4500 Spanish Trce Unit 3 · Wichita Falls, TX 76310

$134,900

2 bd · 2.0 ba · 1,029 sqft · SingleFamily · 284 Days on market

Built 1969 Good condition $131/sqft · 25% below area Est $179k · 25% under ↓ 4% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• Rent growth +4.5/5.0
• DSCR +3.9/10.0
• Condition / age +3.8/5.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2bed/2bath condo in the desirable Spanish Trace. The home features 2 beautiful skylights & arches that lead seamlessly to the dining/kitchen area. Upgrades include new hot water heater (2023), new roof & new outer skylight domes (2025). HOA takes care of yard maintenance, water, & garbage services, allowing for a low-maintenance lifestyle. Enjoy leisure time by the community pool or relax on your private patio. There is also an outbuilding for additional storage. Call today!

Key facts

• Community pool
• Private patio
• New roof

Tags

• NEW ROOF
• COMMUNITY POOL
• PRIVATE PATIO

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-6 ($-70/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (13.1% below list).
• Recommended offer: $117k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.5% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.8%/yr); 250 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent is only 17% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,274 (13.1% 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 284 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.18%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $179,490
• List price: $134,900
• Delta: -24.84%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4650 Sierra Madre	0.35mi	3/2.0 (+1)	1,212 (+18%)	2mo	$200,000	$165	52
4661 Briarwood Dr	0.67mi	3/2.0 (+1)	1,116 (+8%)	9mo	$149,500	$134	42
4721 Matterhorn	0.62mi	2/2.0	1,111 (+8%)	28mo	$179,000	$161	38
4665 Sierra Madre	0.41mi	3/2.0 (+1)	1,231 (+20%)	18mo	$189,900	$154	35
1 Daisy Cir	1.02mi	3/2.0 (+1)	1,165 (+13%)	6mo	$157,900	$136	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.83% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.57×
• Total profit: $-16,234
• Equity at exit: $20,114

10-year hold

• IRR: 3.8%
• Equity multiple: 1.33×
• Total profit: $12,566
• Equity at exit: $11,664

Cash invested: $37,772 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 13 active · 2 under contract
• Months of supply: 78.0 mo (1%/mo absorbed)
• Median asking: $164,900 ($138/sqft)
• Median days on market: 31 d
• This list price: 15% of active listings are priced below it
• ARV vs active asking: +26.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 76310

• Home prices YoY: -25.9%
• Rents YoY: 7.8%
• Active inventory: 250
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,173 high
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-6

Break-even live

Break-even rent $1,180

Max offer price $134,061

Occupancy floor 95%

Sensitivity live

Price	-10% $87	-5% $41	+0% $-6	+5% $-52	+10% $-99
Rent	-10% $-98	-5% $-52	+0% $-6	+5% $41	+10% $87
Rate	-1.0pp $62	-0.5pp $29	base $-6	+0.5pp $-41	+1.0pp $-76

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: $33,725
• Closing costs: $4,047
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4709 Coronado Ave Wichita Falls, TX	1.0	1.0	750	$699	$0.93	6d	1	0.58mi
4709 Coronado Ave Wichita Falls, TX	2.0	1.0	750	$799	$1.07	4d	1	0.58mi
5210 Tower Dr Wichita Falls, TX	2.0	2.5	1390	$1,100	$0.79	2d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	1.0	1.5	910	$775	$0.85	139d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	2.0	2.0	1310	$1,050	$0.80	5d	1	0.78mi
5210 Tower Dr Wichita Falls, TX	2.0	2.0	1190	$1,025	$0.86	3d	1	0.78mi
4800 Brookdale Dr Wichita Falls, TX	1.0–3.0	1.0–2.0	770	$873	$1.13	2d	7	0.97mi
5313 Langford Ln Wichita Falls, TX	3.0	2.0	1092	$1,650	$1.51	2d	1	1.02mi
4202 Meadowbrook Dr Wichita Falls, TX	3.0	2.0	1400	$1,595	$1.14	5d	1	1.16mi
4111 McGaha Ave Wichita Falls, TX	3.0	2.0	1025	$1,125	$1.10	139d	1	1.49mi

Listing history 34 events

1. 2026-07-08
   days on market $134,900 Active 284 DOM
2. 2026-07-07
   days on market $134,900 Active 283 DOM
3. 2026-07-06
   days on market $134,900 Active 282 DOM
4. 2026-07-05
   days on market $134,900 Active 281 DOM
5. 2026-07-04
   days on market $134,900 Active 280 DOM
6. 2026-07-03
   days on market $134,900 Active 279 DOM
7. 2026-07-02
   days on market $134,900 Active 278 DOM
8. 2026-07-01
   days on market $134,900 Active 277 DOM
9. 2026-06-30
   days on market $134,900 Active 276 DOM
10. 2026-06-29
    days on market $134,900 Active 275 DOM
11. 2026-06-28
    days on market $134,900 Active 274 DOM
12. 2026-06-28
    days on market $134,900 Active 273 DOM
13. 2026-06-27
    days on market $134,900 Active 272 DOM
14. 2026-06-26
    days on market $134,900 Active 271 DOM
15. 2026-06-23
    days on market $134,900 Active 268 DOM
16. 2026-06-22
    days on market $134,900 Active 267 DOM
17. 2026-06-19
    days on market $134,900 Active 265 DOM
18. 2026-06-18
    days on market $134,900 Active 264 DOM
19. 2026-06-17
    days on market $134,900 Active 263 DOM
20. 2026-06-16
    days on market $134,900 Active 262 DOM
21. 2026-06-15
    days on market $134,900 Active 261 DOM
22. 2026-06-14
    days on market $134,900 Active 259 DOM
23. 2026-06-13
    days on market $134,900 Active 258 DOM
24. 2026-06-10
    days on market $134,900 Active 256 DOM
25. 2026-06-09
    days on market $134,900 Active 255 DOM
26. 2026-06-08
    days on market $134,900 Active 254 DOM
27. 2026-06-07
    pricedays on market $134,900 Active 253 DOM
28. 2026-06-05
    days on market $139,900 Active 250 DOM
29. 2026-06-02
    days on market $139,900 Active 248 DOM
30. 2026-06-01
    days on market $139,900 Active 247 DOM
31. 2026-05-31
    days on market $139,900 Active 246 DOM
32. 2026-05-30
    days on market $139,900 Active 245 DOM
33. 2026-04-23
    price $139,900 521-char remark

    Show marketing remark (521 chars)

    Welcome to this charming 2bed/2bath condo in the desirable Spanish Trace. The home features 2 beautiful skylights & arches that lead seamlessly to the dining/kitchen area. Upgrades include new hot water heater (2023), new roof & new outer skylight domes (2025). HOA takes care of yard maintenance, water, & garbage services, allowing for a low-maintenance lifestyle. Enjoy leisure time by the community pool or relax on your private patio. There is also an outbuilding for additional storage. Call today!

34. 2025-09-27
    listed $145,000 Active 521-char remark

    Show marketing remark (521 chars)

    Welcome to this charming 2bed/2bath condo in the desirable Spanish Trace. The home features 2 beautiful skylights & arches that lead seamlessly to the dining/kitchen area. Upgrades include new hot water heater (2023), new roof & new outer skylight domes (2025). HOA takes care of yard maintenance, water, & garbage services, allowing for a low-maintenance lifestyle. Enjoy leisure time by the community pool or relax on your private patio. There is also an outbuilding for additional storage. Call today!

ⓘ 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 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $14,073
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$3,924
• Taxable loss: −$2,358
• Est. tax savings @ 24.0%: +$566
• After-tax cash flow: $496/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $5,145–$15,435 screening

This charming 2-bedroom, 2-bathroom condo in Spanish Trace is in good condition with recent updates. It offers a low-maintenance lifestyle and is ready for a fresh paint job and kitchen cabinet update to maximize its value.

Repairs flagged

• Minor Kitchen cabinets — Aesthetic update needed.
• Minor Bathtub and shower curtain — Update needed for a fresh look.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace kitchen cabinets — Modernizing the kitchen adds value and functionality. ↑
• Both Replace shower curtain — Freshening the bathroom adds value and improves aesthetics. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Schools (NCES district)

• District: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

C Composite livability gradescore 69/100

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 129,638 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 19,029
• Household income: $82,183
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 13% of renters

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Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 13% Two or more races 10% Black 6% Asian 5%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Vietnamese 1%

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Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.37%
• Current HPI: 176.0321
• Rent YoY: ▲ 7.83%
• Metro: Wichita Falls, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

-3.5% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $139,900 WFAOR
• 2025-09-27 Listed $145,000 WFAOR