1428 E Garnett St · Gainesville, TX 76240

$115,000

2 bd · 1.0 ba · 988 sqft · SingleFamily public records · 28 Days on market

Built 1950 7,492 sqft lot Est $186k · 38% under ↓ 8% since listing

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Why this score? — see what drove the C+ 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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.9/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming opportunity in Gainesville! This 2-bedroom, 1-bath home offers plenty of potential for the right buyer looking to make it their own. Situated on a large lot with a spacious yard, there’s ample room for outdoor entertaining, gardening, pets, or future improvements. Inside, the home features a functional layout with great natural light and endless possibilities to update and personalize. Whether you’re searching for an investment property, starter home, or project with upside, this property is full of opportunity in a convenient Gainesville location.

Key facts

• Spacious yard
• Great natural light
• Outdoor entertaining

Tags

• LARGE LOT
• SPACIOUS YARD
• OUTDOOR ENTERTAINING
• GREAT NATURAL LIGHT
• FUNCTIONAL LAYOUT
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Property is not attached (detached); Parcel number 7270; County: Cooke; Country: United States; Directions: Use GPS; Geocode confidence: High
• Financial info: Treat as clear loan type; No second mortgage
• HOA & community: No association

Exterior

• Parking: Driveway
• Utilities: City water; City sewer; Electricity connected; No municipal utility district
• Home design: Single-family residence; One story; Residential property
• Construction: Siding exterior; Built in 1950; Preowned condition
• Exterior features: Lot under 0.5 acre; Subdivision: Perry Ce Add

Interior

• Kitchen: Gas range
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom
• Interior features: Six total rooms; One living area; One dining area; Other interior features
• Laundry & utility: Utility room (5 x 8)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.7% in Gainesville — 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 66/100 on livability (#602 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Gainesville ISD (rural): math 33% / reading 29% proficiency, ranked #606 of 826 in TX (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: W E Chalmers El (math 28% / reading 24%, grade F, #2,954 of 4,322 statewide, top 69%, 716 students, 67% FRL) — zoned schools at 67% FRL track the district average.
• Market conditions: 462 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 190 units permitted in Cooke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.57%
• DSCR: 1.38
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $185,744
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1013 E Tennie St	0.35mi	2/1.0	936 (-5%)	1mo	$75,000	$80	74
1209 E Garnett St	0.20mi	2/1.0	1,058 (+7%)	11mo	$180,000	$170	70
1704 Harris St	0.25mi	2/1.0	1,117 (+13%)	2mo	$220,000	$197	65
905 Kent Dr	0.34mi	2/1.0	967 (-2%)	21mo	$179,000	$185	63
1512 Patricia Dr	0.60mi	2/1.0	978 (-1%)	11mo	$185,000	$189	62
318 Cunningham St	0.45mi	2/1.0	884 (-10%)	9mo	$140,000	$158	54
607 S Taylor St	0.40mi	2/1.0	863 (-13%)	9mo	$163,000	$189	53
610 Ritchey St	0.69mi	3/1.0 (+1)	1,008 (+2%)	14mo	$190,000	$188	48
1233 S Howeth St	0.47mi	3/1.0 (+1)	1,108 (+12%)	13mo	$194,500	$176	42
1502 Patricia Dr	0.59mi	3/1.5 (+1)	1,055 (+7%)	24mo	$207,000	$196	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-3,931
• Equity at exit: $17,147

10-year hold

• IRR: 6.5%
• Equity multiple: 1.49×
• Total profit: $15,665
• Equity at exit: $9,943

Cash invested: $32,200 (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 76240

• Active inventory: 462
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$200 /mo · $2,400/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $230

Break-even live

Break-even rent $1,077

Max offer price $115,000

Occupancy floor 78%

Sensitivity live

Price	-10% $295	-5% $263	+0% $230	+5% $197	+10% $165
Rent	-10% $122	-5% $176	+0% $230	+5% $284	+10% $338
Rate	-1.0pp $288	-0.5pp $259	base $230	+0.5pp $200	+1.0pp $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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1610 Elizabeth St Gainesville, TX	3.0	1.0	1100	$1,500	$1.36	44d	1	0.83mi

Listing history 32 events

1. 2026-06-19
   days on market $115,000 Active 28 DOM
2. 2026-06-18
   days on market $115,000 Active 27 DOM
3. 2026-06-17
   days on market $115,000 Active 26 DOM
4. 2026-06-16
   days on market $115,000 Active 25 DOM
5. 2026-06-15
   days on market $115,000 Active 24 DOM
6. 2026-06-14
   days on market $115,000 Active 22 DOM
7. 2026-06-12
   days on market $115,000 Active 21 DOM
8. 2026-06-09
   days on market $115,000 Active 18 DOM
9. 2026-06-08
   days on market $115,000 Active 17 DOM
10. 2026-06-07
    days on market $115,000 Active 16 DOM
11. 2026-06-05
    days on market $115,000 Active 13 DOM
12. 2026-06-03
    days on market $115,000 Active 12 DOM
13. 2026-06-02
    days on market $115,000 Active 11 DOM
14. 2026-06-01
    days on market $115,000 Active 10 DOM
15. 2026-05-31
    days on market $115,000 Active 9 DOM
16. 2026-05-30
    days on market $115,000 Active 8 DOM
17. 2026-05-22
    listed $115,000 Active
18. 2025-05-16
    price $123,000
19. 2025-04-01
    price $133,995
20. 2024-12-30
    listed $135,000 Active
21. 2024-12-01
    historical
22. 2024-08-18
    listed $145,000 Active
23. 2022-06-16
    soldstatus Closed
24. 2022-06-14
    soldstatus
25. 2022-06-07
    status Pending
26. 2022-06-02
    historical Active Option Contract
27. 2022-05-12
    price $109,900
28. 2022-05-12
    status Active
29. 2022-04-18
    status Pending
30. 2022-04-11
    historical Active Option Contract
31. 2022-04-05
    listed $125,000 Active
32. 2001-03-26
    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: $2,400 · $200/mo
• Projected year-2 tax: $2,400 · $200/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,420
• − Mortgage interest: −$6,442
• − Property taxes: −$2,400
• − Insurance: −$575
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$3,345
• Taxable income: $1,031
• Est. tax owed @ 24.0%: −$247
• After-tax cash flow: $2,513/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: Gainesville ISD
• NCES district ID: 4820220
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 29% ▼ -2.00%
• Median HH income: $41,772
• Composite: 26.27/100
• National rank: #7252
• State rank: #606 of 826 in TX

Livability — Gainesville

• Score: 66/100
• State rank: #602
• US rank: #11445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gainesville, TX
• County: Cooke County · 29,419 people
• City population: 29,419
• Metro: Gainesville, TX
• Population (ZIP): 29,419
• Household income: $71,502
• Rent vs Own: 32.6% rent · 67.4% own
• Severe rent burden: 660.0

Population outlook (Cooke County) Hauer SSP2

• Today (2025): 39,965 people
• By 2030: 39,974 · +0.0%
• By 2040: 39,772 · -0.5%
• By 2050: 39,258 · -1.8%
• By 2075: 37,262 · -6.8%
• By 2100: 33,363 · -16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 24% Two or more races 14% Black 5%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Serbian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 16% Other Indo-European 1%

Political lean MEDSL · Cooke

• 2024 margin: Solid R (+66.9) · D 16.2% · R 83.1%
• 2008→2024 swing: -8.2pp toward R · 2008: -58.7pp · 2024: -66.9pp
• All cycles: 2024: R+66.9 2020: R+65.2 2016: R+68.1 2012: R+67.6 2008: R+58.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.63%
• Current HPI: 247.3822
• Rent YoY: —
• Metro: Gainesville, 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

-8.0% since first listed

16 events — show timeline

• 2026-05-22 Listed $115,000 NTREIS
• 2025-05-16 Price Changed $123,000 NTREIS
• 2025-04-01 Price Changed $133,995 NTREIS
• 2024-12-30 Listed $135,000 NTREIS
• 2024-12-01 Listing Removed — NTREIS
• 2024-08-18 Listed $145,000 NTREIS
• 2022-06-16 Sold (MLS) — NTREIS
• 2022-06-14 Sold (Public Records) — Public Records
• 2022-06-07 Pending — NTREIS
• 2022-06-02 Contingent — NTREIS
• 2022-05-12 Price Changed $109,900 NTREIS
• 2022-05-12 Relisted — NTREIS
• 2022-04-18 Pending — NTREIS
• 2022-04-11 Contingent — NTREIS
• 2022-04-05 Listed $125,000 NTREIS
• 2001-03-26 Sold (Public Records) — Public Records

Property tax history

+9.4%/yr

Latest (2025): $2,400 · +10.4% YoY. Source: county tax records.