4700 Boulder Dr #912 · Midland, TX 79707

$64,000

1 bd · 1.0 ba · 581 sqft · Condo public records · 77 Days on market

Built 1980 $350/mo HOA · 30% of rent

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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 +27.0/30.0
• 1% rule +10.0/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright and cozy 1-bedroom, 1-bath condo in a super convenient location! Equipped with a stove and refrigerator, this unit is move-in ready. Low-maintenance living with the HOA taking care of exterior upkeep makes it perfect as a home or investment. Don't wait—call your favorite Realtor today to see it!

Key facts

• Move-in ready
• Convenient location
• Garage

Tags

• CONVENIENT LOCATION
• MOVE-IN READY
• LOW-MAINTENANCE LIVING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $64k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $60k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 rising fast (+4.5%/yr); 314 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• This rent is only 14% of the median local income ($100k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $18k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,160 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.85% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.45% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $2,966
• Equity at exit: $9,543

10-year hold

• IRR: 15.7%
• Equity multiple: 2.42×
• Total profit: $25,494
• Equity at exit: $5,534

Cash invested: $17,920 (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 79707

• Rents YoY: 4.5%
• Active inventory: 314
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,184 high
• Mortgage (P&I): −$336
• Tax from tax record: −$45 /mo · $539/yr
• Insurance: −$27
• HOA: −$350
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $179

Break-even live

Break-even rent $958

Max offer price $64,000

Occupancy floor 80%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4700 Boulder Dr Midland, TX	1.0–2.0	1.0–2.0	823	$1,350	$1.64	21d	2	0.01mi
3609 Caldera Blvd Midland, TX	1.0–2.0	1.0–2.0	850	$1,119	$1.32	13d	67	0.26mi
4301 Raleigh Ct Midland, TX	1.0–2.0	1.0–2.0	766	$990	$1.29	13d	18	0.40mi
3330 Caldera Blvd #141 Midland, TX	1.0	1.0	621	$1,100	$1.77	43d	1	0.56mi
3600 N Midland Dr Midland, TX	1.0–2.0	1.0–2.0	900	$1,115	$1.24	13d	9	0.81mi
4415 Northcrest Dr Midland, TX	1.0–2.0	1.0–2.0	804	$1,124	$1.40	13d	17	0.83mi
2818 West Loop 250 N Midland, TX	1.0–3.0	1.0–2.0	1176	$1,290	$1.10	13d	16	0.90mi
2811 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.5	967	$942	$0.97	13d	13	0.91mi
4805 Briarwood Ave Midland, TX	1.0–3.0	1.0–2.0	1028	$1,435	$1.40	13d	18	0.96mi
3417 N Midland Dr Midland, TX	1.0–3.0	1.0–2.0	887	$1,010	$1.14	13d	13	1.03mi
2600 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	800	$899	$1.12	13d	28	1.11mi
3101 Midland Dr Midland, TX	1.0–2.0	1.0–2.0	765	$940	$1.23	43d	1	1.16mi
2438 Whitmire Blvd Midland, TX	1.0–2.0	1.0	800	$835	$1.04	43d	1	1.27mi
5200 Briarwood Ave Midland, TX	1.0–2.0	1.0–2.0	893	$1,374	$1.54	13d	24	1.33mi
4715 W Wadley Ave Midland, TX	1.0–2.0	1.0–2.5	872	$1,084	$1.24	13d	10	1.39mi
5244 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	791	$999	$1.26	13d	34	1.44mi
3200 Bromley Pl Midland, TX	1.0–3.0	1.0–2.0	873	$1,189	$1.36	13d	10	1.49mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-19
   days on market $64,000 Active 77 DOM
2. 2026-06-18
   days on market $64,000 Active 76 DOM
3. 2026-06-17
   days on market $64,000 Active 75 DOM
4. 2026-06-16
   days on market $64,000 Active 74 DOM
5. 2026-06-15
   days on market $64,000 Active 73 DOM
6. 2026-06-14
   days on market $64,000 Active 71 DOM
7. 2026-06-13
   days on market $64,000 Active 70 DOM
8. 2026-06-10
   days on market $64,000 Active 68 DOM
9. 2026-06-09
   days on market $64,000 Active 67 DOM
10. 2026-06-08
    days on market $64,000 Active 66 DOM
11. 2026-06-07
    days on market $64,000 Active 65 DOM
12. 2026-06-03
    days on market $64,000 Active 61 DOM
13. 2026-06-02
    days on market $64,000 Active 60 DOM
14. 2026-06-01
    days on market $64,000 Active 59 DOM
15. 2026-05-31
    days on market $64,000 Active 58 DOM
16. 2026-05-30
    days on market $64,000 Active 57 DOM
17. 2026-04-29
    price $64,000 309-char remark

    Show marketing remark (309 chars)

    Bright and cozy 1-bedroom, 1-bath condo in a super convenient location! Equipped with a stove and refrigerator, this unit is move-in ready. Low-maintenance living with the HOA taking care of exterior upkeep makes it perfect as a home or investment. Don't wait—call your favorite Realtor today to see it!

18. 2026-04-29
    price $64,000 309-char remark

    Show marketing remark (309 chars)

    Bright and cozy 1-bedroom, 1-bath condo in a super convenient location! Equipped with a stove and refrigerator, this unit is move-in ready. Low-maintenance living with the HOA taking care of exterior upkeep makes it perfect as a home or investment. Don't wait—call your favorite Realtor today to see it!

19. 2026-04-04
    listed $65,000 Active 309-char remark

    Show marketing remark (309 chars)

    Bright and cozy 1-bedroom, 1-bath condo in a super convenient location! Equipped with a stove and refrigerator, this unit is move-in ready. Low-maintenance living with the HOA taking care of exterior upkeep makes it perfect as a home or investment. Don't wait—call your favorite Realtor today to see it!

20. 2026-04-03
    listed $65,000 Active 309-char remark

    Show marketing remark (309 chars)

    Bright and cozy 1-bedroom, 1-bath condo in a super convenient location! Equipped with a stove and refrigerator, this unit is move-in ready. Low-maintenance living with the HOA taking care of exterior upkeep makes it perfect as a home or investment. Don't wait—call your favorite Realtor today to see it!

21. 2023-11-17
    soldstatus
22. 2023-08-19
    price $49,999
23. 2021-01-05
    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: $539 · $45/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: +$633/yr (+$53/mo · 117.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 69% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 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: $14,214
• − Mortgage interest: −$3,585
• − Property taxes: −$539
• − Insurance: −$320
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − HOA: −$4,200
• − Depreciation: −$1,862
• Taxable income: $1,434
• Est. tax owed @ 24.0%: −$344
• After-tax cash flow: $1,798/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): 40,010
• Household income: $99,886
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1919.0

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 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 11% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 26% Cuban 1%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Philippines
• Languages at home: 79% English-only · Spanish 14% Other Asian/Pacific 2% Other Indo-European 1%

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: ▼ -208.65%
• Current HPI: 198.7489
• Rent YoY: ▲ 4.45%
• 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

+28.0% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $64,000 PBBOR
• 2026-04-29 Price Changed $64,000 ODMLS
• 2026-04-04 Listed $65,000 ODMLS
• 2026-04-03 Listed $65,000 PBBOR
• 2023-11-17 Sold (Public Records) — Public Records
• 2023-08-19 Price Changed $49,999 PBBOR
• 2021-01-05 Sold (Public Records) — Public Records

Property tax history

-0.8%/yr

Latest (2025): $539 · -5.2% YoY. Source: county tax records.