59 Private Road 32150

Toco, TX 75421

$64,000B+

2 bd · 2.0 ba · 1,300 sqft · Built 2000 · Manufactured · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,066/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $403/mo
• Annual: $4,840/yr
• Cap rate: 13.86%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• 1% rule: 1.67%
• Cash to close: $17,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $64k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• It's been on market 116 days — a 9% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($442 loan paydown + $3k appreciation (4.6% local appreciation)).
• Location reads 52/100 on livability (#1,458 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• North Lamar ISD (rural): math 43% / reading 45% proficiency, ranked #275 of 826 in TX (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 119 units permitted in Lamar County in 2024 (71 in 5+ unit buildings).
• Lamar County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.