508 W Willingham St · Cleburne, TX 76033

$149,999

3 bd · 2.0 ba · 1,311 sqft · Other public records · 31 Days on market

Built 1930 8,407 sqft lot

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming two-story home located in the heart of Cleburne offering a functional layout with 3 bedrooms and 2 full bathrooms. The home features spacious living areas and a welcoming front porch perfect for relaxing outdoors. The kitchen offers ample cabinet and counter space, while the primary suite provides comfort and convenience. Conveniently situated near shopping, dining, schools, and everyday amenities with easy access to major roadways. Home needs TLC. This property presents a great opportunity for homeowners or investors seeking comfort, accessibility, and value in an established neighborhood.

Key facts

• Two-story home
• Primary suite
• Functional layout

Tags

• TWO-STORY HOME
• FUNCTIONAL LAYOUT
• SPACIOUS LIVING AREAS
• WELCOMING FRONT PORCH
• PRIMARY SUITE
• EASY ACCESS TO MAJOR ROADWAYS

Property features AI

Finance

• Other: Possession: Other; Transaction type: For Sale; Special listing conditions: Standard
• Financial info: Listing terms: Cash; Treat as clear loan type; No second mortgage
• HOA & community: No association

Exterior

• Parking: Driveway; No garage or covered parking
• Utilities: Municipal utility district: No
• Home design: Single-family residence; Residential property; Built in 1930; Subdivision: Original Cleburn
• Construction: Brick and wood construction; Composition roof; Less than 0.5 acre lot
• Exterior features: Curbs; Dirt; See remarks

Interior

• Kitchen: Other appliances
• Bedrooms: 3 bedrooms; Primary bedroom on level 1 (approx. 14 x 16)
• Bathrooms: 2 full bathrooms
• Interior features: Two levels; One living area; One dining area; Wood-burning fireplace; Other interior features
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.6% in Cleburne — 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 68/100 on livability (#460 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Cleburne ISD (town): math 34% / reading 33% proficiency, ranked #537 of 826 in TX (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coleman El (math 28% / reading 33%, grade F, #2,464 of 4,322 statewide, top 58%, 518 students, 65% FRL).
• Market conditions: Rents soft (-0.8%/yr); 660 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,499 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-7,508
• Equity at exit: $22,365

10-year hold

• IRR: 1.1%
• Equity multiple: 1.07×
• Total profit: $2,922
• Equity at exit: $12,969

Cash invested: $42,000 (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 76033

• Rents YoY: -0.8%
• Active inventory: 660
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,594 high
• Mortgage (P&I): −$787
• Tax from tax record: −$73 /mo · $872/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $338

Break-even live

Break-even rent $1,167

Max offer price $149,999

Occupancy floor 74%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
907 Hodge St Cleburne, TX	2.0	1.0	912	$1,450	$1.59	2d	1	0.09mi
413 Shaw St Cleburne, TX	4.0	2.0	1713	$2,100	$1.23	43d	1	0.19mi
405 College St Cleburne, TX	3.0	2.0	1396	$1,650	$1.18	6d	1	0.34mi
203 Willana Ct Cleburne, TX	3.0	2.0	1100	$1,700	$1.55	20d	1	0.35mi
805 N Douglas Ave Cleburne, TX	3.0	2.0	1460	$1,999	$1.37	43d	1	0.35mi
318 College St Unit B Cleburne, TX	2.0	1.0	1256	$1,150	$0.92	24d	1	0.36mi
405 Madison St Unit Na Cleburne, TX	3.0	2.0	1645	$1,975	$1.20	43d	1	0.39mi
823 College St Cleburne, TX	2.0	1.0	944	$1,550	$1.64	6d	1	0.44mi
823 College St Cleburne, TX	2.0	1.0	944	$1,550	$1.64	16d	1	0.44mi
1106 Williams Ave Unit D Cleburne, TX	2.0	1.0	900	$900	$1.00	24d	1	0.46mi
1202 Spell Ave Cleburne, TX	3.0	2.0	1482	$1,850	$1.25	12d	1	0.47mi
807 W Smith St Cleburne, TX	3.0	2.0	1223	$1,845	$1.51	12d	1	0.47mi
521 Woodard Ave Unit One Cleburne, TX	2.0	1.0	1350	$1,000	$0.74	43d	1	0.47mi
1108 Williams Ave Unit H Cleburne, TX	2.0	1.0	900	$900	$1.00	24d	1	0.48mi
1110 Williams Ave Unit C Cleburne, TX	2.0	1.0	900	$900	$1.00	43d	1	0.50mi
1005 Granbury St Unit A Cleburne, TX	3.0	2.0	1362	$2,050	$1.51	24d	1	0.55mi
112 W Wilson St Cleburne, TX	2.0	1.0	1002	$1,400	$1.40	43d	1	0.61mi
1315 Joslin St Cleburne, TX	3.0	2.0	1294	$1,595	$1.23	7d	1	0.63mi
1312 Ridge Run St Unit A Cleburne, TX	2.0	2.0	992	$1,250	$1.26	24d	1	0.65mi
1108 Poindexter Ave Cleburne, TX	3.0	1.0	1300	$1,550	$1.19	43d	1	0.65mi
815 Woodard Ave Cleburne, TX	1.0–2.0	1.0–2.0	793	$1,335	$1.68	1d	8	0.69mi
110 E Wilson St Unit B Cleburne, TX	3.0	2.5	1400	$1,900	$1.36	24d	1	0.75mi
103 May Ave Cleburne, TX	3.0	2.0	1262	$1,795	$1.42	6d	1	0.78mi
104 May Ave Cleburne, TX	3.0	2.0	1164	$1,550	$1.33	43d	1	0.78mi
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	24d	1	0.78mi
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	2d	1	0.78mi
1005 N Buffalo Ave Cleburne, TX	3.0	1.0	1146	$1,500	$1.31	43d	1	0.78mi
204 W Westhill Dr Cleburne, TX	3.0	2.0	1040	$1,950	$1.88	43d	1	0.80mi
101 Westcourt Dr Cleburne, TX	2.0	1.5	980	$1,565	$1.60	43d	1	0.86mi
612 N Robinson St Cleburne, TX	3.0	2.5	1311	$2,200	$1.68	43d	1	0.90mi
1405 Granbury St Cleburne, TX	3.0	1.0	1278	$1,545	$1.21	24d	1	0.91mi
1507 Granbury St Cleburne, TX	3.0	2.0	1140	$1,811	$1.59	24d	1	0.97mi
1635 Westridge Dr Cleburne, TX	2.0	1.5	1131	$1,295	$1.15	43d	1	0.97mi
514 Euclid St Cleburne, TX	3.0	2.0	1152	$1,595	$1.38	43d	1	1.01mi
1606 Granbury St Unit A Cleburne, TX	3.0	2.0	1289	$1,650	$1.28	12d	1	1.04mi
400 Phillips St Cleburne, TX	2.0–3.0	1.0–1.5	1000	$1,581	$1.58	1d	5	1.07mi
1424 Phillips St Cleburne, TX	3.0	1.5	1360	$1,795	$1.32	43d	1	1.08mi
114 Scurlock Ave Cleburne, TX	4.0	2.0	1457	$1,770	$1.21	43d	1	1.11mi
901 N Border St Unit A Cleburne, TX	2.0	1.0	900	$950	$1.06	43d	1	1.12mi
1311 Manor Dr Cleburne, TX	3.0	2.0	1492	$1,825	$1.22	24d	1	1.14mi

Listing history 16 events

1. 2026-06-18
   days on market $149,999 Active 31 DOM
2. 2026-06-17
   days on market $149,999 Active 30 DOM
3. 2026-06-16
   days on market $149,999 Active 29 DOM
4. 2026-06-15
   days on market $149,999 Active 28 DOM
5. 2026-06-13
   pricedays on market $149,999 Active 26 DOM
6. 2026-06-09
   days on market $159,900 Active 22 DOM
7. 2026-06-08
   days on market $159,900 Active 21 DOM
8. 2026-06-07
   days on market $159,900 Active 20 DOM
9. 2026-06-04
   days on market $159,900 Active 17 DOM
10. 2026-06-03
    days on market $159,900 Active 16 DOM
11. 2026-06-02
    days on market $159,900 Active 15 DOM
12. 2026-06-01
    days on market $159,900 Active 14 DOM
13. 2026-05-31
    days on market $159,900 Active 13 DOM
14. 2026-05-18
    listed $159,900 Active
15. 2011-02-24
    soldstatus
16. 1982-11-12
    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: $872 · $73/mo
• Projected year-2 tax: $2,745 · $229/mo
• Expected delta: +$1,873/yr (+$156/mo · 215.0%)

ⓘ 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 5/10 Major
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,133
• − Mortgage interest: −$8,402
• − Property taxes: −$872
• − Insurance: −$750
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$4,364
• Taxable income: $1,684
• Est. tax owed @ 24.0%: −$404
• After-tax cash flow: $3,650/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: Cleburne ISD
• NCES district ID: 4814310
• Math proficiency: 34% ▼ -2.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $48,788
• Composite: 29.0/100
• National rank: #6618
• State rank: #537 of 826 in TX

Livability — Cleburne

• Score: 68/100
• State rank: #460
• US rank: #9292

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleburne, TX
• County: Johnson County · 147,987 people
• City population: 29,538
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 29,538
• Household income: $76,292
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 927.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 179,678 people
• By 2030: 189,208 · +5.3%
• By 2040: 207,261 · +15.4%
• By 2050: 223,064 · +24.1%
• By 2075: 259,979 · +44.7%
• By 2100: 275,395 · +53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 26% Two or more races 15% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Slovak 2% Italian 2% Portuguese 1%
• Foreign-born: 8% · Canada, Guatemala, Vietnam
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -47.5pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+53.0 2016: R+58.3 2012: R+55.6 2008: R+47.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.75%
• Current HPI: 246.0029
• Rent YoY: ▼ -0.83%
• 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

3 events — show timeline

• 2026-05-18 Listed $159,900 NTREIS
• 2011-02-24 Sold (Public Records) — Public Records
• 1982-11-12 Sold (Public Records) — Public Records

Property tax history

-2.0%/yr

Latest (2025): $872 · +1.5% YoY. Source: county tax records.