1001 N Main St · Midland, TX 79701

$185,000

3 bd · 2.0 ba · 1,904 sqft · SingleFamily public records · 102 Days on market

Built 1942 10,324 sqft lot $97/sqft · at area comps Est $147k · 26% over

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the Richardson subdivision, this classic 1942 home offers versatility and income potential. Situated on a corner lot, the property features two separate units. The larger unit includes 3 bedrooms and 2 bathrooms, while the second unit is a self-contained studio complete with its own kitchen and bathroom. Both units have been leased previously providing rental income!

Key facts

• Two separate units
• Rental income
• Corner lot

Tags

• CORNER LOT
• TWO SEPARATE UNITS
• SELF-CONTAINED STUDIO
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools C-, crime C-, commute D+.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 113 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• At $2,344/mo this rent would consume 49% of the median local household income ($57k/yr) (locally 938% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.27% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.82%
• DSCR: 1.66
• GRM: 6.6

CMA / ARV

• ARV (median comp): $146,905
• List price: $185,000
• Delta: 25.93%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.74% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $5,554
• Equity at exit: $27,584

10-year hold

• IRR: 10.2%
• Equity multiple: 1.71×
• Total profit: $36,846
• Equity at exit: $15,995

Cash invested: $51,800 (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 79701

• Rents YoY: 0.7%
• Active inventory: 113
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,344 high
• Mortgage (P&I): −$970
• Tax from tax record: −$165 /mo · $1,975/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $640

Break-even live

Break-even rent $1,534

Max offer price $185,000

Occupancy floor 68%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 N Colorado St Unit NA Midland, TX	3.0	2.0	1768	$2,500	$1.41	21d	1	0.18mi
1500 N Terrell St Midland, TX	3.0	2.0	2027	$2,600	$1.28	13d	1	0.53mi
1513 Club Dr Midland, TX	2.0	2.0	1502	$2,300	$1.53	21d	1	0.68mi
1002 W Louisiana Ave Midland, TX	2.0	1.5	1472	$2,500	$1.70	44d	1	0.76mi
302 N Carver St Midland, TX	3.0	2.0	1569	$2,500	$1.59	21d	1	0.97mi
2301 N Pecos St Midland, TX	2.0	2.0	1082	$1,612	$1.49	44d	2	1.12mi
2301 N Pecos St Midland, TX	2.0	1.0–2.0	1053	$1,562	$1.48	21d	3	1.12mi
1305 Lawson Ave Midland, TX	3.0	2.0	2065	$2,450	$1.19	44d	1	1.13mi
1511 Bedford Dr Midland, TX	3.0	2.0	1732	$2,500	$1.44	44d	1	1.13mi
805 S Weatherford St Midland, TX	3.0	2.0	1368	$1,300	$0.95	21d	1	1.20mi
2602 N Pecos St Unit B Midland, TX	2.0	2.0	1663	$2,300	$1.38	13d	1	1.30mi
2800 N Pecos St Unit B Midland, TX	3.0	2.5	2148	$2,100	$0.98	21d	1	1.39mi
2800 N Pecos St Midland, TX	3.0	3.0	2148	$2,100	$0.98	21d	1	1.39mi
1902 N I St Midland, TX	3.0	2.5	2178	$2,400	$1.10	44d	1	1.41mi
711 W Dormard Ave Midland, TX	3.0	2.0	1427	$2,150	$1.51	44d	1	1.42mi
1603 N L St Midland, TX	4.0	3.0	2230	$3,200	$1.43	44d	1	1.44mi
1707 College Ave Midland, TX	2.0	1.5	1760	$1,900	$1.08	21d	1	1.48mi
1320 N Fairgrounds Rd #706 Midland, TX	3.0	2.0	1360	$3,500	$2.57	13d	1	1.49mi

Listing history 6 events

1. 2026-05-15
   historical Active Under Contract 380-char remark

   Show marketing remark (380 chars)

   Located in the Richardson subdivision, this classic 1942 home offers versatility and income potential. Situated on a corner lot, the property features two separate units. The larger unit includes 3 bedrooms and 2 bathrooms, while the second unit is a self-contained studio complete with its own kitchen and bathroom. Both units have been leased previously providing rental income!

2. 2026-05-06
   price $185,000 380-char remark

   Show marketing remark (380 chars)

   Located in the Richardson subdivision, this classic 1942 home offers versatility and income potential. Situated on a corner lot, the property features two separate units. The larger unit includes 3 bedrooms and 2 bathrooms, while the second unit is a self-contained studio complete with its own kitchen and bathroom. Both units have been leased previously providing rental income!

3. 2026-02-13
   listed $200,000 Active 380-char remark

   Show marketing remark (380 chars)

   Located in the Richardson subdivision, this classic 1942 home offers versatility and income potential. Situated on a corner lot, the property features two separate units. The larger unit includes 3 bedrooms and 2 bathrooms, while the second unit is a self-contained studio complete with its own kitchen and bathroom. Both units have been leased previously providing rental income!

4. 2003-09-19
   soldstatus
5. 2002-04-30
   soldstatus 61-char remark

   Show marketing remark (61 chars)

   AS IS. This house is a fixer upper with lots of room to grow.

6. 2002-04-11
   listed $15,900 61-char remark

   Show marketing remark (61 chars)

   AS IS. This house is a fixer upper with lots of room to grow.

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $1,975 · $165/mo
• Projected year-2 tax: $3,386 · $282/mo
• Expected delta: +$1,410/yr (+$118/mo · 71.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $28,127
• − Mortgage interest: −$10,363
• − Property taxes: −$1,975
• − Insurance: −$925
• − Repairs & maintenance: −$2,250
• − Management: −$2,250
• − Depreciation: −$5,382
• Taxable income: $4,981
• Est. tax owed @ 24.0%: −$1,196
• After-tax cash flow: $6,482/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.

Schools (NCES district)

• District: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 27,131
• Household income: $57,346
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 938.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 28% White 27% Black 10%
• Hispanic origin (detail): Mexican 57%
• Common ancestry: Lithuanian 1% Slovak 1% Ukrainian 1%
• Foreign-born: 17% · Canada
• Languages at home: 55% English-only · Spanish 44%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.32%
• Current HPI: 234.6111
• Rent YoY: ▲ 0.74%
• Metro: Midland, 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

+1063.5% since first listed

6 events — show timeline

• 2026-05-15 Contingent — PBBOR
• 2026-05-06 Price Changed $185,000 PBBOR
• 2026-02-13 Listed $200,000 PBBOR
• 2003-09-19 Sold (Public Records) — Public Records
• 2002-04-30 Sold (MLS) — ODMLS
• 2002-04-11 Listed $15,900 ODMLS

Property tax history

+2.5%/yr

Latest (2025): $1,975 · +0.0% YoY. Source: county tax records.