604 Graham St · Cleburne, TX 76033

$199,900

3 bd · 1.0 ba · 1,804 sqft · SingleFamily public records · 37 Days on market

Built 1940 6,839 sqft lot $111/sqft · 13% below area Est $230k · 13% under ↓ 7% since listing

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Why this score? — see what drove the D+ 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 +15.3/30.0
• ARV discount +13.3/15.0
• DSCR +4.7/10.0
• 1% rule +4.1/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW PRICE! And $5,000 towards closing costs with acceptable offer. This 4-bedroom, 2-bath residence in Cleburne offers a versatile floorplan that caters to your lifestyle needs. Step inside to discover original hardwood floors that connect the main living space, exuding warmth and character. The large dining room is perfect for hosting memorable meals, while the family room offers a comfortable area for relaxation and entertainment. The flexible floorplan allows for 3 or 4 bedrooms, giving you the option to create an at-home office or hobby room suited to your preferences. Outside, the property showcases a landscaped yard and a charming flower bed border. Some stone accents on the exterior

Key facts

• Flower bed border
• Stone accents
• Landscaped yard

Tags

• ORIGINAL HARDWOOD FLOORS
• LANDSCAPED YARD
• FLOWER BED BORDER
• STONE ACCENTS
• COVERED ENTERTAINING SPACE

Property features AI

Finance

• Other: Property is not attached to another dwelling; Will not subdivide
• Financial info: Listing accepts Cash, Conventional, FHA and VA financing
• HOA & community: No association

Exterior

• Parking: Driveway
• Utilities: City water; City sewer; Not in a municipal utility district
• Home design: Single-family residence; One-story; Residential property; Originally built in 1940
• Construction: Rock/stone and siding exterior; Pillar/post/pier foundation; Composition roof
• Exterior features: Covered porch(es); Covered patio/porch; Outdoor living center; Wood fencing; Few trees, landscaped, interior lot

Interior

• Kitchen: Gas Range
• Bedrooms: 4 bedrooms (all on the first level)
• Flooring: Tile flooring; Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Walk-in closet(s); Other interior features
• Laundry & utility: Utility room with full-size washer/dryer area

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $74 ($885/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (9.2% below list).
• Recommended offer: $182k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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-, amenities F, commute 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.
• Zoned schools: Cooke El (math 39% / reading 31%, grade F, #1,965 of 4,322 statewide, top 46%, 630 students, 84% FRL) — zoned schools average 84% FRL vs 56% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.8%/yr); 665 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $181,529 (9.2% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.91% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 9.2

CMA / ARV

• ARV (median comp): $229,565
• List price: $199,900
• Delta: -12.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 W Wilson St	0.39mi	3/2.0	1,745 (-3%)	4mo	$239,500	$137	69
405 Odell St	0.55mi	3/2.0	1,765 (-2%)	2mo	$179,900	$102	65
910 Baird St	0.16mi	3/2.0	1,557 (-14%)	2mo	$260,000	$167	64
413 Shaw St	0.50mi	3/1.0	1,713 (-5%)	7mo	$160,000	$93	62
718 Turner St	0.43mi	3/2.0	1,632 (-10%)	2mo	$199,900	$122	58
702 N Walnut St	0.31mi	4/3.0 (+1)	1,680 (-7%)	6mo	$275,000	$164	56
511 W Wilson St	0.46mi	3/2.0	1,604 (-11%)	2mo	$329,000	$205	54
1215 Poindexter Ave	0.61mi	3/2.0	1,937 (+7%)	7mo	$195,000	$101	49
822 N Robinson St	0.61mi	3/1.0	1,575 (-13%)	2mo	$100,000	$63	49
214 Rose Ave	0.74mi	3/2.0	1,719 (-5%)	7mo	$289,000	$168	47
216 W Willingham St	0.58mi	3/2.0	1,592 (-12%)	5mo	$264,900	$166	45
1016 Sheridan Ln	0.68mi	3/2.0	2,070 (+15%)	3mo	$264,999	$128	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -17.2%
• Equity multiple: 0.41×
• Total profit: $-33,000
• Equity at exit: $29,806

10-year hold

• IRR: -15.9%
• Equity multiple: 0.23×
• Total profit: $-43,188
• Equity at exit: $17,284

Cash invested: $55,972 (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 76033

• Rents YoY: -0.8%
• Active inventory: 665
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,815 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$229 /mo · $2,745/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $74

Break-even live

Break-even rent $1,722

Max offer price $199,900

Occupancy floor 91%

Sensitivity live

Price	-10% $187	-5% $130	+0% $74	+5% $17	+10% $-39
Rent	-10% $-70	-5% $2	+0% $74	+5% $145	+10% $217
Rate	-1.0pp $174	-0.5pp $125	base $74	+0.5pp $22	+1.0pp $-31

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1005 Granbury St Unit A Cleburne, TX	3.0	2.0	1362	$2,050	$1.51	26d	1	0.18mi
405 Madison St Unit Na Cleburne, TX	3.0	2.0	1645	$1,975	$1.20	45d	1	0.29mi
1405 Granbury St Cleburne, TX	3.0	1.0	1278	$1,545	$1.21	26d	1	0.44mi
805 N Douglas Ave Cleburne, TX	3.0	2.0	1460	$1,999	$1.37	45d	1	0.46mi
103 May Ave Cleburne, TX	3.0	2.0	1262	$1,795	$1.42	7d	1	0.46mi
413 Shaw St Cleburne, TX	4.0	2.0	1713	$2,100	$1.23	45d	1	0.48mi
1108 Poindexter Ave Cleburne, TX	3.0	1.0	1300	$1,550	$1.19	45d	1	0.51mi
114 Scurlock Ave Cleburne, TX	4.0	2.0	1457	$1,770	$1.21	45d	1	0.51mi
1606 Granbury St Unit A Cleburne, TX	3.0	2.0	1289	$1,650	$1.28	14d	1	0.55mi
1315 Joslin St Cleburne, TX	3.0	2.0	1294	$1,595	$1.23	8d	1	0.56mi
226 Seclusion Dr Cleburne, TX	3.0–4.0	2.0	1641	$2,205	$1.34	0d	1	0.59mi
521 Woodard Ave Unit One Cleburne, TX	2.0	1.0	1350	$1,000	$0.74	45d	1	0.59mi
110 E Wilson St Unit B Cleburne, TX	3.0	2.5	1400	$1,900	$1.36	26d	1	0.60mi
612 N Robinson St Cleburne, TX	3.0	2.5	1311	$2,200	$1.68	45d	1	0.65mi
404 Rose Ave Cleburne, TX	4.0	2.0	1763	$2,225	$1.26	0d	1	0.71mi
414 Rose Ave Cleburne, TX	4.0	2.0	1763	$2,214	$1.26	3d	1	0.72mi
318 College St Unit B Cleburne, TX	2.0	1.0	1256	$1,150	$0.92	26d	1	0.80mi
405 College St Cleburne, TX	3.0	2.0	1396	$1,650	$1.18	7d	1	0.82mi
1434 Trail Creek Dr Cleburne, TX	3.0–4.0	2.0	2129	$2,350	$1.10	23d	1	0.90mi
1311 Manor Dr Cleburne, TX	3.0	2.0	1492	$1,825	$1.22	26d	1	0.94mi
1424 Phillips St Cleburne, TX	3.0	1.5	1360	$1,795	$1.32	45d	1	1.01mi
1202 Spell Ave Cleburne, TX	3.0	2.0	1482	$1,850	$1.25	14d	1	1.04mi
438 Sabine Ave Cleburne, TX	3.0	2.0	1230	$1,650	$1.34	14d	1	1.07mi
704 S Anglin St Cleburne, TX	4.0	3.0	2000	$2,110	$1.05	26d	1	1.19mi
303 Eastland St Cleburne, TX	3.0	3.0	1254	$1,950	$1.56	45d	1	1.26mi
115 Cleburne Station Pkwy Cleburne, TX	1.0–3.0	1.0–2.0	977	$2,708	$2.77	0d	1	1.37mi
706 S Brazos Ave Unit B Cleburne, TX	4.0	2.0	1400	$1,800	$1.29	26d	1	1.48mi
1409 Courtney Pl Unit C Cleburne, TX	3.0	1.5	1400	$1,300	$0.93	26d	1	1.48mi

Listing history 16 events

1. 2026-06-21
   days on market $199,900 Active 37 DOM
2. 2026-06-18
   days on market $199,900 Active 34 DOM
3. 2026-06-17
   days on market $199,900 Active 33 DOM
4. 2026-06-16
   days on market $199,900 Active 32 DOM
5. 2026-06-15
   days on market $199,900 Active 31 DOM
6. 2026-06-13
   days on market $199,900 Active 29 DOM
7. 2026-06-09
   days on market $199,900 Active 25 DOM
8. 2026-06-08
   days on market $199,900 Active 24 DOM
9. 2026-06-07
   days on market $199,900 Active 23 DOM
10. 2026-06-04
    pricedays on market $199,900 Active 20 DOM
11. 2026-06-03
    days on market $212,500 Active 19 DOM
12. 2026-06-02
    days on market $212,500 Active 18 DOM
13. 2026-06-01
    days on market $212,500 Active 17 DOM
14. 2026-05-31
    days on market $212,500 Active 16 DOM
15. 2026-05-15
    listed $215,000 Active 1104-char remark
16. 2002-10-31
    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: $2,745 · $229/mo
• Projected year-2 tax: $3,658 · $305/mo
• Expected delta: +$913/yr (+$76/mo · 33.3%)

ⓘ 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 (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 6 d/yr ≥110°F today · 19 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: $21,783
• − Mortgage interest: −$11,198
• − Property taxes: −$2,745
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − Depreciation: −$5,815
• Taxable loss: −$2,459
• Est. tax savings @ 24.0%: +$590
• After-tax cash flow: $1,475/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.

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

• Census place: Cleburne, TX
• 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

-7.0% since first listed

4 events — show timeline

• 2026-06-03 Price Changed $199,900 NTREIS
• 2026-05-27 Price Changed $212,500 NTREIS
• 2026-05-15 Listed $215,000 NTREIS
• 2002-10-31 Sold (Public Records) — Public Records

Property tax history

+6.8%/yr

Latest (2025): $2,745 · +11.7% YoY. Source: county tax records.