104 N Heights Dr

Crowley, TX 76036

$565,000D+

8 bd · 4.0 ba · 3,448 sqft · Built 1987 · MultiFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,876/mo
• Mortgage (P&I): −$2,963
• Tax + insurance: −$1,138
• HOA: −$0
• Vac / Maint / Mgmt: −$1,234
• Net cashflow: $541/mo
• Annual: $6,491/yr
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• 1% rule: 1.04%
• Cash to close: $158,200

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $565k.
• At list price, monthly cash flow is $541 ($6k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $565k).
• It's been on market 93 days — a 9% lower offer ($514k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#103 in TX, #3,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Crowley ISD (urban): math 23% / reading 32% proficiency, ranked #643 of 826 in TX (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bess Race El (math 28% / reading 32%, grade F, #2,500 of 4,322 statewide, top 58%, 665 students, 77% FRL) — zoned schools average 77% FRL vs 52% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 1036 active listings in the ZIP; solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 22y 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 4.5% in Crowley — 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.
• At $5,876/mo this rent would consume 72% of the median local household income ($98k/yr) (locally 584% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• 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?
• 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.