1140 Faulkner Ln · Waco, TX 76704

$95,000

2 bd · 1.0 ba · 876 sqft · SingleFamily public records · 27 Days on market

Built 1948 5,837 sqft lot Est $73k · 31% over

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Why this score? — see what drove the C 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +8.4/10.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Listing remarks

Great income-producing property's ready for its next owner! This well laid out 2 bedroom, 1 bathroom home sits on a spacious lot in the heart of a neighborhood that’s actively being revived. The home needs a little love, but the best part is that it stays rented, making it a solid option for investors looking for steady rental potential. Don’t miss this chance to add a cash-flowing property to your portfolio in a growing area of Waco!

Key facts

• 5,837 sq ft lot
• Built 1948
• Listed 27 days

Property features AI

Finance

• Other: Property is not attached and has no accessory unit
• Financial info: Listing treated as clear (loan type); No second mortgage indicated
• HOA & community: No homeowners association

Exterior

• Parking: Driveway
• Security: No security features listed
• Utilities: City water; City sewer; Electricity connected; Cable available
• Home design: Single-family residence; One story; Residential property
• Construction: Built in 1948; Siding exterior; Composition roof; Pillar/post/pier foundation
• Exterior features: Lot less than 0.5 acre (approximately 0.134 acres); Near intersection of Faulkner and Garrison; Subdivision: Borden

Interior

• Kitchen: Electric range
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating or cooling details provided
• Interior features: High-speed internet available; One living area, one dining area; Total of 4 rooms
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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) — zoned schools average 98% FRL vs 81% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Waco ISD average; the district grade overstates school quality for this exact location.
• Market conditions: 86 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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 $657 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.34% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.02%
• DSCR: 1.58
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $72,708
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
924 Hubert St	0.08mi	2/1.0	896 (+2%)	14mo	$69,000	$77	81
1212 J J Flewellen Rd	0.13mi	3/1.0 (+1)	844 (-4%)	13mo	$82,995	$98	72
1144 Faulkner Ln	0.01mi	3/1.0 (+1)	972 (+11%)	8mo	$162,000	$167	70
604 Garrison St	0.32mi	2/1.0	960 (+10%)	0mo	$114,900	$120	69
1130 Kellum St	0.33mi	2/2.0	926 (+6%)	4mo	$160,000	$173	68
1220 Sherman St	0.47mi	3/2.0 (+1)	864 (-1%)	4mo	$55,000	$64	64
512 Lenox St	0.62mi	2/1.0	865 (-1%)	15mo	$72,000	$83	57
1016 Preston St	0.44mi	2/1.0	989 (+13%)	6mo	$35,000	$35	53
621 Dunbar St	0.51mi	2/1.0	952 (+9%)	15mo	$40,000	$42	50
211 Hatton St	0.73mi	2/1.0	776 (-11%)	13mo	$89,900	$116	36
522 Lenox St	0.59mi	2/1.0	744 (-15%)	15mo	$52,000	$70	35
308 Rose St	0.60mi	3/1.0 (+1)	984 (+12%)	17mo	$69,500	$71	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.11×
• Total profit: $3,048
• Equity at exit: $14,165

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $26,555
• Equity at exit: $8,214

Cash invested: $26,600 (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 76704

• Home prices YoY: -2.7%
• Active inventory: 86
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,271 high
• Mortgage (P&I): −$498
• Tax from tax record: −$178 /mo · $2,131/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $289

Break-even live

Break-even rent $906

Max offer price $95,000

Occupancy floor 72%

Sensitivity live

Price	-10% $342	-5% $316	+0% $289	+5% $262	+10% $235
Rent	-10% $188	-5% $238	+0% $289	+5% $339	+10% $389
Rate	-1.0pp $337	-0.5pp $313	base $289	+0.5pp $264	+1.0pp $239

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 J J Flewellen Rd Waco, TX	2.0	1.0	844	$1,250	$1.48	44d	1	0.12mi
825 Garrison St Waco, TX	3.0	2.0	1028	$1,370	$1.33	14d	1	0.14mi
932 Dawson St Waco, TX	3.0	2.0	1028	$1,449	$1.41	14d	1	0.15mi
916 Olive St Waco, TX	3.0	2.0	1028	$1,475	$1.43	14d	1	0.33mi
925 Burgan St Unit A Waco, TX	3.0	2.0	872	$999	$1.15	14d	1	0.42mi
923 Burgan St Unit A Waco, TX	3.0	2.0	872	$1,015	$1.16	14d	1	0.42mi
1107 Chestnut St Waco, TX	2.0	1.0	928	$1,300	$1.40	21d	1	0.44mi
1226 Chestnut St Unit A Waco, TX	3.0	2.0	980	$925	$0.94	21d	1	0.44mi
1225 Selman St Waco, TX	2.0	1.0	624	$895	$1.43	21d	1	0.48mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	44d	1	0.49mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	21d	1	0.57mi
413 Lottie St Unit B Waco, TX	3.0	2.0	872	$1,025	$1.18	14d	1	0.61mi
507 Dunbar St Waco, TX	3.0	1.0	852	$1,450	$1.70	14d	1	0.63mi
507 Dunbar St Waco, TX	3.0	1.0	841	$1,550	$1.84	21d	1	0.63mi
1013 Earle Ave Waco, TX	3.0	2.0	1028	$1,525	$1.48	21d	1	0.86mi
804 Earle Ave Unit A Waco, TX	3.0	2.0	872	$1,035	$1.19	14d	1	0.89mi
820 E Pecan Ave Waco, TX	2.0	1.0	672	$1,300	$1.93	14d	1	0.95mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,118	$1.22	21d	1	1.26mi
1403 Strickland St Waco, TX	3.0	2.0	1000	$1,399	$1.40	21d	1	1.37mi
817 Colcord Ave Waco, TX	1.0	1.0	700	$1,225	$1.75	44d	1	1.46mi

Listing history 35 events

1. 2026-06-18
   days on market $95,000 Active 27 DOM
2. 2026-06-17
   days on market $95,000 Active 26 DOM
3. 2026-06-16
   days on market $95,000 Active 25 DOM
4. 2026-06-15
   days on market $95,000 Active 24 DOM
5. 2026-06-14
   days on market $95,000 Active 22 DOM
6. 2026-06-13
   days on market $95,000 Active 21 DOM
7. 2026-06-10
   days on market $95,000 Active 19 DOM
8. 2026-06-09
   days on market $95,000 Active 18 DOM
9. 2026-06-08
   days on market $95,000 Active 17 DOM
10. 2026-06-07
    days on market $95,000 Active 16 DOM
11. 2026-06-05
    days on market $95,000 Active 13 DOM
12. 2026-06-03
    days on market $95,000 Active 12 DOM
13. 2026-06-02
    days on market $95,000 Active 11 DOM
14. 2026-06-01
    days on market $95,000 Active 10 DOM
15. 2026-05-31
    days on market $95,000 Active 9 DOM
16. 2026-05-30
    days on market $95,000 Active 8 DOM
17. 2026-05-21
    listed $95,000 Active
18. 2026-04-02
    historical $850
19. 2026-03-27
    historical
20. 2026-02-05
    listed $850
21. 2026-01-31
    historical $850
22. 2026-01-22
    listed $120,000 Active
23. 2025-12-10
    listed $850
24. 2025-06-07
    historical $850
25. 2025-05-21
    price $850
26. 2025-04-18
    price $900
27. 2025-04-01
    price $950
28. 2025-01-23
    price $1,000
29. 2025-01-14
    price $1,100
30. 2024-11-30
    listed $1,150
31. 2021-03-04
    soldstatus
32. 2020-10-22
    soldstatus
33. 2019-10-28
    historical
34. 2019-06-03
    listed $65,000
35. 2016-06-21
    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: $2,131 · $178/mo
• Projected year-2 tax: $2,131 · $178/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $15,251
• − Mortgage interest: −$5,321
• − Property taxes: −$2,131
• − Insurance: −$475
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$2,764
• Taxable income: $2,120
• Est. tax owed @ 24.0%: −$509
• After-tax cash flow: $2,955/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): 7,018
• Household income: $30,349
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 603.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% Hispanic / Latino 19% Two or more races 11% White 10%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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: ▼ -5.09%
• Current HPI: 181.8051
• Rent YoY: —
• 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

+46.2% since first listed

19 events — show timeline

• 2026-05-21 Listed $95,000 NTREIS
• 2026-04-02 Rental Removed $850 APPFOLIO
• 2026-03-27 Listing Removed — NTREIS
• 2026-02-05 Listed for Rent $850 APPFOLIO
• 2026-01-31 Rental Removed $850 APPFOLIO
• 2026-01-22 Listed $120,000 NTREIS
• 2025-12-10 Listed for Rent $850 APPFOLIO
• 2025-06-07 Rental Removed $850 APPFOLIO
• 2025-05-21 Price Changed $850 APPFOLIO
• 2025-04-18 Price Changed $900 APPFOLIO
• 2025-04-01 Price Changed $950 APPFOLIO
• 2025-01-23 Price Changed $1,000 APPFOLIO
• 2025-01-14 Price Changed $1,100 APPFOLIO
• 2024-11-30 Listed for Rent $1,150 APPFOLIO
• 2021-03-04 Sold (Public Records) — Public Records
• 2020-10-22 Sold (Public Records) — Public Records
• 2019-10-28 Listing Removed — NTREIS
• 2019-06-03 Listed $65,000 NTREIS
• 2016-06-21 Sold (Public Records) — Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,131 · +2.7% YoY. Source: county tax records.