1135 Ira Ward Ln

Lindsay, TX 76240

$165,000C-

3 bd · 2.0 ba · 1,140 sqft · Built — · Manufactured · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,630/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $211/mo
• Annual: $2,530/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• 1% rule: 0.99%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $165k.
• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (1.2% below list).
• It's been on market 41 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#42 in TX, #1,865 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Muenster ISD (rural): math 67% / reading 69% proficiency, ranked #19 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Muenster El (math 72% / reading 67%, grade A-, #146 of 4,322 statewide, top 4%, 307 students, 28% FRL).
• Market conditions: 462 active listings in the ZIP; 190 units permitted in Cooke County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.