1501 S 29th St · Beverly Hills, TX 76711

$249,900

None bd · None ba · 1,658 sqft · MultiFamily · 111 Days on market

Built 1985 Good condition 7,492 sqft lot $151/sqft · 18% below area Est $305k · 18% under ↓ 4% since listing

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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 +16.8/30.0
• ARV discount +15.0/15.0
• Appreciation +6.8/10.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Condition / age +3.8/5.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• Schools +1.8/10.0

Multi-family units

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

Listing remarks MLS

Located at 1501 South 29th Street, Units A & B in Waco, Texas, this two-unit duplex presents a compelling investment opportunity with upside in rental income. Each unit offers approximately 829 SF, making the property well-suited for long-term tenants or potential repositioning. The property has seen significant recent capital improvements, greatly reducing near-term maintenance concerns. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. Most recently, in April 2026, both the roof and gutters were replaced. The most recent rented unit was rented out for $1,300 per month — providing immediate income with built-in upside. Zoned C-2: Commercial (Beverly Hills), the property offers additional flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. Financials are available upon request. Offered at an asking price of $259,900, with 2025 taxes of $2,567.58, this property represents an attractive option for investors seeking a stabilized asset with value-add potential in a growing Waco submarket.

Key facts

• Two unit duplex
• New hvac systems
• New water heaters

Tags

• TWO UNIT DUPLEX
• RECENT CAPITAL IMPROVEMENTS
• NEW HVAC SYSTEMS
• NEW WATER HEATERS
• UPDATED FLOORING
• ZONED C-2

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive. Per door: $79/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 $239k (4.5% below list).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#871 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, commute F.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 43 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $2,386/mo this rent would consume 54% of the median local household income ($53k/yr) (locally 424% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.6% local appreciation)).
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.6% appreciation + 2.6% rent growth), your $70k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.95% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.71%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $305,100
• List price: $249,900
• Delta: -18.09%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

3.57% appreciation · 2.62% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.67×
• Total profit: $46,853
• Equity at exit: $120,411

10-year hold

• IRR: 13.0%
• Equity multiple: 3.03×
• Total profit: $142,381
• Equity at exit: $192,081

Cash invested: $69,972 (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 76711

• Home prices YoY: 1.4%
• Rents YoY: 2.6%
• Active inventory: 43
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $2,386 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $158

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 88%

Sensitivity live

Price	-10% $331	-5% $244	+0% $158	+5% $72	+10% $-15
Rent	-10% $-31	-5% $64	+0% $158	+5% $252	+10% $346
Rate	-1.0pp $284	-0.5pp $221	base $158	+0.5pp $93	+1.0pp $27

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,386
Total (2 units)			$2,386

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 Flint Ave Waco, TX	3.0	2.0	1356	$1,720	$1.27	44d	1	0.42mi
2021 Gurley Ave Waco, TX	3.0	2.0	1320	$1,500	$1.14	21d	1	0.70mi
3812 Hiland Dr Waco, TX	3.0	1.0	1124	$995	$0.89	14d	1	0.81mi
1914 Ross Ave Waco, TX	3.0	1.0	1316	$1,495	$1.14	21d	1	0.91mi
4009 James Ave Waco, TX	3.0	1.0	1056	$1,495	$1.42	21d	1	0.92mi
2900 Austin Ave Waco, TX	2.0	2.0	1176	$1,195	$1.02	44d	1	0.97mi
3743 Vista Cove Dr Waco, TX	3.0	2.0	1509	$1,850	$1.23	21d	1	1.10mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$992	$1.05	14d	33	1.15mi
2300 Washington Ave Waco, TX	3.0	1.0	1232	$1,650	$1.34	14d	1	1.17mi
1342 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	14d	1	1.20mi
1326 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	21d	1	1.23mi
1326 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	14d	1	1.23mi
1311 Speight Ave Waco, TX	2.0	2.5	1143	$1,195	$1.05	14d	1	1.24mi
1311 Speight Ave #1311 Waco, TX	2.0	2.5	1143	$1,500	$1.31	21d	1	1.24mi
1923 Austin Ave Unit 5202 Waco, TX	2.0	2.5	1265	$1,395	$1.10	21d	1	1.26mi
516 N 31st St Waco, TX	1.0	1.0	1100	$1,000	$0.91	21d	1	1.31mi
516 N 31st St Unit 1 Waco, TX	1.0	1.0	1100	$1,000	$0.91	44d	1	1.31mi
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	44d	1	1.34mi
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	21d	1	1.34mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	21d	1	1.37mi
1628 Ewing Ave Waco, TX	3.0	2.0	1472	$2,400	$1.63	14d	1	1.41mi
1300 S 11th St Waco, TX	2.0	2.5	1083	$1,209	$1.12	14d	14	1.45mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	21d	1	1.46mi
3214 Ferndale Dr Waco, TX	1.0	2.0	1200	$1,000	$0.83	44d	1	1.49mi
3204 Ferndale Dr Waco, TX	1.0	1.0	1200	$1,395	$1.16	44d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $249,900 Active 111 DOM
2. 2026-06-17
   days on market $249,900 Active 110 DOM
3. 2026-06-16
   days on market $249,900 Active 109 DOM
4. 2026-06-15
   days on market $249,900 Active 108 DOM
5. 2026-06-14
   days on market $249,900 Active 106 DOM
6. 2026-06-13
   days on market $249,900 Active 105 DOM
7. 2026-06-10
   days on market $249,900 Active 103 DOM
8. 2026-06-09
   days on market $249,900 Active 102 DOM
9. 2026-06-08
   days on market $249,900 Active 101 DOM
10. 2026-06-07
    days on market $249,900 Active 100 DOM
11. 2026-06-05
    days on market $249,900 Active 97 DOM
12. 2026-06-03
    days on market $249,900 Active 96 DOM
13. 2026-06-02
    days on market $249,900 Active 95 DOM
14. 2026-06-01
    days on market $249,900 Active 94 DOM
15. 2026-05-31
    days on market $249,900 Active 93 DOM
16. 2026-05-30
    days on market $249,900 Active 92 DOM
17. 2026-05-07
    price $249,900 1189-char remark

    Show marketing remark (1189 chars)

    Located at 1501 South 29th Street, Units A & B in Waco, Texas, this two-unit duplex presents a compelling investment opportunity with upside in rental income. Each unit offers approximately 829 SF, making the property well-suited for long-term tenants or potential repositioning. The property has seen significant recent capital improvements, greatly reducing near-term maintenance concerns. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. Most recently, in April 2026, both the roof and gutters were replaced. The most recent rented unit was rented out for $1,300 per month — providing immediate income with built-in upside. Zoned C-2: Commercial (Beverly Hills), the property offers additional flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. Financials are available upon request. Offered at an asking price of $259,900, with 2025 taxes of $2,567.58, this property represents an attractive option for investors seeking a stabilized asset with value-add potential in a growing Waco submarket.

18. 2026-04-13
    status Active 1189-char remark

    Show marketing remark (1189 chars)

    Located at 1501 South 29th Street, Units A & B in Waco, Texas, this two-unit duplex presents a compelling investment opportunity with upside in rental income. Each unit offers approximately 829 SF, making the property well-suited for long-term tenants or potential repositioning. The property has seen significant recent capital improvements, greatly reducing near-term maintenance concerns. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. Most recently, in April 2026, both the roof and gutters were replaced. The most recent rented unit was rented out for $1,300 per month — providing immediate income with built-in upside. Zoned C-2: Commercial (Beverly Hills), the property offers additional flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. Financials are available upon request. Offered at an asking price of $259,900, with 2025 taxes of $2,567.58, this property represents an attractive option for investors seeking a stabilized asset with value-add potential in a growing Waco submarket.

19. 2026-03-23
    status Pending 1189-char remark

    Show marketing remark (1189 chars)

    Located at 1501 South 29th Street, Units A & B in Waco, Texas, this two-unit duplex presents a compelling investment opportunity with upside in rental income. Each unit offers approximately 829 SF, making the property well-suited for long-term tenants or potential repositioning. The property has seen significant recent capital improvements, greatly reducing near-term maintenance concerns. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. Most recently, in April 2026, both the roof and gutters were replaced. The most recent rented unit was rented out for $1,300 per month — providing immediate income with built-in upside. Zoned C-2: Commercial (Beverly Hills), the property offers additional flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. Financials are available upon request. Offered at an asking price of $259,900, with 2025 taxes of $2,567.58, this property represents an attractive option for investors seeking a stabilized asset with value-add potential in a growing Waco submarket.

20. 2026-02-06
    listed $259,900 Active 1189-char remark

    Show marketing remark (1189 chars)

    Located at 1501 South 29th Street, Units A & B in Waco, Texas, this two-unit duplex presents a compelling investment opportunity with upside in rental income. Each unit offers approximately 829 SF, making the property well-suited for long-term tenants or potential repositioning. The property has seen significant recent capital improvements, greatly reducing near-term maintenance concerns. Updates include foundation work completed in 2025, new HVAC systems, new water heaters, and updated flooring. Most recently, in April 2026, both the roof and gutters were replaced. The most recent rented unit was rented out for $1,300 per month — providing immediate income with built-in upside. Zoned C-2: Commercial (Beverly Hills), the property offers additional flexibility for future use or redevelopment. Its location near a heavy retail corridor and adjacent to South Waco Park enhances tenant appeal and long-term value. Financials are available upon request. Offered at an asking price of $259,900, with 2025 taxes of $2,567.58, this property represents an attractive option for investors seeking a stabilized asset with value-add potential in a growing Waco submarket.

ⓘ 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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $28,632
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,291
• − Management: −$2,291
• − Depreciation: −$7,270
• Taxable loss: −$2,215
• Est. tax savings @ 24.0%: +$532
• After-tax cash flow: $2,427/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

Good 75/100 Cosmetic rehab

This two-unit duplex is in good condition with recent updates, making it a solid investment opportunity with potential for rental value enhancement.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Upgrading the kitchen appliances — Modern appliances can attract more tenants and increase rental value.
• Both Adding smart home features — Smart home features can improve tenant satisfaction and increase rental value.
• Both Landscaping the front yard — A well-maintained front yard can enhance curb appeal and attract more tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Upgrading the kitchen appliances — Modern appliances can attract more tenants and increase rental value. ↑
• Both Adding smart home features — Smart home features can improve tenant satisfaction and increase rental value. ↑
• Both Landscaping the front yard — A well-maintained front yard can enhance curb appeal and attract more tenants. ↑

ⓘ 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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Beverly Hills

• Score: 63/100
• State rank: #871
• US rank: #15705

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Beverly Hills, TX
• County: McLennan County · 213,088 people
• Metro: Waco, TX
• Population (ZIP): 9,676
• Household income: $53,185
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 424.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 43% White 23% Black 12% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 56%
• Common ancestry: Lithuanian 1% Italian 1% Portuguese 1%
• Foreign-born: 27% · Canada, China
• Languages at home: 53% English-only · Spanish 45% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.57%
• Current HPI: 261.7166
• Rent YoY: ▲ 2.62%
• Metro: Waco, 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

-3.8% since first listed

4 events — show timeline

• 2026-05-07 Price Changed $249,900 NTREIS
• 2026-04-13 Relisted — NTREIS
• 2026-03-23 Pending — NTREIS
• 2026-02-06 Listed $259,900 NTREIS