8323 24th St · Lubbock, TX 79407

$181,000

2 bd · 2.0 ba · 1,005 sqft · Other · 21 Days on market

Built 2026 Good condition 3,400 sqft lot

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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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Schools +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Buy NOW and get $7K use-it-your-way cash!! Our Victoria floor plan offer the most efficient and affordable use of space, making them the perfect choice for first-time home buyers! This floor plan features a beautiful brick and vinyl exterior with covered front entryway. Luxury vinyl plank flooring is placed throughout the home. Noble white granite countertops, with a kitchen island with bar seating. Stainless steel appliances, and premium plumbing and lighting fixtures. Lastly, it has it's on secluded master suite with walk-in closet.

Key facts

• Walk-in closet
• 3,400 sq ft lot
• Garage

Tags

• BRICK AND VINYL EXTERIOR
• COVERED FRONT ENTRYWAY
• LUXURY VINYL PLANK FLOORING
• STAINLESS STEEL APPLIANCES
• SECLUDED MASTER SUITE
• WALK-IN CLOSET

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $181k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $208 ($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 $163k (9.9% below list).
• Recommended offer: $163k (9.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Frenship ISD (urban): math 47% / reading 54% proficiency, ranked #162 of 826 in TX (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Willow Bend El (math 34% / reading 41%, grade F, #1,744 of 4,322 statewide, top 41%, 730 students, 74% FRL); Frenship H S (math 44% / reading 65%, grade C-, #379 of 1,632 statewide, top 26%, 3,247 students, 46% FRL) — zoned schools average 60% FRL vs 36% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 610 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($178k) is reasonable based on typical stale-listing flexibility.

Recommended offer $163,103 (9.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
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: 0.90% ✗
• Cap rate: 7.67%
• Cash-on-cash: 4.92%
• DSCR: 1.22
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.59×
• Total profit: $-20,965
• Equity at exit: $26,988

10-year hold

• IRR: -7.1%
• Equity multiple: 0.60×
• Total profit: $-20,024
• Equity at exit: $15,650

Cash invested: $50,680 (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 79407

• Home prices YoY: -16.3%
• Rents YoY: -0.1%
• Active inventory: 610
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,631 high
• Mortgage (P&I): −$949
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $208

Break-even live

Break-even rent $1,368

Max offer price $181,000

Occupancy floor 82%

Sensitivity live

Price	-10% $310	-5% $259	+0% $208	+5% $156	+10% $105
Rent	-10% $79	-5% $143	+0% $208	+5% $272	+10% $336
Rate	-1.0pp $299	-0.5pp $254	base $208	+0.5pp $161	+1.0pp $113

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: $45,250
• Closing costs: $5,430
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2603 Harmony Ave Lubbock, TX	3.0	2.0	1450	$1,749	$1.21	22d	1	0.23mi
2603 Harmony Ave Lubbock, TX	3.0	2.0	1450	$1,749	$1.21	14d	1	0.23mi
8607 29th St Lubbock, TX	3.0	2.0	1350	$1,749	$1.30	44d	1	0.25mi
2511 Kenwood Ave Lubbock, TX	3.0	2.0	1450	$2,099	$1.45	22d	1	0.62mi
2509 Kenwood Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	22d	1	0.62mi
2055 Kenwood Ave Lubbock, TX	3.0	2.0	1450	$1,649	$1.14	14d	1	0.63mi
2154 Kokomo Ave Lubbock, TX	3.0	2.0	1450	$1,799	$1.24	22d	1	0.66mi
2028 Kenwood Ave Lubbock, TX	3.0	2.0	1450	$1,650	$1.14	14d	1	0.69mi
2168 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	44d	1	0.69mi
2125 Kirksey Ave Lubbock, TX	3.0	2.0	1450	$1,650	$1.14	14d	1	0.70mi
2162 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	44d	1	0.72mi
2131 Kokomo Ave Unit A Lubbock, TX	3.0	2.0	1360	$1,500	$1.10	22d	1	0.73mi
2147 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	22d	1	0.73mi
2143 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,750	$1.21	44d	1	0.75mi
2152 Langford Ave Unit Labs Lubbock, TX	3.0	2.0	1450	$1,660	$1.14	22d	1	0.77mi
2139 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,899	$1.31	22d	1	0.77mi
2137 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,700	$1.17	22d	1	0.78mi
2148 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	44d	1	0.78mi
2123 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,799	$1.24	22d	1	0.80mi
2138 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	44d	1	0.81mi
2132 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	14d	1	0.82mi
2128 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	14d	1	0.82mi
2122 Langford Ave Lubbock, TX	3.0	2.0	1450	$1,699	$1.17	14d	1	0.83mi
2101 Langford Ave Lubbock, TX	3.0	2.0	1500	$1,400	$0.93	44d	1	0.83mi
1919 Langford Ave Unit A Lubbock, TX	3.0	2.0	1500	$1,399	$0.93	44d	1	0.85mi
1919 Langford Ave Lubbock, TX	3.0	2.0	1500	$1,350	$0.90	44d	1	0.85mi
1918 Langford Ave Unit B Lubbock, TX	3.0	2.0	1500	$1,399	$0.93	14d	1	0.88mi
1903 Langford Ave Unit A Lubbock, TX	3.0	2.0	1500	$1,575	$1.05	14d	1	0.89mi
1903 Langford Ave Unit A Lubbock, TX	3.0	2.0	1500	$1,575	$1.05	44d	1	0.89mi
1903 Langford Ave Unit B Lubbock, TX	3.0	2.0	1500	$1,300	$0.87	44d	1	0.89mi
7541 33rd St Lubbock, TX	3.0	2.0	1296	$1,500	$1.16	22d	1	1.08mi
7535 32nd St Lubbock, TX	3.0	2.0	1120	$1,395	$1.25	44d	1	1.08mi
8704 10th St Lubbock, TX	3.0	2.0	1423	$1,450	$1.02	44d	1	1.16mi
7420 35th St Lubbock, TX	3.0	2.0	1247	$1,500	$1.20	44d	1	1.45mi
7413 35th St Lubbock, TX	3.0	2.0	1247	$1,475	$1.18	22d	1	1.49mi

Listing history 3 events

1. 2026-04-19
   status Pending
2. 2026-04-04
   price $181,000
3. 2026-03-30
   listed $182,430 Active

ⓘ 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: $675 · $56/mo
• Projected year-2 tax: $3,312 · $276/mo
• Expected delta: +$2,637/yr (+$220/mo · 390.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,572
• − Mortgage interest: −$10,139
• − Property taxes: −$675
• − Insurance: −$905
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$5,265
• Taxable loss: −$544
• Est. tax savings @ 24.0%: +$131
• After-tax cash flow: $2,622/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 80/100 None rehab

This home is in excellent condition with a fresh paint job and smart home features that can significantly increase its value.

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Install smart home devices — Improves home automation and energy efficiency
• Both Add smart thermostat — Enhances comfort and energy savings
• Both Install smart locks — Enhances security and convenience

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Install smart home devices — Improves home automation and energy efficiency ↑
• Both Add smart thermostat — Enhances comfort and energy savings ↑
• Both Install smart locks — Enhances security and convenience ↑

ⓘ 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: Frenship ISD
• NCES district ID: 4819830
• Math proficiency: 47% ▼ -8.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $54,376
• Composite: 43.59/100
• National rank: #2976
• State rank: #162 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 24,000
• Household income: $61,509
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 1914.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 58% Hispanic / Latino 31% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 1% Chinese 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.87%
• Current HPI: 229.9895
• Rent YoY: ▼ -0.07%
• Metro: Lubbock, 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

-0.8% since first listed

3 events — show timeline

• 2026-04-19 Pending — LARMLS
• 2026-04-04 Price Changed $181,000 LARMLS
• 2026-03-30 Listed $182,430 LARMLS