1300 33rd St · Wichita Falls, TX 76302

$32,500

3 bd · 1.0 ba · 1,122 sqft · SingleFamily public records · 51 Days on market

Built 1940 $29/sqft · 72% below area ↓ 12% 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor opportunity with major groundwork complete—this home is already down to the studs with minimal demo remaining. Featuring 2 bedrooms, 1 bathroom, and approximately 1,122 sq ft, it offers endless possibilities. Situated on a corner lot, the layout allows for an open-concept design and flexible reconfiguration. Ideal for investors or renovators ready to customize and add value with their own vision and finishes.

Key facts

• Built 1940
• Listed 51 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $32k (3.0% below list) — sets the bar for market timing.
• Cap rate 46.9% vs local median 4.7% in Wichita Falls — 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 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: 77 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 34% of the median local income ($60k/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 $225 of loan paydown is wiped out by about $975 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($32k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $31,525 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 5.16% ✓
• Cap rate: 46.94%
• Cash-on-cash: 145.16%
• DSCR: 7.46
• GRM: 1.6

CMA / ARV

• ARV (median comp): $117,745
• List price: $32,500
• Delta: -72.40%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1314 Montgomery St	0.36mi	3/2.0	1,223 (+9%)	9mo	$180,000	$147	57
2914 California St	0.45mi	3/1.0	990 (-12%)	10mo	$30,305	$31	51
1217 Oakhurst Dr	0.72mi	2/2.0 (-1)	1,048 (-7%)	21mo	$154,900	$148	29

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: —
• Equity multiple: 7.67×
• Total profit: $60,676
• Equity at exit: $4,846

10-year hold

• IRR: —
• Equity multiple: 16.16×
• Total profit: $137,929
• Equity at exit: $2,810

Cash invested: $9,100 (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 76302

• Home prices YoY: -34.7%
• Active inventory: 77
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,676 medium
• Mortgage (P&I): −$170
• Tax from tax record: −$39 /mo · $469/yr
• Insurance: −$14
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $1,034

Break-even live

Break-even rent $366

Max offer price $32,500

Occupancy floor 33%

Sensitivity live

Price	-10% $1,053	-5% $1,044	+0% $1,034	+5% $1,025	+10% $1,016
Rent	-10% $902	-5% $968	+0% $1,034	+5% $1,101	+10% $1,167
Rate	-1.0pp $1,051	-0.5pp $1,043	base $1,034	+0.5pp $1,026	+1.0pp $1,017

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: $8,125
• Closing costs: $975
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1514 Christine Rd Wichita Falls, TX	3.0	2.0	1275	$1,600	$1.25	46d	1	0.70mi

Listing history 9 events

1. 2026-06-05
   days on market $32,500 Active 51 DOM
2. 2026-06-02
   days on market $32,500 Active 49 DOM
3. 2026-06-01
   days on market $32,500 Active 48 DOM
4. 2026-05-31
   days on market $32,500 Active 47 DOM
5. 2026-05-30
   days on market $32,500 Active 46 DOM
6. 2026-04-21
   price $37,500 427-char remark

   Show marketing remark (427 chars)

   Investor opportunity with major groundwork complete—this home is already down to the studs with minimal demo remaining. Featuring 2 bedrooms, 1 bathroom, and approximately 1,122 sq ft, it offers endless possibilities. Situated on a corner lot, the layout allows for an open-concept design and flexible reconfiguration. Ideal for investors or renovators ready to customize and add value with their own vision and finishes.

7. 2026-04-14
   listed $42,500 Active 427-char remark

   Show marketing remark (427 chars)

   Investor opportunity with major groundwork complete—this home is already down to the studs with minimal demo remaining. Featuring 2 bedrooms, 1 bathroom, and approximately 1,122 sq ft, it offers endless possibilities. Situated on a corner lot, the layout allows for an open-concept design and flexible reconfiguration. Ideal for investors or renovators ready to customize and add value with their own vision and finishes.

8. 2024-09-18
   soldstatus
9. 2018-07-16
   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: $469 · $39/mo
• Projected year-2 tax: $595 · $50/mo
• Expected delta: +$126/yr (+$10/mo · 26.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 77% 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 8% 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: $20,109
• − Mortgage interest: −$1,821
• − Property taxes: −$469
• − Insurance: −$960
• − Repairs & maintenance: −$1,609
• − Management: −$1,609
• − Depreciation: −$945
• Taxable income: $12,697
• Est. tax owed @ 24.0%: −$3,047
• After-tax cash flow: $9,365/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): 11,932
• Household income: $59,590
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 478.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 19% Black 11% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 85% English-only · Spanish 10% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -101.67%
• Current HPI: 191.4059
• Rent YoY: —
• 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

-11.8% since first listed

4 events — show timeline

• 2026-04-21 Price Changed $37,500 WFAOR
• 2026-04-14 Listed $42,500 WFAOR
• 2024-09-18 Sold (Public Records) — Public Records
• 2018-07-16 Sold (Public Records) — Public Records

Property tax history

+5.1%/yr

Latest (2025): $469 · -1.0% YoY. Source: county tax records.