1903 N Main St · Bonham, TX 75418

$85,000

3 bd · 1.0 ba · 841 sqft · SingleFamily public records · 93 Days on market

Built 1930 Fair condition 4,138 sqft lot $101/sqft · 40% below area Est $141k · 40% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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 92 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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); Evans El (math 41% / reading 33%, grade F, #756 of 1,662 statewide, top 47%, 374 students, 69% FRL); Bonham H S (math 37% / reading 32%, grade F, #963 of 1,632 statewide, top 61%, 548 students, 59% FRL).
• Market conditions: 341 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 93d 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 $588 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (11%) 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 $77,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 13.23%
• Cash-on-cash: 24.78%
• DSCR: 2.10
• GRM: 5.3

CMA / ARV

• ARV (median comp): $141,345
• List price: $85,000
• Delta: -39.86%
• 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%)	21mo	$75,000	$87	70
309 Fannin Ave	0.30mi	3/1.0	840 (-0%)	22mo	$145,000	$173	67
250 Victory St	0.23mi	2/1.0 (-1)	816 (-3%)	17mo	$154,999	$190	65
1905 N Main St	0.01mi	2/1.0 (-1)	900 (+7%)	24mo	$130,000	$144	63
1912 Liberty St	0.21mi	2/1.0 (-1)	896 (+6%)	17mo	$107,000	$119	60
1409 Lynn St	0.74mi	3/1.0	893 (+6%)	7mo	$79,000	$88	49

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: 18.2%
• Equity multiple: 1.74×
• Total profit: $17,533
• Equity at exit: $12,674

10-year hold

• IRR: 26.6%
• Equity multiple: 3.34×
• Total profit: $55,585
• Equity at exit: $7,349

Cash invested: $23,800 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 1 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $109,999 ($116/sqft)
• Median days on market: 5 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: +45.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 75418

• Home prices YoY: -8.9%
• Active inventory: 341
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$446
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $492

Break-even live

Break-even rent $706

Max offer price $85,000

Occupancy floor 58%

Sensitivity live

Price	-10% $540	-5% $516	+0% $492	+5% $467	+10% $443
Rent	-10% $387	-5% $439	+0% $492	+5% $544	+10% $596
Rate	-1.0pp $534	-0.5pp $513	base $492	+0.5pp $469	+1.0pp $447

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: $21,250
• Closing costs: $2,550
• Club membership (one-time): —
• 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	93d	1	0.11mi
229 E Evans Ave Bonham, TX	3.0	2.0	1090	$1,264	$1.16	93d	1	0.20mi
1624 Cedar St Bonham, TX	3.0	2.0	1004	$1,275	$1.27	93d	1	0.34mi
317 Jones St Bonham, TX	3.0	2.0	1067	$1,500	$1.41	93d	1	0.51mi
708 Union Ave Bonham, TX	2.0	1.0	828	$1,100	$1.33	93d	1	0.56mi

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 waterCity sewerIndividual gas meter
• Home design: Single-family residenceResidential 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 homeLiving area of 841Ceiling fan(s)

Listing history 50 events

1. 2026-08-08
   days on market $85,000 Active 93 DOM
2. 2026-08-07
   days on market $85,000 Active 92 DOM
3. 2026-08-06
   days on market $85,000 Active 91 DOM
4. 2026-08-05
   days on market $85,000 Active 90 DOM
5. 2026-08-04
   days on market $85,000 Active 89 DOM
6. 2026-08-03
   days on market $85,000 Active 88 DOM
7. 2026-07-31
   days on market $85,000 Active 85 DOM
8. 2026-07-30
   days on market $85,000 Active 84 DOM
9. 2026-07-29
   days on market $85,000 Active 83 DOM
10. 2026-07-27
    days on market $85,000 Active 81 DOM
11. 2026-07-25
    days on market $85,000 Active 79 DOM
12. 2026-07-24
    days on market $85,000 Active 78 DOM
13. 2026-07-23
    days on market $85,000 Active 77 DOM
14. 2026-07-22
    days on market $85,000 Active 76 DOM
15. 2026-07-21
    days on market $85,000 Active 75 DOM
16. 2026-07-18
    days on market $85,000 Active 72 DOM
17. 2026-07-16
    days on market $85,000 Active 70 DOM
18. 2026-07-15
    days on market $85,000 Active 69 DOM
19. 2026-07-13
    days on market $85,000 Active 67 DOM
20. 2026-07-12
    days on market $85,000 Active 66 DOM
21. 2026-07-12
    days on market $85,000 Active 65 DOM
22. 2026-07-11
    days on market $85,000 Active 64 DOM
23. 2026-07-09
    days on market $85,000 Active 63 DOM
24. 2026-07-09
    pricedays on market $85,000 Active 62 DOM
25. 2026-07-07
    days on market $90,000 Active 61 DOM
26. 2026-07-06
    days on market $90,000 Active 60 DOM
27. 2026-07-05
    days on market $90,000 Active 59 DOM
28. 2026-07-04
    days on market $90,000 Active 58 DOM
29. 2026-07-03
    days on market $90,000 Active 57 DOM
30. 2026-07-02
    days on market $90,000 Active 56 DOM
31. 2026-07-01
    days on market $90,000 Active 55 DOM
32. 2026-06-30
    days on market $90,000 Active 54 DOM
33. 2026-06-29
    days on market $90,000 Active 53 DOM
34. 2026-06-28
    days on market $90,000 Active 52 DOM
35. 2026-06-27
    days on market $90,000 Active 51 DOM
36. 2026-06-26
    days on market $90,000 Active 49 DOM
37. 2026-06-22
    days on market $90,000 Active 46 DOM
38. 2026-06-21
    days on market $90,000 Active 45 DOM
39. 2026-06-19
    days on market $90,000 Active 43 DOM
40. 2026-06-18
    days on market $90,000 Active 42 DOM
41. 2026-06-17
    days on market $90,000 Active 41 DOM
42. 2026-06-16
    days on market $90,000 Active 40 DOM
43. 2026-06-15
    days on market $90,000 Active 39 DOM
44. 2026-06-14
    days on market $90,000 Active 37 DOM
45. 2026-06-12
    pricedays on market $90,000 Active 36 DOM
46. 2026-06-09
    days on market $95,000 Active 33 DOM
47. 2026-06-08
    days on market $95,000 Active 32 DOM
48. 2026-06-07
    days on market $95,000 Active 31 DOM
49. 2026-06-05
    days on market $95,000 Active 29 DOM
50. 2026-06-04
    days on market $95,000 Active 27 DOM

ⓘ 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: $1,556 · $130/mo
• Expected delta: +$637/yr (+$53/mo · 69.3%)

ⓘ 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: −$4,761
• − Property taxes: −$919
• − Insurance: −$425
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$2,473
• Taxable income: $4,810
• Est. tax owed @ 24.0%: −$1,154
• After-tax cash flow: $4,744/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $21,025–$37,845 screening

This home requires significant repairs and updates, including roof repair, siding repair and repainting, and painting interior walls. It presents an opportunity for an investor to create value by improving the home's condition and appearance.

Deferred maintenance Est. $50,000–$150,000 screening

• Major Roof (roof) — Significant damage to the roof is visible, with missing shingles and exposed structure.
• Major Windows (windows) — Windows appear to be broken or missing, indicating a need for immediate repair or replacement.
• Major Exterior (exterior) — The exterior siding is peeling and damaged, requiring extensive repairs or replacement.
• Major Electrical (electrical) — The electrical panel appears to be exposed and damaged, indicating a need for immediate repair or replacement.
• Major Plumbing (plumbing) — The plumbing system appears to be in poor condition, with visible leaks and damage.

Repairs flagged

• Major roof — Significant damage and potential structural issues.
• Major siding — Peeling paint and visible rot.
• Major paint — Paint peeling and discoloration on interior walls.
• Unknown HVAC/mechanicals — No photos of the HVAC or mechanical systems are provided, so their condition cannot be assessed.

Value-add opportunities

• Both roof repair — Fixing the roof will prevent further water damage and improve the home's overall appearance. ↑
• Both siding repair and repainting — Repairing and repainting the siding will improve the home's curb appeal and increase its value. ↑
• Both painting interior walls — Painting the interior walls will improve the home's appearance and make it more attractive to potential buyers or renters. ↑
• Both HVAC and mechanical system inspection and repair — Ensuring the HVAC and mechanical systems are functioning properly will improve the home's comfort and energy efficiency, which will appeal to potential buyers or renters. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Finley-Oates El F TX #3,052/4,322 Nat'l #30,133/41,679 Middle Evans El F TX #756/1,662 Nat'l #6,830/14,009 High Bonham H S F TX #963/1,632 Nat'l #9,639/17,239

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

C Composite livability gradescore 64/100

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 · 33,423 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: 6% of renters

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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%

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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%

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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

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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

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 waterCity sewerIndividual gas meter
• Home design: Single-family residenceResidential 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 homeLiving area of 841Ceiling fan(s)

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.