2400 College Ave · Midland, TX 79701

$400,000

16 bd · 16.0 ba · 2,470 sqft · MultiFamily public records · 29 Days on market

Built 1948 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• 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: 4 units. confirmed

Listing remarks

4-unit quadplex totaling approximately 2,499 SF All units are 1 bed / 1 bath, approximately 625 SF each Listed for sale at $400,000 Stated pro forma cap rate of 8% Located in Midland, TX, in the heart of the Permian Basin Opportunity to operate as long-term rentals or convert to Airbnb / short-term rental use Seller may assist with up to 6% of closing costs Existing property management in place Investment positioned for workforce housing, contractor housing, or short-term rental demand. Zone SF2 and no "Seller Disclosure", all inspections are to be done by the buyer and adequate will be given

Key facts

• Contractor housing
• 4 unit quadplex
• Workforce housing

Tags

• 4 UNIT QUADPLEX
• AIRBNB SHORT TERM RENTAL
• EXISTING PROPERTY MANAGEMENT
• WORKFORCE HOUSING
• CONTRACTOR HOUSING
• SHORT TERM RENTAL DEMAND

Property features AI

Finance

• Other: Lot size approximately 0.161 acre
• Financial info: Annual taxes reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex); Single-story; Slab foundation
• Construction: Vinyl siding construction; Slab foundation
• Exterior features: Vinyl siding

Interior

• Kitchen: Electric range
• Heating & cooling: Has cooling; Window Unit(s)
• Interior features: Window air conditioning units; Electric water heater

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $893 ($11k/yr) — positive. Per door: $223/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: San Jacinto J H (math 26% / reading 35%, grade F, #1,036 of 1,662 statewide, top 63%, 829 students, 54% FRL); Midland H S (math 37% / reading 7%, grade F, #1,366 of 1,632 statewide, top 84%, 2,492 students, 44% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents flat; 113 active listings in the ZIP; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• At $4,415/mo this rent would consume 92% of the median local household income ($57k/yr) (locally 938% 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 $3k of loan paydown is wiped out by about $12k 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 29 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $394,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.74% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-17,790
• Equity at exit: $59,641

10-year hold

• IRR: 2.6%
• Equity multiple: 1.17×
• Total profit: $19,098
• Equity at exit: $34,585

Cash invested: $112,000 (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 79701

• Rents YoY: 0.7%
• Active inventory: 113
• Price-to-rent: 30.2×

Monthly cashflow live

• Estimated rent: $4,415 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$330 /mo · $3,965/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$927
• Net cashflow: $893

Break-even live

Break-even rent $3,284

Max offer price $400,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,416
Total (4 units)			$4,415

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $400,000 Active 29 DOM
2. 2026-06-18
   days on market $400,000 Active 28 DOM
3. 2026-06-17
   days on market $400,000 Active 27 DOM
4. 2026-06-16
   days on market $400,000 Active 26 DOM
5. 2026-06-15
   days on market $400,000 Active 25 DOM
6. 2026-06-14
   days on market $400,000 Active 23 DOM
7. 2026-06-13
   days on market $400,000 Active 22 DOM
8. 2026-06-10
   days on market $400,000 Active 20 DOM
9. 2026-06-09
   days on market $400,000 Active 19 DOM
10. 2026-06-08
    days on market $400,000 Active 18 DOM
11. 2026-06-07
    days on market $400,000 Active 17 DOM
12. 2026-06-03
    days on market $400,000 Active 13 DOM
13. 2026-06-02
    days on market $400,000 Active 12 DOM
14. 2026-06-01
    days on market $400,000 Active 11 DOM
15. 2026-05-31
    days on market $400,000 Active 10 DOM
16. 2026-05-30
    days on market $400,000 Active 9 DOM
17. 2026-05-19
    listed $400,000 Active
18. 2026-05-01
    price $1,000
19. 2026-04-03
    listed $1,050
20. 2024-08-20
    soldstatus
21. 2024-06-01
    historical $1,000
22. 2024-05-16
    price $280,000
23. 2024-04-24
    listed $1,000
24. 2022-10-15
    price $289,900
25. 2018-06-05
    soldstatus
26. 2018-05-31
    soldstatus
27. 2018-03-13
    listed $216,000
28. 2014-03-05
    soldstatus
29. 2008-01-24
    soldstatus
30. 1990-02-08
    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: $3,965 · $330/mo
• Projected year-2 tax: $7,320 · $610/mo
• Expected delta: +$3,355/yr (+$280/mo · 84.6%)

ⓘ 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: $52,980
• − Mortgage interest: −$22,406
• − Property taxes: −$3,965
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,238
• − Management: −$4,238
• − Depreciation: −$11,636
• Taxable income: $4,496
• Est. tax owed @ 24.0%: −$1,079
• After-tax cash flow: $9,638/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): 27,131
• Household income: $57,346
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 938.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 28% White 27% Black 10%
• Hispanic origin (detail): Mexican 57%
• Common ancestry: Lithuanian 1% Slovak 1% Ukrainian 1%
• Foreign-born: 17% · Canada
• Languages at home: 55% English-only · Spanish 44%

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: ▼ -227.32%
• Current HPI: 234.6111
• Rent YoY: ▲ 0.74%
• 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

+85.2% since first listed

14 events — show timeline

• 2026-05-19 Listed $400,000 PBBOR
• 2026-05-01 Price Changed $1,000 PBBOR
• 2026-04-03 Listed for Rent $1,050 PBBOR
• 2024-08-20 Sold (Public Records) — Public Records
• 2024-06-01 Rental Removed $1,000 PBBOR
• 2024-05-16 Price Changed $280,000 PBBOR
• 2024-04-24 Listed for Rent $1,000 PBBOR
• 2022-10-15 Price Changed $289,900 ODMLS
• 2018-06-05 Sold (Public Records) — Public Records
• 2018-05-31 Sold (MLS) — ODMLS
• 2018-03-13 Listed $216,000 ODMLS
• 2014-03-05 Sold (Public Records) — Public Records
• 2008-01-24 Sold (Public Records) — Public Records
• 1990-02-08 Sold (Public Records) — Public Records

Property tax history

+7.7%/yr

Latest (2025): $3,965 · -2.3% YoY. Source: county tax records.