1510 29th Pl · Lubbock, TX 79411

$525,000

16 bd · 8.0 ba · 3,315 sqft · MultiFamily public records · 101 Days on market

Built 1960 Average condition 0.48 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks MLS

8-Unit Multifamily Investment Opportunity - Central Lubbock Excellent opportunity to acquire an 8-unit multifamily community in a centrally located Lubbock neighborhood near 34th Street & Avenue Q. Each unit features a 2-bedroom, 1-bath floor plan, making them highly desirable for tenants seeking affordable housing close to major employers and universities. Current neighborhood rents for similar units range from $750-$875 per month, presenting a strong value-add opportunity for investors. With strategic capital improvements and professional management, rents could be positioned toward the upper end of the market, creating a potential gross monthly income of approximately $7,000 when fully optimized. The property benefits from a highly convenient location just minutes from major employment and education centers, including: Only 6 minutes from Texas Tech University About 10 minutes to University Medical Center Roughly 10 minutes to the Leprino Foods Company cheese manufacturing facility This proximity supports steady rental demand from students, medical professionals, and local workforce tenants. Investment Highlights 8 total units All units: 2 bedroom / 1 bathroom Strong rental demand area Value-add potential through capital improvements Market rents: $750-$875 per unit Potential gross income: $7,000/month Central location with quick access to major employers Whether you're looking to expand your rental portfolio or secure a value-add multifamily asset, this property offers both stable cash flow potential and upside through improved rents.

Key facts

• Value-add potential
• 0.48 acre lot
• Built 1960

Tags

• CENTRALLY LOCATED NEIGHBORHOOD
• STRONG RENTAL DEMAND AREA
• VALUE-ADD POTENTIAL

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $525k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $478k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 96 active listings in the ZIP; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $7,098/mo this rent would consume 179% of the median local household income ($48k/yr) (locally 777% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $147k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($478k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $477,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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 1960 — 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 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?
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: 1.35% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.87% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.41×
• Total profit: $60,002
• Equity at exit: $78,279

10-year hold

• IRR: 18.6%
• Equity multiple: 2.48×
• Total profit: $216,891
• Equity at exit: $45,392

Cash invested: $147,000 (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 79411

• Home prices YoY: -10.5%
• Rents YoY: 1.9%
• Active inventory: 96
• Price-to-rent: 49.3×

Monthly cashflow live

• Estimated rent: $7,098 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$230 /mo · $2,760/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,491
• Net cashflow: $2,406

Break-even live

Break-even rent $4,053

Max offer price $525,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,703	-5% $2,554	+0% $2,406	+5% $2,257	+10% $2,108
Rent	-10% $1,845	-5% $2,125	+0% $2,406	+5% $2,686	+10% $2,966
Rate	-1.0pp $2,670	-0.5pp $2,539	base $2,406	+0.5pp $2,270	+1.0pp $2,131

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$7,096
Total (8 units)			$7,098

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $525,000 Active 101 DOM
2. 2026-06-17
   days on market $525,000 Active 100 DOM
3. 2026-06-16
   days on market $525,000 Active 99 DOM
4. 2026-06-15
   days on market $525,000 Active 98 DOM
5. 2026-06-14
   days on market $525,000 Active 96 DOM
6. 2026-06-13
   days on market $525,000 Active 95 DOM
7. 2026-06-10
   days on market $525,000 Active 93 DOM
8. 2026-06-09
   days on market $525,000 Active 92 DOM
9. 2026-06-08
   days on market $525,000 Active 91 DOM
10. 2026-06-07
    days on market $525,000 Active 90 DOM
11. 2026-06-05
    days on market $525,000 Active 87 DOM
12. 2026-06-03
    days on market $525,000 Active 86 DOM
13. 2026-06-02
    days on market $525,000 Active 85 DOM
14. 2026-06-01
    days on market $525,000 Active 84 DOM
15. 2026-05-31
    days on market $525,000 Active 83 DOM
16. 2026-05-30
    days on market $525,000 Active 82 DOM
17. 2026-03-10
    listed $525,000 Active 1585-char remark

    Show marketing remark (1585 chars)

    8-Unit Multifamily Investment Opportunity - Central Lubbock Excellent opportunity to acquire an 8-unit multifamily community in a centrally located Lubbock neighborhood near 34th Street & Avenue Q. Each unit features a 2-bedroom, 1-bath floor plan, making them highly desirable for tenants seeking affordable housing close to major employers and universities. Current neighborhood rents for similar units range from $750-$875 per month, presenting a strong value-add opportunity for investors. With strategic capital improvements and professional management, rents could be positioned toward the upper end of the market, creating a potential gross monthly income of approximately $7,000 when fully optimized. The property benefits from a highly convenient location just minutes from major employment and education centers, including: Only 6 minutes from Texas Tech University About 10 minutes to University Medical Center Roughly 10 minutes to the Leprino Foods Company cheese manufacturing facility This proximity supports steady rental demand from students, medical professionals, and local workforce tenants. Investment Highlights 8 total units All units: 2 bedroom / 1 bathroom Strong rental demand area Value-add potential through capital improvements Market rents: $750-$875 per unit Potential gross income: $7,000/month Central location with quick access to major employers Whether you're looking to expand your rental portfolio or secure a value-add multifamily asset, this property offers both stable cash flow potential and upside through improved rents.

18. 2024-04-10
    historical $750
19. 2024-04-03
    price $750
20. 2024-03-29
    listed $725
21. 2024-03-14
    historical $725
22. 2023-12-18
    soldstatus
23. 2023-12-01
    listed $725
24. 2023-10-06
    historical $725
25. 2023-09-14
    listed $725
26. 2023-08-29
    historical $725
27. 2023-08-09
    price $725
28. 2023-08-06
    price $500
29. 2023-08-04
    price $650
30. 2023-08-02
    price $725
31. 2023-07-27
    price $770
32. 2023-07-22
    listed $800
33. 2006-03-27
    soldstatus

ⓘ 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: $2,760 · $230/mo
• Projected year-2 tax: $9,608 · $801/mo
• Expected delta: +$6,848/yr (+$571/mo · 248.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,176
• − Mortgage interest: −$29,408
• − Property taxes: −$2,760
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,814
• − Management: −$6,814
• − Depreciation: −$15,273
• Taxable income: $21,482
• Est. tax owed @ 24.0%: −$5,156
• After-tax cash flow: $23,711/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.

Condition & rehab AI · 9 photos

Average 55/100 Moderate rehab

This 8-unit multifamily property offers a moderate level of rehab with average condition, requiring some cosmetic and minor repairs to enhance its resale and rental value.

Repairs flagged

• Minor exterior paint — Some discoloration visible
• Minor interior paint — Worn paint in some areas
• Minor bathroom fixtures — Dated appearance

Value-add opportunities

• Both painting — Enhances curb appeal and interior aesthetics
• Rental HVAC upgrade — Improves comfort and energy efficiency
• Rental bathroom fixtures — Modernizes and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Some discoloration visible	Minor	$500–3,000
interior paint · Worn paint in some areas	Minor	$500–3,000
bathroom fixtures · Dated appearance	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both painting — Enhances curb appeal and interior aesthetics ↑
• Rental HVAC upgrade — Improves comfort and energy efficiency ↑
• Rental bathroom fixtures — Modernizes and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 6,865
• Household income: $47,634
• Rent vs Own: 72.5% rent · 27.5% own
• Severe rent burden: 777.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 50% White 39% Two or more races 10% Black 9% Native American 2%
• Hispanic origin (detail): Mexican 37% Cuban 2%
• Common ancestry: Slovak 3% Italian 2% Portuguese 2%
• Foreign-born: 8% · Canada
• Languages at home: 64% English-only · Spanish 35%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.58%
• Current HPI: 210.495
• Rent YoY: ▲ 1.87%
• Metro: Lubbock, 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

17 events — show timeline

• 2026-03-10 Listed $525,000 LARMLS
• 2024-04-10 Rental Removed $750 APPFOLIO
• 2024-04-03 Price Changed $750 APPFOLIO
• 2024-03-29 Listed for Rent $725 APPFOLIO
• 2024-03-14 Rental Removed $725 APPFOLIO
• 2023-12-18 Sold (Public Records) — Public Records
• 2023-12-01 Listed for Rent $725 APPFOLIO
• 2023-10-06 Rental Removed $725 APPFOLIO
• 2023-09-14 Listed for Rent $725 APPFOLIO
• 2023-08-29 Rental Removed $725 APPFOLIO
• 2023-08-09 Price Changed $725 APPFOLIO
• 2023-08-06 Price Changed $500 APPFOLIO
• 2023-08-04 Price Changed $650 APPFOLIO
• 2023-08-02 Price Changed $725 APPFOLIO
• 2023-07-27 Price Changed $770 APPFOLIO
• 2023-07-22 Listed for Rent $800 APPFOLIO
• 2006-03-27 Sold (Public Records) — Public Records

Property tax history

-0.2%/yr

Latest (2025): $2,760 · +16.9% YoY. Source: county tax records.