208 Graham St · Cleburne, TX 76033

$255,000

3 bd · 2.0 ba · 1,449 sqft · MultiFamily public records · 245 Days on market

8,843 sqft lot $176/sqft · at area comps Est $253k · at est.

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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 +12.9/30.0
• ARV discount +7.1/15.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• 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

Multi-family units

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

Listing remarks MLS

FULL DUPLEX, LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. SEPARATE WATER, ELECTRIC. ACTUAL AGE IS UNKNOWN BUYER AND BUYER'S AGENT TO VERIFY TAXES, SCHOOLS, RESTRICTIONS, ZONING, MEASUREMENTS AND INSURANCE. SELLER WILL CONSIDER SLLER FINANCE WITH DOWN PAYMENT AND ACCEPTABLE OFFER FOR SELLER.

Key facts

• 8,843 sq ft lot
• 4 parking spots
• Listed 245 days

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $-18 ($-213/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $252k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (13.4% below list).
• Recommended offer: $221k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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); Ad Wheat Middle (math 31% / reading 29%, grade F, #1,056 of 1,662 statewide, top 65%, 703 students, 76% FRL); Cleburne H S (math 46% / reading 38%, grade F, #730 of 1,632 statewide, top 47%, 1,976 students, 67% FRL) — zoned schools average 76% FRL vs 56% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.8%/yr); 665 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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).
• This rent runs 35% 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 $2k of loan paydown is wiped out by about $8k 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 245 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,900 (13.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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?
8. 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?
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: 0.87% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $252,754
• List price: $255,000
• Delta: 0.89%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Ramsey Ave	0.60mi	4/2.0 (+1)	1,660 (+15%)	22mo	$269,900	$163	25

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: -20.2%
• Equity multiple: 0.32×
• Total profit: $-48,894
• Equity at exit: $38,021

10-year hold

• IRR: -21.7%
• Equity multiple: 0.03×
• Total profit: $-68,916
• Equity at exit: $22,048

Cash invested: $71,400 (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: 19.2×

Monthly cashflow live

• Estimated rent: $2,209 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$319 /mo · $3,833/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $-18

Break-even live

Break-even rent $2,232

Max offer price $251,858

Occupancy floor 96%

Sensitivity live

Price	-10% $127	-5% $54	+0% $-18	+5% $-90	+10% $-162
Rent	-10% $-192	-5% $-105	+0% $-18	+5% $69	+10% $157
Rate	-1.0pp $111	-0.5pp $47	base $-18	+0.5pp $-84	+1.0pp $-151

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,210
Total (2 units)			$2,209

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	45d	1	0.14mi
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	5d	1	0.14mi
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	26d	1	0.14mi
114 Scurlock Ave Cleburne, TX	4.0	2.0	1457	$1,770	$1.21	45d	1	0.21mi
103 May Ave Cleburne, TX	3.0	2.0	1262	$1,795	$1.42	8d	1	0.37mi
104 May Ave Cleburne, TX	3.0	2.0	1164	$1,550	$1.33	45d	1	0.39mi
901 N Border St Unit A Cleburne, TX	2.0	1.0	900	$950	$1.06	45d	1	0.41mi
1005 Granbury St Unit A Cleburne, TX	3.0	2.0	1362	$2,050	$1.51	26d	1	0.49mi
226 Seclusion Dr Cleburne, TX	3.0–4.0	2.0	1641	$2,205	$1.34	0d	1	0.49mi
514 Euclid St Cleburne, TX	3.0	2.0	1152	$1,595	$1.38	45d	1	0.50mi
612 N Robinson St Cleburne, TX	3.0	2.5	1311	$2,200	$1.68	45d	1	0.52mi
112 W Wilson St Cleburne, TX	2.0	1.0	1002	$1,400	$1.40	45d	1	0.54mi
110 E Wilson St Unit B Cleburne, TX	3.0	2.5	1400	$1,900	$1.36	26d	1	0.56mi
122 Ramsey St #124 Cleburne, TX	2.0	1.0	880	$1,050	$1.19	24d	1	0.57mi
122 Ramsey Ave Cleburne, TX	2.0	1.0	880	$1,050	$1.19	1d	1	0.57mi
400 Phillips St Cleburne, TX	2.0–3.0	1.0–1.5	1000	$1,581	$1.58	0d	4	0.57mi
1405 Granbury St Cleburne, TX	3.0	1.0	1278	$1,545	$1.21	26d	1	0.59mi
405 Madison St Unit Na Cleburne, TX	3.0	2.0	1645	$1,975	$1.20	45d	1	0.60mi
1507 Granbury St Cleburne, TX	3.0	2.0	1140	$1,811	$1.59	26d	1	0.63mi
1606 Granbury St Unit A Cleburne, TX	3.0	2.0	1289	$1,650	$1.28	14d	1	0.65mi
404 Rose Ave Cleburne, TX	4.0	2.0	1763	$2,225	$1.26	1d	1	0.71mi
1308 N Brazos Ave Cleburne, TX	3.0	2.0	1028	$1,595	$1.55	26d	1	0.72mi
413 Shaw St Cleburne, TX	4.0	2.0	1713	$2,100	$1.23	45d	1	0.72mi
1610 N Anglin St Cleburne, TX	3.0	1.0	900	$1,500	$1.67	20d	1	0.72mi
414 Rose Ave Cleburne, TX	4.0	2.0	1763	$2,214	$1.26	4d	1	0.73mi
805 N Douglas Ave Cleburne, TX	3.0	2.0	1460	$1,999	$1.37	45d	1	0.77mi
1108 Poindexter Ave Cleburne, TX	3.0	1.0	1300	$1,550	$1.19	45d	1	0.79mi
438 Sabine Ave Cleburne, TX	3.0	2.0	1230	$1,650	$1.34	14d	1	0.82mi
1315 Joslin St Cleburne, TX	3.0	2.0	1294	$1,595	$1.23	9d	1	0.85mi
1705 N Robinson St Cleburne, TX	3.0	1.5	1076	$1,450	$1.35	1d	1	0.87mi
1705 N Robinson St Cleburne, TX	3.0	2.0	1076	$1,450	$1.35	26d	1	0.87mi
521 Woodard Ave Unit One Cleburne, TX	2.0	1.0	1350	$1,000	$0.74	45d	1	0.90mi
1904 Starling Ct Cleburne, TX	2.0	1.0	1007	$1,150	$1.14	45d	1	0.95mi
1904 Starling Ct Unit 1 Cleburne, TX	2.0	1.0	1007	$1,150	$1.14	22d	1	0.95mi
303 Eastland St Cleburne, TX	3.0	3.0	1254	$1,950	$1.56	45d	1	0.96mi
318 College St Unit B Cleburne, TX	2.0	1.0	1256	$1,150	$0.92	26d	1	0.98mi
907 Hodge St Cleburne, TX	2.0	1.0	912	$1,450	$1.59	5d	1	0.99mi
405 College St Cleburne, TX	3.0	2.0	1396	$1,650	$1.18	8d	1	1.01mi
1108 Williams Ave Unit H Cleburne, TX	2.0	1.0	900	$900	$1.00	26d	1	1.02mi
1106 Williams Ave Unit D Cleburne, TX	2.0	1.0	900	$900	$1.00	26d	1	1.02mi

Listing history 35 events

1. 2026-06-21
   days on market $255,000 Active 245 DOM
2. 2026-06-18
   days on market $255,000 Active 242 DOM
3. 2026-06-17
   days on market $255,000 Active 241 DOM
4. 2026-06-16
   days on market $255,000 Active 240 DOM
5. 2026-06-15
   days on market $255,000 Active 239 DOM
6. 2026-06-13
   days on market $255,000 Active 237 DOM
7. 2026-06-09
   days on market $255,000 Active 233 DOM
8. 2026-06-08
   days on market $255,000 Active 232 DOM
9. 2026-06-07
   days on market $255,000 Active 231 DOM
10. 2026-06-04
    days on market $255,000 Active 228 DOM
11. 2026-06-03
    days on market $255,000 Active 227 DOM
12. 2026-06-02
    days on market $255,000 Active 226 DOM
13. 2026-06-01
    days on market $255,000 Active 225 DOM
14. 2026-05-31
    days on market $255,000 Active 224 DOM
15. 2026-04-17
    price $255,000 345-char remark

    Show marketing remark (345 chars)

    FULL DUPLEX, LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. SEPARATE WATER, ELECTRIC. ACTUAL AGE IS UNKNOWN BUYER AND BUYER'S AGENT TO VERIFY TAXES, SCHOOLS, RESTRICTIONS, ZONING, MEASUREMENTS AND INSURANCE. SELLER WILL CONSIDER SLLER FINANCE WITH DOWN PAYMENT AND ACCEPTABLE OFFER FOR SELLER.

16. 2025-10-18
    listed $265,000 Active 345-char remark

    Show marketing remark (345 chars)

    FULL DUPLEX, LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. SEPARATE WATER, ELECTRIC. ACTUAL AGE IS UNKNOWN BUYER AND BUYER'S AGENT TO VERIFY TAXES, SCHOOLS, RESTRICTIONS, ZONING, MEASUREMENTS AND INSURANCE. SELLER WILL CONSIDER SLLER FINANCE WITH DOWN PAYMENT AND ACCEPTABLE OFFER FOR SELLER.

17. 2014-06-12
    soldstatus Closed 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

18. 2014-03-28
    status Pending 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

19. 2014-03-28
    price $39,900 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

20. 2014-03-15
    status Active 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

21. 2014-02-27
    historical Active Option Contract 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

22. 2013-10-15
    price $45,000 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

23. 2013-06-20
    listed $53,900 Active 135-char remark

    Show marketing remark (135 chars)

    FULL DUPLEX, VERY LARGE ROOMS EACH APARTMENT IS 1 BEDROOM 1 BATH EACH WITH OWN BACK YARD. NO CENTRAL HEAT AND AC. OWNER PAYS WATER BILL

24. 2012-10-24
    soldstatus
25. 2012-10-17
    soldstatus Closed
26. 2012-10-04
    status Pending
27. 2012-09-21
    status Active
28. 2012-09-19
    historical
29. 2012-05-16
    listed $40,000 Active
30. 2011-07-27
    historical
31. 2011-02-11
    price $49,500
32. 2010-08-28
    listed $68,000 Active
33. 2005-04-11
    soldstatus
34. 2005-04-11
    soldstatus
35. 2003-04-14
    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: $3,833 · $319/mo
• Projected year-2 tax: $4,666 · $389/mo
• Expected delta: +$834/yr (+$69/mo · 21.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 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: $26,508
• − Mortgage interest: −$14,284
• − Property taxes: −$3,833
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − Depreciation: −$7,418
• Taxable loss: −$4,543
• Est. tax savings @ 24.0%: +$1,090
• After-tax cash flow: $877/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

+275.0% since first listed

21 events — show timeline

• 2026-04-17 Price Changed $255,000 NTREIS
• 2025-10-18 Listed $265,000 NTREIS
• 2014-06-12 Sold (MLS) — NTREIS
• 2014-03-28 Pending — NTREIS
• 2014-03-28 Price Changed $39,900 NTREIS
• 2014-03-15 Relisted — NTREIS
• 2014-02-27 Contingent — NTREIS
• 2013-10-15 Price Changed $45,000 NTREIS
• 2013-06-20 Listed $53,900 NTREIS
• 2012-10-24 Sold (Public Records) — Public Records
• 2012-10-17 Sold (MLS) — NTREIS
• 2012-10-04 Pending — NTREIS
• 2012-09-21 Relisted — NTREIS
• 2012-09-19 Listing Removed — NTREIS
• 2012-05-16 Listed $40,000 NTREIS
• 2011-07-27 Listing Removed — NTREIS
• 2011-02-11 Price Changed $49,500 NTREIS
• 2010-08-28 Listed $68,000 NTREIS
• 2005-04-11 Sold (Public Records) — Public Records
• 2005-04-11 Sold (Public Records) — Public Records
• 2003-04-14 Sold (Public Records) — Public Records

Property tax history

+12.0%/yr

Latest (2025): $3,833 · +21.8% YoY. Source: county tax records.