3524 W Shandon Ave · Midland, TX 79707

$265,000

4 bd · 3.0 ba · 2,419 sqft · SingleFamily public records · 153 Days on market

Built 1963 7,579 sqft lot $110/sqft · at area comps Est $279k · at est.

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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 +18.3/30.0
• ARV discount +9.7/15.0
• DSCR +5.7/10.0
• 1% rule +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4 bed/3 bath home, Great Investment. High ceilings throughout. Plenty of space to entertain year round, 3 living areas, formal dining, large office off of sequestered master. Solar panels installed 2021. Will be paid off at closing.

Key facts

• Formal dining
• Large office
• 3 living areas

Tags

• HIGH CEILINGS
• SOLAR PANELS
• 3 LIVING AREAS
• FORMAL DINING
• LARGE OFFICE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: schools C-, crime C-, commute 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.
• Market conditions: Rents rising fast (+4.5%/yr); 314 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 153 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago; this cycle's ask has dropped $56k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $233,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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 1963 — 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. 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: 1.02% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 8.2

CMA / ARV

• ARV (median comp): $278,605
• List price: $265,000
• Delta: -4.88%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.45% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.68×
• Total profit: $-23,526
• Equity at exit: $39,512

10-year hold

• IRR: 2.9%
• Equity multiple: 1.22×
• Total profit: $16,456
• Equity at exit: $22,912

Cash invested: $74,200 (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 79707

• Rents YoY: 4.5%
• Active inventory: 314
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,697 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$389 /mo · $4,672/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $241

Break-even live

Break-even rent $2,392

Max offer price $265,000

Occupancy floor 86%

Sensitivity live

Price	-10% $391	-5% $316	+0% $241	+5% $166	+10% $91
Rent	-10% $28	-5% $134	+0% $241	+5% $348	+10% $454
Rate	-1.0pp $374	-0.5pp $308	base $241	+0.5pp $172	+1.0pp $102

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3315 Godfrey St Midland, TX	1.0–3.0	1.5–4.0	1764	$2,800	$1.59	14d	8	0.27mi
3326 W Dengar Ave Midland, TX	4.0	3.0	2000	$2,500	$1.25	22d	1	0.32mi
3317 Providence Dr Midland, TX	3.0	2.0	1810	$2,500	$1.38	44d	1	0.54mi
1813 McDonald St Midland, TX	3.0	2.0	1680	$2,249	$1.34	44d	1	0.68mi
3214 Mark Ln Midland, TX	3.0	2.0	1836	$2,550	$1.39	44d	1	0.73mi
4027 Angelina Dr Midland, TX	3.0	2.0	2228	$2,900	$1.30	14d	1	0.75mi
3619 Boyd Ave Midland, TX	3.0	2.0	1700	$2,100	$1.24	14d	1	0.76mi
3300 Durant Dr Midland, TX	4.0	3.5	2982	$3,650	$1.22	14d	1	0.77mi
3300 Durant Dr Midland, TX	3.0	3.5	2982	$4,400	$1.48	44d	1	0.77mi
3245 Preston Dr Midland, TX	3.0	2.5	1608	$2,000	$1.24	44d	1	0.81mi
3208 Elma Dr Midland, TX	3.0	2.5	1645	$2,700	$1.64	44d	1	0.83mi
3114 Shell Ave Midland, TX	4.0	2.0	2260	$2,999	$1.33	22d	1	0.85mi
11 Marchelle Ct Midland, TX	4.0	2.0	2714	$3,200	$1.18	44d	1	0.88mi
2302 Wydewood Dr Midland, TX	3.0	2.0	1748	$2,500	$1.43	44d	1	0.95mi
2202 Wydewood Dr Midland, TX	3.0	3.0	1854	$2,700	$1.46	14d	1	0.97mi
3900 Douglas Ave Midland, TX	4.0	2.0	1961	$2,800	$1.43	44d	1	1.00mi
3309 Edgemont Dr Midland, TX	3.0	2.0	1600	$2,995	$1.87	22d	1	1.04mi
3002 Phillip Pl Midland, TX	3.0	2.0	1579	$2,400	$1.52	44d	1	1.05mi
3306 Oakmont Dr Midland, TX	3.0	2.0	1791	$2,500	$1.40	22d	1	1.06mi
2900 Goddard Pl Midland, TX	4.0	3.0	2570	$3,400	$1.32	14d	1	1.10mi
2900 Goddard Pl Midland, TX	4.0	3.0	2570	$3,400	$1.32	22d	1	1.10mi
3226 Whittle Way Midland, TX	3.0	2.0	1850	$4,250	$2.30	22d	1	1.12mi
2603 W Wadley Ave Midland, TX	3.0	2.0	1600	$1,900	$1.19	22d	1	1.12mi
3134 Tealwood Pl Midland, TX	3.0	2.0	1974	$2,500	$1.27	22d	1	1.17mi
2615 Haynes Ave Unit B Midland, TX	3.0	2.0	1635	$1,950	$1.19	14d	1	1.22mi
2913 Sunburst Dr Midland, TX	3.0	2.0	1655	$2,400	$1.45	22d	1	1.38mi
2801 Exeter Ave Midland, TX	4.0	2.5	2394	$2,900	$1.21	44d	1	1.41mi
5106 Rio Grande Ave Midland, TX	3.0	2.0	1924	$2,650	$1.38	45d	1	1.47mi
5103 San Antonio Ave Midland, TX	4.0	2.0	1739	$2,900	$1.67	22d	1	1.49mi

Listing history 27 events

1. 2026-06-19
   days on market $265,000 Active 153 DOM
2. 2026-06-18
   days on market $265,000 Active 152 DOM
3. 2026-06-17
   days on market $265,000 Active 151 DOM
4. 2026-06-16
   days on market $265,000 Active 150 DOM
5. 2026-06-15
   days on market $265,000 Active 149 DOM
6. 2026-06-14
   days on market $265,000 Active 147 DOM
7. 2026-06-13
   days on market $265,000 Active 146 DOM
8. 2026-06-10
   days on market $265,000 Active 144 DOM
9. 2026-06-09
   days on market $265,000 Active 143 DOM
10. 2026-06-08
    days on market $265,000 Active 142 DOM
11. 2026-06-07
    days on market $265,000 Active 141 DOM
12. 2026-06-03
    days on market $265,000 Active 137 DOM
13. 2026-06-02
    days on market $265,000 Active 136 DOM
14. 2026-06-01
    days on market $265,000 Active 135 DOM
15. 2026-05-31
    days on market $265,000 Active 134 DOM
16. 2026-05-30
    days on market $265,000 Active 133 DOM
17. 2026-03-12
    price $265,000 242-char remark

    Show marketing remark (242 chars)

    Spacious 4 bed/3 bath home, Great Investment. High ceilings throughout. Plenty of space to entertain year round, 3 living areas, formal dining, large office off of sequestered master. Solar panels installed 2021. Will be paid off at closing.

18. 2026-02-10
    price $285,000 242-char remark

    Show marketing remark (242 chars)

    Spacious 4 bed/3 bath home, Great Investment. High ceilings throughout. Plenty of space to entertain year round, 3 living areas, formal dining, large office off of sequestered master. Solar panels installed 2021. Will be paid off at closing.

19. 2026-01-17
    listed $321,000 Active 242-char remark

    Show marketing remark (242 chars)

    Spacious 4 bed/3 bath home, Great Investment. High ceilings throughout. Plenty of space to entertain year round, 3 living areas, formal dining, large office off of sequestered master. Solar panels installed 2021. Will be paid off at closing.

20. 2021-10-18
    soldstatus
21. 2014-04-14
    soldstatus
22. 2014-04-11
    listed $189,900 279-char remark

    Show marketing remark (279 chars)

    Spectacular 3 bed/3bath w/ gameroom! The unexcepted details and updates will amaze you! The living has high wood ceilings and a view of the stone fireplace and wood floors of the den! The spruced up kitchen has access to the HUGE gameroom w/ patio deck, dog run and cooking area!

23. 2014-04-10
    soldstatus 279-char remark

    Show marketing remark (279 chars)

    Spectacular 3 bed/3bath w/ gameroom! The unexcepted details and updates will amaze you! The living has high wood ceilings and a view of the stone fireplace and wood floors of the den! The spruced up kitchen has access to the HUGE gameroom w/ patio deck, dog run and cooking area!

24. 2008-09-17
    soldstatus
25. 2002-06-24
    soldstatus
26. 2002-06-21
    soldstatus
27. 2002-04-26
    listed $79,900

ⓘ 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: $4,672 · $389/mo
• Projected year-2 tax: $4,850 · $404/mo
• Expected delta: +$178/yr (+$15/mo · 3.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 21 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: $32,360
• − Mortgage interest: −$14,844
• − Property taxes: −$4,672
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,589
• − Management: −$2,589
• − Depreciation: −$7,709
• Taxable loss: −$1,367
• Est. tax savings @ 24.0%: +$328
• After-tax cash flow: $3,220/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): 40,010
• Household income: $99,886
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1919.0

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 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 11% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 26% Cuban 1%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Philippines
• Languages at home: 79% English-only · Spanish 14% Other Asian/Pacific 2% Other Indo-European 1%

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: ▼ -208.65%
• Current HPI: 198.7489
• Rent YoY: ▲ 4.45%
• 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

+231.7% since first listed

11 events — show timeline

• 2026-03-12 Price Changed $265,000 PBBOR
• 2026-02-10 Price Changed $285,000 PBBOR
• 2026-01-17 Listed $321,000 PBBOR
• 2021-10-18 Sold (Public Records) — Public Records
• 2014-04-14 Sold (Public Records) — Public Records
• 2014-04-11 Listed $189,900 ODMLS
• 2014-04-10 Sold (MLS) — ODMLS
• 2008-09-17 Sold (Public Records) — Public Records
• 2002-06-24 Sold (Public Records) — Public Records
• 2002-06-21 Sold (MLS) — ODMLS
• 2002-04-26 Listed $79,900 ODMLS

Property tax history

+1.0%/yr

Latest (2025): $4,672 · -6.4% YoY. Source: county tax records.