315 Ritchey St · Gainesville, TX 76240

$190,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 71 Days on market

Built 1940 6,273 sqft lot $238/sqft · 66% above area Est $245k · 23% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +6.4/30.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

**INVESTOR SPECIAL** Great investment opportunity featuring two dwellings on one lot—a main house and a separate rear apartment. The properties feature a functional layout with warm wood cabinetry, durable flooring throughout, and comfortable living spaces. This is the perfect investment opportunity for investors looking to expand their portfolio! Property is currently occupied by tenants through Spring of 2027 offering immediate income potential. *This property can be sold individually or along with MLS# 21217417 and MLS# 21217423.*

Key facts

• Warm wood cabinetry
• Durable flooring
• Two dwellings

Tags

• TWO DWELLINGS
• MAIN HOUSE
• SEPARATE REAR APARTMENT
• FUNCTIONAL LAYOUT
• WARM WOOD CABINETRY
• DURABLE FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-326 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (30.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (31.1% below list).
• Recommended offer: $131k (31.1% below list) — sets the bar for 1% rule.

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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y 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

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,860 (31.1% 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 71 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.69% ✗
• Cap rate: 4.23%
• Cash-on-cash: -7.36%
• DSCR: 0.67
• GRM: 12.1

CMA / ARV

• ARV (median comp): $245,434
• List price: $190,000
• Delta: -22.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
420 Cunningham	0.15mi	2/1.0	768 (-4%)	16mo	$174,900	$228	73
318 Cunningham St	0.09mi	2/1.0	884 (+10%)	9mo	$140,000	$158	70
1507 E Tennie St	0.53mi	2/1.0	816 (+2%)	3mo	$90,000	$110	69
1420 Olive St	0.48mi	2/1.0	832 (+4%)	14mo	$150,000	$180	60
607 S Taylor St	0.54mi	2/1.0	863 (+8%)	9mo	$163,000	$189	54
605 S Howeth St	0.51mi	2/1.0	832 (+4%)	22mo	$125,000	$150	51

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: -29.1%
• Equity multiple: 0.03×
• Total profit: $-51,518
• Equity at exit: $28,330

10-year hold

• IRR: -29.1%
• Equity multiple: -0.34×
• Total profit: $-71,420
• Equity at exit: $16,428

Cash invested: $53,200 (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: 12.1×

Monthly cashflow live

• Estimated rent: $1,309 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$284 /mo · $3,414/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-326

Break-even live

Break-even rent $1,722

Max offer price $132,367

Occupancy floor —

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: $47,500
• Closing costs: $5,700
• 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	0.41mi

Listing history 33 events

1. 2026-06-12
   statusdays on market $190,000 Pending 71 DOM
2. 2026-06-09
   days on market $190,000 Active Option Contract 70 DOM
3. 2026-06-08
   days on market $190,000 Active Option Contract 69 DOM
4. 2026-06-07
   days on market $190,000 Active Option Contract 68 DOM
5. 2026-06-05
   days on market $190,000 Active Option Contract 65 DOM
6. 2026-06-03
   days on market $190,000 Active Option Contract 64 DOM
7. 2026-06-02
   days on market $190,000 Active Option Contract 63 DOM
8. 2026-06-01
   days on market $190,000 Active Option Contract 62 DOM
9. 2026-05-31
   days on market $190,000 Active Option Contract 61 DOM
10. 2026-05-30
    days on market $190,000 Active Option Contract 60 DOM
11. 2026-05-13
    historical Active Option Contract 551-char remark

    Show marketing remark (551 chars)

    **INVESTOR SPECIAL** Great investment opportunity featuring two dwellings on one lot—a main house and a separate rear apartment. The properties feature a functional layout with warm wood cabinetry, durable flooring throughout, and comfortable living spaces. This is the perfect investment opportunity for investors looking to expand their portfolio! Property is currently occupied by tenants through Spring of 2027 offering immediate income potential. *This property can be sold individually or along with MLS# 21217417 and MLS# 21217423.*

12. 2026-04-17
    status Active 551-char remark

    Show marketing remark (551 chars)

    **INVESTOR SPECIAL** Great investment opportunity featuring two dwellings on one lot—a main house and a separate rear apartment. The properties feature a functional layout with warm wood cabinetry, durable flooring throughout, and comfortable living spaces. This is the perfect investment opportunity for investors looking to expand their portfolio! Property is currently occupied by tenants through Spring of 2027 offering immediate income potential. *This property can be sold individually or along with MLS# 21217417 and MLS# 21217423.*

13. 2026-04-10
    historical Active Option Contract 551-char remark

    Show marketing remark (551 chars)

    **INVESTOR SPECIAL** Great investment opportunity featuring two dwellings on one lot—a main house and a separate rear apartment. The properties feature a functional layout with warm wood cabinetry, durable flooring throughout, and comfortable living spaces. This is the perfect investment opportunity for investors looking to expand their portfolio! Property is currently occupied by tenants through Spring of 2027 offering immediate income potential. *This property can be sold individually or along with MLS# 21217417 and MLS# 21217423.*

14. 2026-03-31
    listed $190,000 Active 551-char remark

    Show marketing remark (551 chars)

    **INVESTOR SPECIAL** Great investment opportunity featuring two dwellings on one lot—a main house and a separate rear apartment. The properties feature a functional layout with warm wood cabinetry, durable flooring throughout, and comfortable living spaces. This is the perfect investment opportunity for investors looking to expand their portfolio! Property is currently occupied by tenants through Spring of 2027 offering immediate income potential. *This property can be sold individually or along with MLS# 21217417 and MLS# 21217423.*

15. 2025-01-22
    historical $1,000
16. 2024-11-26
    listed $1,000
17. 2024-11-06
    historical $1,100
18. 2024-09-24
    listed $1,100
19. 2024-09-13
    historical $1,100
20. 2024-08-28
    listed $1,100
21. 2024-03-14
    historical $1,000
22. 2024-03-09
    historical $1,000
23. 2024-03-09
    listed $1,000
24. 2024-03-08
    listed $1,000
25. 2024-03-07
    historical $1,100
26. 2024-02-14
    listed $1,100
27. 2024-02-01
    historical $1,100
28. 2023-11-27
    listed $1,100
29. 2023-11-14
    historical $1,100
30. 2023-10-26
    price $1,100
31. 2023-09-28
    price $1,150
32. 2023-09-14
    listed $1,250
33. 2005-09-26
    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: $3,414 · $284/mo
• Projected year-2 tax: $3,477 · $290/mo
• Expected delta: +$63/yr (+$5/mo · 1.8%)

ⓘ 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 7/10 Severe 7 d/yr ≥110°F today · 21 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: $15,703
• − Mortgage interest: −$10,643
• − Property taxes: −$3,414
• − Insurance: −$950
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$5,527
• Taxable loss: −$7,343
• Est. tax savings @ 24.0%: +$1,762
• After-tax cash flow: $-2,153/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

+15100.0% since first listed

23 events — show timeline

• 2026-05-13 Contingent — NTREIS
• 2026-04-17 Relisted — NTREIS
• 2026-04-10 Contingent — NTREIS
• 2026-03-31 Listed $190,000 NTREIS
• 2025-01-22 Rental Removed $1,000 NTREIS
• 2024-11-26 Listed for Rent $1,000 NTREIS
• 2024-11-06 Rental Removed $1,100 NTREIS
• 2024-09-24 Listed for Rent $1,100 NTREIS
• 2024-09-13 Rental Removed $1,100 NTREIS
• 2024-08-28 Listed for Rent $1,100 NTREIS
• 2024-03-14 Rental Removed $1,000 NTREIS
• 2024-03-09 Rental Removed $1,000 NTREIS
• 2024-03-09 Listed for Rent $1,000 NTREIS
• 2024-03-08 Listed for Rent $1,000 NTREIS
• 2024-03-07 Rental Removed $1,100 NTREIS
• 2024-02-14 Listed for Rent $1,100 NTREIS
• 2024-02-01 Rental Removed $1,100 NTREIS
• 2023-11-27 Listed for Rent $1,100 NTREIS
• 2023-11-14 Rental Removed $1,100 NTREIS
• 2023-10-26 Price Changed $1,100 NTREIS
• 2023-09-28 Price Changed $1,150 NTREIS
• 2023-09-14 Listed for Rent $1,250 NTREIS
• 2005-09-26 Sold (Public Records) — Public Records

Property tax history

+9.7%/yr

Latest (2025): $3,414 · +16.8% YoY. Source: county tax records.