4500 Spanish Trce Unit 3 · Wichita Falls, TX 76310

$134,900

2 bd · 2.0 ba · 1,029 sqft · SingleFamily · 265 Days on market

Built 1969 Good condition $131/sqft · 16% below area Est $160k · 16% 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).

• Cash flow +18.4/30.0
• ARV discount +14.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.9/10.0
• Rent growth +4.5/5.0
• Condition / age +3.8/5.0
• 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 $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (0.8% below list).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.7% 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); 151 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 265 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 $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
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: 0.99% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (median comp): $159,764
• List price: $134,900
• Delta: -15.56%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4661 Briarwood Dr	0.67mi	3/2.0 (+1)	1,116 (+8%)	6mo	$149,500	$134	44

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: -4.8%
• Equity multiple: 0.81×
• Total profit: $-7,030
• Equity at exit: $20,114

10-year hold

• IRR: 9.9%
• Equity multiple: 1.93×
• Total profit: $35,189
• 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 →

ZIP-level market 76310

• Home prices YoY: -25.9%
• Rents YoY: 7.8%
• Active inventory: 151
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,339 medium
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $125

Break-even live

Break-even rent $1,180

Max offer price $134,900

Occupancy floor 86%

Sensitivity live

Price	-10% $219	-5% $172	+0% $125	+5% $79	+10% $32
Rent	-10% $20	-5% $73	+0% $125	+5% $178	+10% $231
Rate	-1.0pp $193	-0.5pp $160	base $125	+0.5pp $90	+1.0pp $55

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
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5210 Tower Dr Wichita Falls, TX	1.0	1.5	910	$775	$0.85	44d	1	0.78mi
5313 Langford Ln Wichita Falls, TX	3.0	2.0	1092	$1,650	$1.51	44d	1	1.02mi
4111 McGaha Ave Wichita Falls, TX	3.0	2.0	1025	$1,125	$1.10	44d	1	1.49mi

Listing history 18 events

1. 2026-06-19
   days on market $134,900 Active 265 DOM
2. 2026-06-18
   days on market $134,900 Active 264 DOM
3. 2026-06-17
   days on market $134,900 Active 263 DOM
4. 2026-06-16
   days on market $134,900 Active 262 DOM
5. 2026-06-15
   days on market $134,900 Active 261 DOM
6. 2026-06-14
   days on market $134,900 Active 259 DOM
7. 2026-06-13
   days on market $134,900 Active 258 DOM
8. 2026-06-10
   days on market $134,900 Active 256 DOM
9. 2026-06-09
   days on market $134,900 Active 255 DOM
10. 2026-06-08
    days on market $134,900 Active 254 DOM
11. 2026-06-07
    pricedays on market $134,900 Active 253 DOM
12. 2026-06-05
    days on market $139,900 Active 250 DOM
13. 2026-06-02
    days on market $139,900 Active 248 DOM
14. 2026-06-01
    days on market $139,900 Active 247 DOM
15. 2026-05-31
    days on market $139,900 Active 246 DOM
16. 2026-05-30
    days on market $139,900 Active 245 DOM
17. 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!

18. 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: $16,066
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$3,924
• Taxable loss: −$684
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $1,669/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

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.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Aesthetic update needed.	Minor	$500–3,000
Bathtub and shower curtain · Update needed for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• 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. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 95,694 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: 263.0

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%

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%

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

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