1215 W Bullock St

Denison, TX 75020

$169,000D+

4 bd · 3.0 ba · 1,688 sqft · Built 1998 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,712/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$511
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $-44/mo
• Annual: $-533/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• 1% rule: 1.01%
• Cash to close: $47,320

Investor read

• This is a 4-bed/3.0-bath single-family listed at $169k.
• At list price, monthly cash flow is $-44 ($-533/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (4.6% below list).
• Meets the 1% rule at list price ($2k rent vs $169k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $161k (4.6% below list) — sets the bar for cash-flow.
• 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 73/100 on livability (#221 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, schools D-, amenities F.
• Denison ISD (urban): math 43% / reading 44% proficiency, ranked #315 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price.
• Market conditions: Rents flat; 485 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 12y ago; this cycle's ask is 21% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.8% in Denison — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.