342 Turtle Cv

Abilene, TX 79601

$295,000B-

6 bd · 2.0 ba · 2,662 sqft · Built 1982 · MultiFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,747/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$373
• HOA: −$0
• Vac / Maint / Mgmt: −$997
• Net cashflow: $1,830/mo
• Annual: $21,962/yr
• Cap rate: 13.74%
• Cash-on-cash: 26.59%
• DSCR: 2.18
• 1% rule: 1.61%
• Cash to close: $82,600

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $295k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $915/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• It's been on market 35 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $286k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#142 in TX, #4,037 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F.
• Abilene ISD (urban): math 32% / reading 34% proficiency, ranked #575 of 826 in TX (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taylor El (math 32% / reading 44%, grade F, #1,709 of 4,322 statewide, top 40%, 658 students, 66% FRL).
• Market conditions: Rents rising fast (+43.4%/yr); 196 active listings in the ZIP; 508 units permitted in Taylor County in 2024 (0 in 5+ unit buildings).
• Taylor County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $83k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 13.7% vs local median 6.8% in Abilene — 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.
• At $4,747/mo this rent would consume 106% of the median local household income ($54k/yr) (locally 1240% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.