22804 Creekwood Dr

Emerald Bay, TX 75762

$150,000C-

2 bd · 1.0 ba · 768 sqft · Built 2026 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,438/mo
• Mortgage (P&I): −$761
• Tax + insurance: −$242
• HOA: −$10
• Vac / Maint / Mgmt: −$302
• Net cashflow: $123/mo
• Annual: $1,476/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• 1% rule: 0.99%
• Cash to close: $40,643

Investor read

• This is a 2-bed/1.0-bath single-family listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (4.1% below list).
• It's been on market 22 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (4.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#293 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F, commute F, health & safety D-.
• Bullard ISD (rural): math 65% / reading 60% proficiency, ranked #48 of 826 in TX (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bullard El (math 61% / reading 61%, grade B, #368 of 4,322 statewide, top 9%, 434 students, 36% FRL); Bullard Int (math 66% / reading 50%, grade B, #197 of 1,662 statewide, top 12%, 435 students, 26% FRL); Bullard H S (math 57% / reading 68%, grade B-, #234 of 1,632 statewide, top 14%, 848 students, 25% FRL).
• Market conditions: 354 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 595 units permitted in Smith County in 2024 (45 in 5+ unit buildings).
• Smith County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 72% 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 7.3% vs local median 2.9% in Emerald Bay — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.