3317 N 23rd St · Waco, TX 76708

$84,500

2 bd · 1.0 ba · 848 sqft · SingleFamily public records · 181 Days on market

Built 1947 7,318 sqft lot $100/sqft · 34% below area Est $127k · 34% under ↓ 8% since listing

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Why this score? — see what drove the B 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +3.7/5.0
• 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

Investor Special Prime North Waco investment opportunity with incredible upside and major location advantage. This 2-1 asset is in better condition than your typical distressed property, giving investors a head start on a fix-and-flip, BRRRR, or long-term buy-and-hold strategy. Located just minutes from Cameron Park’s trails, recreation areas, and riverfront, plus a short drive to the local university giving this project powerful appeal for student renters, faculty, young professionals, and resale buyers. Rare chance to secure a cleaner, easier, faster project in one of Waco’s strongest demand corridors. Solid bones, blank canvas, and an ideal footprint makes this perfect for strategic cosmetic upgrades or rental-ready improvements to boost ARV and cash-flow potential. Motivated seller. Sold - as-is.

Key facts

• Cameron park trails
• Recreation areas
• Riverfront

Tags

• CAMERON PARK TRAILS
• RECREATION AREAS
• RIVERFRONT
• LOCAL UNIVERSITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: schools D, crime D, commute F.
• 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.
• Market conditions: Rents soft (-0.8%/yr); 376 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $584 of loan paydown is wiped out by about $3k 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 181 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.21%
• DSCR: 1.68
• GRM: 5.6

CMA / ARV

• ARV (median comp): $127,121
• List price: $84,500
• Delta: -33.53%
• 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
3209 N 23rd St	0.07mi	2/1.0	818 (-4%)	5mo	$149,000	$182	87
3525 N 25th St	0.21mi	2/1.0	819 (-3%)	4mo	$110,000	$134	81
3528 N 25th St	0.24mi	2/1.0	924 (+9%)	1mo	$150,000	$162	73
3125 N 27th St	0.34mi	2/1.0	806 (-5%)	11mo	$75,000	$93	67
2904 Summer Ave	0.56mi	2/1.0	864 (+2%)	11mo	$115,000	$133	62
2605 Mitchell Ave	0.61mi	2/1.5	807 (-5%)	1mo	$164,000	$203	60
3108 Summer Ave	0.73mi	2/1.0	850 (+0%)	11mo	$145,000	$171	56
3645 N 25th St	0.32mi	3/2.0 (+1)	962 (+13%)	3mo	$175,000	$182	52
2915 Summer Ave	0.57mi	2/1.0	924 (+9%)	10mo	$115,000	$124	50
2724 Mckenzie Ave	0.59mi	2/1.0	950 (+12%)	3mo	$105,000	$111	50
1617 Blackmon St	0.52mi	2/1.0	720 (-15%)	4mo	$210,000	$292	48
2816 Alexander St	0.71mi	2/1.0	910 (+7%)	11mo	$180,000	$198	46

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: 2.1%
• Equity multiple: 1.08×
• Total profit: $1,829
• Equity at exit: $12,599

10-year hold

• IRR: 8.1%
• Equity multiple: 1.52×
• Total profit: $12,391
• Equity at exit: $7,306

Cash invested: $23,660 (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: 376
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,246 high
• Mortgage (P&I): −$443
• Tax from tax record: −$207 /mo · $2,479/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $300

Break-even live

Break-even rent $867

Max offer price $84,500

Occupancy floor 71%

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2612 Alice Ave Waco, TX	2.0	1.0	964	$1,250	$1.30	21d	1	0.39mi
2408 McKenzie Ave Unit A Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	0.45mi
2600 McKenzie Ave Waco, TX	3.0	1.0	1096	$1,395	$1.27	21d	1	0.49mi
1611 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$985	$1.18	13d	1	0.53mi
1614 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$925	$1.10	13d	1	0.54mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	21d	1	0.57mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	13d	1	0.66mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	21d	1	0.68mi
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	13d	1	0.68mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	21d	1	0.69mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	21d	1	0.75mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	43d	1	0.75mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	43d	1	0.76mi
2404 Proctor Ave Unit 2 Waco, TX	1.0	1.0	837	$950	$1.14	13d	1	0.83mi
2402 Proctor Ave Waco, TX	1.0	1.0	1000	$950	$0.95	13d	1	0.84mi
2404 Proctor Ave Waco, TX	1.0	1.0	837	$1,000	$1.19	21d	1	0.84mi
1827 Proctor Ave Waco, TX	2.0	1.0	600	$1,000	$1.67	13d	1	0.87mi
1827 Proctor Ave Unit A Waco, TX	2.0	1.0	600	$1,000	$1.67	21d	1	0.87mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	43d	1	1.03mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	21d	1	1.06mi
2736 Lake Shore Dr Waco, TX	1.0–2.0	1.0–2.0	1034	$1,774	$1.71	13d	1	1.06mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	43d	1	1.12mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	43d	1	1.14mi
1905 N 19th St Waco, TX	1.0	1.0	816	$875	$1.07	21d	1	1.15mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	43d	1	1.27mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	13d	1	1.27mi
4372 Lake Shore Dr Waco, TX	1.0–3.0	1.0–2.0	1027	$1,238	$1.20	13d	1	1.35mi
1500 Lake Shore Dr Waco, TX	2.0	1.0	876	$1,150	$1.31	13d	1	1.36mi
1500 Lake Shore Dr Apt 201 Waco, TX	2.0	1.0	876	$1,050	$1.20	13d	1	1.36mi
1600 Lake Shore Dr Waco, TX	1.0–3.0	1.0–2.0	829	$1,150	$1.39	13d	1	1.37mi
4502 Lake Shore Dr Waco, TX	1.0–2.0	1.0–2.0	820	$2,595	$3.16	13d	10	1.46mi
3532 Windsor Ave Waco, TX	3.0	2.0	1100	$1,475	$1.34	13d	1	1.48mi
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	43d	1	1.50mi

Listing history 14 events

1. 2026-06-14
   days on market $84,500 Active 181 DOM
2. 2026-06-13
   days on market $84,500 Active 180 DOM
3. 2026-06-10
   days on market $84,500 Active 178 DOM
4. 2026-06-09
   days on market $84,500 Active 177 DOM
5. 2026-06-08
   days on market $84,500 Active 176 DOM
6. 2026-06-07
   days on market $84,500 Active 175 DOM
7. 2026-06-05
   pricedays on market $84,500 Active 172 DOM
8. 2026-06-03
   days on market $91,000 Active 171 DOM
9. 2026-06-02
   days on market $91,000 Active 170 DOM
10. 2026-06-01
    days on market $91,000 Active 169 DOM
11. 2026-05-31
    days on market $91,000 Active 168 DOM
12. 2026-05-30
    days on market $91,000 Active 167 DOM
13. 2026-03-26
    price $97,700 838-char remark

    Show marketing remark (838 chars)

    Investor Special Prime North Waco investment opportunity with incredible upside and major location advantage. This 2-1 asset is in better condition than your typical distressed property, giving investors a head start on a fix-and-flip, BRRRR, or long-term buy-and-hold strategy. Located just minutes from Cameron Park’s trails, recreation areas, and riverfront, plus a short drive to the local university giving this project powerful appeal for student renters, faculty, young professionals, and resale buyers. Rare chance to secure a cleaner, easier, faster project in one of Waco’s strongest demand corridors. Solid bones, blank canvas, and an ideal footprint makes this perfect for strategic cosmetic upgrades or rental-ready improvements to boost ARV and cash-flow potential. Motivated seller. Sold - as-is.

14. 2025-12-14
    listed $106,700 Active 838-char remark

    Show marketing remark (838 chars)

    Investor Special Prime North Waco investment opportunity with incredible upside and major location advantage. This 2-1 asset is in better condition than your typical distressed property, giving investors a head start on a fix-and-flip, BRRRR, or long-term buy-and-hold strategy. Located just minutes from Cameron Park’s trails, recreation areas, and riverfront, plus a short drive to the local university giving this project powerful appeal for student renters, faculty, young professionals, and resale buyers. Rare chance to secure a cleaner, easier, faster project in one of Waco’s strongest demand corridors. Solid bones, blank canvas, and an ideal footprint makes this perfect for strategic cosmetic upgrades or rental-ready improvements to boost ARV and cash-flow potential. Motivated seller. Sold - as-is.

ⓘ 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: $2,479 · $207/mo
• Projected year-2 tax: $2,479 · $207/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,958
• − Mortgage interest: −$4,733
• − Property taxes: −$2,479
• − Insurance: −$422
• − Repairs & maintenance: −$1,197
• − Management: −$1,197
• − Depreciation: −$2,458
• Taxable income: $2,471
• Est. tax owed @ 24.0%: −$593
• After-tax cash flow: $3,004/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

-8.4% since first listed

2 events — show timeline

• 2026-03-26 Price Changed $97,700 NTREIS
• 2025-12-14 Listed $106,700 NTREIS

Property tax history

+9.2%/yr

Latest (2025): $2,479 · +4.8% YoY. Source: county tax records.