
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 577.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 38% Black 18% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 22%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.89%
• Current HPI: 135.1511
• Rent YoY: ▲ 5.27%
• Metro: Wichita Falls, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

+45.6% since first listed

5 events — show timeline

• 2025-09-29 Relisted — NTREIS
• 2025-09-24 Contingent — NTREIS
• 2025-07-17 Listed $120,000 NTREIS
• 2021-05-10 Sold (MLS) — WFAOR
• 2021-03-25 Listed $82,400 WFAOR

Property tax history

+15.2%/yr

Latest (2025): $2,724 · -1.5% YoY. Source: county tax records.