20196 County Rd 120 · Iola, TX 77861

$220,000

2 bd · None ba · 896 sqft · Manufactured public records · 83 Days on market

Built 2001 3.72 ac 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 +12.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Beautiful country setting in Iola ISD. This 3.72-acre property features a 2001 2-bedroom, 2-bath manufactured home, an old barn, cattle panel fencing, a stock pond, four carports, and public water, septic, power, and access to MidSouth Fiber. Whether you choose to refurbish the home or remove it and build new, this property offers a wonderful setting with options to make it your own!

Key facts

• Cattle panels
• Four carports
• Acre property

Tags

• ACRE PROPERTY
• OLD BARN
• CATTLE PANELS
• STOCK POND
• FOUR CARPORTS
• PUBLIC WATER

What this means for you Summary

Snapshot

• This is a 2-bed/?-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $-46 ($-557/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (15.2% below list).
• Recommended offer: $187k (15.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#1,107 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, crime F, amenities F.
• Iola ISD (rural): math 50% / reading 50% proficiency, ranked #163 of 826 in TX (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 134 active listings in the ZIP; 110 units permitted in Grimes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Grimes County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,572 (15.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.85% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.90%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.90×
• Total profit: $116,887
• Equity at exit: $198,193

10-year hold

• IRR: 21.0%
• Equity multiple: 6.63×
• Total profit: $346,597
• Equity at exit: $427,412

Cash invested: $61,600 (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 77861

• Home prices YoY: 23.3%
• Active inventory: 134
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $-46

Break-even live

Break-even rent $1,925

Max offer price $213,278

Occupancy floor 97%

Sensitivity live

Price	-10% $106	-5% $30	+0% $-46	+5% $-122	+10% $-198
Rent	-10% $-194	-5% $-120	+0% $-46	+5% $27	+10% $101
Rate	-1.0pp $64	-0.5pp $10	base $-46	+0.5pp $-103	+1.0pp $-161

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $220,000 Active 83 DOM
2. 2026-06-17
   days on market $220,000 Active 82 DOM
3. 2026-06-16
   days on market $220,000 Active 81 DOM
4. 2026-06-15
   days on market $220,000 Active 80 DOM
5. 2026-06-14
   days on market $220,000 Active 78 DOM
6. 2026-06-13
   days on market $220,000 Active 77 DOM
7. 2026-06-10
   days on market $220,000 Active 75 DOM
8. 2026-06-09
   days on market $220,000 Active 74 DOM
9. 2026-06-08
   days on market $220,000 Active 73 DOM
10. 2026-06-07
    days on market $220,000 Active 72 DOM
11. 2026-06-03
    days on market $220,000 Active 68 DOM
12. 2026-06-02
    days on market $220,000 Active 67 DOM
13. 2026-06-01
    days on market $220,000 Active 66 DOM
14. 2026-05-31
    days on market $220,000 Active 65 DOM
15. 2026-05-30
    days on market $220,000 Active 64 DOM
16. 2026-03-27
    listed $220,000 Active 386-char remark

    Show marketing remark (386 chars)

    Beautiful country setting in Iola ISD. This 3.72-acre property features a 2001 2-bedroom, 2-bath manufactured home, an old barn, cattle panel fencing, a stock pond, four carports, and public water, septic, power, and access to MidSouth Fiber. Whether you choose to refurbish the home or remove it and build new, this property offers a wonderful setting with options to make it your own!

17. 2026-03-27
    listed $220,000 Active 386-char remark

    Show marketing remark (386 chars)

    Beautiful country setting in Iola ISD. This 3.72-acre property features a 2001 2-bedroom, 2-bath manufactured home, an old barn, cattle panel fencing, a stock pond, four carports, and public water, septic, power, and access to MidSouth Fiber. Whether you choose to refurbish the home or remove it and build new, this property offers a wonderful setting with options to make it your own!

18. 2025-07-07
    historical
19. 2025-05-30
    price $200,000
20. 2025-04-20
    price $250,000
21. 2025-04-19
    listed $25,000,000 Active
22. 2020-07-08
    listed $90,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $22,389
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$6,400
• Taxable loss: −$4,317
• Est. tax savings @ 24.0%: +$1,036
• After-tax cash flow: $479/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: Iola ISD
• NCES district ID: 4824240
• Math proficiency: 50% ▼ -6.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $58,213
• Composite: 43.58/100
• National rank: #2979
• State rank: #163 of 826 in TX

Livability — Iola

• Score: 59/100
• State rank: #1107
• US rank: #19600

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,785

Population outlook (Grimes County) Hauer SSP2

• Today (2025): 28,910 people
• By 2030: 29,539 · +2.2%
• By 2040: 30,648 · +6.0%
• By 2050: 31,698 · +9.6%
• By 2075: 34,351 · +18.8%
• By 2100: 33,565 · +16.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 18% Two or more races 14%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 6% Lithuanian 5% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Grimes

• 2024 margin: Solid R (+60.3) · D 19.5% · R 79.7%
• 2008→2024 swing: -25.9pp toward R · 2008: -34.3pp · 2024: -60.3pp
• All cycles: 2024: R+60.3 2020: R+53.2 2016: R+51.1 2012: R+44.2 2008: R+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.14%
• Current HPI: 264.958
• Rent YoY: —
• Metro: —
• 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

+144.4% since first listed

7 events — show timeline

• 2026-03-27 Listed $220,000 HARMLS
• 2026-03-27 Listed $220,000 BCSRMLS
• 2025-07-07 Listing Removed — HARMLS
• 2025-05-30 Price Changed $200,000 HARMLS
• 2025-04-20 Price Changed $250,000 HARMLS
• 2025-04-19 Listed $25,000,000 HARMLS
• 2020-07-08 Listed $90,000 BCSRMLS

Property tax history

-0.3%/yr

Latest (2025): $359 · -1.9% YoY. Source: county tax records.