307 W Spruce St · Whitewright, TX 75491

$87,000

2 bd · 1.0 ba · 1,233 sqft · SingleFamily public records · 59 Days on market

Built 1910 7,100 sqft lot $71/sqft · 65% below area

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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
• Schools +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ATTENTION INVESTORS, FLIPPERS, AND BUILDERS: This is the math-making project you have been waiting for in Whitewright. Priced aggressively at $94,900, this package includes a 1,233-square-foot historic 1910 cottage PLUS an adjacent 0.163-acre buildable lot with its own parcel ID (0.326 acres total). This property is being sold strictly AS-IS and is a prime candidate for a full cosmetic and systems overhaul. Whether you are looking for your next fix-and-flip, a long-term rental hold, or a multi-phase development project, the margins and exit strategies here are undeniable. The existing home features classic Texas cottage bones with a covered front porch, an attached carport, and a spacious layout that includes a converted great room with an original fireplace mantle. The interior currently features vintage wood paneling, a large eat-in kitchen footprint, and a combined utility and bathroom space that is ripe for reconfiguration. The property requires significant TLC, including roof evaluation, ceiling repairs, kitchen and bath gutting, and flooring, making it ideal for a seasoned contractor or cash buyer ready to get their hands dirty. The true X-factor is the extra lot. You have the flexibility to renovate the existing structure and sell the package, hold the home as a rental while building new construction next door, or split the parcels to maximize your return on investment. The property is connected to city water and sewer. Located just blocks from downtown Whitewright and local schools, the location offers strong resale or rental demand once completed. Do the math - With recent renovated sales in Whitewright pushing well past $150 per sq ft, the ARV potential on the existing home alone leaves plenty of meat on the bone, let alone the value of the vacant lot. Cash or conventional financing only. No blind offers. Bring your contractor, run your numbers, and submit your highest and best. This investor special will not last long at this price point.

Key facts

• Covered front porch
• Large eat-in kitchen
• Buildable lot

Tags

• HISTORIC COTTAGE
• BUILDABLE LOT
• COVERED FRONT PORCH
• ORIGINAL FIREPLACE MANTLE
• VINTAGE WOOD PANELING
• LARGE EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $698 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 4.3% in Whitewright — 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 68/100 on livability (#457 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• Whitewright ISD (rural): math 57% / reading 49% proficiency, ranked #134 of 826 in TX (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 109 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; major 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 $84,390 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.88% ✓
• Cap rate: 15.92%
• Cash-on-cash: 34.39%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (median comp): $250,418
• List price: $87,000
• Delta: -65.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 W Oak St	0.07mi	3/2.0 (+1)	1,292 (+5%)	2mo	$249,999	$193	78
203 S Carter St	0.24mi	3/2.0 (+1)	1,256 (+2%)	1mo	$89,000	$71	76
507 E Maple St	0.64mi	3/1.0 (+1)	1,196 (-3%)	2mo	$169,000	$141	58
407 E Grand St	0.57mi	3/1.0 (+1)	1,292 (+5%)	10mo	$80,000	$62	52
401 E Spruce St	0.52mi	2/1.5	1,088 (-12%)	4mo	$58,500	$54	51
202 W Elm St	0.40mi	3/2.0 (+1)	1,365 (+11%)	6mo	$259,000	$190	49
317 W Elm St	0.35mi	3/1.0 (+1)	1,120 (-9%)	18mo	$150,000	$134	48
710 Sharon Ln	0.64mi	3/2.0 (+1)	1,320 (+7%)	7mo	$239,900	$182	44
708 Sharon Ln	0.64mi	3/2.0 (+1)	1,303 (+6%)	21mo	$249,500	$191	34
705 Katy Ln	0.70mi	3/2.0 (+1)	1,307 (+6%)	23mo	$265,000	$203	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 2.25×
• Total profit: $30,381
• Equity at exit: $12,972

10-year hold

• IRR: 37.1%
• Equity multiple: 4.44×
• Total profit: $83,786
• Equity at exit: $7,522

Cash invested: $24,360 (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 75491

• Home prices YoY: -8.6%
• Active inventory: 109
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,636 medium
• Mortgage (P&I): −$456
• Tax from tax record: −$102 /mo · $1,221/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $698

Break-even live

Break-even rent $752

Max offer price $87,000

Occupancy floor 52%

Sensitivity live

Price	-10% $747	-5% $723	+0% $698	+5% $673	+10% $649
Rent	-10% $569	-5% $633	+0% $698	+5% $763	+10% $827
Rate	-1.0pp $742	-0.5pp $720	base $698	+0.5pp $675	+1.0pp $653

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 S May St #1 Whitewright, TX	3.0	2.5	1229	$1,595	$1.30	15d	1	0.61mi
201 S May St Whitewright, TX	3.0	2.5	1229	$1,595	$1.30	1d	1	0.61mi
107 E Miller Whitewright, TX	3.0	2.0	1226	$1,725	$1.41	1d	1	0.66mi

Listing history 20 events

1. 2026-06-18
   days on market $87,000 Active 59 DOM
2. 2026-06-17
   days on market $87,000 Active 58 DOM
3. 2026-06-16
   days on market $87,000 Active 57 DOM
4. 2026-06-15
   days on market $87,000 Active 56 DOM
5. 2026-06-13
   pricedays on market $87,000 Active 54 DOM
6. 2026-06-09
   days on market $94,900 Active 50 DOM
7. 2026-06-08
   days on market $94,900 Active 49 DOM
8. 2026-06-07
   days on market $94,900 Active 48 DOM
9. 2026-06-04
   days on market $94,900 Active 45 DOM
10. 2026-06-03
    days on market $94,900 Active 44 DOM
11. 2026-06-02
    days on market $94,900 Active 43 DOM
12. 2026-06-01
    days on market $94,900 Active 42 DOM
13. 2026-05-31
    days on market $94,900 Active 41 DOM
14. 2026-04-20
    listed $94,900 Active 1992-char remark

    Show marketing remark (1992 chars)

    ATTENTION INVESTORS, FLIPPERS, AND BUILDERS: This is the math-making project you have been waiting for in Whitewright. Priced aggressively at $94,900, this package includes a 1,233-square-foot historic 1910 cottage PLUS an adjacent 0.163-acre buildable lot with its own parcel ID (0.326 acres total). This property is being sold strictly AS-IS and is a prime candidate for a full cosmetic and systems overhaul. Whether you are looking for your next fix-and-flip, a long-term rental hold, or a multi-phase development project, the margins and exit strategies here are undeniable. The existing home features classic Texas cottage bones with a covered front porch, an attached carport, and a spacious layout that includes a converted great room with an original fireplace mantle. The interior currently features vintage wood paneling, a large eat-in kitchen footprint, and a combined utility and bathroom space that is ripe for reconfiguration. The property requires significant TLC, including roof evaluation, ceiling repairs, kitchen and bath gutting, and flooring, making it ideal for a seasoned contractor or cash buyer ready to get their hands dirty. The true X-factor is the extra lot. You have the flexibility to renovate the existing structure and sell the package, hold the home as a rental while building new construction next door, or split the parcels to maximize your return on investment. The property is connected to city water and sewer. Located just blocks from downtown Whitewright and local schools, the location offers strong resale or rental demand once completed. Do the math - With recent renovated sales in Whitewright pushing well past $150 per sq ft, the ARV potential on the existing home alone leaves plenty of meat on the bone, let alone the value of the vacant lot. Cash or conventional financing only. No blind offers. Bring your contractor, run your numbers, and submit your highest and best. This investor special will not last long at this price point.

15. 2022-01-25
    soldstatus Sold 209-char remark

    Show marketing remark (209 chars)

    home sits on 0.163 acre lot. Currently tenant occupied at $650 a month. Long term tenants. Additional . 163 acre lot next door included in sale. Has own parcel ID. buildable lot. Please do not disturb tenants.

16. 2021-12-12
    status Pending 209-char remark

    Show marketing remark (209 chars)

    home sits on 0.163 acre lot. Currently tenant occupied at $650 a month. Long term tenants. Additional . 163 acre lot next door included in sale. Has own parcel ID. buildable lot. Please do not disturb tenants.

17. 2021-12-06
    listed $80,000 Active 209-char remark

    Show marketing remark (209 chars)

    home sits on 0.163 acre lot. Currently tenant occupied at $650 a month. Long term tenants. Additional . 163 acre lot next door included in sale. Has own parcel ID. buildable lot. Please do not disturb tenants.

18. 2006-01-18
    soldstatus
19. 2005-02-01
    soldstatus
20. 2000-06-02
    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: $1,221 · $102/mo
• Projected year-2 tax: $1,592 · $133/mo
• Expected delta: +$372/yr (+$31/mo · 30.4%)

ⓘ 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 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,629
• − Mortgage interest: −$4,873
• − Property taxes: −$1,221
• − Insurance: −$435
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$2,531
• Taxable income: $7,429
• Est. tax owed @ 24.0%: −$1,783
• After-tax cash flow: $6,594/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: Whitewright ISD
• NCES district ID: 4845670
• Math proficiency: 57% ▲ 1.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $49,969
• Composite: 45.31/100
• National rank: #2648
• State rank: #134 of 826 in TX

Livability — Whitewright

• Score: 68/100
• State rank: #457
• US rank: #9255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whitewright, TX
• Population (ZIP): 5,428

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 134,540 people
• By 2030: 138,653 · +3.1%
• By 2040: 145,958 · +8.5%
• By 2050: 151,218 · +12.4%
• By 2075: 161,802 · +20.3%
• By 2100: 159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 7% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+54.3) · D 22.5% · R 76.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.85%
• Current HPI: 273.3968
• Rent YoY: —
• Metro: —
• 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

+18.6% since first listed

7 events — show timeline

• 2026-04-20 Listed $94,900 NTREIS
• 2022-01-25 Sold (MLS) — NTREIS
• 2021-12-12 Pending — NTREIS
• 2021-12-06 Listed $80,000 NTREIS
• 2006-01-18 Sold (Public Records) — Public Records
• 2005-02-01 Sold (Public Records) — Public Records
• 2000-06-02 Sold (Public Records) — Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,221 · +4.1% YoY. Source: county tax records.