728 Ritchey St · Gainesville, TX 76240

$145,000

2 bd · 2.0 ba · 1,388 sqft · SingleFamily public records · 33 Days on market

Built 1944 7,492 sqft lot Est $232k · 37% under

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.5/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Creative financing available! Dueño a dueño. Opportunity knocks on a solid Gainesville street! This single family home is full of potential and ready for its next chapter. Updated throughout with PVC plumbing already in place (confirmed prior to purchase) and a detached 1-car garage, this one has great bones, a classic layout, and tons of upside for the right buyer. A true investor and handyman special, perfect for flippers, landlords, BRRRR buyers, or anyone looking for a project with real return potential. Bring your vision and a little TLC, the rest is here waiting for you. Owner financing offered, no bank required. Whether you're building a rental portfolio, planning a fli

Key facts

• 7,492 sq ft lot
• Garage
• Built 1944

Property features AI

Finance

• Other: Listing agent: Brittney Kosev; Listing broker: BK Real Estate; For sale
• HOA & community: No homeowners association

Exterior

• Parking: Driveway; Garage (1 car)
• Utilities: City water; City sewer; Not in a municipal utility district
• Home design: Single family residence; Residential property; Built in 1944; Not attached
• Construction: Year built 1944
• Exterior features: Lot under 0.5 acre (approximately 0.172 acres); Subdivision: Gilhausen; Directions: Drive from I-35E, I-35E Express, I-35E N and I-35 N to Gainesville. Take W California St to Ritchey St

Interior

• Kitchen: Dishwasher; Gas range; Microwave
• Bedrooms: 3 bedrooms (primary bedroom on main level)
• Bathrooms: 2 full bathrooms
• Interior features: One-level layout; 1 living area; 1 dining area; Other interior features

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.7% in Gainesville — 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 66/100 on livability (#602 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Gainesville ISD (rural): math 33% / reading 29% proficiency, ranked #606 of 826 in TX (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Edison El (683 students, 81% FRL).
• Market conditions: 462 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 190 units permitted in Cooke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.15% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $231,796
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
811 Ritchey St	0.07mi	3/2.0 (+1)	1,250 (-10%)	3mo	$235,000	$188	73
1204 Elmwood St	0.65mi	3/1.5 (+1)	1,357 (-2%)	1mo	$219,000	$161	58
208 S Howeth St	0.67mi	3/2.0 (+1)	1,437 (+4%)	0mo	$262,900	$183	58
1209 N Morris St	0.53mi	3/2.0 (+1)	1,360 (-2%)	12mo	$237,000	$174	57
1113 Fair Ave	0.48mi	3/1.0 (+1)	1,272 (-8%)	3mo	$199,900	$157	52
316 Ritchey St	0.35mi	3/1.0 (+1)	1,202 (-13%)	1mo	$140,000	$116	52
1103 Fair Ave	0.42mi	2/1.0	1,206 (-13%)	3mo	$167,500	$139	52
315 N Morris St	0.41mi	3/2.0 (+1)	1,200 (-14%)	2mo	$199,800	$167	52
345 N Morris St	0.36mi	3/2.0 (+1)	1,526 (+10%)	12mo	$295,000	$193	52
1114 Elmwood St	0.62mi	3/2.0 (+1)	1,305 (-6%)	12mo	$229,000	$175	46
408 Ashland Dr	0.71mi	3/2.0 (+1)	1,518 (+9%)	9mo	$237,500	$156	39
415 2nd St	0.69mi	3/2.0 (+1)	1,232 (-11%)	12mo	$115,000	$93	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -1.7%
• Equity multiple: 0.94×
• Total profit: $-2,635
• Equity at exit: $21,620

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $24,625
• Equity at exit: $12,537

Cash invested: $40,600 (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 76240

• Active inventory: 462
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$760
• Tax from tax record: −$175 /mo · $2,094/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $327

Break-even live

Break-even rent $1,260

Max offer price $145,000

Occupancy floor 75%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1610 Elizabeth St Gainesville, TX	3.0	1.0	1100	$1,500	$1.36	44d	1	0.17mi
426 N Clements St Gainesville, TX	3.0	2.0	1408	$2,307	$1.64	44d	1	0.27mi
1010 E Main St Gainesville, TX	3.0	1.0	1263	$1,550	$1.23	44d	1	0.65mi
1331 Lanius St Gainesville, TX	3.0	2.0	1300	$1,850	$1.42	44d	1	0.96mi
923 S Wine St Gainesville, TX	3.0	1.0	1216	$1,550	$1.27	44d	1	1.09mi
1000 Bella Vista Dr Gainesville, TX	3.0	2.0	1150	$1,536	$1.34	44d	1	1.18mi

Listing history 20 events

1. 2026-06-19
   days on market $145,000 Active 33 DOM
2. 2026-06-18
   days on market $145,000 Active 32 DOM
3. 2026-06-17
   days on market $145,000 Active 31 DOM
4. 2026-06-16
   days on market $145,000 Active 30 DOM
5. 2026-06-15
   days on market $145,000 Active 29 DOM
6. 2026-06-14
   days on market $145,000 Active 27 DOM
7. 2026-06-12
   days on market $145,000 Active 26 DOM
8. 2026-06-09
   days on market $145,000 Active 23 DOM
9. 2026-06-08
   days on market $145,000 Active 22 DOM
10. 2026-06-07
    days on market $145,000 Active 21 DOM
11. 2026-06-05
    days on market $145,000 Active 18 DOM
12. 2026-06-03
    days on market $145,000 Active 17 DOM
13. 2026-06-02
    days on market $145,000 Active 16 DOM
14. 2026-06-01
    days on market $145,000 Active 15 DOM
15. 2026-05-31
    days on market $145,000 Active 14 DOM
16. 2026-05-30
    days on market $145,000 Active 13 DOM
17. 2026-05-14
    listed $145,000 Active
18. 2025-05-29
    soldstatus
19. 2019-04-08
    soldstatus
20. 2002-09-17
    soldstatus

ⓘ 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: $2,094 · $175/mo
• Projected year-2 tax: $2,654 · $221/mo
• Expected delta: +$559/yr (+$47/mo · 26.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,089
• − Mortgage interest: −$8,122
• − Property taxes: −$2,094
• − Insurance: −$725
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − Depreciation: −$4,218
• Taxable income: $1,715
• Est. tax owed @ 24.0%: −$412
• After-tax cash flow: $3,515/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: Gainesville ISD
• NCES district ID: 4820220
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 29% ▼ -2.00%
• Median HH income: $41,772
• Composite: 26.27/100
• National rank: #7252
• State rank: #606 of 826 in TX

Livability — Gainesville

• Score: 66/100
• State rank: #602
• US rank: #11445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gainesville, TX
• County: Cooke County · 29,419 people
• City population: 29,419
• Metro: Gainesville, TX
• Population (ZIP): 29,419
• Household income: $71,502
• Rent vs Own: 32.6% rent · 67.4% own
• Severe rent burden: 660.0

Population outlook (Cooke County) Hauer SSP2

• Today (2025): 39,965 people
• By 2030: 39,974 · +0.0%
• By 2040: 39,772 · -0.5%
• By 2050: 39,258 · -1.8%
• By 2075: 37,262 · -6.8%
• By 2100: 33,363 · -16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 24% Two or more races 14% Black 5%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Serbian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Cooke

• 2024 margin: Solid R (+66.9) · D 16.2% · R 83.1%
• 2008→2024 swing: -8.2pp toward R · 2008: -58.7pp · 2024: -66.9pp
• All cycles: 2024: R+66.9 2020: R+65.2 2016: R+68.1 2012: R+67.6 2008: R+58.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.63%
• Current HPI: 247.3822
• Rent YoY: —
• Metro: Gainesville, 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

4 events — show timeline

• 2026-05-14 Listed $145,000 NTREIS
• 2025-05-29 Sold (Public Records) — Public Records
• 2019-04-08 Sold (Public Records) — Public Records
• 2002-09-17 Sold (Public Records) — Public Records

Property tax history

+8.2%/yr

Latest (2025): $2,094 · +11.9% YoY. Source: county tax records.