1903 N Main St · Bonham, TX 75418

$90,000

3 bd · 1.0 ba · 841 sqft · SingleFamily public records · 43 Days on market

Built 1930 4,138 sqft lot $107/sqft · 36% below area Est $141k · 36% under ↓ 31% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special or great opportunity for a buyer looking to add their own touches. This home at 1903 Main St in Bonham offers solid potential with a functional layout and the ability to be occupied while improvements are made. Property will benefit from updates and repairs, making it ideal for those seeking a project with upside. Situated on a convenient lot with easy access to local amenities, this is a chance to create value and customize to your needs. Whether you're looking for a rental, flip, or affordable primary residence, this property presents an opportunity to build equity with the right vision.

Key facts

• 4,138 sq ft lot
• Built 1930
• Listed 42 days

Property features AI

Finance

• Other: Subdivision: Fairview Add
• Financial info: Listed for sale (original list price $95,000); Property listed as real estate owned (REO)
• HOA & community: No association

Exterior

• Parking: On-site parking
• Utilities: City water; City sewer; Individual gas meter
• Home design: Single-family residence; Residential property
• Construction: Built in 1930
• Exterior features: Covered patio/porch

Interior

• Kitchen: Gas range
• Bedrooms: 3 bedrooms (all on main level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Ceiling fans for cooling
• Interior features: One level home; Living area of 841; Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.5% in Bonham — 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 64/100 on livability (#785 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Bonham ISD (town): math 37% / reading 38% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Finley-Oates El (math 17% / reading 32%, grade F, #3,052 of 4,322 statewide, top 74%, 533 students, 73% FRL).
• Zoned-school proficiency averages 24% at this address vs 38% district-wide (-13 pts) — the specific schools serving this property underperform the Bonham ISD average; the district grade overstates school quality for this exact location.
• Market conditions: 277 active listings in the ZIP; 5 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; 82 units permitted in Fannin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fannin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1930 — 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 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?
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: 1.48% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.06%
• DSCR: 1.98
• GRM: 5.6

CMA / ARV

• ARV (median comp): $141,276
• List price: $90,000
• Delta: -36.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1717 N Main St	0.06mi	2/1.0 (-1)	864 (+3%)	20mo	$75,000	$87	72
309 Fannin Ave	0.30mi	3/1.0	840 (-0%)	21mo	$145,000	$173	68
250 Victory St	0.23mi	2/1.0 (-1)	816 (-3%)	15mo	$154,999	$190	67
1905 N Main St	0.01mi	2/1.0 (-1)	900 (+7%)	22mo	$130,000	$144	64
1912 Liberty St	0.21mi	2/1.0 (-1)	896 (+6%)	16mo	$107,000	$119	61
1409 Lynn St	0.74mi	3/1.0	893 (+6%)	6mo	$79,000	$88	50

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: 14.8%
• Equity multiple: 1.59×
• Total profit: $14,916
• Equity at exit: $13,419

10-year hold

• IRR: 23.5%
• Equity multiple: 3.02×
• Total profit: $50,970
• Equity at exit: $7,782

Cash invested: $25,200 (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 75418

• Home prices YoY: -8.9%
• Active inventory: 277
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$472
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $463

Break-even live

Break-even rent $742

Max offer price $90,000

Occupancy floor 60%

Sensitivity live

Price	-10% $514	-5% $489	+0% $463	+5% $438	+10% $412
Rent	-10% $358	-5% $411	+0% $463	+5% $516	+10% $568
Rate	-1.0pp $509	-0.5pp $486	base $463	+0.5pp $440	+1.0pp $416

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1803 Franklin St Unit 1 Bonham, TX	2.0	1.0	1006	$1,100	$1.09	44d	1	0.11mi
229 E Evans Ave Bonham, TX	3.0	2.0	1090	$1,264	$1.16	44d	1	0.20mi
1624 Cedar St Bonham, TX	3.0	2.0	1004	$1,275	$1.27	44d	1	0.34mi
317 Jones St Bonham, TX	3.0	2.0	1067	$1,500	$1.41	44d	1	0.51mi
708 Union Ave Bonham, TX	2.0	1.0	828	$1,100	$1.33	44d	1	0.56mi

Listing history 19 events

1. 2026-06-19
   days on market $90,000 Active 43 DOM
2. 2026-06-18
   days on market $90,000 Active 42 DOM
3. 2026-06-17
   days on market $90,000 Active 41 DOM
4. 2026-06-16
   days on market $90,000 Active 40 DOM
5. 2026-06-15
   days on market $90,000 Active 39 DOM
6. 2026-06-14
   days on market $90,000 Active 37 DOM
7. 2026-06-12
   pricedays on market $90,000 Active 36 DOM
8. 2026-06-09
   days on market $95,000 Active 33 DOM
9. 2026-06-08
   days on market $95,000 Active 32 DOM
10. 2026-06-07
    days on market $95,000 Active 31 DOM
11. 2026-06-05
    days on market $95,000 Active 29 DOM
12. 2026-06-04
    days on market $95,000 Active 27 DOM
13. 2026-06-02
    days on market $95,000 Active 26 DOM
14. 2026-06-01
    days on market $95,000 Active 25 DOM
15. 2026-05-31
    days on market $95,000 Active 24 DOM
16. 2026-05-31
    days on market $95,000 Active 23 DOM
17. 2026-05-07
    listed $95,000 Active 613-char remark
18. 2024-02-05
    listed $130,000 Active
19. 1994-05-24
    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: $919 · $77/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: +$728/yr (+$61/mo · 79.3%)

ⓘ 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 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥111°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,938
• − Mortgage interest: −$5,041
• − Property taxes: −$919
• − Insurance: −$450
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$2,618
• Taxable income: $4,360
• Est. tax owed @ 24.0%: −$1,046
• After-tax cash flow: $4,512/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: Bonham ISD
• NCES district ID: 4810800
• Math proficiency: 37% ▼ -1.00%
• Reading proficiency: 38% ▼ -2.00%
• Median HH income: $41,740
• Composite: 31.63/100
• National rank: #5937
• State rank: #477 of 826 in TX

Livability — Bonham

• Score: 64/100
• State rank: #785
• US rank: #14360

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bonham, TX
• County: Fannin County · 15,155 people
• City population: 15,155
• Metro: Bonham, TX
• Population (ZIP): 15,155
• Household income: $68,918
• Rent vs Own: 24.8% rent · 75.2% own
• Severe rent burden: 281.0

Population outlook (Fannin County) Hauer SSP2

• Today (2025): 33,423 people
• By 2030: 33,035 · -1.2%
• By 2040: 32,250 · -3.5%
• By 2050: 31,462 · -5.9%
• By 2075: 29,447 · -11.9%
• By 2100: 25,459 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 17% Black 10% Two or more races 8%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 7% · Canada, Philippines
• Languages at home: 85% English-only · Spanish 14%

Political lean MEDSL · Fannin

• 2024 margin: Solid R (+67.4) · D 15.9% · R 83.3%
• 2008→2024 swing: -27.8pp toward R · 2008: -39.6pp · 2024: -67.4pp
• All cycles: 2024: R+67.4 2020: R+63.4 2016: R+61.9 2012: R+52.5 2008: R+39.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.59%
• Current HPI: 262.7177
• Rent YoY: —
• Metro: Bonham, 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

-30.8% since first listed

4 events — show timeline

• 2026-06-10 Price Changed $90,000 NTREIS
• 2026-05-07 Listed $95,000 NTREIS
• 2024-02-05 Listed $130,000 NTREIS
• 1994-05-24 Sold (Public Records) — Public Records

Property tax history

+7.9%/yr

Latest (2025): $919 · -9.2% YoY. Source: county tax records.