912 Ritchey St · Gainesville, TX 76240

$119,500

2 bd · 2.0 ba · 928 sqft · SingleFamily public records · 151 Days on market

Built 1940 9,100 sqft lot $129/sqft · 23% below area Est $155k · 23% under

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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 +24.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.4/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THE HOUSE IS LOCATED ON A LARGE CORNER LOT. THE PROPERTY IS PRESENTLY LEASED AND IS A GOOD OPPORTUNITY AS AN INVESTMENT. THE LISTING AGENT IS RELATED TO THE SELLER. BUYER OR BUYER'S AGENT TO VERIFY ALL INFORMATION.

Key facts

• Large corner lot
• 9,100 sq ft lot
• Built 1940

Tags

• LARGE CORNER LOT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.7% in Gainesville — 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 66/100 on livability (#602 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Gainesville ISD (rural): math 33% / reading 29% proficiency, ranked #606 of 826 in TX (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 462 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 190 units permitted in Cooke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.14% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.71%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (median comp): $154,947
• List price: $119,500
• Delta: -22.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 N Clements St	0.06mi	2/1.5	960 (+3%)	8mo	$198,000	$206	83
827 N Morris St	0.23mi	2/1.0	924 (-0%)	9mo	$129,500	$140	77
1420 Olive St	0.09mi	2/1.0	832 (-10%)	14mo	$150,000	$180	63
724 N Taylor	0.31mi	2/1.0	997 (+7%)	15mo	$159,500	$160	56
318 Cunningham St	0.56mi	2/1.0	884 (-5%)	9mo	$140,000	$158	54
1201 N Taylor St	0.39mi	3/2.0 (+1)	1,058 (+14%)	0mo	$219,900	$208	53
610 Ritchey St	0.32mi	3/1.0 (+1)	1,008 (+9%)	14mo	$190,000	$188	50
1108 Whaley Dr	0.22mi	2/1.0	1,056 (+14%)	19mo	$168,500	$160	47
605 N Denton St	0.75mi	2/1.0	949 (+2%)	21mo	$149,900	$158	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-3,873
• Equity at exit: $17,818

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $16,638
• Equity at exit: $10,332

Cash invested: $33,460 (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 76240

• Active inventory: 462
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$627
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $243

Break-even live

Break-even rent $1,050

Max offer price $119,500

Occupancy floor 77%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1610 Elizabeth St Gainesville, TX	3.0	1.0	1100	$1,500	$1.36	43d	1	0.22mi

Listing history 23 events

1. 2026-06-19
   days on market $119,500 Active 151 DOM
2. 2026-06-18
   days on market $119,500 Active 150 DOM
3. 2026-06-17
   days on market $119,500 Active 149 DOM
4. 2026-06-16
   days on market $119,500 Active 148 DOM
5. 2026-06-15
   days on market $119,500 Active 147 DOM
6. 2026-06-14
   days on market $119,500 Active 145 DOM
7. 2026-06-12
   days on market $119,500 Active 144 DOM
8. 2026-06-09
   days on market $119,500 Active 141 DOM
9. 2026-06-08
   days on market $119,500 Active 140 DOM
10. 2026-06-07
    days on market $119,500 Active 139 DOM
11. 2026-06-05
    days on market $119,500 Active 136 DOM
12. 2026-06-03
    days on market $119,500 Active 135 DOM
13. 2026-06-02
    days on market $119,500 Active 134 DOM
14. 2026-06-01
    days on market $119,500 Active 133 DOM
15. 2026-05-31
    days on market $119,500 Active 132 DOM
16. 2026-05-30
    days on market $119,500 Active 131 DOM
17. 2026-03-30
    price $119,500 214-char remark

    Show marketing remark (214 chars)

    THE HOUSE IS LOCATED ON A LARGE CORNER LOT. THE PROPERTY IS PRESENTLY LEASED AND IS A GOOD OPPORTUNITY AS AN INVESTMENT. THE LISTING AGENT IS RELATED TO THE SELLER. BUYER OR BUYER'S AGENT TO VERIFY ALL INFORMATION.

18. 2026-01-16
    listed $129,500 Active 214-char remark

    Show marketing remark (214 chars)

    THE HOUSE IS LOCATED ON A LARGE CORNER LOT. THE PROPERTY IS PRESENTLY LEASED AND IS A GOOD OPPORTUNITY AS AN INVESTMENT. THE LISTING AGENT IS RELATED TO THE SELLER. BUYER OR BUYER'S AGENT TO VERIFY ALL INFORMATION.

19. 2008-12-10
    soldstatus 156-char remark

    Show marketing remark (156 chars)

    ATTN: Investors, first time buyers. Priced to sell. .Freshly painted, hardwood floors, and more! Buyer to verify schools, taxes, and dimensions. Sold As Is.

20. 2008-12-08
    soldstatus
21. 2008-11-11
    historical 156-char remark

    Show marketing remark (156 chars)

    ATTN: Investors, first time buyers. Priced to sell. .Freshly painted, hardwood floors, and more! Buyer to verify schools, taxes, and dimensions. Sold As Is.

22. 2008-11-04
    listed $35,900 156-char remark

    Show marketing remark (156 chars)

    ATTN: Investors, first time buyers. Priced to sell. .Freshly painted, hardwood floors, and more! Buyer to verify schools, taxes, and dimensions. Sold As Is.

23. 1983-06-28
    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: $1,833 · $153/mo
• Projected year-2 tax: $2,187 · $182/mo
• Expected delta: +$354/yr (+$30/mo · 19.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,284
• − Mortgage interest: −$6,694
• − Property taxes: −$1,833
• − Insurance: −$598
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$3,476
• Taxable income: $1,079
• Est. tax owed @ 24.0%: −$259
• After-tax cash flow: $2,656/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: Gainesville ISD
• NCES district ID: 4820220
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 29% ▼ -2.00%
• Median HH income: $41,772
• Composite: 26.27/100
• National rank: #7252
• State rank: #606 of 826 in TX

Livability — Gainesville

• Score: 66/100
• State rank: #602
• US rank: #11445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gainesville, TX
• County: Cooke County · 29,419 people
• City population: 29,419
• Metro: Gainesville, TX
• Population (ZIP): 29,419
• Household income: $71,502
• Rent vs Own: 32.6% rent · 67.4% own
• Severe rent burden: 660.0

Population outlook (Cooke County) Hauer SSP2

• Today (2025): 39,965 people
• By 2030: 39,974 · +0.0%
• By 2040: 39,772 · -0.5%
• By 2050: 39,258 · -1.8%
• By 2075: 37,262 · -6.8%
• By 2100: 33,363 · -16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 24% Two or more races 14% Black 5%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Serbian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Cooke

• 2024 margin: Solid R (+66.9) · D 16.2% · R 83.1%
• 2008→2024 swing: -8.2pp toward R · 2008: -58.7pp · 2024: -66.9pp
• All cycles: 2024: R+66.9 2020: R+65.2 2016: R+68.1 2012: R+67.6 2008: R+58.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.63%
• Current HPI: 247.3822
• Rent YoY: —
• Metro: Gainesville, 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

+232.9% since first listed

7 events — show timeline

• 2026-03-30 Price Changed $119,500 NTREIS
• 2026-01-16 Listed $129,500 NTREIS
• 2008-12-10 Sold (MLS) — NTREIS
• 2008-12-08 Sold (Public Records) — Public Records
• 2008-11-11 Listing Removed — NTREIS
• 2008-11-04 Listed $35,900 NTREIS
• 1983-06-28 Sold (Public Records) — Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,833 · +11.7% YoY. Source: county tax records.