3608 Storey Ave · Midland, TX 79703

$179,900

3 bd · 2.0 ba · 1,704 sqft · SingleFamily public records · 19 Days on market

Built 1957 7,013 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 +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Fixer-upper with excellent potential! This 3-bedroom, 2-bath home offers two living areas, a one-car garage, and an enclosed porch, providing a flexible layout with room to reimagine. Sunny entry and two really nice closets in the hallway for extra storage! Situated on a corner lot with a newer roof, this property is ready for its next chapter. Sold as-is, where-is; seller will make no repairs. Great opportunity for buyers looking to make it their own, investors seeking a flip, or those interested in renovating and holding to lease.

Key facts

• Extra storage
• Newer roof
• Two living areas

Tags

• TWO LIVING AREAS
• ENCLOSED PORCH
• CORNER LOT
• NEWER ROOF
• EXTRA STORAGE

Property features AI

Finance

• Financial info: Annual taxes reported: $670

Exterior

• Parking: Attached garage with 1 parking space and garage door opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 1 story
• Construction: Brick veneer construction; Composition roof; Slab foundation; Built in 2026
• Exterior features: Wood fencing; Corner lot

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Electric range; Refrigerator; Gas water heater
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bonham El (math 36% / reading 34%, grade F, #1,965 of 4,322 statewide, top 46%, 640 students, 69% FRL); Alamo J H (math 23% / reading 32%, grade F, #1,156 of 1,662 statewide, top 71%, 865 students, 62% FRL); Legacy H S (math 37% / reading 3%, grade F, #1,397 of 1,632 statewide, top 87%, 2,504 students, 41% FRL).
• Market conditions: Rents soft (-0.3%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($77k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.25%
• DSCR: 1.37
• GRM: 7.2

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: -7.3%
• Equity multiple: 0.74×
• Total profit: $-13,132
• Equity at exit: $26,824

10-year hold

• IRR: -2.2%
• Equity multiple: 0.87×
• Total profit: $-6,344
• Equity at exit: $15,554

Cash invested: $50,372 (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 79703

• Rents YoY: -0.3%
• Active inventory: 64
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,081 high
• Mortgage (P&I): −$943
• Tax from tax record: −$279 /mo · $3,353/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $346

Break-even live

Break-even rent $1,643

Max offer price $179,900

Occupancy floor 78%

Sensitivity live

Price	-10% $448	-5% $397	+0% $346	+5% $295	+10% $244
Rent	-10% $182	-5% $264	+0% $346	+5% $428	+10% $511
Rate	-1.0pp $437	-0.5pp $392	base $346	+0.5pp $300	+1.0pp $252

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 W Michigan Ave Midland, TX	3.0	2.0	1535	$2,500	$1.63	21d	1	0.33mi
509 Delmar St Midland, TX	1.0–2.0	1.0–2.5	1116	$1,796	$1.61	14d	8	0.35mi
3900 Douglas Ave Midland, TX	4.0	2.0	1961	$2,800	$1.43	44d	1	0.36mi
3401 Storey Ave Midland, TX	3.0	2.0	1531	$2,200	$1.44	44d	1	0.37mi
3401 Storey Ave Midland, TX	3.0	2.0	1531	$2,200	$1.44	21d	1	0.37mi
4313 Storey Ave Unit A Midland, TX	3.0	2.0	1255	$2,000	$1.59	44d	1	0.39mi
3311 Storey Ave Midland, TX	3.0	1.5	1100	$1,700	$1.55	14d	1	0.47mi
4403 Crockett Ave Unit A Midland, TX	3.0	2.0	1065	$1,800	$1.69	21d	1	0.49mi
3601 Andrews Hwy Midland, TX	2.0	1.0–2.0	800	$1,615	$2.02	14d	16	0.50mi
4405 Crockett Ave Unit A Midland, TX	3.0	2.0	1100	$1,800	$1.64	44d	1	0.51mi
4503 Crockett Ave Unit B Midland, TX	2.0	2.0	1250	$2,000	$1.60	44d	1	0.59mi
3619 Boyd Ave Midland, TX	3.0	2.0	1700	$2,100	$1.24	14d	1	0.61mi
4519 Crockett Ave Midland, TX	2.0	2.0	1465	$1,900	$1.30	21d	1	0.64mi
4525 Crockett Ave Midland, TX	2.0	2.0	1400	$4,250	$3.04	21d	1	0.66mi
4506 Storey Ave Midland, TX	3.0	1.0	1400	$1,650	$1.18	14d	1	0.68mi
4600 Andrews Hwy Midland, TX	1.0–3.0	1.0–2.0	1117	$2,590	$2.32	44d	5	0.71mi
1813 McDonald St Midland, TX	3.0	2.0	1680	$2,249	$1.34	44d	1	0.73mi
3403 Thomas Ave Midland, TX	2.0	2.0	1472	$2,000	$1.36	14d	1	0.79mi
4610 Storey Ave Midland, TX	3.0	2.0	1184	$1,899	$1.60	21d	1	0.80mi
1902 N Midland Dr Midland, TX	1.0–2.0	1.0–2.5	887	$1,619	$1.82	14d	40	0.80mi
4409 Roosevelt Dr Midland, TX	3.0	2.0	1230	$1,750	$1.42	45d	1	0.82mi
3811 Cedar Spring Dr Midland, TX	4.0	2.0	1500	$2,600	$1.73	44d	1	0.83mi
4317 Tanner Dr Unit A Midland, TX	4.0	2.0	2220	$2,650	$1.19	21d	1	0.91mi
4534 Sinclair Ave Midland, TX	2.0	1.0–2.5	901	$1,904	$2.11	21d	9	0.98mi
2929 W Kansas Ave Unit 317 Midland, TX	2.0	1.5	1050	$1,200	$1.14	44d	1	1.00mi
2929 W Kansas Ave Midland, TX	2.0	1.0	1050	$1,200	$1.14	44d	1	1.00mi
3105 Barkley Ave Midland, TX	4.0	2.0	1730	$2,350	$1.36	14d	1	1.00mi
4515 Monty Dr Midland, TX	4.0	2.0	1853	$2,400	$1.30	44d	1	1.01mi
2910 W Michigan Ave Unit 101 Midland, TX	2.0	2.0	1215	$1,350	$1.11	44d	1	1.01mi
2928 W Louisiana Ave Unit 213 Midland, TX	3.0	2.0	1450	$1,400	$0.97	44d	1	1.01mi
4425 Humble Ave Midland, TX	4.0	2.0	1466	$2,250	$1.53	21d	1	1.06mi
4425 Humble Ave Midland, TX	4.0	2.0	1466	$2,150	$1.47	14d	1	1.06mi
4603 Mercedes Dr Midland, TX	3.0	2.0	1665	$2,199	$1.32	21d	1	1.08mi
3100 Thomas Ave Midland, TX	3.0	1.0	1300	$2,400	$1.85	44d	1	1.09mi
2805 W Louisiana Ave Midland, TX	3.0	2.0	1178	$2,400	$2.04	21d	1	1.12mi
2812 Mariana Ave Midland, TX	3.0	1.5	1443	$1,750	$1.21	44d	1	1.15mi
4732 Harvard Ave Midland, TX	3.0	2.0	2248	$2,600	$1.16	21d	1	1.16mi
2601 Bedford Dr Midland, TX	3.0	2.0	2108	$2,200	$1.04	14d	1	1.17mi
2202 Wydewood Dr Midland, TX	3.0	3.0	1854	$2,700	$1.46	14d	1	1.19mi
2302 Wydewood Dr Midland, TX	3.0	2.0	1748	$2,500	$1.43	44d	1	1.23mi

Listing history 16 events

1. 2026-06-18
   status $179,900 Pending 19 DOM
2. 2026-06-18
   days on market $179,900 Active Under Contract 19 DOM
3. 2026-06-17
   days on market $179,900 Active Under Contract 18 DOM
4. 2026-06-16
   days on market $179,900 Active Under Contract 17 DOM
5. 2026-06-15
   days on market $179,900 Active Under Contract 16 DOM
6. 2026-06-14
   days on market $179,900 Active Under Contract 14 DOM
7. 2026-06-13
   days on market $179,900 Active Under Contract 13 DOM
8. 2026-06-10
   days on market $179,900 Active Under Contract 11 DOM
9. 2026-06-09
   days on market $179,900 Active Under Contract 10 DOM
10. 2026-06-08
    days on market $179,900 Active Under Contract 9 DOM
11. 2026-06-07
    statusdays on market $179,900 Active Under Contract 8 DOM
12. 2026-06-03
    days on market $179,900 Active 4 DOM
13. 2026-06-01
    days on market $179,900 Active 3 DOM
14. 2026-05-31
    days on market $179,900 Active 2 DOM
15. 2026-05-30
    remarks 538-char remark
16. 2026-05-30
    listed $179,900 Active 1 DOM

ⓘ 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: $3,353 · $279/mo
• Projected year-2 tax: $3,353 · $279/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $24,973
• − Mortgage interest: −$10,077
• − Property taxes: −$3,353
• − Insurance: −$900
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$5,233
• Taxable income: $1,414
• Est. tax owed @ 24.0%: −$339
• After-tax cash flow: $3,816/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 20,419
• Household income: $77,285
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 417.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 54% White 34% Two or more races 16% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 45% Cuban 4%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 58% English-only · Spanish 38% Arabic 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.72%
• Current HPI: 224.6222
• Rent YoY: ▼ -0.33%
• Metro: Midland, 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

2 events — show timeline

• 2026-05-29 Listed $179,900 PBBOR
• 1967-08-23 Sold (Public Records) — Public Records

Property tax history

+0.8%/yr

Latest (2025): $3,353 · -6.3% YoY. Source: county tax records.