2604 Lasker Ave · Waco, TX 76707

$300,000

2 bd · 1.0 ba · 1,092 sqft · MultiFamily public records · 433 Days on market

Built 1920 $275/sqft · 172% above area Est $244k · 23% over

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Why this score? — see what drove the D+ 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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Check out this multi-property Lasker Avenue Investment Package. 2604 Lasker Avenue Unit A is a 3BR / 1BA, 1,090 SF. 2604 Lasker Avenue Unit B is a 1BR / 1BA, 660 Sf. 2604 Lasker Avenue Unit C is a 1BR / 1BA, 660 SF. Tenant lease details upon request. This property can be sold as a one-off or grouped with other properties as an investment package. For further details, please ask.

Key facts

• Built 1920
• Listed 432 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $586 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, commute F.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $3,170/mo this rent would consume 94% of the median local household income ($40k/yr) (locally 704% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 433 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% 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.

Recommended offer $264,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 433 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.37%
• DSCR: 1.37
• GRM: 7.9

CMA / ARV

• ARV (median comp): $243,971
• List price: $300,000
• Delta: 22.97%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2913 Bosque Blvd	0.44mi	2/2.0	1,148 (+5%)	7mo	$155,000	$135	61

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

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.80×
• Total profit: $-17,191
• Equity at exit: $44,731

10-year hold

• IRR: 1.8%
• Equity multiple: 1.12×
• Total profit: $9,837
• Equity at exit: $25,939

Cash invested: $84,000 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $3,170 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$221 /mo · $2,646/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$666
• Net cashflow: $586

Break-even live

Break-even rent $2,429

Max offer price $300,000

Occupancy floor 77%

Sensitivity live

Price	-10% $755	-5% $670	+0% $586	+5% $501	+10% $416
Rent	-10% $335	-5% $460	+0% $586	+5% $711	+10% $836
Rate	-1.0pp $737	-0.5pp $662	base $586	+0.5pp $508	+1.0pp $429

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,255
▸ 2× units	1	1	$1,916
Total (3 units)			$3,170

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	45d	1	0.09mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	45d	1	0.27mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	14d	1	0.27mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	22d	1	0.29mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	45d	1	0.34mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	45d	1	0.35mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	22d	1	0.36mi
2705 Bosque Blvd Waco, TX	3.0	2.0	1028	$1,599	$1.56	45d	1	0.38mi
2724 Bosque Blvd Waco, TX	2.0	1.0	1120	$1,100	$0.98	22d	1	0.42mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	45d	1	0.44mi
2632 Colonial Ave Unit B Waco, TX	2.0	1.0	896	$1,050	$1.17	22d	1	0.49mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	22d	1	0.58mi
2404 Proctor Ave Waco, TX	1.0	1.0	837	$1,000	$1.19	22d	1	0.58mi
2402 Proctor Ave Waco, TX	1.0	1.0	1000	$950	$0.95	14d	1	0.58mi
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	45d	1	0.58mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	45d	1	0.58mi
2404 Proctor Ave Unit 2 Waco, TX	1.0	1.0	837	$950	$1.14	14d	1	0.58mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	14d	1	0.60mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	22d	1	0.61mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	45d	1	0.61mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	14d	1	0.62mi
1905 N 19th St Waco, TX	1.0	1.0	816	$875	$1.07	22d	1	0.63mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	22d	1	0.64mi
1906 Bosque Blvd Unit 1 Waco, TX	1.0	1.0	880	$875	$0.99	22d	1	0.66mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	45d	1	0.67mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	22d	1	0.72mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	22d	1	0.72mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	45d	1	0.72mi
3400 W Brookview Dr Waco, TX	1.0–2.0	1.0	865	$1,209	$1.40	14d	5	0.78mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	22d	1	0.80mi
2714 Morrow Ave Waco, TX	2.0	1.0	1484	$1,375	$0.93	22d	1	0.81mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	14d	1	0.82mi
3532 Windsor Ave Waco, TX	3.0	2.0	1100	$1,475	$1.34	14d	1	0.85mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	22d	1	0.85mi
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	45d	1	0.86mi
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	14d	1	0.87mi
615 N 23rd St Waco, TX	2.0	1.0	900	$1,275	$1.42	22d	1	0.88mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	22d	1	0.89mi
3625 Maple Ave Waco, TX	2.0	1.0	950	$1,275	$1.34	45d	1	0.89mi
2601 Fort Ave Unit 4 Waco, TX	2.0	1.0	1000	$990	$0.99	45d	1	0.91mi

Listing history 29 events

1. 2026-06-21
   days on market $300,000 Active 433 DOM
2. 2026-06-18
   days on market $300,000 Active 430 DOM
3. 2026-06-17
   days on market $300,000 Active 429 DOM
4. 2026-06-16
   days on market $300,000 Active 428 DOM
5. 2026-06-15
   days on market $300,000 Active 427 DOM
6. 2026-06-14
   days on market $300,000 Active 425 DOM
7. 2026-06-13
   days on market $300,000 Active 424 DOM
8. 2026-06-10
   days on market $300,000 Active 422 DOM
9. 2026-06-09
   days on market $300,000 Active 421 DOM
10. 2026-06-08
    days on market $300,000 Active 420 DOM
11. 2026-06-07
    days on market $300,000 Active 419 DOM
12. 2026-06-05
    days on market $300,000 Active 416 DOM
13. 2026-06-03
    days on market $300,000 Active 415 DOM
14. 2026-06-02
    days on market $300,000 Active 414 DOM
15. 2026-06-01
    days on market $300,000 Active 413 DOM
16. 2026-05-31
    days on market $300,000 Active 412 DOM
17. 2026-05-30
    days on market $300,000 Active 411 DOM
18. 2024-09-26
    listed $300,000 Active 381-char remark

    Show marketing remark (381 chars)

    Check out this multi-property Lasker Avenue Investment Package. 2604 Lasker Avenue Unit A is a 3BR / 1BA, 1,090 SF. 2604 Lasker Avenue Unit B is a 1BR / 1BA, 660 Sf. 2604 Lasker Avenue Unit C is a 1BR / 1BA, 660 SF. Tenant lease details upon request. This property can be sold as a one-off or grouped with other properties as an investment package. For further details, please ask.

19. 2024-03-22
    historical
20. 2023-06-14
    listed $325,000
21. 2021-06-03
    historical
22. 2021-01-26
    listed $260,000
23. 2018-08-26
    historical
24. 2018-02-26
    listed $104,700
25. 2016-12-28
    soldstatus
26. 2008-10-23
    soldstatus
27. 2005-05-24
    soldstatus
28. 2005-05-24
    soldstatus
29. 1997-06-16
    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: $2,646 · $221/mo
• Projected year-2 tax: $5,490 · $458/mo
• Expected delta: +$2,844/yr (+$237/mo · 107.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,040
• − Mortgage interest: −$16,805
• − Property taxes: −$2,646
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,043
• − Management: −$3,043
• − Depreciation: −$8,727
• Taxable income: $2,276
• Est. tax owed @ 24.0%: −$546
• After-tax cash flow: $6,481/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• Metro: Waco, 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

+186.5% since first listed

12 events — show timeline

• 2024-09-26 Listed $300,000 NTREIS
• 2024-03-22 Listing Removed — NTREIS
• 2023-06-14 Listed $325,000 NTREIS
• 2021-06-03 Listing Removed — NTREIS
• 2021-01-26 Listed $260,000 NTREIS
• 2018-08-26 Listing Removed — NTREIS
• 2018-02-26 Listed $104,700 NTREIS
• 2016-12-28 Sold (Public Records) — Public Records
• 2008-10-23 Sold (Public Records) — Public Records
• 2005-05-24 Sold (Public Records) — Public Records
• 2005-05-24 Sold (Public Records) — Public Records
• 1997-06-16 Sold (Public Records) — Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,646 · -0.3% YoY. Source: county tax records.