400 E 1st St Unit A-D · Marfa, TX 79843

$500,000

4 bd · 4.0 ba · 2,548 sqft · MultiFamily · 159 Days on market

Built 2006 Fair condition 0.34 ac lot

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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 +14.8/30.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

The only Multifamily zoned Quadplex in the entire City of Marfa! Built in 2006, this complex consists of 2 duplex units situated on a 1/3 acre corner lot in northeast Marfa's Avant neighborhood. Each unit is separately metered (water, sewer, electric) and currently leased at market rate. the Multifamily zoning allows for the units to be owner occupied or rented long or short term. The large lot has alley access and ample off-street parking. Inquire to City of Marfa for Short Term Rental permits.

Key facts

• Alley access
• Avant neighborhood
• Corner lot

Tags

• MULTIFAMILY ZONED QUADPLEX
• CORNER LOT
• ALLEY ACCESS
• AMPLE OFF-STREET PARKING
• AVANT NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $500k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive. Per door: $68/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $454k (9.1% below list).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#215 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, commute F.
• Marfa ISD (rural): math 45% / reading 45% proficiency, ranked #559 of 1,141 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 23 units permitted in Presidio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($3k loan paydown + $21k appreciation (4.2% local appreciation)).
• Presidio County population projected at -44% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $440,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.73×
• Total profit: $102,215
• Equity at exit: $260,253

10-year hold

• IRR: 13.3%
• Equity multiple: 3.24×
• Total profit: $312,999
• Equity at exit: $431,137

Cash invested: $140,000 (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 79843

• Home prices YoY: 2.0%
• Active inventory: 79
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $4,545 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,500/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$954
• Net cashflow: $135

Break-even live

Break-even rent $4,374

Max offer price $500,000

Occupancy floor 92%

Sensitivity live

Price	-10% $481	-5% $308	+0% $135	+5% $-38	+10% $-210
Rent	-10% $-224	-5% $-44	+0% $135	+5% $315	+10% $494
Rate	-1.0pp $387	-0.5pp $262	base $135	+0.5pp $6	+1.0pp $-126

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$4,544
Total (2 units)			$4,545

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $500,000 Active 159 DOM
2. 2026-06-18
   days on market $500,000 Active 156 DOM
3. 2026-06-17
   days on market $500,000 Active 155 DOM
4. 2026-06-16
   days on market $500,000 Active 154 DOM
5. 2026-06-15
   days on market $500,000 Active 153 DOM
6. 2026-06-14
   days on market $500,000 Active 151 DOM
7. 2026-06-10
   days on market $500,000 Active 148 DOM
8. 2026-06-09
   days on market $500,000 Active 147 DOM
9. 2026-06-08
   days on market $500,000 Active 146 DOM
10. 2026-06-07
    days on market $500,000 Active 145 DOM
11. 2026-06-05
    days on market $500,000 Active 142 DOM
12. 2026-06-03
    days on market $500,000 Active 141 DOM
13. 2026-06-02
    days on market $500,000 Active 140 DOM
14. 2026-06-01
    days on market $500,000 Active 139 DOM
15. 2026-05-31
    days on market $500,000 Active 138 DOM
16. 2026-05-31
    days on market $500,000 Active 137 DOM
17. 2026-01-14
    listed $500,000 Active 500-char remark

    Show marketing remark (500 chars)

    The only Multifamily zoned Quadplex in the entire City of Marfa! Built in 2006, this complex consists of 2 duplex units situated on a 1/3 acre corner lot in northeast Marfa's Avant neighborhood. Each unit is separately metered (water, sewer, electric) and currently leased at market rate. the Multifamily zoning allows for the units to be owner occupied or rented long or short term. The large lot has alley access and ample off-street parking. Inquire to City of Marfa for Short Term Rental permits.

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,540
• − Mortgage interest: −$28,008
• − Property taxes: −$7,500
• − Insurance: −$2,500
• − Repairs & maintenance: −$4,363
• − Management: −$4,363
• − Depreciation: −$14,545
• Taxable loss: −$6,740
• Est. tax savings @ 24.0%: +$1,618
• After-tax cash flow: $3,239/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 · 12 photos

Fair 45/100 Moderate rehab

This multifamily property requires moderate renovations to improve its condition and appeal to buyers and renters. Upgrades to the kitchen, exterior, and HVAC will significantly increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Moderate exterior siding — weathered and in need of repainting
• Moderate HVAC units — basic units, some discoloration

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen will appeal to both buyers and renters
• Both paint interior walls and exterior siding — improving the curb appeal and interior will attract more interest
• Both replace HVAC units — modernizing the HVAC system will improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
exterior siding · weathered and in need of repainting	Moderate	$3,000–15,000
HVAC units · basic units, some discoloration	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen will appeal to both buyers and renters ↑
• Both paint interior walls and exterior siding — improving the curb appeal and interior will attract more interest ↑
• Both replace HVAC units — modernizing the HVAC system will improve comfort and energy efficiency ↑

ⓘ 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: Marfa ISD
• NCES district ID: 4829040
• Math proficiency: 45% ▲ 10.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $41,354
• Composite: 40.04/100
• National rank: #7884
• State rank: #559 of 1141 in TX

Livability — Marfa

• Score: 73/100
• State rank: #215
• US rank: #5308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marfa, TX
• Population (ZIP): 2,578

Population outlook (Presidio County) Hauer SSP2

• Today (2025): 5,330 people
• By 2030: 4,671 · -12.4%
• By 2040: 3,654 · -31.4%
• By 2050: 3,001 · -43.7%
• By 2075: 2,326 · -56.4%
• By 2100: 2,106 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 33% Native American 5%
• Hispanic origin (detail): Mexican 45%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 2%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 39%

Political lean MEDSL · Presidio

• 2024 margin: Solid D (+30.2) · D 64.6% · R 34.4%
• 2008→2024 swing: -13.2pp toward R · 2008: 43.4pp · 2024: 30.2pp
• All cycles: 2024: D+30.2 2020: D+33.5 2016: D+36.6 2012: D+42.5 2008: D+43.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.23%
• Current HPI: 214.5241
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-01-14 Listed $500,000 ODMLS