609 Race St · Crowley, TX 76036

$569,000

8 bd · 4.0 ba · 4,432 sqft · MultiFamily public records · 96 Days on market

Built 1998 10,367 sqft lot $128/sqft · 8% above area Est $528k · 8% over

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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 +23.5/30.0
• DSCR +7.5/10.0
• 1% rule +6.2/10.0
• ARV discount +4.0/15.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Schools +2.5/10.0
• 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: 4 units. confirmed

Listing remarks MLS

MULTIPLE OFFERS RECEIVED Don't miss out on this great investment opportunity in Crowley, IT IS PRICED TO SELL! Please do not send offers below asking, this is listed better than the old 1% rule that is unheard of these days. The exterior is freshly painted. Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Housing vouchers will pay $1772 a month so if you get all on vouchers it would bring in $7088 per month for an excellent ROI. It is currently getting $5822 in rents. Unit A just moving in $1350. Unit B $1350 moving out the end of April. Unit C $1350 MTM and wants to stay. Unit D $1772 July 31, 26 has been there for over 5 years. Seller disclosure and survey are in the docs. Reason for selling is bigger investment opportunity.

Key facts

• 0.24 acre lot
• 8 parking spots
• Built 1998

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $569k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $569k).
• Recommended offer: $518k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.5% in Crowley — 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 76/100 on livability (#103 in TX, #3,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Crowley ISD (urban): math 23% / reading 32% proficiency, ranked #643 of 826 in TX (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.3%/yr); 1036 active listings in the ZIP; solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• At $6,394/mo this rent would consume 78% of the median local household income ($98k/yr) (locally 584% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($518k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago 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.
• Current owner paid $248k; list at $569k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $517,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 7.4

CMA / ARV

• ARV (median comp): $527,736
• List price: $569,000
• Delta: 7.82%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.28% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.82×
• Total profit: $-29,243
• Equity at exit: $84,840

10-year hold

• IRR: 3.9%
• Equity multiple: 1.27×
• Total profit: $43,299
• Equity at exit: $49,197

Cash invested: $159,320 (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 76036

• Home prices YoY: -25.2%
• Rents YoY: 2.3%
• Active inventory: 1036
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $6,394 high
• Mortgage (P&I): −$2,984
• Tax from tax record: −$772 /mo · $9,260/yr
• Insurance: −$237
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,343
• Net cashflow: $1,059

Break-even live

Break-even rent $5,054

Max offer price $569,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,381	-5% $1,220	+0% $1,059	+5% $898	+10% $737
Rent	-10% $554	-5% $806	+0% $1,059	+5% $1,311	+10% $1,564
Rate	-1.0pp $1,345	-0.5pp $1,203	base $1,059	+0.5pp $911	+1.0pp $761

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$6,396
Total (4 units)			$6,394

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: $142,250
• Closing costs: $17,070
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-15
   status $569,000 Pending 96 DOM
2. 2026-06-15
   days on market $569,000 Active 96 DOM
3. 2026-06-13
   days on market $569,000 Active 94 DOM
4. 2026-06-13
   days on market $569,000 Active 93 DOM
5. 2026-06-09
   days on market $569,000 Active 90 DOM
6. 2026-06-08
   days on market $569,000 Active 89 DOM
7. 2026-06-07
   days on market $569,000 Active 88 DOM
8. 2026-06-04
   days on market $569,000 Active 85 DOM
9. 2026-06-03
   days on market $569,000 Active 84 DOM
10. 2026-06-02
    days on market $569,000 Active 83 DOM
11. 2026-06-01
    days on market $569,000 Active 82 DOM
12. 2026-05-31
    days on market $569,000 Active 81 DOM
13. 2026-03-11
    listed $569,000 Active 1111-char remark

    Show marketing remark (1111 chars)

    MULTIPLE OFFERS RECEIVED Don't miss out on this great investment opportunity in Crowley, IT IS PRICED TO SELL! Please do not send offers below asking, this is listed better than the old 1% rule that is unheard of these days. The exterior is freshly painted. Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Housing vouchers will pay $1772 a month so if you get all on vouchers it would bring in $7088 per month for an excellent ROI. It is currently getting $5822 in rents. Unit A just moving in $1350. Unit B $1350 moving out the end of April. Unit C $1350 MTM and wants to stay. Unit D $1772 July 31, 26 has been there for over 5 years. Seller disclosure and survey are in the docs. Reason for selling is bigger investment opportunity.

14. 2021-12-10
    soldstatus
15. 2021-05-27
    soldstatus
16. 2021-05-25
    soldstatus Sold 654-char remark

    Show marketing remark (654 chars)

    MULTIPLE OFFERS RECEIVED. BEST AND FINAL DUE FRIDAY APRIL 23 BY 5PM. Don't miss out on this great investment opportunity in Crowley! Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Property is located less than three miles from the assigned elementary, middle, and high schools.

17. 2021-05-02
    status Pending 654-char remark

    Show marketing remark (654 chars)

    MULTIPLE OFFERS RECEIVED. BEST AND FINAL DUE FRIDAY APRIL 23 BY 5PM. Don't miss out on this great investment opportunity in Crowley! Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Property is located less than three miles from the assigned elementary, middle, and high schools.

18. 2021-04-26
    historical Active Option Contract 654-char remark

    Show marketing remark (654 chars)

    MULTIPLE OFFERS RECEIVED. BEST AND FINAL DUE FRIDAY APRIL 23 BY 5PM. Don't miss out on this great investment opportunity in Crowley! Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Property is located less than three miles from the assigned elementary, middle, and high schools.

19. 2021-04-19
    listed $475,000 Active 654-char remark

    Show marketing remark (654 chars)

    MULTIPLE OFFERS RECEIVED. BEST AND FINAL DUE FRIDAY APRIL 23 BY 5PM. Don't miss out on this great investment opportunity in Crowley! Each unit has a three bedroom, one bathroom configuration and spacious layout that includes a living room, dining area, kitchen, utility room, and bathroom. All units have individual water heaters and central HVAC. Separate utility room located next to the kitchen includes washer & dryer hookups. Units are individually metered for water and electricity (tenant expense). Owner pays trash service on a monthly basis. Property is located less than three miles from the assigned elementary, middle, and high schools.

20. 2005-12-22
    soldstatus $248,000
21. 2002-11-20
    soldstatus
22. 1998-03-18
    soldstatus $263,340

ⓘ 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: $9,260 · $772/mo
• Projected year-2 tax: $10,413 · $868/mo
• Expected delta: +$1,153/yr (+$96/mo · 12.5%)

ⓘ 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 7/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,728
• − Mortgage interest: −$31,873
• − Property taxes: −$9,260
• − Insurance: −$2,845
• − Repairs & maintenance: −$6,138
• − Management: −$6,138
• − Depreciation: −$16,553
• Taxable income: $3,921
• Est. tax owed @ 24.0%: −$941
• After-tax cash flow: $11,763/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: Crowley ISD
• NCES district ID: 4815910
• Math proficiency: 23% ▼ -15.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $59,810
• Composite: 25.04/100
• National rank: #7549
• State rank: #643 of 826 in TX

Livability — Crowley

• Score: 76/100
• State rank: #103
• US rank: #3462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crowley, TX
• County: Tarrant County · 2,033,669 people
• City population: 36,044
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 36,044
• Household income: $97,973
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 584.0

Population outlook (Tarrant County) Hauer SSP2

• Today (2025): 2,380,417 people
• By 2030: 2,578,900 · +8.3%
• By 2040: 2,974,995 · +25.0%
• By 2050: 3,350,489 · +40.8%
• By 2075: 4,216,909 · +77.2%
• By 2100: 4,741,527 · +99.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 48% Hispanic / Latino 28% Black 20% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 23% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Serbian 1%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 18% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Tarrant

• 2024 margin: Lean R (+5.1) · D 46.7% · R 51.9% · Other 1.4%
• 2008→2024 swing: +6.6pp toward D · 2008: -11.7pp · 2024: -5.1pp
• All cycles: 2024: R+5.1 2020: D+0.2 2016: R+8.7 2012: R+15.7 2008: R+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.45%
• Current HPI: 238.6365
• Rent YoY: ▲ 2.28%
• 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

+116.1% since first listed

10 events — show timeline

• 2026-03-11 Listed $569,000 NTREIS
• 2021-12-10 Sold (Public Records) — Public Records
• 2021-05-27 Sold (Public Records) — Public Records
• 2021-05-25 Sold (MLS) — NTREIS
• 2021-05-02 Pending — NTREIS
• 2021-04-26 Contingent — NTREIS
• 2021-04-19 Listed $475,000 NTREIS
• 2005-12-22 Sold (Public Records) $248,000 Public Records
• 2002-11-20 Sold (Public Records) — Public Records
• 1998-03-18 Sold (Public Records) $263,340 Public Records

Property tax history

+2.1%/yr

Latest (2025): $9,260 · -16.9% YoY. Source: county tax records.