206 E Second St · Corrigan, TX 75939

$93,468

3 bd · 2.0 ba · 1,468 sqft · SingleFamily public records · 19 Days on market

Built 1980 0.36 ac lot $64/sqft · 37% below area Est $147k · 37% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.5/30.0
• 1% rule +6.9/10.0
• Appreciation +6.0/10.0
• DSCR +3.4/10.0
• Livability +2.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Come take a look at all this three bedroom, two bath home has to offer. The interior features a flowing floorplan, a living room, den, dining room and plentiful cabinet storage and countertop workspace in the kitchen. The exterior features a fenced back yard, generator and workshop. All this and conveniently located close to all amenities and all major roadways through town.

Key facts

• Countertop workspace
• Fenced back yard
• Workshop

Tags

• FENCED BACK YARD
• GENERATOR
• WORKSHOP
• PLENTIFUL CABINET STORAGE
• COUNTERTOP WORKSPACE
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Attached parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Brick construction; Composition roof; Slab foundation; Built with traditional construction materials
• Exterior features: Fenced lot (0.36 acre)

Interior

• Flooring: Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Smoke detectors; Laminate, tile, and vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $-31 ($-376/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (3.1% below list).
• Meets the 1% rule at list price ($1k rent vs $93k).
• Recommended offer: $91k (3.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 56/100 on livability (#1,302 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Corrigan-Camden ISD (rural): math 30% / reading 33% proficiency, ranked #609 of 826 in TX (top 74%) — 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.
• Market conditions: 45 active listings in the ZIP; 769 units permitted in Polk County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($646 loan paydown + $2k appreciation (2.1% local appreciation)).
• Polk County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price.
• Climate carrying-cost: severe wind risk, 96% 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 $90,585 (3.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is F 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?
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: 1.19% ✓
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• GRM: 7.0

CMA / ARV

• ARV (median comp): $147,415
• List price: $93,468
• Delta: -36.60%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

2.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.19×
• Total profit: $4,886
• Equity at exit: $37,182

10-year hold

• IRR: 7.3%
• Equity multiple: 2.01×
• Total profit: $26,339
• Equity at exit: $53,787

Cash invested: $26,171 (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 75939

• Home prices YoY: 1.5%
• Active inventory: 45
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,108 medium
• Mortgage (P&I): −$490
• Tax from tax record: −$377 /mo · $4,529/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $-31

Break-even live

Break-even rent $1,148

Max offer price $90,585

Occupancy floor 98%

Sensitivity live

Price	-10% $294	-5% $262	+0% $-31	+5% $-58	+10% $-84
Rent	-10% $-119	-5% $-75	+0% $-31	+5% $12	+10% $56
Rate	-1.0pp $16	-0.5pp $-8	base $-31	+0.5pp $-56	+1.0pp $-80

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: $23,367
• Closing costs: $2,804
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-18
   status Pending 377-char remark
2. 2026-04-27
   listed $93,468 Active 377-char remark
3. 2017-03-02
   soldstatus
4. 1999-04-06
   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: $4,529 · $377/mo
• Projected year-2 tax: $4,529 · $377/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 96% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,294
• − Mortgage interest: −$5,236
• − Property taxes: −$4,529
• − Insurance: −$467
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$2,719
• Taxable loss: −$1,784
• Est. tax savings @ 24.0%: +$428
• After-tax cash flow: $52/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: Corrigan-Camden ISD
• NCES district ID: 4815300
• Math proficiency: 30% ▼ -5.00%
• Reading proficiency: 33% ▬ 0.00%
• Median HH income: $37,508
• Composite: 26.25/100
• National rank: #7258
• State rank: #609 of 826 in TX

Livability — Corrigan

• Score: 56/100
• State rank: #1302
• US rank: #22586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corrigan, TX
• Population (ZIP): 4,974

Population outlook (Polk County) Hauer SSP2

• Today (2025): 51,049 people
• By 2030: 53,243 · +4.3%
• By 2040: 56,528 · +10.7%
• By 2050: 59,243 · +16.1%
• By 2075: 63,528 · +24.4%
• By 2100: 60,376 · +18.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Hispanic / Latino 24% Two or more races 17% Black 15% Asian 1%
• Hispanic origin (detail): Mexican 21%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 79% English-only · Spanish 20% Korean 1%

Political lean MEDSL · Polk

• 2024 margin: Solid R (+58.9) · D 20.2% · R 79.1%
• 2008→2024 swing: -21.7pp toward R · 2008: -37.2pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+54.5 2016: R+56.5 2012: R+48.2 2008: R+37.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.06%
• Current HPI: 139.8396
• Rent YoY: —
• Metro: —
• 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

4 events — show timeline

• 2026-05-18 Pending — Deep East Texas MLS
• 2026-04-27 Listed $93,468 Deep East Texas MLS
• 2017-03-02 Sold (Public Records) — Public Records
• 1999-04-06 Sold (Public Records) — Public Records

Property tax history

+7.2%/yr

Latest (2025): $4,529 · +8.0% YoY. Source: county tax records.