1140 N Hamlett St · Athens, TX 75751

$75,000

3 bd · 3.0 ba · 1,500 sqft · SingleFamily · 222 Days on market

Built 1925 Fair condition 0.91 ac lot $50/sqft · 66% below area ↓ 36% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Opportunity in East Texas! Set on nearly an acre in a quiet rural setting, this 1,500 sq ft property—once home to the Temple of Maat Spiritual Center—offers outstanding potential for redevelopment. The site includes a former church and rectory, both filled with character and ready for transformation. Zoned for both residential and commercial use, this flexible property opens the door to endless possibilities, whether you envision a retreat center, dance or yoga studio, office space, or a distinctive private residence. An open grassy area provides ample parking or room for outdoor gatherings, while the natural surroundings create a peaceful atmosphere just waiting to be reimagined. Though the existing structures will need renovation, the combination of dual zoning, wide-open green space, and unique historical architecture makes this a standout investment. The road frontage is grass-covered, adding to the rural charm and quiet ambiance of the area. With creativity and vision, this could easily become a one-of-a-kind East Texas destination. Don’t miss the chance to transform this blank canvas into something remarkable!

Key facts

• Former church
• Rectory
• Rural setting

Tags

• RURAL SETTING
• FORMER CHURCH
• RECTORY
• DUAL ZONING
• OPEN GRASSY AREA
• NATURAL SURROUNDINGS

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.5% vs local median 2.4% in Athens — 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 72/100 on livability (#241 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, commute F.
• Athens ISD (town): math 34% / reading 34% proficiency, ranked #548 of 826 in TX (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Central Athens (math 42% / reading 36%, grade F, #1,651 of 4,322 statewide, top 39%, 587 students, 76% FRL); Athens Middle (math 35% / reading 33%, grade F, #892 of 1,662 statewide, top 55%, 682 students, 80% FRL); Athens H S (math 24% / reading 34%, grade F, #1,147 of 1,632 statewide, top 71%, 928 students, 75% FRL) — zoned schools average 77% FRL vs 62% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 2.06% ✓
• Cap rate: 17.53%
• Cash-on-cash: 40.15%
• DSCR: 2.79
• GRM: 4.0

CMA / ARV

• ARV (median comp): $220,806
• List price: $75,000
• Delta: -66.03%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.5%
• Equity multiple: 2.55×
• Total profit: $32,620
• Equity at exit: $11,183

10-year hold

• IRR: 43.2%
• Equity multiple: 5.10×
• Total profit: $86,122
• Equity at exit: $6,485

Cash invested: $21,000 (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 75751

• Home prices YoY: -33.1%
• Active inventory: 191
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,545 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $703

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 50%

Sensitivity live

Price	-10% $754	-5% $729	+0% $703	+5% $677	+10% $651
Rent	-10% $581	-5% $642	+0% $703	+5% $764	+10% $825
Rate	-1.0pp $740	-0.5pp $722	base $703	+0.5pp $683	+1.0pp $663

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
722 Wofford St Athens, TX	3.0	2.0	1299	$1,432	$1.10	22d	1	0.85mi
900 E Corsicana St Athens, TX	2.0	1.0–2.0	767	$1,339	$1.74	15d	6	1.50mi

Listing history 20 events

1. 2026-06-21
   days on market $75,000 Active 222 DOM
2. 2026-06-19
   days on market $75,000 Active 220 DOM
3. 2026-06-18
   days on market $75,000 Active 219 DOM
4. 2026-06-17
   days on market $75,000 Active 218 DOM
5. 2026-06-16
   days on market $75,000 Active 217 DOM
6. 2026-06-15
   days on market $75,000 Active 216 DOM
7. 2026-06-14
   days on market $75,000 Active 214 DOM
8. 2026-06-12
   days on market $75,000 Active 213 DOM
9. 2026-06-09
   days on market $75,000 Active 210 DOM
10. 2026-06-08
    days on market $75,000 Active 209 DOM
11. 2026-06-07
    days on market $75,000 Active 208 DOM
12. 2026-06-05
    days on market $75,000 Active 205 DOM
13. 2026-06-03
    days on market $75,000 Active 204 DOM
14. 2026-06-02
    days on market $75,000 Active 203 DOM
15. 2026-06-01
    pricedays on market $75,000 Active 202 DOM
16. 2026-05-31
    days on market $99,900 Active 201 DOM
17. 2026-05-30
    days on market $99,900 Active 200 DOM
18. 2026-01-12
    price $99,900 1160-char remark

    Show marketing remark (1160 chars)

    Investor Opportunity in East Texas! Set on nearly an acre in a quiet rural setting, this 1,500 sq ft property—once home to the Temple of Maat Spiritual Center—offers outstanding potential for redevelopment. The site includes a former church and rectory, both filled with character and ready for transformation. Zoned for both residential and commercial use, this flexible property opens the door to endless possibilities, whether you envision a retreat center, dance or yoga studio, office space, or a distinctive private residence. An open grassy area provides ample parking or room for outdoor gatherings, while the natural surroundings create a peaceful atmosphere just waiting to be reimagined. Though the existing structures will need renovation, the combination of dual zoning, wide-open green space, and unique historical architecture makes this a standout investment. The road frontage is grass-covered, adding to the rural charm and quiet ambiance of the area. With creativity and vision, this could easily become a one-of-a-kind East Texas destination. Don’t miss the chance to transform this blank canvas into something remarkable!

19. 2026-01-09
    price $100,000 1160-char remark

    Show marketing remark (1160 chars)

    Investor Opportunity in East Texas! Set on nearly an acre in a quiet rural setting, this 1,500 sq ft property—once home to the Temple of Maat Spiritual Center—offers outstanding potential for redevelopment. The site includes a former church and rectory, both filled with character and ready for transformation. Zoned for both residential and commercial use, this flexible property opens the door to endless possibilities, whether you envision a retreat center, dance or yoga studio, office space, or a distinctive private residence. An open grassy area provides ample parking or room for outdoor gatherings, while the natural surroundings create a peaceful atmosphere just waiting to be reimagined. Though the existing structures will need renovation, the combination of dual zoning, wide-open green space, and unique historical architecture makes this a standout investment. The road frontage is grass-covered, adding to the rural charm and quiet ambiance of the area. With creativity and vision, this could easily become a one-of-a-kind East Texas destination. Don’t miss the chance to transform this blank canvas into something remarkable!

20. 2025-11-11
    listed $155,000 Active 1160-char remark

    Show marketing remark (1160 chars)

    Investor Opportunity in East Texas! Set on nearly an acre in a quiet rural setting, this 1,500 sq ft property—once home to the Temple of Maat Spiritual Center—offers outstanding potential for redevelopment. The site includes a former church and rectory, both filled with character and ready for transformation. Zoned for both residential and commercial use, this flexible property opens the door to endless possibilities, whether you envision a retreat center, dance or yoga studio, office space, or a distinctive private residence. An open grassy area provides ample parking or room for outdoor gatherings, while the natural surroundings create a peaceful atmosphere just waiting to be reimagined. Though the existing structures will need renovation, the combination of dual zoning, wide-open green space, and unique historical architecture makes this a standout investment. The road frontage is grass-covered, adding to the rural charm and quiet ambiance of the area. With creativity and vision, this could easily become a one-of-a-kind East Texas destination. Don’t miss the chance to transform this blank canvas into something remarkable!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,546
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,484
• − Management: −$1,484
• − Depreciation: −$2,182
• Taxable income: $7,695
• Est. tax owed @ 24.0%: −$1,847
• After-tax cash flow: $6,584/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property presents significant opportunities for renovation and redevelopment. The exterior and interior require substantial repairs, and the property could benefit from modernizing the kitchen and bathrooms, as well as improving the landscaping. The location offers potential for a variety of uses, making it an attractive investment opportunity.

Repairs flagged

• Major siding — Significant damage
• Major interior walls — Peeling paint
• Major flooring — Worn-out carpet
• Major kitchen appliances — Old and outdated
• Major bathroom fixtures — Old and outdated
• Major landscaping — Overgrown lawn

Value-add opportunities

• Both new siding — Enhances curb appeal and value
• Both new flooring — Improves living space and value
• Both new kitchen appliances — Modernizes the space and value
• Both new bathroom fixtures — Modernizes the space and value
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant damage	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
kitchen appliances · Old and outdated	Major	$15,000–50,000
bathroom fixtures · Old and outdated	Major	$15,000–50,000
landscaping · Overgrown lawn	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both new siding — Enhances curb appeal and value ↑
• Both new flooring — Improves living space and value ↑
• Both new kitchen appliances — Modernizes the space and value ↑
• Both new bathroom fixtures — Modernizes the space and value ↑
• Both landscaping — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Athens ISD
• NCES district ID: 4808870
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 34% ▼ -4.00%
• Median HH income: $41,617
• Composite: 28.73/100
• National rank: #6680
• State rank: #548 of 826 in TX

Livability — Athens

• Score: 72/100
• State rank: #241
• US rank: #5796

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Athens, TX
• County: Henderson County · 34,977 people
• City population: 18,644
• Metro: Athens, TX
• Population (ZIP): 18,644
• Household income: $70,620
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 535.0

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 80,471 people
• By 2030: 80,608 · +0.2%
• By 2040: 80,087 · -0.5%
• By 2050: 78,208 · -2.8%
• By 2075: 72,423 · -10.0%
• By 2100: 61,012 · -24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 60% Hispanic / Latino 24% Two or more races 18% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 79% English-only · Spanish 19% Other Asian/Pacific 1%

Political lean MEDSL · Henderson

• 2024 margin: Solid R (+63.5) · D 18.0% · R 81.4%
• 2008→2024 swing: -18.8pp toward R · 2008: -44.6pp · 2024: -63.5pp
• All cycles: 2024: R+63.5 2020: R+60.2 2016: R+60.0 2012: R+54.8 2008: R+44.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.19%
• Current HPI: 192.3973
• Rent YoY: —
• Metro: Athens, 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

-35.5% since first listed

3 events — show timeline

• 2026-01-12 Price Changed $99,900 GTAR
• 2026-01-09 Price Changed $100,000 GTAR
• 2025-11-11 Listed $155,000 GTAR