510 Bradburn Rd Unit 510, 512, 514

Grand Saline, TX 75140

$420,000C

9 bd · 3.9 ba · 4,188 sqft · Built 1973 · MultiFamily · Active · 442 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,449/mo
• Mortgage (P&I): −$2,203
• Tax + insurance: −$700
• HOA: −$0
• Vac / Maint / Mgmt: −$934
• Net cashflow: $612/mo
• Annual: $7,346/yr
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $117,600

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $420k. Condition is rated good.
• At list price, monthly cash flow is $612 ($7k/yr) — positive. Per door: $204/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $420k).
• It's been on market 442 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $370k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (2.7% local appreciation)).
• Location reads 64/100 on livability (#800 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, amenities F, commute F.
• Grand Saline ISD (town): math 38% / reading 33% proficiency, ranked #520 of 826 in TX (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 143 active listings in the ZIP; 54 units permitted in Van Zandt County in 2024 (0 in 5+ unit buildings).
• Van Zandt County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 3y ago; this cycle's ask is 32208% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $118k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 3.0% in Grand Saline — 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.

Questions for listing agent

• It's been on market 442 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?
• Built in 1973 — 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 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?
• 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.