1109 Harrison St · Wichita Falls, TX 76309

$699,995

120 bd · None ba · 9,424 sqft · MultiFamily public records · 221 Days on market

Built 1920 $74/sqft · 8% below area Est $762k · 8% under

---

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 +23.9/30.0
• ARV discount +11.1/15.0
• DSCR +7.7/10.0
• 1% rule +6.1/10.0
• Rent growth +4.6/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

Key facts

• Covered parking
• Tile roof
• Hard woods

Tags

• 10 UNIT COMPLEX
• COVERED PARKING
• HISTORIC BUILDING
• HARD WOODS
• PENNY TILE
• TILE ROOF

What this means for you Summary

Snapshot

• This is a 10 × 1-bed/1-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $136/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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+, schools 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.
• Market conditions: Rents rising fast (+8.3%/yr); 129 active listings in the ZIP; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• At $7,781/mo this rent would consume 172% of the median local household income ($54k/yr) (locally 469% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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 + 8.0% rent growth), your $196k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 221 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 12y ago; this cycle's ask is 117546% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $615,995 (12.0% below list)

Questions for the listing agent

1. It's been on market 221 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.30%
• DSCR: 1.37
• GRM: 7.5

CMA / ARV

• ARV (median comp): $761,780
• List price: $699,995
• Delta: -8.11%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $14,170
• Equity at exit: $104,372

10-year hold

• IRR: 15.8%
• Equity multiple: 2.59×
• Total profit: $311,098
• Equity at exit: $60,523

Cash invested: $195,999 (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 76309

• Rents YoY: 8.3%
• Active inventory: 129
• Price-to-rent: 75.0×

Monthly cashflow live

• Estimated rent: $7,781 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$828 /mo · $9,937/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,634
• Net cashflow: $1,356

Break-even live

Break-even rent $6,064

Max offer price $699,995

Occupancy floor 78%

10-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$7,780
Total (10 units)			$7,781

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: $174,999
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-19
   days on market $699,995 Active 221 DOM
2. 2026-06-18
   days on market $699,995 Active 220 DOM
3. 2026-06-17
   days on market $699,995 Active 219 DOM
4. 2026-06-16
   days on market $699,995 Active 218 DOM
5. 2026-06-15
   days on market $699,995 Active 217 DOM
6. 2026-06-14
   days on market $699,995 Active 215 DOM
7. 2026-06-13
   days on market $699,995 Active 214 DOM
8. 2026-06-10
   days on market $699,995 Active 212 DOM
9. 2026-06-09
   days on market $699,995 Active 211 DOM
10. 2026-06-08
    days on market $699,995 Active 210 DOM
11. 2026-06-07
    days on market $699,995 Active 209 DOM
12. 2026-06-05
    days on market $699,995 Active 206 DOM
13. 2026-06-02
    days on market $699,995 Active 204 DOM
14. 2026-06-01
    days on market $699,995 Active 203 DOM
15. 2026-05-31
    days on market $699,995 Active 202 DOM
16. 2026-05-30
    days on market $699,995 Active 201 DOM
17. 2026-03-30
    status Active 518-char remark

    Show marketing remark (518 chars)

    Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

18. 2026-03-30
    price $724,000 518-char remark

    Show marketing remark (518 chars)

    Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

19. 2026-03-21
    historical $595
20. 2026-03-11
    listed $595
21. 2026-03-09
    historical 518-char remark

    Show marketing remark (518 chars)

    Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

22. 2026-03-08
    historical $595
23. 2026-02-27
    price $595
24. 2026-02-13
    listed $895
25. 2025-12-11
    historical $495
26. 2025-12-06
    listed $495
27. 2025-11-13
    price $724,900 518-char remark

    Show marketing remark (518 chars)

    Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

28. 2025-10-20
    listed $725,000 Active 518-char remark

    Show marketing remark (518 chars)

    Investment opportunity! 1109 Harrison is a 10-unit complex with 9/10 units currently occupied. Each unit includes covered parking, with electric and gas metered separately. Most units have been updated but a few units still need updates—offering major upside potential! Convert the 1-bedrooms into 2-bedrooms to increase cash flow and maximize your ROI. The property features the charm of a historic building focusing on the hard woods throughout, penny tile, and tile roof. Management is in place, so buy and go

29. 2025-09-13
    historical $575
30. 2025-09-09
    price $575
31. 2025-09-06
    listed $850
32. 2025-08-26
    historical $850
33. 2025-08-23
    listed $850
34. 2025-08-22
    historical $850
35. 2025-07-31
    listed $850
36. 2025-07-10
    historical $600
37. 2025-07-08
    listed $600
38. 2023-05-19
    historical Active Contingent 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

39. 2023-05-19
    soldstatus Closed 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

40. 2023-05-19
    soldstatus

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

41. 2023-05-13
    price $625,000 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

42. 2023-05-13
    status Active 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

43. 2023-04-05
    historical Active Contingent 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

44. 2023-03-08
    price $689,000 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

45. 2023-02-15
    price $725,000 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

46. 2022-11-29
    status Active 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

47. 2022-09-22
    historical Active Contingent 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

48. 2022-09-03
    listed $535,000
49. 2022-08-30
    price $775,000 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

50. 2022-08-15
    price $800,000 85-char remark

    Show marketing remark (85 chars)

    10 Unit Apartment Complex for sale. 8 units are 1 bedroom and 2 units are 2 bedrooms.

ⓘ 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: $9,937 · $828/mo
• Projected year-2 tax: $12,810 · $1,067/mo
• Expected delta: +$2,873/yr (+$239/mo · 28.9%)

ⓘ 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 · 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: $93,372
• − Mortgage interest: −$39,211
• − Property taxes: −$9,937
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,470
• − Management: −$7,470
• − Depreciation: −$20,363
• Taxable income: $5,422
• Est. tax owed @ 24.0%: −$1,301
• After-tax cash flow: $14,976/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): 13,395
• Household income: $54,159
• Rent vs Own: 42.7% rent · 57.3% own
• Severe rent burden: 469.0

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 0.57)
• Race & ethnicity: White 58% Hispanic / Latino 29% Two or more races 12% Black 6% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 82% English-only · Spanish 15% Vietnamese 1% French/Haitian/Cajun 1%

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: ▼ -88.35%
• Current HPI: 137.2935
• Rent YoY: ▲ 8.33%
• 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

+133.5% since first listed

40 events — show timeline

• 2026-03-30 Relisted — WFAOR
• 2026-03-30 Price Changed $724,000 WFAOR
• 2026-03-21 Rental Removed $595 RENTEC
• 2026-03-11 Listed for Rent $595 RENTEC
• 2026-03-09 Delisted — WFAOR
• 2026-03-08 Rental Removed $595 RENTEC
• 2026-02-27 Price Changed $595 RENTEC
• 2026-02-13 Listed for Rent $895 RENTEC
• 2025-12-11 Rental Removed $495 RENTEC
• 2025-12-06 Listed for Rent $495 RENTEC
• 2025-11-13 Price Changed $724,900 WFAOR
• 2025-10-20 Listed $725,000 WFAOR
• 2025-09-13 Rental Removed $575 RENTEC
• 2025-09-09 Price Changed $575 RENTEC
• 2025-09-06 Listed for Rent $850 RENTEC
• 2025-08-26 Rental Removed $850 RENTALBEAST
• 2025-08-23 Listed for Rent $850 RENTALBEAST
• 2025-08-22 Rental Removed $850 RENTEC
• 2025-07-31 Listed for Rent $850 RENTEC
• 2025-07-10 Rental Removed $600 RENTEC
• 2025-07-08 Listed for Rent $600 RENTEC
• 2023-05-19 Contingent — NTREIS
• 2023-05-19 Sold (MLS) — WFAOR
• 2023-05-19 Sold (MLS) — NTREIS
• 2023-05-13 Price Changed $625,000 NTREIS
• 2023-05-13 Relisted — NTREIS
• 2023-04-05 Contingent — NTREIS
• 2023-03-08 Price Changed $689,000 NTREIS
• 2023-02-15 Price Changed $725,000 NTREIS
• 2022-11-29 Relisted — NTREIS
• 2022-09-22 Contingent — NTREIS
• 2022-09-03 Listed $535,000 WFAOR
• 2022-08-30 Price Changed $775,000 NTREIS
• 2022-08-15 Price Changed $800,000 NTREIS
• 2022-07-18 Listed $850,000 NTREIS
• 2021-11-05 Sold (Public Records) — Public Records
• 2021-10-22 Sold (MLS) — WFAOR
• 2021-03-25 Listed $487,500 WFAOR
• 2015-01-16 Sold (MLS) — WFAOR
• 2014-11-13 Listed $310,000 WFAOR

Property tax history

+6.0%/yr

Latest (2025): $9,937 · +1.4% YoY. Source: county tax records.