227 Kitchings St · Wichita Falls, TX 76301

$39,900

2 bd · 2.0 ba · 896 sqft · Manufactured · 16 Days on market

Built 1996 Good condition

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-kept mobile home in a neat and clean mobile home park. The home is on a leased lot, and you can either continue leasing the lot or move the home to your perfect home site. This home has 2 bedrooms and 2 baths, a large covered patio, and is furnished with all contents, making this an exceptional package deal. Cash or conventional loans only. A must-see opportunity.

Key facts

• Large covered patio
• Built 1996
• Listed 15 days

Tags

• LARGE COVERED PATIO
• FURNISHED WITH ALL CONTENTS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Mobile home; Single-story; Faces northeast; Residential property
• Construction: Wood siding; Composition roof
• Exterior features: Covered porch/patio

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Microwave; Refrigerator
• Flooring: Laminate
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Breakfast bar

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($976 rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 4.7% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 133 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $39,301 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 2.45% ✓
• Cap rate: 21.19%
• Cash-on-cash: 53.21%
• DSCR: 3.37
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.27% rent growth · sell at horizon

5-year hold

• IRR: 46.1%
• Equity multiple: 3.08×
• Total profit: $23,186
• Equity at exit: $5,949

10-year hold

• IRR: 53.0%
• Equity multiple: 6.85×
• Total profit: $65,390
• Equity at exit: $3,450

Cash invested: $11,172 (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 76301

• Home prices YoY: -34.1%
• Rents YoY: 5.3%
• Active inventory: 133
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $976 high
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $429

Break-even live

Break-even rent $433

Max offer price $39,900

Occupancy floor 51%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3014 Seymour Rd Wichita Falls, TX	1.0	1.0	686	$825	$1.20	43d	1	0.41mi
1901 Wenonah Ave Unit B Wichita Falls, TX	2.0	1.0	946	$1,000	$1.06	43d	1	0.59mi
504 Fillmore St Wichita Falls, TX	1.0–2.0	1.0	734	$895	$1.22	43d	6	0.62mi
1515 Fillmore St Wichita Falls, TX	3.0	2.0	909	$1,225	$1.35	43d	1	0.64mi
1710 Fillmore St Apt C Wichita Falls, TX	1.0	1.0	648	$625	$0.96	43d	1	0.69mi
2003 Buchanan St Wichita Falls, TX	3.0	2.0	1118	$1,100	$0.98	43d	1	0.76mi
2912 Avenue L Unit L Wichita Falls, TX	2.0	1.0	1104	$895	$0.81	43d	1	0.84mi
2204 Tilden St Unit A Wichita Falls, TX	3.0	2.0	872	$930	$1.07	43d	1	0.88mi
1813 Polk St Wichita Falls, TX	3.0	2.0	1090	$1,364	$1.25	43d	1	0.89mi
1301 Giddings St Wichita Falls, TX	3.0	1.0	1000	$1,150	$1.15	43d	1	0.90mi
2304 Avenue K Wichita Falls, TX	3.0	2.0	1040	$1,050	$1.01	43d	1	0.97mi
2007 10th St Unit B Wichita Falls, TX	1.0	1.0	744	$750	$1.01	43d	1	0.99mi
1901 Giddings St Wichita Falls, TX	3.0	2.0	909	$1,175	$1.29	43d	1	1.16mi
2006 Bell St Wichita Falls, TX	3.0	1.0	1120	$1,000	$0.89	43d	1	1.16mi
3706 Seymour Rd Wichita Falls, TX	1.0–3.0	1.0–2.5	1100	$1,188	$1.08	43d	13	1.18mi
2500 Taylor St Unit 2500 Taylor A Wichita Falls, TX	2.0	1.0	910	$800	$0.88	43d	1	1.19mi
2130 Avenue K Wichita Falls, TX	3.0	2.0	1090	$1,390	$1.28	43d	1	1.20mi
1810 7th St Unit 1/2 Wichita Falls, TX	2.0	1.0	806	$775	$0.96	43d	1	1.22mi
1824 Collins Ave Wichita Falls, TX	1.0	1.0	750	$795	$1.06	43d	1	1.25mi
2003 Wilson Ave Unit 1/2 Wichita Falls, TX	1.0	1.0	680	$650	$0.96	43d	1	1.28mi
2812 Avenue R Unit R Wichita Falls, TX	2.0	1.0	1044	$925	$0.89	43d	1	1.32mi

Listing history 13 events

1. 2026-06-19
   days on market $39,900 Active 16 DOM
2. 2026-06-18
   days on market $39,900 Active 15 DOM
3. 2026-06-17
   days on market $39,900 Active 14 DOM
4. 2026-06-16
   days on market $39,900 Active 13 DOM
5. 2026-06-15
   days on market $39,900 Active 12 DOM
6. 2026-06-14
   days on market $39,900 Active 10 DOM
7. 2026-06-13
   days on market $39,900 Active 9 DOM
8. 2026-06-10
   days on market $39,900 Active 7 DOM
9. 2026-06-09
   days on market $39,900 Active 6 DOM
10. 2026-06-08
    days on market $39,900 Active 5 DOM
11. 2026-06-07
    days on market $39,900 Active 4 DOM
12. 2026-06-05
    remarks 371-char remark
13. 2026-06-05
    listed $39,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,713
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$997
• − Repairs & maintenance: −$937
• − Management: −$937
• − Depreciation: −$1,161
• Taxable income: $4,847
• Est. tax owed @ 24.0%: −$1,163
• After-tax cash flow: $3,983/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained mobile home in a neat park is ready for immediate occupancy. A fresh coat of paint on the exterior and cleaning the windows would further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Clean windows — Improves natural light and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Clean windows — Improves natural light and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 15,479
• Household income: $41,947
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 577.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 38% Black 18% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 22%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.89%
• Current HPI: 135.1511
• Rent YoY: ▲ 5.27%
• Metro: Wichita Falls, 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

1 event — show timeline

• 2026-06-03 Listed $39,900 WFAOR