1403 SE Martin Luther King Jr St · Mineral Wells, TX 76067

$115,000

3 bd · 1.0 ba · 984 sqft · SingleFamily public records · 91 Days on market

Built 1961 5,009 sqft lot $117/sqft · 19% below area Est $141k · 19% under

---

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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +8.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unique home with a 3 bed 1 bath layout. Great central location so you can get anywhere in town fast. Walking distance to two schools and the library. Fresh Interior and exterior paint, laminate flooring, tankless hot water heater. Custom backsplash in the kitchen. This will be a great started home or a rental. Room dimensions are an estimate.

Key facts

• Laminate flooring
• 5,009 sq ft lot
• Built 1961

Tags

• LAMINATE FLOORING
• TANKLESS HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.7% in Mineral Wells — 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 72/100 on livability (#278 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D, schools F.
• Mineral Wells ISD (town): math 30% / reading 30% proficiency, ranked #636 of 826 in TX (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 277 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 27 units permitted in Palo Pinto County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Palo Pinto County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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: 1.32% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.11%
• DSCR: 1.45
• GRM: 6.3

CMA / ARV

• ARV (median comp): $141,145
• List price: $115,000
• Delta: -18.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 SE 3rd St	0.26mi	3/1.0	1,008 (+2%)	7mo	$125,000	$124	78
1405 SE 8 1/2 St	0.14mi	3/1.0	1,055 (+7%)	6mo	$167,500	$159	76
1405 SE 13th St	0.38mi	3/1.5	978 (-1%)	7mo	$159,000	$163	73
1404 SE 12th St	0.36mi	4/1.0 (+1)	1,022 (+4%)	1mo	$150,000	$147	71
716 SE 7th Ave	0.33mi	3/1.0	1,050 (+7%)	11mo	$149,900	$143	64
2311 2nd St	0.65mi	2/1.0 (-1)	1,000 (+2%)	3mo	$55,000	$55	59
403 NE 7th Ave	0.62mi	3/1.0	960 (-2%)	11mo	$154,000	$160	58
1616 SE Park Rd	0.73mi	3/1.0	1,034 (+5%)	7mo	$119,000	$115	52
712 SE 18th St	0.72mi	2/2.0 (-1)	936 (-5%)	1mo	$174,900	$187	48
1816 SE 18th St	0.68mi	3/1.0	1,111 (+13%)	9mo	$119,900	$108	39
812 SE 15th St	0.58mi	3/2.0	1,110 (+13%)	10mo	$205,000	$185	39
2109 SE 18th St	0.74mi	2/1.0 (-1)	918 (-7%)	13mo	$99,500	$108	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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,256
• Equity at exit: $17,147

10-year hold

• IRR: 8.7%
• Equity multiple: 1.67×
• Total profit: $21,576
• Equity at exit: $9,943

Cash invested: $32,200 (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 76067

• Active inventory: 277
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,519 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$278 /mo · $3,331/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $271

Break-even live

Break-even rent $1,175

Max offer price $115,000

Occupancy floor 77%

Sensitivity live

Price	-10% $336	-5% $304	+0% $271	+5% $239	+10% $206
Rent	-10% $151	-5% $211	+0% $271	+5% $331	+10% $391
Rate	-1.0pp $329	-0.5pp $300	base $271	+0.5pp $241	+1.0pp $211

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 SE 15th St Mineral Wells, TX	3.0	1.5	1043	$1,700	$1.63	25d	1	0.60mi
3001 NE 2nd St Mineral Wells, TX	1.0–3.0	1.0–2.0	909	$1,200	$1.32	2d	10	0.98mi

Listing history 24 events

1. 2026-06-01
   days on market $115,000 Active 91 DOM
2. 2026-05-31
   days on market $115,000 Active 90 DOM
3. 2026-05-31
   days on market $115,000 Active 89 DOM
4. 2026-04-29
   price $115,000 347-char remark

   Show marketing remark (347 chars)

   Unique home with a 3 bed 1 bath layout. Great central location so you can get anywhere in town fast. Walking distance to two schools and the library. Fresh Interior and exterior paint, laminate flooring, tankless hot water heater. Custom backsplash in the kitchen. This will be a great started home or a rental. Room dimensions are an estimate.

5. 2026-04-09
   price $120,000 347-char remark

   Show marketing remark (347 chars)

   Unique home with a 3 bed 1 bath layout. Great central location so you can get anywhere in town fast. Walking distance to two schools and the library. Fresh Interior and exterior paint, laminate flooring, tankless hot water heater. Custom backsplash in the kitchen. This will be a great started home or a rental. Room dimensions are an estimate.

6. 2026-03-02
   listed $130,000 Active 347-char remark

   Show marketing remark (347 chars)

   Unique home with a 3 bed 1 bath layout. Great central location so you can get anywhere in town fast. Walking distance to two schools and the library. Fresh Interior and exterior paint, laminate flooring, tankless hot water heater. Custom backsplash in the kitchen. This will be a great started home or a rental. Room dimensions are an estimate.

7. 2024-10-24
   historical $1,200
8. 2024-09-24
   price $1,200
9. 2024-08-28
   listed $1,300
10. 2024-05-30
    soldstatus
11. 2024-05-28
    soldstatus Closed 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

12. 2024-05-19
    status Pending 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

13. 2024-03-28
    price $65,000 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

14. 2024-02-09
    status Active 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

15. 2024-02-04
    historical Active Option Contract 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

16. 2024-01-30
    listed $70,000 Active 524-char remark

    Show marketing remark (524 chars)

    Investors delight! Half the work is done including foundation & demo. Come put your touches on this cozy home and get it rented or resale. Located within stones throw of Travis Elementary School & walking distance to Boyce Ditto Library & Lamar Elementary School. Centrally located in town to be able to get anywhere within 5 mins. Current seller had dreamt about adding on to make it a 3 bedroom 2 bathroom home which substantially increases rent & resale pricing. Warranty available for foundation repairs.

17. 2023-06-27
    soldstatus Closed
18. 2023-06-20
    status Pending
19. 2023-06-12
    status Active
20. 2023-05-12
    status Pending
21. 2023-04-10
    listed $65,000 Active
22. 2006-08-16
    soldstatus
23. 2003-03-06
    soldstatus
24. 2003-01-15
    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: $3,331 · $278/mo
• Projected year-2 tax: $3,331 · $278/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 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,225
• − Mortgage interest: −$6,442
• − Property taxes: −$3,331
• − Insurance: −$575
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$3,345
• Taxable income: $1,615
• Est. tax owed @ 24.0%: −$388
• After-tax cash flow: $2,867/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: Mineral Wells ISD
• NCES district ID: 4830950
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 30% ▼ -5.00%
• Median HH income: $40,027
• Composite: 25.26/100
• National rank: #7500
• State rank: #636 of 826 in TX

Livability — Mineral Wells

• Score: 72/100
• State rank: #278
• US rank: #6474

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mineral Wells, TX
• County: Palo Pinto County · 21,080 people
• City population: 21,080
• Metro: Mineral Wells, TX
• Population (ZIP): 21,080
• Household income: $62,190
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 745.0

Population outlook (Palo Pinto County) Hauer SSP2

• Today (2025): 27,500 people
• By 2030: 27,079 · -1.5%
• By 2040: 26,135 · -5.0%
• By 2050: 25,215 · -8.3%
• By 2075: 23,416 · -14.9%
• By 2100: 20,300 · -26.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 22% Two or more races 9% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 4% Italian 1% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Palo Pinto

• 2024 margin: Solid R (+67.1) · D 16.1% · R 83.2%
• 2008→2024 swing: -18.9pp toward R · 2008: -48.2pp · 2024: -67.1pp
• All cycles: 2024: R+67.1 2020: R+64.1 2016: R+64.1 2012: R+59.8 2008: R+48.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.09%
• Current HPI: 240.3647
• Rent YoY: —
• Metro: Mineral Wells, 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

+76.9% since first listed

21 events — show timeline

• 2026-04-29 Price Changed $115,000 NTREIS
• 2026-04-09 Price Changed $120,000 NTREIS
• 2026-03-02 Listed $130,000 NTREIS
• 2024-10-24 Rental Removed $1,200 NTREIS
• 2024-09-24 Price Changed $1,200 NTREIS
• 2024-08-28 Listed for Rent $1,300 NTREIS
• 2024-05-30 Sold (Public Records) — Public Records
• 2024-05-28 Sold (MLS) — NTREIS
• 2024-05-19 Pending — NTREIS
• 2024-03-28 Price Changed $65,000 NTREIS
• 2024-02-09 Relisted — NTREIS
• 2024-02-04 Contingent — NTREIS
• 2024-01-30 Listed $70,000 NTREIS
• 2023-06-27 Sold (MLS) — NTREIS
• 2023-06-20 Pending — NTREIS
• 2023-06-12 Relisted — NTREIS
• 2023-05-12 Pending — NTREIS
• 2023-04-10 Listed $65,000 NTREIS
• 2006-08-16 Sold (Public Records) — Public Records
• 2003-03-06 Sold (Public Records) — Public Records
• 2003-01-15 Sold (Public Records) — Public Records

Property tax history

+15.6%/yr

Latest (2025): $3,331 · +132.7% YoY. Source: county tax records.