251 Harris Blvd

Caney City, TX 75148

$179,500C-

2 bd · 2.0 ba · 1,120 sqft · Built 2006 · SingleFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,400/mo
• Mortgage (P&I): −$941
• Tax + insurance: −$288
• HOA: −$637
• Vac / Maint / Mgmt: −$504
• Net cashflow: $30/mo
• Annual: $361/yr
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• 1% rule: 1.34%
• Cash to close: $50,260

Investor read

• This is a 2-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $30 ($361/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 97 days — a 9% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 45/100 on livability (#1,562 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Malakoff ISD (town): math 48% / reading 54% proficiency, ranked #187 of 826 in TX (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 27% of rent.
• Market conditions: 225 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 6y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 0.6% in Caney City — 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.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.