7815 Memphis Ave · Lubbock, TX 79423

$289,500

6 bd · 4.0 ba · 2,534 sqft · MultiFamily public records · 57 Days on market

Built 1974 8,505 sqft lot

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Why this score? — see what drove the D 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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Prime Investment Opportunity on Memphis Avenue! Secure a turnkey addition to your portfolio with this well-maintained DUPLEX directly across from Clifford H. Andrews Park. Each spacious unit features a functional 2-bed, 2-bath layout complete with a private 2-car garage. Stable Income: Both sides are tenant occupied. Unit B has been updated Jan 2025 with carpet, paint, ceiling fans, and fencing. Premium Amenities: Residents enjoy fireplaces, central HVAC, and in-unit laundry hookups. Strategic Location: Highly rentable area with easy access to South Loop 289 and LISD (Honey, Evans, Monterey). Unlock the long-term potential of this low-maintenance asset. Schedule your showing today!

Key facts

• Central hvac
• Easy access
• Updated unit

Tags

• WELL MAINTAINED DUPLEX
• UPDATED UNIT
• CENTRAL HVAC
• IN UNIT LAUNDRY HOOKUPS
• STRATEGIC LOCATION
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $63 ($754/yr) — positive. Per door: $31/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (9.8% below list).
• Recommended offer: $261k (9.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — 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.
• Zoned schools: Honey El (math 67% / reading 62%, grade B, #257 of 4,322 statewide, top 6%, 420 students, 48% FRL); Evans Middle (math 34% / reading 43%, grade F, #704 of 1,662 statewide, top 43%, 799 students, 58% FRL); Monterey H S (math 28% / reading 37%, grade F, #1,029 of 1,632 statewide, top 64%, 2,114 students, 72% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents rising (+2.1%/yr); 673 active listings in the ZIP; solid renter incomes; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 37% of the median local income ($85k/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 $9k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,200 (9.8% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-45,138
• Equity at exit: $43,165

10-year hold

• IRR: -8.9%
• Equity multiple: 0.47×
• Total profit: $-43,133
• Equity at exit: $25,031

Cash invested: $81,060 (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 79423

• Rents YoY: 2.1%
• Active inventory: 673
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $2,612 high
• Mortgage (P&I): −$1,518
• Tax from tax record: −$362 /mo · $4,342/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $63

Break-even live

Break-even rent $2,532

Max offer price $289,500

Occupancy floor 93%

Sensitivity live

Price	-10% $227	-5% $145	+0% $63	+5% $-19	+10% $-101
Rent	-10% $-144	-5% $-40	+0% $63	+5% $166	+10% $269
Rate	-1.0pp $209	-0.5pp $136	base $63	+0.5pp $-12	+1.0pp $-89

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,612
Total (2 units)			$2,612

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: $72,375
• Closing costs: $8,685
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $289,500 Active 57 DOM
2. 2026-06-18
   days on market $289,500 Active 54 DOM
3. 2026-06-17
   days on market $289,500 Active 53 DOM
4. 2026-06-16
   days on market $289,500 Active 52 DOM
5. 2026-06-15
   days on market $289,500 Active 51 DOM
6. 2026-06-14
   days on market $289,500 Active 49 DOM
7. 2026-06-13
   days on market $289,500 Active 48 DOM
8. 2026-06-10
   days on market $289,500 Active 46 DOM
9. 2026-06-09
   days on market $289,500 Active 45 DOM
10. 2026-06-08
    days on market $289,500 Active 44 DOM
11. 2026-06-07
    days on market $289,500 Active 43 DOM
12. 2026-06-05
    days on market $289,500 Active 40 DOM
13. 2026-06-03
    days on market $289,500 Active 39 DOM
14. 2026-06-02
    days on market $289,500 Active 38 DOM
15. 2026-06-01
    days on market $289,500 Active 37 DOM
16. 2026-05-31
    days on market $289,500 Active 36 DOM
17. 2026-05-30
    days on market $289,500 Active 35 DOM
18. 2026-05-08
    status Active 690-char remark

    Show marketing remark (690 chars)

    Prime Investment Opportunity on Memphis Avenue! Secure a turnkey addition to your portfolio with this well-maintained DUPLEX directly across from Clifford H. Andrews Park. Each spacious unit features a functional 2-bed, 2-bath layout complete with a private 2-car garage. Stable Income: Both sides are tenant occupied. Unit B has been updated Jan 2025 with carpet, paint, ceiling fans, and fencing. Premium Amenities: Residents enjoy fireplaces, central HVAC, and in-unit laundry hookups. Strategic Location: Highly rentable area with easy access to South Loop 289 and LISD (Honey, Evans, Monterey). Unlock the long-term potential of this low-maintenance asset. Schedule your showing today!

19. 2026-04-23
    status Pending 690-char remark

    Show marketing remark (690 chars)

    Prime Investment Opportunity on Memphis Avenue! Secure a turnkey addition to your portfolio with this well-maintained DUPLEX directly across from Clifford H. Andrews Park. Each spacious unit features a functional 2-bed, 2-bath layout complete with a private 2-car garage. Stable Income: Both sides are tenant occupied. Unit B has been updated Jan 2025 with carpet, paint, ceiling fans, and fencing. Premium Amenities: Residents enjoy fireplaces, central HVAC, and in-unit laundry hookups. Strategic Location: Highly rentable area with easy access to South Loop 289 and LISD (Honey, Evans, Monterey). Unlock the long-term potential of this low-maintenance asset. Schedule your showing today!

20. 2026-04-10
    listed $289,500 Active 690-char remark

    Show marketing remark (690 chars)

    Prime Investment Opportunity on Memphis Avenue! Secure a turnkey addition to your portfolio with this well-maintained DUPLEX directly across from Clifford H. Andrews Park. Each spacious unit features a functional 2-bed, 2-bath layout complete with a private 2-car garage. Stable Income: Both sides are tenant occupied. Unit B has been updated Jan 2025 with carpet, paint, ceiling fans, and fencing. Premium Amenities: Residents enjoy fireplaces, central HVAC, and in-unit laundry hookups. Strategic Location: Highly rentable area with easy access to South Loop 289 and LISD (Honey, Evans, Monterey). Unlock the long-term potential of this low-maintenance asset. Schedule your showing today!

ⓘ 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: $4,342 · $362/mo
• Projected year-2 tax: $5,298 · $441/mo
• Expected delta: +$956/yr (+$80/mo · 22.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 3% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,344
• − Mortgage interest: −$16,217
• − Property taxes: −$4,342
• − Insurance: −$1,448
• − Repairs & maintenance: −$2,508
• − Management: −$2,508
• − Depreciation: −$8,422
• Taxable loss: −$4,099
• Est. tax savings @ 24.0%: +$984
• After-tax cash flow: $1,738/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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 46,998
• Household income: $84,933
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1385.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 31% Two or more races 15% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 84% English-only · Spanish 13% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.00%
• Current HPI: 213.6491
• Rent YoY: ▲ 2.13%
• Metro: Lubbock, 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

• 2026-05-08 Relisted — LARMLS
• 2026-04-23 Pending — LARMLS
• 2026-04-10 Listed $289,500 LARMLS

Property tax history

+3.7%/yr

Latest (2025): $4,342 · +5.9% YoY. Source: county tax records.