181 E Dallas Ave

Cooper, TX 75432

$280,000B

9 bd · 6.9 ba · 12,964 sqft · Built 1900 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,482/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$467
• HOA: −$0
• Vac / Maint / Mgmt: −$731
• Net cashflow: $816/mo
• Annual: $9,789/yr
• Cap rate: 9.79%
• Cash-on-cash: 12.49%
• DSCR: 1.56
• 1% rule: 1.24%
• Cash to close: $78,400

Investor read

• This is a 3 × 3-bed/2.3-bath units multifamily listed at $280k.
• At list price, monthly cash flow is $816 ($10k/yr) — positive. Per door: $272/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $20k of equity ($2k loan paydown + $19k appreciation (6.6% local appreciation)).
• Location reads 54/100 on livability (#1,394 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Cooper ISD (rural): math 31% / reading 42% proficiency, ranked #497 of 826 in TX (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cooper El (math 22% / reading 37%, grade F, #2,525 of 4,322 statewide, top 62%, 467 students, 74% FRL); Cooper J H (math 32% / reading 42%, grade F, #756 of 1,662 statewide, top 47%, 179 students, 58% FRL); Cooper H S (math 54% / reading 54%, grade C-, #379 of 1,632 statewide, top 26%, 242 students, 56% FRL) — zoned schools at 63% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 93 active listings in the ZIP; 7 units permitted in Delta County in 2024 (0 in 5+ unit buildings).
• Delta County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 3.1% in Cooper — 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.