1109 Chase Ave · Cleburne, TX 76031

$199,000

6 bd · 1.0 ba · 1,720 sqft · MultiFamily public records · 110 Days on market

0.36 ac lot $116/sqft · 17% below area Est $240k · 17% under

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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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +8.0/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Located close to the vibrant heart of downtown Cleburne, this duplex is a fantastic investment opportunity! With a total of 3 bedrooms and 2 bathrooms, the property is divided into two units. With both units currently leased on a month to month basis, this property provides immediate rental income. Recent updates made in 2022 include New siding, windows, insulation, New AC and bathroom repairs. Don't miss out on the opportunity to own this great income producing property.

Key facts

• Recent updates
• New siding
• Two units

Tags

• INVESTMENT OPPORTUNITY
• TWO UNITS
• RENTAL INCOME
• RECENT UPDATES
• NEW SIDING
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive. Per door: $262/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: 337 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 10 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $181,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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.
8. 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.
9. 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: 1.30% ✓
• Cap rate: 9.45%
• Cash-on-cash: 11.28%
• DSCR: 1.50
• GRM: 6.4

CMA / ARV

• ARV (median comp): $240,077
• List price: $199,000
• Delta: -17.11%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,236
• Equity at exit: $29,672

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $44,556
• Equity at exit: $17,206

Cash invested: $55,720 (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 76031

• Home prices YoY: -17.6%
• Active inventory: 337
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,594 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$399 /mo · $4,789/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $524

Break-even live

Break-even rent $1,931

Max offer price $199,000

Occupancy floor 75%

Sensitivity live

Price	-10% $636	-5% $580	+0% $524	+5% $467	+10% $411
Rent	-10% $319	-5% $421	+0% $524	+5% $626	+10% $729
Rate	-1.0pp $624	-0.5pp $574	base $524	+0.5pp $472	+1.0pp $420

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,594
Total (2 units)			$2,594

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 Quail Meadows Dr Cleburne, TX	5.0	3.0	1804	$2,400	$1.33	5d	1	1.08mi

Listing history 42 events

1. 2026-06-21
   days on market $199,000 Active 110 DOM
2. 2026-06-18
   days on market $199,000 Active 107 DOM
3. 2026-06-17
   days on market $199,000 Active 106 DOM
4. 2026-06-16
   days on market $199,000 Active 105 DOM
5. 2026-06-15
   days on market $199,000 Active 104 DOM
6. 2026-06-13
   days on market $199,000 Active 102 DOM
7. 2026-06-09
   days on market $199,000 Active 98 DOM
8. 2026-06-08
   days on market $199,000 Active 97 DOM
9. 2026-06-07
   days on market $199,000 Active 96 DOM
10. 2026-06-04
    days on market $199,000 Active 93 DOM
11. 2026-06-03
    days on market $199,000 Active 92 DOM
12. 2026-06-02
    days on market $199,000 Active 91 DOM
13. 2026-06-01
    days on market $199,000 Active 90 DOM
14. 2026-05-31
    days on market $199,000 Active 89 DOM
15. 2026-03-05
    price $199,000 476-char remark

    Show marketing remark (476 chars)

    Located close to the vibrant heart of downtown Cleburne, this duplex is a fantastic investment opportunity! With a total of 3 bedrooms and 2 bathrooms, the property is divided into two units. With both units currently leased on a month to month basis, this property provides immediate rental income. Recent updates made in 2022 include New siding, windows, insulation, New AC and bathroom repairs. Don't miss out on the opportunity to own this great income producing property.

16. 2026-03-02
    listed $200,000 Active 476-char remark

    Show marketing remark (476 chars)

    Located close to the vibrant heart of downtown Cleburne, this duplex is a fantastic investment opportunity! With a total of 3 bedrooms and 2 bathrooms, the property is divided into two units. With both units currently leased on a month to month basis, this property provides immediate rental income. Recent updates made in 2022 include New siding, windows, insulation, New AC and bathroom repairs. Don't miss out on the opportunity to own this great income producing property.

17. 2025-08-06
    historical
18. 2025-02-08
    listed $235,000 Active
19. 2024-11-11
    historical
20. 2024-09-05
    price $245,000
21. 2024-07-09
    price $262,500
22. 2024-05-22
    listed $275,000 Active
23. 2022-10-04
    status Active
24. 2022-08-11
    price $199,900
25. 2022-07-21
    status Active
26. 2022-07-20
    status Pending
27. 2022-07-14
    historical Active Option Contract
28. 2022-07-07
    listed $220,000 Active
29. 2017-07-28
    soldstatus Sold
30. 2017-07-28
    soldstatus
31. 2017-07-17
    historical Active Option Contract
32. 2017-07-01
    price $69,000
33. 2017-04-19
    price $79,000
34. 2017-03-29
    listed $89,000 Active
35. 2012-09-12
    soldstatus Closed
36. 2012-07-27
    listed $22,500 Active
37. 2012-06-01
    historical
38. 2012-03-23
    price $22,500
39. 2011-10-21
    price $48,753
40. 2011-05-02
    status Active
41. 2011-04-30
    historical
42. 2010-11-18
    listed $64,729 Active

ⓘ 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: $4,789 · $399/mo
• Projected year-2 tax: $4,789 · $399/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°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: $31,128
• − Mortgage interest: −$11,147
• − Property taxes: −$4,789
• − Insurance: −$995
• − Repairs & maintenance: −$2,490
• − Management: −$2,490
• − Depreciation: −$5,789
• Taxable income: $3,427
• Est. tax owed @ 24.0%: −$822
• After-tax cash flow: $5,461/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
• City population: 29,538
• Population (ZIP): 18,697

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: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 28% Two or more races 12% Black 3%
• Hispanic origin (detail): Mexican 23% Puerto Rican 3%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 77% English-only · Spanish 22% Vietnamese 0%

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: ▼ -59.43%
• Current HPI: 277.598
• Rent YoY: —
• Metro: —
• 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

+207.4% since first listed

28 events — show timeline

• 2026-03-05 Price Changed $199,000 NTREIS
• 2026-03-02 Listed $200,000 NTREIS
• 2025-08-06 Listing Removed — NTREIS
• 2025-02-08 Listed $235,000 NTREIS
• 2024-11-11 Listing Removed — NTREIS
• 2024-09-05 Price Changed $245,000 NTREIS
• 2024-07-09 Price Changed $262,500 NTREIS
• 2024-05-22 Listed $275,000 NTREIS
• 2022-10-04 Relisted — NTREIS
• 2022-08-11 Price Changed $199,900 NTREIS
• 2022-07-21 Relisted — NTREIS
• 2022-07-20 Pending — NTREIS
• 2022-07-14 Contingent — NTREIS
• 2022-07-07 Listed $220,000 NTREIS
• 2017-07-28 Sold (Public Records) — Public Records
• 2017-07-28 Sold (MLS) — NTREIS
• 2017-07-17 Contingent — NTREIS
• 2017-07-01 Price Changed $69,000 NTREIS
• 2017-04-19 Price Changed $79,000 NTREIS
• 2017-03-29 Listed $89,000 NTREIS
• 2012-09-12 Sold (MLS) — NTREIS
• 2012-07-27 Listed $22,500 NTREIS
• 2012-06-01 Listing Removed — NTREIS
• 2012-03-23 Price Changed $22,500 NTREIS
• 2011-10-21 Price Changed $48,753 NTREIS
• 2011-05-02 Relisted — NTREIS
• 2011-04-30 Listing Removed — NTREIS
• 2010-11-18 Listed $64,729 NTREIS

Property tax history

+8.6%/yr

Latest (2025): $4,789 · +21.8% YoY. Source: county tax records.