656-660 Wheatfield Dr · Venus, TX 76084

$519,000

6 bd · 3.9 ba · 2,662 sqft · MultiFamily · 45 Days on market

Built 2023 Good condition 8,124 sqft lot $195/sqft · at area comps Est $517k · at est. $63/mo HOA · 3% 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 +25.3/30.0
• Appreciation +8.7/10.0
• DSCR +8.4/10.0
• ARV discount +7.4/15.0
• 1% rule +6.8/10.0
• Schools +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +3.1/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

50% Lease! Purchase as your primary home and generate income to help offset your mortgage payment! Prime opportunity to invest in a Class-A luxury duplex in scorching hot DFW market. Strong tenant demand and fast leasing in DFW. Fantastic location across near Google's $600M Data Center. Ellis County has experienced explosive population growth in the last decade. Children attend Midlothian schools. This duplex has two 3-bedroom units with 2 baths. Each unit has a two-car garage and a fenced in back yard. Easy commute to major area employers. Wealth of opportunities to relax & play nearby. Professional property management in place at a favorable rate of 5%.

Key facts

• 8,124 sq ft lot
• 4 garage spots
• Built 2023

Property features AI

Finance

• Financial info: Property listed as residential income (duplex); Two units (one building); Occupancy rate 50%; Gross annual income reported; Gross annual expenses reported; Net operating income reported; Operating expenses include insurance, maintenance, and vacancy allowance; Cap rate 4.92%; Accepts cash and conventional financing
• HOA & community: Mandatory HOA; Annual association fee of 750; HOA covers grounds maintenance; HOA managed by Goodwin Company

Exterior

• Parking: Attached garage; Garage with 4 spaces; 2 parking spaces
• Utilities: City water; City sewer; No municipal utility district
• Home design: Duplex (Residential income); One story; Built in 2023
• Construction: Brick, siding, stone veneer, and wood construction; Composition roof; Slab foundation
• Exterior features: Asphalt surfaces; City water; City sewer

Interior

• Kitchen: Dishwasher; Electric range; Kitchen disposal; Granite counters; Kitchen island; Pantry
• Bedrooms: 6 bedrooms
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Granite counters; Kitchen island; Open floorplan; Pantry; Walk-in closets
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.0-bath units multifamily listed at $519k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $519k).
• Recommended offer: $503k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.0% in Venus — 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 70/100 on livability (#356 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Midlothian ISD (suburban): math 53% / reading 52% proficiency, ranked #94 of 826 in TX (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: J A Vitovsky El (math 34% / reading 34%, grade F, #2,149 of 4,322 statewide, top 50%, 646 students, 60% FRL) — zoned schools average 60% FRL vs 22% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 34% at this address vs 52% district-wide (-18 pts) — the specific schools serving this property underperform the Midlothian ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.4%/yr); 426 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• At $6,121/mo this rent would consume 72% of the median local household income ($102k/yr) (locally 70% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $42k of equity ($4k loan paydown + $38k appreciation (7.3% local appreciation)).
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.3% appreciation + 2.4% rent growth), your $145k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($503k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Recommended offer $503,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.18% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.79%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $517,365
• List price: $519,000
• Delta: 0.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
700-704 Harvest Moon Dr	0.12mi	6/4.0	2,662 (0%)	6mo	$519,000	$195	88
652 Harvest Moon Dr	0.12mi	6/4.0	2,662 (0%)	14mo	$519,000	$195	83
748-752 Harvest Moon Dr	0.15mi	6/4.0	2,662 (0%)	13mo	$519,000	$195	82
601-605 Blackland Dr	0.12mi	6/4.0	2,662 (0%)	18mo	$529,900	$199	79
617-621 Blackland Dr	0.11mi	6/4.0	2,662 (0%)	20mo	$529,900	$199	78
641-645 Blackland Dr	0.10mi	6/4.0	2,662 (0%)	21mo	$529,900	$199	78
733-737 Blackland Dr	0.11mi	6/4.0	2,662 (0%)	21mo	$529,900	$199	77
657-661 Blackland Dr	0.09mi	6/4.0	2,662 (0%)	23mo	$529,900	$199	76
709-713 Blackland Dr	0.10mi	6/4.0	2,662 (0%)	23mo	$529,900	$199	76
717-721 Blackland Dr	0.10mi	6/4.0	2,662 (0%)	24mo	$529,900	$199	76
625-629 Blackland Dr	0.11mi	6/4.0	2,662 (0%)	23mo	$529,900	$199	75
725-729 Blackland Dr	0.11mi	6/4.0	2,662 (0%)	23mo	$529,900	$199	75

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.32% appreciation · 2.39% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 2.81×
• Total profit: $263,427
• Equity at exit: $370,576

10-year hold

• IRR: 23.4%
• Equity multiple: 5.82×
• Total profit: $701,079
• Equity at exit: $714,049

Cash invested: $145,320 (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 76084

• Home prices YoY: 2.1%
• Rents YoY: 2.4%
• Active inventory: 426
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $6,121 medium
• Mortgage (P&I): −$2,722
• Tax est. 1.5%: −$649 /mo · $7,785/yr
• Insurance: −$216
• HOA: −$63
• Vacancy / Maint / Mgmt: −$1,285
• Net cashflow: $1,186

Break-even live

Break-even rent $4,620

Max offer price $519,000

Occupancy floor 76%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$6,120
Total (3 units)			$6,121

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: $129,750
• Closing costs: $15,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Franklin Ct Venus, TX	5.0	2.0	2959	$2,370	$0.80	1d	1	0.78mi
201 John Laurens Dr Venus, TX	3.0–5.0	2.0–2.5	1975	$2,820	$1.43	1d	1	0.86mi

HOA detail

• Monthly dues: $63 · $756/yr

Listing history 24 events

1. 2026-06-18
   days on market $519,000 Active 45 DOM
2. 2026-06-17
   days on market $519,000 Active 44 DOM
3. 2026-06-16
   days on market $519,000 Active 43 DOM
4. 2026-06-15
   days on market $519,000 Active 42 DOM
5. 2026-06-13
   days on market $519,000 Active 40 DOM
6. 2026-06-09
   days on market $519,000 Active 36 DOM
7. 2026-06-08
   days on market $519,000 Active 35 DOM
8. 2026-06-07
   days on market $519,000 Active 34 DOM
9. 2026-06-04
   days on market $519,000 Active 31 DOM
10. 2026-06-03
    days on market $519,000 Active 30 DOM
11. 2026-06-02
    days on market $519,000 Active 29 DOM
12. 2026-06-01
    days on market $519,000 Active 28 DOM
13. 2026-05-31
    days on market $519,000 Active 27 DOM
14. 2026-05-04
    listed $519,000 Active 669-char remark
15. 2026-02-06
    historical
16. 2025-12-06
    status Active
17. 2025-09-22
    status Pending
18. 2025-09-16
    price $525,000
19. 2025-08-20
    price $514,000
20. 2025-06-12
    historical $1,995
21. 2025-06-11
    listed $519,000 Active
22. 2025-05-14
    listed $1,995
23. 2025-05-14
    historical $1,995
24. 2025-04-22
    listed $1,995

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $73,452
• − Mortgage interest: −$29,072
• − Property taxes: −$7,785
• − Insurance: −$2,595
• − Repairs & maintenance: −$5,876
• − Management: −$5,876
• − HOA: −$756
• − Depreciation: −$15,098
• Taxable income: $6,393
• Est. tax owed @ 24.0%: −$1,534
• After-tax cash flow: $12,696/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, move-in-ready duplex is in good condition with a good condition score of 80. It has a good exterior, hardwood floors, and modern kitchens and bathrooms. The property is in a prime location with strong tenant demand and a favorable rental rate. Painting the exterior and improving landscaping would further enhance its curb appeal and value.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and rental value
• Resale Kitchen appliances — Modernizes kitchen and appeals to buyers
• Resale Bathroom fixtures — Modernizes bathrooms and appeals to buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental value ↑
• Resale Kitchen appliances — Modernizes kitchen and appeals to buyers ↑
• Resale Bathroom fixtures — Modernizes bathrooms and appeals to buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Midlothian ISD
• NCES district ID: 4830600
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $85,068
• Composite: 48.22/100
• National rank: #2165
• State rank: #94 of 826 in TX

Livability — Venus

• Score: 70/100
• State rank: #356
• US rank: #7724

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Venus, TX
• County: Johnson County · 147,987 people
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 14,097
• Household income: $102,115
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 70.0

Population outlook (Ellis County) Hauer SSP2

• Today (2025): 194,556 people
• By 2030: 209,679 · +7.8%
• By 2040: 238,837 · +22.8%
• By 2050: 265,451 · +36.4%
• By 2075: 326,571 · +67.9%
• By 2100: 362,156 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 30% Two or more races 24% Black 11% Asian 1%
• Hispanic origin (detail): Mexican 25% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 18% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Ellis

• 2024 margin: Solid R (+31.1) · D 34.0% · R 65.1%
• 2008→2024 swing: +11.2pp toward D · 2008: -42.2pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+34.1 2016: R+45.4 2012: R+47.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.32%
• Current HPI: 355.74
• Rent YoY: ▲ 2.39%
• Metro: Dallas-Fort Worth-Arlington, 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

+25915.0% since first listed

11 events — show timeline

• 2026-05-04 Listed $519,000 NTREIS
• 2026-02-06 Listing Removed — NTREIS
• 2025-12-06 Relisted — NTREIS
• 2025-09-22 Pending — NTREIS
• 2025-09-16 Price Changed $525,000 NTREIS
• 2025-08-20 Price Changed $514,000 NTREIS
• 2025-06-12 Rental Removed $1,995 NTREIS
• 2025-06-11 Listed $519,000 NTREIS
• 2025-05-14 Listed for Rent $1,995 NTREIS
• 2025-05-14 Rental Removed $1,995 APPFOLIO
• 2025-04-22 Listed for Rent $1,995 APPFOLIO