2305 Mobile Dr

Ennis, TX 75119

$220,000D

3 bd · 2.0 ba · 1,302 sqft · Built 2023 · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,889/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$507
• HOA: −$29
• Vac / Maint / Mgmt: −$397
• Net cashflow: $-198/mo
• Annual: $-2,375/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• 1% rule: 0.86%
• Cash to close: $61,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $220k. Condition is rated good.
• At list price, monthly cash flow is $-198 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (14.1% below list).
• It's been on market 61 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (15.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#304 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, health & safety F.
• Ennis ISD (rural): math 41% / reading 39% proficiency, ranked #411 of 826 in TX (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bowie El (math 42% / reading 42%, grade F, #1,335 of 4,322 statewide, top 33%, 434 students, 68% FRL); Ennis J H (math 41% / reading 44%, grade D-, #553 of 1,662 statewide, top 34%, 886 students, 69% FRL); Ennis H S (math 37% / reading 34%, grade F, #941 of 1,632 statewide, top 58%, 1,791 students, 64% FRL).
• Market conditions: Rents rising (+3.0%/yr); 574 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 72d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.