2012 N 5th St · Waco, TX 76708

$175,000

3 bd · 2.0 ba · 1,402 sqft · SingleFamily public records · 123 Days on market

Built 1920 $125/sqft · 24% below area Est $231k · 24% under ↓ 33% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• 1% rule +4.1/10.0
• Livability +3.7/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Zoned O-3 for short-term rental use and located less than a mile from Cameron Park, this 3-bedroom, 2-bath home offers a compelling opportunity in a fast-improving area near Downtown Waco. A spacious covered front porch sets the stage for relaxing evenings and adds real curb appeal. Inside, the living room is anchored by a fireplace with built-in shelving, giving the space character and a clear focal point. The home flows easily from the dining area into the kitchen, making it functional for everyday living and entertaining. The kitchen features updated cabinets, countertops, and appliances, along with ample storage and workspace. With alley access and a location just minutes from Downtown and Baylor, this is a great chance to come make this home something special. The surrounding area continues to see new development and investment, adding to the long-term appeal. Whether you’re a homeowner or an investor, this property offers the kind of location and potential that’s getting harder to find.

Key facts

• Covered front porch
• Alley access
• Updated cabinets

Tags

• COVERED FRONT PORCH
• UPDATED CABINETS
• AMPLE STORAGE
• ALLEY ACCESS
• LOCATION NEAR DOWNTOWN
• LOCATION NEAR BAYLOR

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (9.0% below list).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: J H Hines El (math 8% / reading 12%, grade F, #4,259 of 4,322 statewide, top 99%, 406 students, 98% FRL, charter); G W Carver Middle (math 9% / reading 13%, grade F, #1,634 of 1,662 statewide, top 99%, 393 students, 96% FRL, charter); Waco H S (math 26% / reading 24%, grade F, #1,250 of 1,632 statewide, top 77%, 2,011 students, 88% FRL).
• Market conditions: Rents soft (-0.8%/yr); 378 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).

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.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,000 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
10. 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.
11. 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.
12. 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: 0.91% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.52%
• DSCR: 0.89
• GRM: 9.2

CMA / ARV

• ARV (median comp): $231,270
• List price: $175,000
• Delta: -24.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1610 N 6th St	0.33mi	3/2.0	1,407 (+0%)	3mo	$250,000	$178	82
528 Sedwick Ave	0.07mi	2/2.0 (-1)	1,352 (-4%)	11mo	$219,900	$163	77
1618 N 6th St	0.31mi	2/2.0 (-1)	1,451 (+4%)	2mo	$217,000	$150	73
1525 N 6th St	0.36mi	3/2.0	1,322 (-6%)	11mo	$200,000	$151	65
2016 N 7th St	0.19mi	3/2.5	1,500 (+7%)	16mo	$337,500	$225	64
1819 N 10th	0.30mi	3/2.0	1,274 (-9%)	9mo	$144,500	$113	63
1509 Cumberland Ave	0.56mi	3/2.0	1,394 (-1%)	14mo	$150,000	$108	62
1512 Live Oak Ave	0.49mi	3/2.0	1,432 (+2%)	15mo	$225,000	$157	61
1519 N 5th St N	0.36mi	3/2.0	1,317 (-6%)	16mo	$329,500	$250	60
401 Carver St	0.73mi	3/2.0	1,381 (-2%)	11mo	$130,000	$94	54
1322 N 11th St	0.71mi	3/2.5	1,528 (+9%)	2mo	$269,000	$176	48
208 Dearborn St	0.68mi	2/2.0 (-1)	1,263 (-10%)	14mo	$215,000	$170	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.3%
• Equity multiple: 0.19×
• Total profit: $-39,461
• Equity at exit: $26,093

10-year hold

• IRR: -33.9%
• Equity multiple: -0.23×
• Total profit: $-60,359
• Equity at exit: $15,131

Cash invested: $49,000 (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 76708

• Home prices YoY: -26.5%
• Rents YoY: -0.8%
• Active inventory: 378
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,592 high
• Mortgage (P&I): −$918
• Tax from tax record: −$370 /mo · $4,441/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-103

Break-even live

Break-even rent $1,722

Max offer price $156,820

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-53	+0% $-103	+5% $-152	+10% $-202
Rent	-10% $-229	-5% $-166	+0% $-103	+5% $-40	+10% $23
Rate	-1.0pp $-15	-0.5pp $-58	base $-103	+0.5pp $-148	+1.0pp $-194

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 Proctor Ave Waco, TX	4.0	2.0	1184	$1,450	$1.22	22d	1	0.20mi
1606 N 9th St Waco, TX	4.0	2.0	1392	$1,525	$1.10	22d	1	0.42mi
1600 N 11th St Unit A Waco, TX	3.0	2.0	1217	$1,750	$1.44	45d	1	0.57mi
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	45d	1	0.57mi
1621 Alexander Ave Unit A Waco, TX	3.0	2.0	1400	$1,695	$1.21	22d	1	0.74mi
1818 Windsor Ave Waco, TX	4.0	2.0	1112	$1,625	$1.46	22d	1	0.77mi
412 Dearborn St Waco, TX	3.0	2.0	1572	$2,000	$1.27	22d	1	0.79mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	15d	1	0.80mi
1110 N 11th St Waco, TX	3.0	2.0	1172	$1,495	$1.28	22d	1	0.82mi
1104 N 11th St Waco, TX	3.0	2.0	1231	$1,650	$1.34	22d	1	0.83mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	45d	1	0.86mi
1920 Lyle Ave Waco, TX	2.0	1.0	1519	$1,200	$0.79	45d	1	0.86mi
1920 Lyle Ave Waco, TX	2.0	1.0	1519	$1,200	$0.79	22d	1	0.86mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	22d	1	0.89mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	45d	1	0.89mi
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	45d	1	0.92mi
3400 Adeline Dr Waco, TX	2.0	1.0	1232	$1,150	$0.93	45d	1	0.96mi
804 N 11th St Waco, TX	1.0–2.0	1.0	838	$1,200	$1.43	22d	1	0.98mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	45d	1	1.03mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	15d	1	1.03mi
716 N 13th St Waco, TX	4.0	2.0	1349	$1,675	$1.24	22d	1	1.09mi
2017 Broadway St Waco, TX	3.0	1.0	1247	$1,800	$1.44	45d	1	1.09mi
108 Choctaw Ct Waco, TX	3.0	2.0	1273	$1,600	$1.26	15d	1	1.09mi
2001 Bosque Blvd Waco, TX	3.0	1.0	1628	$1,100	$0.68	45d	1	1.21mi
1000 N 19th St Waco, TX	3.0	1.5	1800	$2,050	$1.14	22d	1	1.22mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	22d	1	1.26mi
2505 Proctor Ave Waco, TX	3.0	2.0	1588	$1,550	$0.98	22d	1	1.27mi
2401 McKenzie Ave Waco, TX	3.0	1.5	1288	$1,300	$1.01	22d	1	1.28mi
1400 N 23rd St Waco, TX	4.0	2.0	1650	$1,575	$0.95	15d	1	1.29mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,737	$1.89	22d	1	1.29mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	22d	1	1.29mi
2400 Reuter Ave Waco, TX	4.0	2.0	1426	$1,650	$1.16	22d	1	1.30mi
1500 E James St Unit A Waco, TX	4.0	4.0	1764	$2,750	$1.56	45d	1	1.33mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	45d	1	1.34mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	22d	1	1.36mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	45d	1	1.36mi
2600 McKenzie Ave Waco, TX	3.0	1.0	1096	$1,395	$1.27	22d	1	1.41mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	22d	1	1.41mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	45d	1	1.44mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	22d	1	1.44mi

Listing history 26 events

1. 2026-06-21
   days on market $175,000 Active 123 DOM
2. 2026-06-18
   days on market $175,000 Active 120 DOM
3. 2026-06-17
   days on market $175,000 Active 119 DOM
4. 2026-06-16
   days on market $175,000 Active 118 DOM
5. 2026-06-15
   days on market $175,000 Active 117 DOM
6. 2026-06-14
   days on market $175,000 Active 115 DOM
7. 2026-06-13
   days on market $175,000 Active 114 DOM
8. 2026-06-10
   days on market $175,000 Active 112 DOM
9. 2026-06-09
   days on market $175,000 Active 111 DOM
10. 2026-06-08
    days on market $175,000 Active 110 DOM
11. 2026-06-07
    days on market $175,000 Active 109 DOM
12. 2026-06-05
    days on market $175,000 Active 106 DOM
13. 2026-06-03
    days on market $175,000 Active 105 DOM
14. 2026-06-02
    days on market $175,000 Active 104 DOM
15. 2026-06-01
    days on market $175,000 Active 103 DOM
16. 2026-05-31
    days on market $175,000 Active 102 DOM
17. 2026-05-30
    days on market $175,000 Active 101 DOM
18. 2026-02-18
    listed $175,000 Active 1019-char remark

    Show marketing remark (1019 chars)

    Zoned O-3 for short-term rental use and located less than a mile from Cameron Park, this 3-bedroom, 2-bath home offers a compelling opportunity in a fast-improving area near Downtown Waco. A spacious covered front porch sets the stage for relaxing evenings and adds real curb appeal. Inside, the living room is anchored by a fireplace with built-in shelving, giving the space character and a clear focal point. The home flows easily from the dining area into the kitchen, making it functional for everyday living and entertaining. The kitchen features updated cabinets, countertops, and appliances, along with ample storage and workspace. With alley access and a location just minutes from Downtown and Baylor, this is a great chance to come make this home something special. The surrounding area continues to see new development and investment, adding to the long-term appeal. Whether you’re a homeowner or an investor, this property offers the kind of location and potential that’s getting harder to find.

19. 2026-01-03
    historical
20. 2025-07-16
    listed $199,000 Active
21. 2025-06-30
    historical
22. 2024-12-20
    listed $205,000 Active
23. 2024-09-17
    soldstatus
24. 2024-09-16
    soldstatus
25. 2024-08-06
    listed $260,000
26. 2003-10-08
    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: $4,441 · $370/mo
• Projected year-2 tax: $4,441 · $370/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $19,106
• − Mortgage interest: −$9,803
• − Property taxes: −$4,441
• − Insurance: −$875
• − Repairs & maintenance: −$1,528
• − Management: −$1,528
• − Depreciation: −$5,091
• Taxable loss: −$4,161
• Est. tax savings @ 24.0%: +$999
• After-tax cash flow: $-236/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 27,790
• Household income: $68,856
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 583.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 20% Black 13% Asian 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 21% Other Asian/Pacific 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.80%
• Current HPI: 218.9643
• Rent YoY: ▼ -0.80%
• Metro: Waco, 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

-32.7% since first listed

9 events — show timeline

• 2026-02-18 Listed $175,000 NTREIS
• 2026-01-03 Listing Removed — NTREIS
• 2025-07-16 Listed $199,000 NTREIS
• 2025-06-30 Listing Removed — NTREIS
• 2024-12-20 Listed $205,000 NTREIS
• 2024-09-17 Sold (Public Records) — Public Records
• 2024-09-16 Sold (MLS) — NTREIS
• 2024-08-06 Listed $260,000 NTREIS
• 2003-10-08 Sold (Public Records) — Public Records

Property tax history

+14.7%/yr

Latest (2025): $4,441 · +95.4% YoY. Source: county tax records.