612 W Rebecca Ave

Iowa Park, TX 76367

$175,000C

3 bd · 3.0 ba · 1,770 sqft · Built 1965 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,645/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$345
• Net cashflow: $-10/mo
• Annual: $-124/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• 1% rule: 0.94%
• Cash to close: $49,000

Investor read

• This is a 3-bed/3.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $-10 ($-124/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (6.0% below list).
• It's been on market 38 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (6.0% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#272 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Iowa Park CISD (town): math 57% / reading 49% proficiency, ranked #129 of 826 in TX (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bradford El (math 58% / reading 51%, grade C, #621 of 4,322 statewide, top 15%, 447 students, 46% FRL); Iowa Park Jjaep (1 students, 0% FRL); Iowa Park H S (math 72% / reading 67%, grade B, #119 of 1,632 statewide, top 9%, 544 students, 34% FRL).
• Market conditions: 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.