11504 Themis Ct

Waco, TX 76655

$324,900D-

4 bd · 2.0 ba · 1,654 sqft · Built 2026 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,692/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$542
• HOA: −$0
• Vac / Maint / Mgmt: −$565
• Net cashflow: $-118/mo
• Annual: $-1,421/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.56%
• DSCR: 0.93
• 1% rule: 0.83%
• Cash to close: $90,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (17.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $269k (17.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Midway ISD (other): math 61% / reading 58% proficiency, ranked #56 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Castleman Creek El (math 48% / reading 47%, grade D, #989 of 4,322 statewide, top 23%, 585 students, 51% FRL); Midway Middle (math 58% / reading 58%, grade B, #197 of 1,662 statewide, top 12%, 1,075 students, 47% FRL); Midway H S (math 66% / reading 67%, grade B, #186 of 1,632 statewide, top 11%, 2,648 students, 32% FRL) — zoned schools average 43% FRL vs 28% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 270 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.9% vs local median 3.9% in Waco — 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.
• This rent runs 32% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• 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?
• 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?
• 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.