146 Boyce Second St · Waxahachie, TX 75165

$239,000

4 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 107 Days on market

Built 1977 0.80 ac lot $226/sqft · 41% below area ↓ 20% 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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PROPERTY IS BEING SOLD AS IS this 4-bedroom, 2-bathroom brick home, situated on nearly an acre of land. This spacious residence offers both comfort and convenience, making it an ideal family home. The expansive lot provides plenty of space for outdoor activities and gardening, with beautiful trees, offering shade and a serene atmosphere. A large 40x60 metal building on the property is perfect for use as a workshop, storage, or additional garage space or a space for a home business. The property sits on a corner lot, Inside, you'll find four generously sized bedrooms, two bathrooms are well-appointed, featuring modern fixtures and plenty of storage. Living areas inviting, Kitchen with plenty of counter space, and storage. Conveniently located for commuters, this home offers a close drive to the Dallas-Fort Worth, providing access to the amenities and opportunities of the city. The charming towns of Waxahachie and Ennis are just a 10-minute commute away, offering local shopping, dining.

Key facts

• Expansive lot
• Brick home
• Large metal building

Tags

• BRICK HOME
• EXPANSIVE LOT
• LARGE METAL BUILDING
• CORNER LOT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (5.4% below list).
• Recommended offer: $217k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.3% in Waxahachie — 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 78/100 on livability (#71 in TX, #2,592 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: commute F.
• Ennis ISD (rural): math 41% / reading 39% proficiency, ranked #411 of 826 in TX (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 854 active listings in the ZIP; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• This rent runs 31% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $66k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $217,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

• ARV (median comp): $629,344
• List price: $239,000
• Delta: -62.02%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.4% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.74×
• Total profit: $-17,165
• Equity at exit: $35,636

10-year hold

• IRR: 3.1%
• Equity multiple: 1.23×
• Total profit: $15,193
• Equity at exit: $20,664

Cash invested: $66,920 (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 75165

• Home prices YoY: -24.5%
• Rents YoY: 3.4%
• Active inventory: 854
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,262 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$108 /mo · $1,300/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $326

Break-even live

Break-even rent $1,850

Max offer price $239,000

Occupancy floor 81%

Sensitivity live

Price	-10% $461	-5% $393	+0% $326	+5% $258	+10% $190
Rent	-10% $147	-5% $236	+0% $326	+5% $415	+10% $504
Rate	-1.0pp $446	-0.5pp $386	base $326	+0.5pp $264	+1.0pp $201

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $239,000 Active 107 DOM
2. 2026-06-17
   days on market $239,000 Active 106 DOM
3. 2026-06-16
   days on market $239,000 Active 105 DOM
4. 2026-06-15
   days on market $239,000 Active 104 DOM
5. 2026-06-13
   days on market $239,000 Active 102 DOM
6. 2026-06-09
   days on market $239,000 Active 98 DOM
7. 2026-06-08
   days on market $239,000 Active 97 DOM
8. 2026-06-07
   days on market $239,000 Active 96 DOM
9. 2026-06-04
   days on market $239,000 Active 93 DOM
10. 2026-06-03
    days on market $239,000 Active 92 DOM
11. 2026-06-02
    days on market $239,000 Active 91 DOM
12. 2026-06-01
    days on market $239,000 Active 90 DOM
13. 2026-05-31
    days on market $239,000 Active 89 DOM
14. 2026-05-14
    historical Active Option Contract 1004-char remark

    Show marketing remark (1004 chars)

    PROPERTY IS BEING SOLD AS IS this 4-bedroom, 2-bathroom brick home, situated on nearly an acre of land. This spacious residence offers both comfort and convenience, making it an ideal family home. The expansive lot provides plenty of space for outdoor activities and gardening, with beautiful trees, offering shade and a serene atmosphere. A large 40x60 metal building on the property is perfect for use as a workshop, storage, or additional garage space or a space for a home business. The property sits on a corner lot, Inside, you'll find four generously sized bedrooms, two bathrooms are well-appointed, featuring modern fixtures and plenty of storage. Living areas inviting, Kitchen with plenty of counter space, and storage. Conveniently located for commuters, this home offers a close drive to the Dallas-Fort Worth, providing access to the amenities and opportunities of the city. The charming towns of Waxahachie and Ennis are just a 10-minute commute away, offering local shopping, dining.

15. 2026-05-02
    price $239,000 1004-char remark

    Show marketing remark (1004 chars)

    PROPERTY IS BEING SOLD AS IS this 4-bedroom, 2-bathroom brick home, situated on nearly an acre of land. This spacious residence offers both comfort and convenience, making it an ideal family home. The expansive lot provides plenty of space for outdoor activities and gardening, with beautiful trees, offering shade and a serene atmosphere. A large 40x60 metal building on the property is perfect for use as a workshop, storage, or additional garage space or a space for a home business. The property sits on a corner lot, Inside, you'll find four generously sized bedrooms, two bathrooms are well-appointed, featuring modern fixtures and plenty of storage. Living areas inviting, Kitchen with plenty of counter space, and storage. Conveniently located for commuters, this home offers a close drive to the Dallas-Fort Worth, providing access to the amenities and opportunities of the city. The charming towns of Waxahachie and Ennis are just a 10-minute commute away, offering local shopping, dining.

16. 2026-03-03
    listed $305,000 Active 1004-char remark

    Show marketing remark (1004 chars)

    PROPERTY IS BEING SOLD AS IS this 4-bedroom, 2-bathroom brick home, situated on nearly an acre of land. This spacious residence offers both comfort and convenience, making it an ideal family home. The expansive lot provides plenty of space for outdoor activities and gardening, with beautiful trees, offering shade and a serene atmosphere. A large 40x60 metal building on the property is perfect for use as a workshop, storage, or additional garage space or a space for a home business. The property sits on a corner lot, Inside, you'll find four generously sized bedrooms, two bathrooms are well-appointed, featuring modern fixtures and plenty of storage. Living areas inviting, Kitchen with plenty of counter space, and storage. Conveniently located for commuters, this home offers a close drive to the Dallas-Fort Worth, providing access to the amenities and opportunities of the city. The charming towns of Waxahachie and Ennis are just a 10-minute commute away, offering local shopping, dining.

17. 2025-10-31
    status Active
18. 2025-10-30
    historical Active Option Contract
19. 2025-10-02
    price $260,000
20. 2025-08-23
    price $289,900
21. 2025-07-21
    listed $298,900 Active
22. 2024-11-21
    historical Active Option Contract
23. 2024-11-08
    price $288,000
24. 2024-10-04
    price $289,900
25. 2024-10-04
    status Active
26. 2024-09-09
    status Pending
27. 2024-08-20
    historical Active Option Contract
28. 2024-08-03
    listed $299,900 Active

ⓘ 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: $1,300 · $108/mo
• Projected year-2 tax: $4,374 · $364/mo
• Expected delta: +$3,073/yr (+$256/mo · 236.3%)

ⓘ 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 ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,141
• − Mortgage interest: −$13,388
• − Property taxes: −$1,300
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,171
• − Management: −$2,171
• − Depreciation: −$6,953
• Taxable loss: −$37
• Est. tax savings @ 24.0%: +$9
• After-tax cash flow: $3,915/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: Ennis ISD
• NCES district ID: 4818540
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $46,105
• Composite: 34.14/100
• National rank: #5283
• State rank: #411 of 826 in TX

Livability — Waxahachie

• Score: 78/100
• State rank: #71
• US rank: #2592

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ellis County · 199,237 people
• City population: 67,417
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 53,513
• Household income: $86,391
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1365.0

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 0.60)
• Race & ethnicity: White 56% Hispanic / Latino 26% Black 14% Two or more races 13%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

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: ▼ -82.58%
• Current HPI: 255.0247
• Rent YoY: ▲ 3.40%
• 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

-20.3% since first listed

15 events — show timeline

• 2026-05-14 Contingent — NTREIS
• 2026-05-02 Price Changed $239,000 NTREIS
• 2026-03-03 Listed $305,000 NTREIS
• 2025-10-31 Relisted — NTREIS
• 2025-10-30 Contingent — NTREIS
• 2025-10-02 Price Changed $260,000 NTREIS
• 2025-08-23 Price Changed $289,900 NTREIS
• 2025-07-21 Listed $298,900 NTREIS
• 2024-11-21 Contingent — NTREIS
• 2024-11-08 Price Changed $288,000 NTREIS
• 2024-10-04 Price Changed $289,900 NTREIS
• 2024-10-04 Relisted — NTREIS
• 2024-09-09 Pending — NTREIS
• 2024-08-20 Contingent — NTREIS
• 2024-08-03 Listed $299,900 NTREIS

Property tax history

+18.2%/yr

Latest (2023): $1,300 · +35.3% YoY. Source: county tax records.