1017 Spring Azure Dr · Cleburne, TX 76033

$129,995

4 bd · 3.0 ba · 1,904 sqft · Manufactured · 219 Days on market

Built 2025 Good condition 5,000 sqft lot ↓ 7% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this newly built 4-bedroom, 3-bath modern farmhouse with 1,904 sq. ft. of thoughtfully designed, open-concept living in a well-planned Cleburne, Texas community. The kitchen is built to impress, featuring 42-inch cabinetry, a spacious island, farmhouse sink, walk-in pantry, and stainless-steel appliances-ideal for everything from weeknight meals to hosting guests. The main living area feels bright and inviting with 8-foot ceilings accented by decorative wood beams. Three secondary bedrooms sit on one side of the home, including a convenient Jack-and-Jill bath, while the primary suite is tucked away on the opposite side for added privacy. The suite includes a spa-like en suite bath designed for comfort and relaxation. Outside, you'll find wood siding, a durable shingle roof, a large deck perfect for entertaining, and a 10x10 storage shed for extra space. Set within a master-planned community, residents enjoy energy-efficient homes and a low-maintenance lifestyle with access to resort-style amenities: • Swimming pool • 24-hour fitness center • Coffee lounge • Clubhouse • Professional lawn care and seasonal upkeep On-site financing is available. Schedule a tour today and see what sets this home apart in one of Cleburne's newest communities.

Key facts

• Spacious island
• Wood beams
• Open concept design

Tags

• MODERN KITCHEN
• SPACIOUS ISLAND
• FARMHOUSE SINK
• STAINLESS STEEL APPLIANCES
• OPEN CONCEPT DESIGN
• WOOD BEAMS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $130k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 3.6% in Cleburne — 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 68/100 on livability (#460 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, amenities F.
• Cleburne ISD (town): math 34% / reading 33% proficiency, ranked #537 of 826 in TX (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 660 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/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 $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,395 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 14.80%
• Cash-on-cash: 30.39%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 1.85×
• Total profit: $30,918
• Equity at exit: $19,383

10-year hold

• IRR: 27.6%
• Equity multiple: 3.10×
• Total profit: $76,558
• Equity at exit: $11,240

Cash invested: $36,399 (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 76033

• Rents YoY: -0.8%
• Active inventory: 660
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,304 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $922

Break-even live

Break-even rent $1,137

Max offer price $129,995

Occupancy floor 55%

Sensitivity live

Price	-10% $1,011	-5% $967	+0% $922	+5% $877	+10% $832
Rent	-10% $740	-5% $831	+0% $922	+5% $1,013	+10% $1,104
Rate	-1.0pp $987	-0.5pp $955	base $922	+0.5pp $888	+1.0pp $854

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: $32,499
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Park Blvd Cleburne, TX	3.0–4.0	2.0–3.0	1456	$2,595	$1.78	2d	22	0.16mi
1410 Hyde Park Blvd Cleburne, TX	3.0	2.0	1528	$2,111	$1.38	2d	1	0.72mi
1404 Chaucer Dr Cleburne, TX	4.0	2.0	1797	$2,895	$1.61	2d	1	0.88mi
1203 Stonelake Dr Cleburne, TX	3.0	2.0	1550	$2,000	$1.29	5d	1	0.90mi
1211 Larkspur Ln Cleburne, TX	3.0	2.0	1797	$2,250	$1.25	2d	1	1.06mi

Listing history 14 events

1. 2026-06-18
   days on market $129,995 Active 219 DOM
2. 2026-06-17
   days on market $129,995 Active 218 DOM
3. 2026-06-16
   days on market $129,995 Active 217 DOM
4. 2026-06-15
   days on market $129,995 Active 216 DOM
5. 2026-06-13
   days on market $129,995 Active 214 DOM
6. 2026-06-09
   days on market $129,995 Active 210 DOM
7. 2026-06-08
   days on market $129,995 Active 209 DOM
8. 2026-06-07
   days on market $129,995 Active 208 DOM
9. 2026-06-04
   days on market $129,995 Active 205 DOM
10. 2026-06-03
    pricedays on market $129,995 Active 204 DOM
11. 2026-06-01
    days on market $125,995 Active 203 DOM
12. 2026-05-31
    days on market $125,995 Active 202 DOM
13. 2026-05-19
    price $125,995 1292-char remark

    Show marketing remark (1292 chars)

    Step into this newly built 4-bedroom, 3-bath modern farmhouse with 1,904 sq. ft. of thoughtfully designed, open-concept living in a well-planned Cleburne, Texas community. The kitchen is built to impress, featuring 42-inch cabinetry, a spacious island, farmhouse sink, walk-in pantry, and stainless-steel appliances-ideal for everything from weeknight meals to hosting guests. The main living area feels bright and inviting with 8-foot ceilings accented by decorative wood beams. Three secondary bedrooms sit on one side of the home, including a convenient Jack-and-Jill bath, while the primary suite is tucked away on the opposite side for added privacy. The suite includes a spa-like en suite bath designed for comfort and relaxation. Outside, you'll find wood siding, a durable shingle roof, a large deck perfect for entertaining, and a 10x10 storage shed for extra space. Set within a master-planned community, residents enjoy energy-efficient homes and a low-maintenance lifestyle with access to resort-style amenities: • Swimming pool • 24-hour fitness center • Coffee lounge • Clubhouse • Professional lawn care and seasonal upkeep On-site financing is available. Schedule a tour today and see what sets this home apart in one of Cleburne's newest communities.

14. 2025-11-11
    listed $135,995 Active 1292-char remark

    Show marketing remark (1292 chars)

    Step into this newly built 4-bedroom, 3-bath modern farmhouse with 1,904 sq. ft. of thoughtfully designed, open-concept living in a well-planned Cleburne, Texas community. The kitchen is built to impress, featuring 42-inch cabinetry, a spacious island, farmhouse sink, walk-in pantry, and stainless-steel appliances-ideal for everything from weeknight meals to hosting guests. The main living area feels bright and inviting with 8-foot ceilings accented by decorative wood beams. Three secondary bedrooms sit on one side of the home, including a convenient Jack-and-Jill bath, while the primary suite is tucked away on the opposite side for added privacy. The suite includes a spa-like en suite bath designed for comfort and relaxation. Outside, you'll find wood siding, a durable shingle roof, a large deck perfect for entertaining, and a 10x10 storage shed for extra space. Set within a master-planned community, residents enjoy energy-efficient homes and a low-maintenance lifestyle with access to resort-style amenities: • Swimming pool • 24-hour fitness center • Coffee lounge • Clubhouse • Professional lawn care and seasonal upkeep On-site financing is available. Schedule a tour today and see what sets this home apart in one of Cleburne's newest communities.

ⓘ 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 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,646
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$3,782
• Taxable income: $9,559
• Est. tax owed @ 24.0%: −$2,294
• After-tax cash flow: $8,766/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 · 3 photos

Good 80/100 Cosmetic rehab

This modern farmhouse is in good condition with a well-designed kitchen and bathrooms. It is ready for move-in and would benefit from exterior painting and landscaping improvements to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and roof — Enhances curb appeal and overall appearance.
• Both Landscaping improvements — Enhances curb appeal and adds value.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and roof — Enhances curb appeal and overall appearance. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, attracting more buyers/renters. ↑

ⓘ 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: Cleburne ISD
• NCES district ID: 4814310
• Math proficiency: 34% ▼ -2.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $48,788
• Composite: 29.0/100
• National rank: #6618
• State rank: #537 of 826 in TX

Livability — Cleburne

• Score: 68/100
• State rank: #460
• US rank: #9292

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Johnson County · 147,987 people
• City population: 29,538
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 29,538
• Household income: $76,292
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 927.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 179,678 people
• By 2030: 189,208 · +5.3%
• By 2040: 207,261 · +15.4%
• By 2050: 223,064 · +24.1%
• By 2075: 259,979 · +44.7%
• By 2100: 275,395 · +53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 26% Two or more races 15% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Slovak 2% Italian 2% Portuguese 1%
• Foreign-born: 8% · Canada, Guatemala, Vietnam
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -47.5pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+53.0 2016: R+58.3 2012: R+55.6 2008: R+47.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.75%
• Current HPI: 246.0029
• Rent YoY: ▼ -0.83%
• Metro: Dallas-Fort Worth-Arlington, 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

-7.4% since first listed

2 events — show timeline

• 2026-05-19 Price Changed $125,995 Zillow
• 2025-11-11 Listed $135,995 Zillow