1607 Elizabeth Ave · Wichita Falls, TX 76301

$25,000

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 6 Days on market

Built 1922 9,017 sqft lot $27/sqft · 65% below area ↓ 50% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable opportunity with flexible terms available. Cash buyers welcome and owner carries first available for qualified buyers. 3-bedroom home with strong potential for renovation, rental income, resale, or long-term investment. Property is being sold AS-IS and is priced accordingly. Large covered front porch and corner-lot appeal provide a solid foundation for an investor or handyman looking for their next project. Seller will consider cash offers and owner-carry proposals. All owner-carry transactions will be processed through a licensed RMLO in compliance with applicable regulations. Property acquired through tax foreclosure sale. Seller will provide available title and foreclosure doc

Key facts

• 9,017 sq ft lot
• Built 1922
• Listed 5 days

Property features AI

Finance

• Other: Special taxing entities: No; Possession negotiable (30–60 days, at closing/funding, or negotiable)
• Financial info: Listing terms include Cash, Contact Agent, Contract, FHA-203K, Owner Will Carry, Private Financing Available, Other
• HOA & community: No association

Exterior

• Parking: Driveway parking; On-street parking; Open parking (no covered or carport spaces)
• Security: Security features listed as unknown/other
• Utilities: City water; City sewer; Electricity available; Cable available; Asphalt access; Overhead utilities
• Home design: Single-family residence; Residential property; One story; Not attached to another property
• Construction: Built in 1922 (preowned); Frame/siding/wood construction; Pillar/post/pier foundation; Composition/shingle roof
• Exterior features: Less than 0.5-acre lot; Lot in Southland subdivision; Directions: From Old Iowa Park Rd, turn onto Elizabeth Ave. Property is on the right.

Interior

• Kitchen: Kitchen on main level (approx. 10 x 9); Appliances: Other/none listed
• Bedrooms: 3 bedrooms — all on the main level; Primary bedroom on main level (approx. 12 x 11); Second bedroom on main level (approx. 11 x 10); Third bedroom on main level (approx. 10 x 10)
• Flooring: Combination of flooring types; Wood flooring; Other/none listed
• Bathrooms: 1 full bathroom (main level, approx. 8 x 5)
• Heating & cooling: No heating listed; No cooling listed
• Interior features: Paneling; Other interior features; 7 total rooms; One-level layout; 1 living area; 1 dining area
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($969 rent vs $25k).
• Cap rate 34.8% 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+, crime 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.
• Zoned schools: Scotland Park El (math 20% / reading 24%, grade F, #3,333 of 4,322 statewide, top 80%, 473 students, 92% FRL) — zoned schools average 92% FRL vs 54% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.3%/yr); 133 active listings in the ZIP; 12 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; lower-income renter base — watch delinquency; 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 $173 of loan paydown is wiped out by about $750 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 + 5.3% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 3.88% ✓
• Cap rate: 34.83%
• Cash-on-cash: 101.91%
• DSCR: 5.53
• GRM: 2.2

CMA / ARV

• ARV (median comp): $72,177
• List price: $25,000
• Delta: -62.59%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.27% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.16×
• Total profit: $36,089
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 13.85×
• Total profit: $89,963
• Equity at exit: $2,162

Cash invested: $7,000 (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 76301

• Home prices YoY: -34.1%
• Rents YoY: 5.3%
• Active inventory: 133
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $969 high
• Mortgage (P&I): −$131
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $594

Break-even live

Break-even rent $216

Max offer price $25,000

Occupancy floor 34%

Sensitivity live

Price	-10% $609	-5% $602	+0% $594	+5% $587	+10% $580
Rent	-10% $518	-5% $556	+0% $594	+5% $633	+10% $671
Rate	-1.0pp $607	-0.5pp $601	base $594	+0.5pp $588	+1.0pp $581

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1824 Collins Ave Wichita Falls, TX	1.0	1.0	750	$795	$1.06	44d	1	0.61mi
1810 7th St Unit 1/2 Wichita Falls, TX	2.0	1.0	806	$775	$0.96	44d	1	0.75mi
2007 10th St Unit B Wichita Falls, TX	1.0	1.0	744	$750	$1.01	44d	1	0.79mi
2003 Wilson Ave Unit 1/2 Wichita Falls, TX	1.0	1.0	680	$650	$0.96	44d	1	0.80mi
1301 Giddings St Wichita Falls, TX	3.0	1.0	1000	$1,150	$1.15	44d	1	0.91mi
1901 Giddings St Wichita Falls, TX	3.0	2.0	909	$1,175	$1.29	44d	1	1.00mi
2130 Avenue K Wichita Falls, TX	3.0	2.0	1090	$1,390	$1.28	44d	1	1.11mi
2006 Bell St Wichita Falls, TX	3.0	1.0	1120	$1,000	$0.89	44d	1	1.14mi
504 Fillmore St Wichita Falls, TX	1.0–2.0	1.0	734	$895	$1.22	44d	6	1.32mi
1515 Fillmore St Wichita Falls, TX	3.0	2.0	909	$1,225	$1.35	44d	1	1.32mi
1813 Polk St Wichita Falls, TX	3.0	2.0	1090	$1,364	$1.25	44d	1	1.36mi
1710 Fillmore St Apt C Wichita Falls, TX	1.0	1.0	648	$625	$0.96	44d	1	1.43mi

Listing history 21 events

1. 2026-06-19
   days on market $25,000 Active 6 DOM
2. 2026-06-18
   days on market $25,000 Active 5 DOM
3. 2026-06-17
   days on market $25,000 Active 4 DOM
4. 2026-06-16
   days on market $25,000 Active 3 DOM
5. 2026-06-15
   days on market $25,000 Active 2 DOM
6. 2026-06-14
   pricedays on marketlisting id $25,000 Active 1 DOM
7. 2026-06-10
   days on market $27,000 Active 181 DOM
8. 2026-06-09
   days on market $27,000 Active 180 DOM
9. 2026-06-08
   days on market $27,000 Active 179 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    days on market $27,000 Active 178 DOM
12. 2026-06-05
    days on market $27,000 Active 175 DOM
13. 2026-06-02
    days on market $27,000 Active 173 DOM
14. 2026-06-01
    days on market $27,000 Active 172 DOM
15. 2026-05-31
    days on market $27,000 Active 171 DOM
16. 2026-05-30
    days on market $27,000 Active 170 DOM
17. 2026-01-09
    price $27,000 822-char remark
18. 2025-12-22
    price $29,000 822-char remark
19. 2025-12-17
    price $35,000 822-char remark
20. 2025-12-11
    listed $50,000 Active 822-char remark
21. 2020-04-28
    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: $353 · $29/mo
• Projected year-2 tax: $458 · $38/mo
• Expected delta: +$105/yr (+$9/mo · 29.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $11,626
• − Mortgage interest: −$1,400
• − Property taxes: −$353
• − Insurance: −$125
• − Repairs & maintenance: −$930
• − Management: −$930
• − Depreciation: −$727
• Taxable income: $7,161
• Est. tax owed @ 24.0%: −$1,719
• After-tax cash flow: $5,415/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: 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): 15,479
• Household income: $41,947
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 577.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 38% Black 18% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 22%

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: ▼ -69.89%
• Current HPI: 135.1511
• Rent YoY: ▲ 5.27%
• 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

-50.0% since first listed

7 events — show timeline

• 2026-06-13 Listed $25,000 NTREIS
• 2026-06-11 Listing Removed — NTREIS
• 2026-01-09 Price Changed $27,000 NTREIS
• 2025-12-22 Price Changed $29,000 NTREIS
• 2025-12-17 Price Changed $35,000 NTREIS
• 2025-12-11 Listed $50,000 NTREIS
• 2020-04-28 Sold (Public Records) — Public Records

Property tax history

-3.3%/yr

Latest (2025): $353 · -12.7% YoY. Source: county tax records.