4824 Rhea Rd · Wichita Falls, TX 76308

$260,000

4 bd · 2.0 ba · 2,322 sqft · SingleFamily public records · 143 Days on market

Built 1979 $112/sqft · 16% below area Est $310k · 16% under

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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 +14.7/15.0
• Cash flow +9.0/30.0
• 1% rule +3.8/10.0
• Livability +3.5/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4-bedroom, 2-bath home with a 2-car garage offering over 2,300 sq ft of living space. The functional floor plan includes two living areas with new carpet, perfect for entertaining, a home office, or flexible use. Recent updates feature a brand-new roof and two HVAC units, ensuring comfort during the summer months. Conveniently located approximately 20 minutes from Sheppard Air Force Base and 15 minutes from shopping and grocery options.

Key facts

• Recent updates
• Brand new roof
• Two hvac units

Tags

• FUNCTIONAL FLOOR PLAN
• TWO LIVING AREAS
• HOME OFFICE
• RECENT UPDATES
• BRAND NEW ROOF
• TWO HVAC UNITS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-203 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (12.4% below list).
• Recommended offer: $224k (13.8% below list) — sets the bar for cash-flow.

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 (+3.8%/yr); 131 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent runs 37% of the median local income ($75k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,147 (13.8% 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 143 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 0.88% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• GRM: 9.5

CMA / ARV

• ARV (median comp): $309,839
• List price: $260,000
• Delta: -16.09%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4805 Saddleback Ln	0.43mi	4/3.0	2,264 (-2%)	9mo	$445,000	$197	65
4811 Saddleback Ln	0.41mi	4/3.0	2,229 (-4%)	12mo	$455,000	$204	60
4804 Dickens St	0.55mi	4/2.0	2,062 (-11%)	22mo	$274,600	$133	37

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 · 3.77% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.27×
• Total profit: $-53,118
• Equity at exit: $38,767

10-year hold

• IRR: -12.2%
• Equity multiple: 0.25×
• Total profit: $-54,830
• Equity at exit: $22,480

Cash invested: $72,800 (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 76308

• Rents YoY: 3.8%
• Active inventory: 131
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,279 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$531 /mo · $6,375/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $-203

Break-even live

Break-even rent $2,535

Max offer price $224,147

Occupancy floor —

Sensitivity live

Price	-10% $-56	-5% $-129	+0% $-203	+5% $-277	+10% $-350
Rent	-10% $-383	-5% $-293	+0% $-203	+5% $-113	+10% $-23
Rate	-1.0pp $-72	-0.5pp $-137	base $-203	+0.5pp $-270	+1.0pp $-339

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
304 Mariners Way Wichita Falls, TX	4.0	3.0	3087	$4,300	$1.39	45d	1	1.49mi

Listing history 22 events

1. 2026-06-07
   days on market $260,000 Active 143 DOM
2. 2026-06-05
   days on market $260,000 Active 140 DOM
3. 2026-06-02
   days on market $260,000 Active 138 DOM
4. 2026-06-01
   days on market $260,000 Active 137 DOM
5. 2026-05-31
   days on market $260,000 Active 136 DOM
6. 2026-05-30
   days on market $260,000 Active 135 DOM
7. 2026-04-21
   price $260,000 449-char remark

   Show marketing remark (449 chars)

   Spacious 4-bedroom, 2-bath home with a 2-car garage offering over 2,300 sq ft of living space. The functional floor plan includes two living areas with new carpet, perfect for entertaining, a home office, or flexible use. Recent updates feature a brand-new roof and two HVAC units, ensuring comfort during the summer months. Conveniently located approximately 20 minutes from Sheppard Air Force Base and 15 minutes from shopping and grocery options.

8. 2026-04-21
   price $260,900 449-char remark

   Show marketing remark (449 chars)

   Spacious 4-bedroom, 2-bath home with a 2-car garage offering over 2,300 sq ft of living space. The functional floor plan includes two living areas with new carpet, perfect for entertaining, a home office, or flexible use. Recent updates feature a brand-new roof and two HVAC units, ensuring comfort during the summer months. Conveniently located approximately 20 minutes from Sheppard Air Force Base and 15 minutes from shopping and grocery options.

9. 2026-03-16
   price $269,900 449-char remark

   Show marketing remark (449 chars)

   Spacious 4-bedroom, 2-bath home with a 2-car garage offering over 2,300 sq ft of living space. The functional floor plan includes two living areas with new carpet, perfect for entertaining, a home office, or flexible use. Recent updates feature a brand-new roof and two HVAC units, ensuring comfort during the summer months. Conveniently located approximately 20 minutes from Sheppard Air Force Base and 15 minutes from shopping and grocery options.

10. 2026-01-15
    listed $275,000 Active 449-char remark

    Show marketing remark (449 chars)

    Spacious 4-bedroom, 2-bath home with a 2-car garage offering over 2,300 sq ft of living space. The functional floor plan includes two living areas with new carpet, perfect for entertaining, a home office, or flexible use. Recent updates feature a brand-new roof and two HVAC units, ensuring comfort during the summer months. Conveniently located approximately 20 minutes from Sheppard Air Force Base and 15 minutes from shopping and grocery options.

11. 2023-08-14
    soldstatus Closed 393-char remark

    Show marketing remark (393 chars)

    Fresh and clean! A true 4 bedroom home with two living areas! Updates include brand new carpet, fresh paint throughout, showers/tubs new coating, new ceiling fans, new sealant on kitchen countertops and updated electrical. 2 HVAC units providing continuous comfort. Located in sought after Midwestern Farm subdivision, all you need to do is MOVE IN. Yard is low maintenance for easy enjoyment.

12. 2023-08-14
    soldstatus

    Show marketing remark (393 chars)

    Fresh and clean! A true 4 bedroom home with two living areas! Updates include brand new carpet, fresh paint throughout, showers/tubs new coating, new ceiling fans, new sealant on kitchen countertops and updated electrical. 2 HVAC units providing continuous comfort. Located in sought after Midwestern Farm subdivision, all you need to do is MOVE IN. Yard is low maintenance for easy enjoyment.

13. 2023-08-06
    historical 393-char remark

    Show marketing remark (393 chars)

    Fresh and clean! A true 4 bedroom home with two living areas! Updates include brand new carpet, fresh paint throughout, showers/tubs new coating, new ceiling fans, new sealant on kitchen countertops and updated electrical. 2 HVAC units providing continuous comfort. Located in sought after Midwestern Farm subdivision, all you need to do is MOVE IN. Yard is low maintenance for easy enjoyment.

14. 2023-07-14
    listed $240,000 Active 393-char remark

    Show marketing remark (393 chars)

    Fresh and clean! A true 4 bedroom home with two living areas! Updates include brand new carpet, fresh paint throughout, showers/tubs new coating, new ceiling fans, new sealant on kitchen countertops and updated electrical. 2 HVAC units providing continuous comfort. Located in sought after Midwestern Farm subdivision, all you need to do is MOVE IN. Yard is low maintenance for easy enjoyment.

15. 2023-07-11
    price $265,000
16. 2023-06-21
    price $279,900
17. 2018-10-16
    soldstatus
18. 2018-10-15
    soldstatus
19. 2018-08-22
    listed $167,900
20. 2015-05-12
    soldstatus
21. 2015-05-12
    soldstatus
22. 2014-04-30
    listed $120,000

ⓘ 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: $6,375 · $531/mo
• Projected year-2 tax: $6,375 · $531/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $27,343
• − Mortgage interest: −$14,564
• − Property taxes: −$6,375
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$7,564
• Taxable loss: −$6,834
• Est. tax savings @ 24.0%: +$1,640
• After-tax cash flow: $-795/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): 21,896
• Household income: $74,772
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 708.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 16% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Serbian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 6% Arabic 1% German/W. Germanic 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: ▼ -118.47%
• Current HPI: 177.1989
• Rent YoY: ▲ 3.77%
• 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

+116.7% since first listed

16 events — show timeline

• 2026-04-21 Price Changed $260,000 WFAOR
• 2026-04-21 Price Changed $260,900 WFAOR
• 2026-03-16 Price Changed $269,900 WFAOR
• 2026-01-15 Listed $275,000 WFAOR
• 2023-08-14 Sold (Public Records) — Public Records
• 2023-08-14 Sold (MLS) — WFAOR
• 2023-08-06 Delisted — WFAOR
• 2023-07-14 Listed $240,000 WFAOR
• 2023-07-11 Price Changed $265,000 WFAOR
• 2023-06-21 Price Changed $279,900 WFAOR
• 2018-10-16 Sold (Public Records) — Public Records
• 2018-10-15 Sold (MLS) — WFAOR
• 2018-08-22 Listed $167,900 WFAOR
• 2015-05-12 Sold (Public Records) — Public Records
• 2015-05-12 Sold (MLS) — WFAOR
• 2014-04-30 Listed $120,000 WFAOR

Property tax history

+5.3%/yr

Latest (2025): $6,375 · +6.6% YoY. Source: county tax records.