1905 W Morton St #5 · Denison, TX 75020

$138,000

3 bd · 1.5 ba · 1,080 sqft · SingleFamily public records · 210 Days on market

Built 1962 2,134 sqft lot $128/sqft · at area comps Est $133k · at est. $50/mo HOA · 3% of rent

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Why this score? — see what drove the D 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 +14.9/30.0
• ARV discount +5.8/15.0
• 1% rule +5.5/10.0
• DSCR +4.6/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-Bedroom Townhome in Prime Denison Location! Discover the perfect blend of comfort and convenience in this fabulous 3-bedroom, 1.5-bath townhome! Ideally situated, you'll be just minutes from popular dining and shopping destinations, with easy access to I-75 for a smooth commute. This home immediately welcomes you with a spacious, bright layout and an abundance of natural lighting throughout. The generous living room flows seamlessly into the eat-in kitchen, which is fully equipped with appliances, making it ready for you to enjoy cooking up your favorite meals from day one. Upstairs, you'll find the three comfortable bedrooms and 1.5 bath, offering a private retreat. Whether you are a first-time buyer, looking to downsize, or searching for a smart investment opportunity, this townhome is a must-see! Don't miss your chance to own in this convenient Denison community.

Key facts

• Natural lighting
• Eat-in kitchen
• $50 HOA

Tags

• PRIME DENISON LOCATION
• NATURAL LIGHTING
• EAT-IN KITCHEN
• FULLY EQUIPPED WITH APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $41 ($493/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $138k).
• Recommended offer: $121k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.9% in Denison — 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 73/100 on livability (#221 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Denison ISD (urban): math 43% / reading 44% proficiency, ranked #315 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mayes El (math 42% / reading 42%, grade F, #1,335 of 4,322 statewide, top 33%, 471 students, 64% FRL); Henry Scott Middle (math 36% / reading 48%, grade D-, #572 of 1,662 statewide, top 36%, 749 students, 66% FRL); Denison H S (math 53% / reading 53%, grade C-, #437 of 1,632 statewide, top 27%, 1,310 students, 58% FRL).
• Market conditions: Rents flat; 492 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.05% ✓
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• GRM: 7.9

CMA / ARV

• ARV (median comp): $133,103
• List price: $138,000
• Delta: 3.68%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1826 W Morton St	0.10mi	2/1.0 (-1)	1,086 (+1%)	10mo	$132,500	$122	79
816 Leeper Dr	0.29mi	2/1.0 (-1)	1,071 (-1%)	2mo	$165,000	$154	76
916 Leeper Dr	0.35mi	4/2.0 (+1)	1,089 (+1%)	6mo	$139,900	$128	70
1728 W Elm St	0.31mi	3/1.0	1,132 (+5%)	8mo	$120,000	$106	69
124 N Imperial Dr	0.71mi	3/1.5	1,112 (+3%)	2mo	$134,400	$121	60
104 N Imperial Dr	0.71mi	3/2.0	1,051 (-3%)	2mo	$204,900	$195	59
1320 W Morton St	0.57mi	3/2.0	1,160 (+7%)	4mo	$94,900	$82	56
1409 W Crawford St	0.67mi	3/1.5	1,155 (+7%)	8mo	$189,900	$164	50
2610 W Washington St	0.73mi	3/1.0	1,054 (-2%)	12mo	$185,000	$176	50
1200 W Gandy St	0.73mi	2/1.0 (-1)	1,152 (+7%)	6mo	$170,000	$148	43
1220 W Main St	0.74mi	3/1.5	996 (-8%)	12mo	$175,000	$176	43
1231 W Main St	0.71mi	2/1.5 (-1)	1,203 (+11%)	4mo	$184,900	$154	40

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 · 0.05% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.38×
• Total profit: $-23,825
• Equity at exit: $20,576

10-year hold

• IRR: -18.9%
• Equity multiple: 0.14×
• Total profit: $-33,131
• Equity at exit: $11,932

Cash invested: $38,640 (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 75020

• Rents YoY: 0.1%
• Active inventory: 492
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,455 high
• Mortgage (P&I): −$724
• Tax from tax record: −$277 /mo · $3,326/yr
• Insurance: −$58
• HOA: −$50
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $41

Break-even live

Break-even rent $1,403

Max offer price $138,000

Occupancy floor 92%

Sensitivity live

Price	-10% $119	-5% $80	+0% $41	+5% $2	+10% $-37
Rent	-10% $-74	-5% $-16	+0% $41	+5% $99	+10% $156
Rate	-1.0pp $111	-0.5pp $76	base $41	+0.5pp $5	+1.0pp $-31

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1905 W Morton St #20 Denison, TX	2.0	1.5	1008	$1,250	$1.24	46d	1	0.04mi
1721 W Walker St Denison, TX	2.0	1.0	1322	$1,400	$1.06	46d	1	0.28mi
1731 W Elm St Denison, TX	3.0	2.0	1200	$1,550	$1.29	23d	1	0.33mi
1731 W Elm St Denison, TX	3.0	2.0	1200	$1,575	$1.31	46d	1	0.33mi
1701 W Elm St Denison, TX	2.0	1.0	800	$900	$1.12	23d	1	0.39mi
1703 W Elm St Denison, TX	2.0	1.0	800	$875	$1.09	23d	1	0.40mi
1602 W Elm St Denison, TX	3.0	2.0	1141	$1,495	$1.31	46d	1	0.44mi
102 Lum Ln Unit 101 Denison, TX	3.0	2.0	1158	$1,600	$1.38	46d	1	0.48mi
1326 W Sears St Denison, TX	2.0	1.0	1318	$1,350	$1.02	23d	1	0.60mi
1035-1033 Ray Dr Denison, TX	3.0	3.0	1328	$1,450	$1.09	46d	1	0.64mi
1829 Ridgewood Rd Denison, TX	3.0	1.0	1040	$1,100	$1.06	46d	1	0.66mi
1231 W Main St Denison, TX	2.0	1.5	1203	$1,575	$1.31	23d	1	0.73mi
731 Layne Dr Denison, TX	3.0	2.0	1215	$1,600	$1.32	46d	1	0.84mi
1016 W Gandy St #4 Denison, TX	2.0	1.5	1000	$1,100	$1.10	46d	1	0.90mi
1131 W Owing St Denison, TX	3.0	2.0	1135	$1,695	$1.49	46d	1	0.91mi
1004 W Gandy St Denison, TX	3.0	1.0	1250	$1,299	$1.04	23d	1	0.92mi
1120 W Owing St Denison, TX	3.0	2.0	1090	$1,225	$1.12	23d	1	0.94mi
3050 Viking St Denison, TX	1.0–2.0	1.0–2.0	887	$1,450	$1.63	23d	11	0.95mi
2824 W Crawford St Denison, TX	1.0–2.0	1.0	825	$999	$1.21	23d	2	0.99mi
1311 W Day St Denison, TX	2.0	1.0	1188	$1,050	$0.88	23d	1	1.01mi
731 W Morton St Denison, TX	3.0	2.0	1298	$1,500	$1.16	46d	1	1.11mi
731 W Bond St Denison, TX	3.0	2.0	1297	$1,595	$1.23	23d	1	1.11mi
727 W Johnson St Unit A Denison, TX	3.0	2.5	1238	$1,450	$1.17	46d	1	1.13mi
820 W Crawford St Denison, TX	2.0	1.0	996	$1,250	$1.26	23d	1	1.14mi
1022 W Shepherd St #1022 Denison, TX	3.0	2.5	1322	$1,450	$1.10	23d	1	1.14mi
1207 Bruce Dr Denison, TX	3.0	2.0	1298	$1,540	$1.19	46d	1	1.19mi
715 W Chestnut St Denison, TX	2.0	2.0	1273	$1,300	$1.02	46d	1	1.21mi
1238 Carla St Denison, TX	3.0	1.5	1172	$1,350	$1.15	46d	1	1.21mi
617 W Gandy St Unit 3 Denison, TX	2.0	2.0	750	$1,200	$1.60	46d	1	1.24mi
921 W Day St Denison, TX	3.0	2.0	1212	$1,500	$1.24	46d	1	1.24mi
1011 S Perry Ave Denison, TX	2.0	2.0	1079	$1,350	$1.25	46d	1	1.24mi
613 W Elm St Unit 613 Denison, TX	3.0	2.0	1375	$1,525	$1.11	46d	1	1.27mi
626 W Chestnut St Denison, TX	2.0	1.0	1132	$1,300	$1.15	23d	1	1.27mi
527 W Walker St Denison, TX	3.0	2.0	1300	$1,675	$1.29	46d	1	1.29mi
626 W Crawford St Unit 101 Denison, TX	2.0	2.0	950	$950	$1.00	23d	1	1.30mi
610 W Owing St Denison, TX	3.0	2.0	1108	$1,395	$1.26	46d	1	1.36mi
410 S Mirick Ave Denison, TX	3.0	2.0	1100	$1,300	$1.18	46d	1	1.41mi
411 S Fannin Ave #411 Denison, TX	3.0	2.5	1322	$1,450	$1.10	23d	1	1.46mi
1011 S Armstrong Ave Unit A Denison, TX	2.0	1.0	1400	$1,500	$1.07	46d	1	1.48mi
818 W Texas St Denison, TX	3.0	1.0	720	$1,100	$1.53	23d	1	1.48mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 32 events

1. 2026-06-09
   status $138,000 Pending 210 DOM
2. 2026-06-08
   days on market $138,000 Active Option Contract 210 DOM
3. 2026-06-07
   days on market $138,000 Active Option Contract 209 DOM
4. 2026-06-05
   days on market $138,000 Active Option Contract 206 DOM
5. 2026-06-03
   days on market $138,000 Active Option Contract 205 DOM
6. 2026-06-02
   days on market $138,000 Active Option Contract 204 DOM
7. 2026-06-01
   days on market $138,000 Active Option Contract 203 DOM
8. 2026-05-31
   days on market $138,000 Active Option Contract 202 DOM
9. 2026-05-30
   days on market $138,000 Active Option Contract 201 DOM
10. 2025-11-10
    listed $138,000 Active 899-char remark

    Show marketing remark (899 chars)

    Charming 3-Bedroom Townhome in Prime Denison Location! Discover the perfect blend of comfort and convenience in this fabulous 3-bedroom, 1.5-bath townhome! Ideally situated, you'll be just minutes from popular dining and shopping destinations, with easy access to I-75 for a smooth commute. This home immediately welcomes you with a spacious, bright layout and an abundance of natural lighting throughout. The generous living room flows seamlessly into the eat-in kitchen, which is fully equipped with appliances, making it ready for you to enjoy cooking up your favorite meals from day one. Upstairs, you'll find the three comfortable bedrooms and 1.5 bath, offering a private retreat. Whether you are a first-time buyer, looking to downsize, or searching for a smart investment opportunity, this townhome is a must-see! Don't miss your chance to own in this convenient Denison community.

11. 2025-11-05
    status Active
12. 2025-10-31
    historical
13. 2025-08-21
    price $149,999
14. 2025-08-15
    price $150,000
15. 2025-07-24
    price $155,000
16. 2025-05-15
    price $159,999
17. 2025-04-03
    listed $160,000 Active
18. 2023-07-14
    soldstatus Closed
19. 2023-06-19
    status Pending
20. 2023-06-15
    historical Active Option Contract
21. 2023-04-20
    listed $162,500 Active
22. 2022-07-06
    soldstatus
23. 2022-07-01
    soldstatus Closed
24. 2022-06-27
    status Pending
25. 2022-06-06
    price $142,750
26. 2022-03-12
    price $141,750
27. 2021-11-16
    price $139,750
28. 2021-09-14
    listed $134,750 Active
29. 2015-05-01
    soldstatus Sold
30. 2015-02-20
    status Pending
31. 2015-01-10
    listed $40,000 Active
32. 1983-08-04
    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: $3,326 · $277/mo
• Projected year-2 tax: $3,326 · $277/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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,460
• − Mortgage interest: −$7,730
• − Property taxes: −$3,326
• − Insurance: −$690
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − HOA: −$600
• − Depreciation: −$4,015
• Taxable loss: −$1,695
• Est. tax savings @ 24.0%: +$407
• After-tax cash flow: $899/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: Denison ISD
• NCES district ID: 4816710
• Math proficiency: 43% ▼ -7.00%
• Reading proficiency: 44% ▼ -3.00%
• Median HH income: $41,650
• Composite: 36.6/100
• National rank: #4629
• State rank: #315 of 826 in TX

Livability — Denison

• Score: 73/100
• State rank: #221
• US rank: #5428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Denison, TX
• County: Grayson County · 108,053 people
• City population: 34,008
• Metro: Sherman-Denison, TX
• Population (ZIP): 24,835
• Household income: $71,605
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 997.0

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 134,540 people
• By 2030: 138,653 · +3.1%
• By 2040: 145,958 · +8.5%
• By 2050: 151,218 · +12.4%
• By 2075: 161,802 · +20.3%
• By 2100: 159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 13% Two or more races 9% Black 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 5% Serbian 2% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+54.3) · D 22.5% · R 76.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -295.96%
• Current HPI: 257.1806
• Rent YoY: ▬ 0.05%
• Metro: Sherman-Denison, 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

+245.0% since first listed

23 events — show timeline

• 2025-11-10 Listed $138,000 NTREIS
• 2025-11-05 Relisted — NTREIS
• 2025-10-31 Listing Removed — NTREIS
• 2025-08-21 Price Changed $149,999 NTREIS
• 2025-08-15 Price Changed $150,000 NTREIS
• 2025-07-24 Price Changed $155,000 NTREIS
• 2025-05-15 Price Changed $159,999 NTREIS
• 2025-04-03 Listed $160,000 NTREIS
• 2023-07-14 Sold (MLS) — NTREIS
• 2023-06-19 Pending — NTREIS
• 2023-06-15 Contingent — NTREIS
• 2023-04-20 Listed $162,500 NTREIS
• 2022-07-06 Sold (Public Records) — Public Records
• 2022-07-01 Sold (MLS) — NTREIS
• 2022-06-27 Pending — NTREIS
• 2022-06-06 Price Changed $142,750 NTREIS
• 2022-03-12 Price Changed $141,750 NTREIS
• 2021-11-16 Price Changed $139,750 NTREIS
• 2021-09-14 Listed $134,750 NTREIS
• 2015-05-01 Sold (MLS) — NTREIS
• 2015-02-20 Pending — NTREIS
• 2015-01-10 Listed $40,000 NTREIS
• 1983-08-04 Sold (Public Records) — Public Records

Property tax history

+10.3%/yr

Latest (2025): $3,326 · -3.5% YoY. Source: county tax records.