5703 Colgate St · Lubbock, TX 79416

$224,990

3 bd · 2.0 ba · 1,316 sqft · MultiFamily

Built 2026 Excellent condition 6,325 sqft lot

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Why this score? — see what drove the C+ 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Schools +3.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Be the first to call this brand new 3 bedroom, 2 bathroom home with a 1 car garage your own. Featuring charming modern construction and a thoughtfully designed open-concept layout, this home offers a bright and inviting space for everyday living and entertaining. Located in a growing area just minutes from Texas Tech, the medical district, shopping, and dining, you'll enjoy both convenience and a fresh, new neighborhood feel. Secure your spot early and be among the first to experience everything Havenbrook has to offer!

Key facts

• 6,325 sq ft lot
• Garage
• Built 2026

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $225k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.2%/yr); 464 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $2,713/mo this rent would consume 51% of the median local household income ($64k/yr) (locally 2214% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,990

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.21%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.21% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-1,080
• Equity at exit: $33,547

10-year hold

• IRR: 8.4%
• Equity multiple: 1.62×
• Total profit: $38,841
• Equity at exit: $19,453

Cash invested: $62,997 (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 79416

• Home prices YoY: -20.0%
• Rents YoY: 2.2%
• Active inventory: 464
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,713 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $588

Break-even live

Break-even rent $1,968

Max offer price $224,990

Occupancy floor 73%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,714
Total (2 units)			$2,713

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: $56,248
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5539 Auburn St Lubbock, TX	3.0	2.0	1107	$1,325	$1.20	43d	1	0.19mi
5741 Duke St Lubbock, TX	4.0	2.0	1693	$1,699	$1.00	43d	1	0.21mi
307 N Clinton Ave Lubbock, TX	3.0	3.0	1435	$1,225	$0.85	43d	1	0.23mi
5713 1st St Lubbock, TX	3.0	2.0	1501	$1,600	$1.07	13d	1	0.26mi
511 N Clinton Ave Unit A Lubbock, TX	3.0	2.0	1400	$1,250	$0.89	43d	1	0.29mi
305 N Chicago Ave Unit B Lubbock, TX	3.0	3.0	1294	$1,200	$0.93	43d	1	0.29mi
505 N Chicago Ave Unit B Lubbock, TX	3.0	3.0	1435	$1,325	$0.92	43d	1	0.31mi
505 N Chicago Ave Lubbock, TX	3.0	3.0	1435	$1,425	$0.99	43d	1	0.31mi
523 N Clinton Ave Unit Clinton Side A Lubbock, TX	3.0	3.0	1435	$1,295	$0.90	21d	1	0.34mi
503 N Brentwood Ave Unit B Lubbock, TX	3.0	3.0	1370	$1,200	$0.88	43d	1	0.36mi
516 N Chicago Ave Unit B Lubbock, TX	3.0	3.0	1370	$1,200	$0.88	43d	1	0.37mi
310 N Brentwood Ave Unit B Lubbock, TX	3.0	3.0	1400	$1,250	$0.89	43d	1	0.39mi
522 N Chicago Ave Unit B Lubbock, TX	3.0	3.0	1370	$1,200	$0.88	43d	1	0.39mi
533 N Clinton Ave Unit B Lubbock, TX	3.0	3.0	1340	$1,300	$0.97	43d	1	0.39mi
610 N Elkhart Ave Unit B Lubbock, TX	2.0	1.0	1070	$875	$0.82	43d	1	0.40mi
702 N Englewood Ave Unit B Lubbock, TX	3.0	3.0	1317	$1,195	$0.91	43d	1	0.43mi
204 Genoa Ave Lubbock, TX	3.0	2.0	1400	$1,400	$1.00	13d	1	0.47mi
623 N Elkhart Ave Unit A Lubbock, TX	3.0	2.0	1340	$1,600	$1.19	13d	1	0.48mi
602 N Belmont Ave Lubbock, TX	3.0	3.0	1370	$1,325	$0.97	13d	3	0.58mi
5549 Itasca St Unit B Lubbock, TX	3.0	3.0	1600	$1,400	$0.88	43d	1	0.59mi
5537 Itasca St Unit B Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.59mi
5531 Itasca St Unit A Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.59mi
5508 Itasca St Unit A Lubbock, TX	3.0	3.0	1445	$1,500	$1.04	43d	1	0.60mi
5914 Erskine St Lubbock, TX	2.0	2.0	1200	$1,250	$1.04	43d	1	0.61mi
5534 Itasca St Unit B Lubbock, TX	3.0	3.0	1540	$1,500	$0.97	43d	1	0.62mi
5526 Itasca St Unit A Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.62mi
5524 Itasca St Lubbock, TX	3.0	3.0	1360	$1,500	$1.10	21d	1	0.62mi
5524 Itasca St Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.62mi
5513 Itasca St Lubbock, TX	3.0	3.0	1368	$1,500	$1.10	43d	1	0.62mi
5511 Itasca St Lubbock, TX	4.0	4.0	1348	$2,000	$1.48	13d	1	0.63mi
5516 Itasca St Lubbock, TX	3.0	3.0	1360	$1,500	$1.10	43d	1	0.63mi
5703 Kemper St Unit 2 Lubbock, TX	3.0	3.0	1527	$1,550	$1.02	43d	1	0.63mi
5609 Jarvis St Unit B Lubbock, TX	3.0	2.0	1515	$1,500	$0.99	43d	1	0.64mi
5609 Jarvis St Unit B Lubbock, TX	3.0	2.0	1515	$1,500	$0.99	13d	1	0.64mi
5705 Kemper St Unit B Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.64mi
5707 Kemper St Unit A Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.65mi
5506 Itasca St Unit A Lubbock, TX	3.0	3.0	1445	$1,500	$1.04	43d	1	0.66mi
221 Grover Ave Lubbock, TX	3.0	2.0	1184	$1,295	$1.09	13d	1	0.66mi
5504 Itasca St Unit B Lubbock, TX	3.0	3.0	1445	$1,500	$1.04	43d	1	0.67mi
5711 Kemper St Unit B Lubbock, TX	3.0	3.0	1527	$1,500	$0.98	43d	1	0.67mi

Listing history 4 events

1. 2026-05-23
   historical $1,599
2. 2026-05-22
   listed $224,990
3. 2026-05-22
   historical
4. 2026-04-30
   listed $1,599

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,556
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,604
• − Management: −$2,604
• − Depreciation: −$6,545
• Taxable income: $3,699
• Est. tax owed @ 24.0%: −$888
• After-tax cash flow: $6,173/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

Excellent 95/100 None rehab

This brand new 3-bedroom, 2-bathroom home is in excellent condition with modern finishes and a well-maintained exterior. It offers a great opportunity for both resale and rental due to its prime location and thoughtfully designed layout.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers/tenants.
• Both Upgrading appliances — Modern appliances can make the home more attractive and functional for potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers/tenants. ↑
• Both Upgrading appliances — Modern appliances can make the home more attractive and functional for potential buyers/tenants. ↑

ⓘ 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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 36,442
• Household income: $63,896
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2214.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 49% Hispanic / Latino 35% Two or more races 14% Black 9% Asian 3%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 3% Italian 1% Serbian 1%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 13% Chinese 1% Tagalog/Filipino 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.94%
• Current HPI: 227.7841
• Rent YoY: ▲ 2.21%
• Metro: Lubbock, 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

+0.0% since first listed

4 events — show timeline

• 2026-05-23 Rental Removed $1,599 LARMLS
• 2026-05-22 Delisted — LARMLS
• 2026-05-22 Listed $224,990 LARMLS
• 2026-04-30 Listed for Rent $1,599 LARMLS