2221 Ross Ave · Waco, TX 76706

$75,000

2 bd · 1.0 ba · 660 sqft · SingleFamily public records · 6 Days on market

Built 1948 8,233 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Key facts

• 8,233 sq ft lot
• Built 1948
• Listed 6 days

Property features AI

Finance

• Financial info: Treat as clear loan type; No second mortgage
• HOA & community: No homeowners association

Exterior

• Parking: Driveway parking; No covered or carport spaces
• Utilities: City water; Not in a municipal utility district
• Home design: Single family residence; Residential property; Built in 1948; Not attached to another property
• Construction: Year built 1948
• Exterior features: Lot smaller than 0.5 acre (approximately 0.189 acres); Use standard GPS to locate property

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms (primary bedroom on level 1)
• Bathrooms: 1 full bathroom
• Interior features: One-level layout; One living area; Other interior features
• Laundry & utility: No specific laundry or utility features listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 11.1% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bell'S Hill El (math 31% / reading 31%, grade F, #2,429 of 4,322 statewide, top 57%, 760 students, 96% FRL).
• Market conditions: Rents rising (+1.9%/yr); 317 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• This rent runs 31% of the median local income ($42k/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 $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1948 — 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: 1.43% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.31%
• DSCR: 1.77
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $156,420
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1608 Connor Ave	0.60mi	2/1.0	672 (+2%)	21mo	$120,000	$179	52
2220 Speight Ave	0.58mi	2/1.0	676 (+2%)	21mo	$160,000	$237	51

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 · 1.86% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.28×
• Total profit: $5,958
• Equity at exit: $11,183

10-year hold

• IRR: 15.6%
• Equity multiple: 2.20×
• Total profit: $25,288
• Equity at exit: $6,485

Cash invested: $21,000 (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 76706

• Home prices YoY: -29.1%
• Rents YoY: 1.9%
• Active inventory: 317
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$393
• Tax from tax record: −$119 /mo · $1,429/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $303

Break-even live

Break-even rent $688

Max offer price $75,000

Occupancy floor 67%

Sensitivity live

Price	-10% $345	-5% $324	+0% $303	+5% $282	+10% $260
Rent	-10% $218	-5% $261	+0% $303	+5% $345	+10% $388
Rate	-1.0pp $341	-0.5pp $322	base $303	+0.5pp $284	+1.0pp $264

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1726 Austin Ave Unit 208 Waco, TX	1.0	1.0	560	$1,895	$3.38	44d	1	0.66mi
1726 Austin Ave Unit 210 Waco, TX	1.0	1.0	660	$2,095	$3.17	44d	1	0.66mi
1625 Columbus Ave Unit A Waco, TX	1.0	1.0	550	$700	$1.27	44d	1	0.86mi
1508 S 13th St Waco, TX	1.0–2.0	1.0	775	$895	$1.15	14d	1	0.89mi
1214 Baylor Ave Waco, TX	1.0–2.0	1.0–2.0	736	$1,095	$1.49	44d	2	0.89mi
2812 W Waco Dr Unit 15 Waco, TX	1.0	1.0	580	$950	$1.64	21d	1	0.91mi
700 S Valley Mills Dr Waco, TX	1.0–2.0	1.0–1.5	850	$995	$1.17	14d	2	0.99mi
2100 S 19th St Waco, TX	1.0	1.0	684	$1,300	$1.90	21d	1	1.00mi
1120 James Ave Unit Brownstone 205 Waco, TX	1.0	1.0	650	$795	$1.22	21d	1	1.06mi
1721 S 11th St Waco, TX	3.0	3.0	435	$525	$1.21	21d	1	1.10mi
1724 Morrow Ave Unit D Waco, TX	1.0	1.0	650	$775	$1.19	44d	1	1.13mi
2006 Gorman Ave Waco, TX	1.0	1.0	553	$700	$1.27	44d	1	1.15mi
715 Cleveland Ave Waco, TX	1.0–3.0	1.0–3.0	845	$1,436	$1.70	14d	23	1.18mi
709 S 6th St Waco, TX	1.0	1.0	655	$925	$1.41	21d	1	1.26mi
3528 W Waco Dr Apt 207 Waco, TX	1.0	1.0	500	$950	$1.90	21d	1	1.27mi
700 Franklin Ave Waco, TX	1.0	1.0	702	$1,200	$1.71	21d	1	1.29mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$992	$1.05	14d	33	1.31mi
3638 W Waco Dr Waco, TX	1.0	1.0	731	$902	$1.23	14d	8	1.31mi
804 N 11th St Waco, TX	1.0–2.0	1.0	838	$1,200	$1.43	21d	1	1.39mi
2005 S 8th St Waco, TX	1.0–2.0	1.0–2.0	685	$1,000	$1.46	14d	2	1.40mi
601 Franklin Ave Apt 6B Waco, TX	1.0	1.0	625	$1,550	$2.48	14d	1	1.43mi

Listing history 5 events

1. 2026-06-18
   days on market $75,000 Active 6 DOM
2. 2026-06-17
   days on market $75,000 Active 5 DOM
3. 2026-06-16
   days on market $75,000 Active 4 DOM
4. 2026-06-15
   days on market $75,000 Active 3 DOM
5. 2026-06-13
   listed $75,000 Active 1 DOM

ⓘ 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: $1,429 · $119/mo
• Projected year-2 tax: $1,429 · $119/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $12,859
• − Mortgage interest: −$4,201
• − Property taxes: −$1,429
• − Insurance: −$375
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$2,182
• Taxable income: $2,615
• Est. tax owed @ 24.0%: −$628
• After-tax cash flow: $3,008/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 41,627
• Household income: $41,656
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 3883.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 31% Two or more races 17% Black 15% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Iranian 1% Romanian 1%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.31%
• Current HPI: 230.2557
• Rent YoY: ▲ 1.86%
• Metro: Waco, 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

2 events — show timeline

• 2026-06-12 Listed $75,000 NTREIS
• 2025-02-03 Sold (Public Records) — Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,429 · +19.6% YoY. Source: county tax records.