33 Package Property

Tulia, TX 79088

$1,799,000B

87 bd · 37.7 ba · 37,990 sqft · Built 1970 · MultiFamily · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $27,067/mo
• Mortgage (P&I): −$9,434
• Tax + insurance: −$2,998
• HOA: −$0
• Vac / Maint / Mgmt: −$5,684
• Net cashflow: $8,950/mo
• Annual: $107,405/yr
• Cap rate: 12.26%
• Cash-on-cash: 21.32%
• DSCR: 1.95
• 1% rule: 1.50%
• Cash to close: $503,720

Investor read

• This is a 29 × 3-bed/1.3-bath units multifamily listed at $1.80M. Condition is rated fair.
• At list price, monthly cash flow is $9k ($107k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.80M).
• It's been on market 158 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.
• In year one you build about $35k of equity ($12k loan paydown + $23k appreciation (1.3% local appreciation)).
• Location reads 56/100 on livability (#1,297 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, crime D-, amenities F.
• Tulia ISD (town): math 22% / reading 21% proficiency, ranked #768 of 826 in TX (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 47 active listings in the ZIP.
• Swisher County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $504k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$125k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→16/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 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — No photos of interiors.
• Major: bathroom fixtures — No photos of interiors.
• Major: interior walls — No photos of interiors.
• Major: flooring — No photos of interiors.