610 E Columbia St

Marfa, TX 79843

$245,000C-

2 bd · 1.0 ba · 1,040 sqft · Built 1940 · SingleFamily · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,298/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$435
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $96/mo
• Annual: $1,148/yr
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• 1% rule: 0.94%
• Cash to close: $68,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $96 ($1k/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 $230k (6.2% below list).
• It's been on market 152 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (4.2% local appreciation)).
• Location reads 73/100 on livability (#215 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, commute F.
• Marfa ISD (rural): math 45% / reading 45% proficiency, ranked #559 of 1,141 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 23 units permitted in Presidio County in 2024 (0 in 5+ unit buildings).
• Presidio County population projected at -44% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.
• 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.