1913 Homan Ave · Waco, TX 76707

$89,000

3 bd · 1.0 ba · 1,193 sqft · SingleFamily public records · 23 Days on market

Built 1917 8,233 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

You’ve found your next investment opportunity in the heart of North Waco’s sought-after Sanger Heights neighborhood on Homan Avenue. Built in 1917, this 1,193 square foot bungalow is full of potential and ready for your vision to bring it back to life. Classic early-1900s character, mature neighborhood charm, and strong upside make this the perfect fix-and-flip or long-term investment property. Step inside and imagine the possibilities to restore the historic appeal while incorporating modern updates today’s buyers love. With the right renovations, this property could truly shine and become a standout home in one of Waco’s established neighborhoods. Whether you&rsquo

Key facts

• Modern updates
• Historic appeal
• Rehab project

Tags

• SANGER HEIGHTS NEIGHBORHOOD
• HISTORIC APPEAL
• MODERN UPDATES
• REHAB PROJECT

Property features AI

Finance

• Other: Parcel: 480340000025009; Lot described as less than 0.5 acre
• Financial info: Listing terms: Cash; No second mortgage reported
• HOA & community: No association

Exterior

• Parking: Off-street parking (no covered or carport spaces listed)
• Utilities: City water; City sewer; Electricity available; Not in a municipal utility district
• Home design: Single-family residence; Residential property; Built in 1917; Provident subdivision
• Construction: Composition/shingle roof; Originally constructed in 1917
• Exterior features: Off-street parking

Interior

• Kitchen: Electric range
• Bedrooms: Primary bedroom (1st level) — 10 x 12
• Flooring: Laminate; Linoleum; Tile; Varies
• Bathrooms: 1 full bathroom
• Heating & cooling: Ceiling fan(s); No heating system listed
• Interior features: One-level layout; Built-in cabinets in living room; Fireplace in living room; Other interior features
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% 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: West Avenue El (math 17% / reading 22%, grade F, #3,583 of 4,322 statewide, top 86%, 289 students, 96% FRL).
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 44% of the median local income ($40k/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 $615 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 + 1.1% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1917 — 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: 1.67% ✓
• Cap rate: 13.15%
• Cash-on-cash: 24.49%
• DSCR: 2.09
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $195,652
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 N 22nd St	0.35mi	3/2.0	1,168 (-2%)	2mo	$199,999	$171	75
1901 Algonquin St	0.24mi	3/2.0	1,176 (-1%)	10mo	$248,000	$211	74
2013 Homan Ave	0.07mi	3/1.0	1,064 (-11%)	6mo	$175,000	$164	74
900 N 16th St	0.32mi	3/1.0	1,239 (+4%)	9mo	$135,000	$109	71
1521 Homan Ave	0.30mi	3/2.0	1,256 (+5%)	4mo	$169,900	$135	70
2110 Gorman Ave	0.35mi	3/2.0	1,252 (+5%)	4mo	$214,999	$172	68
1123 N 14th St	0.46mi	3/1.0	1,272 (+7%)	1mo	$40,000	$31	66
2319 Parrot	0.41mi	2/2.0 (-1)	1,152 (-3%)	0mo	$75,000	$65	66
2015 Gorman Ave	0.28mi	2/1.0 (-1)	1,320 (+11%)	0mo	$140,000	$106	64
2620 Lasker Ave	0.63mi	2/2.0 (-1)	1,200 (+1%)	4mo	$220,000	$183	58
2805 Parrott Ave	0.72mi	3/2.0	1,236 (+4%)	3mo	$190,000	$154	54
1113 N 10th St	0.72mi	3/2.0	1,028 (-14%)	1mo	$199,000	$194	39

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 · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.61×
• Total profit: $15,300
• Equity at exit: $13,270

10-year hold

• IRR: 22.8%
• Equity multiple: 2.78×
• Total profit: $44,475
• Equity at exit: $7,695

Cash invested: $24,920 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,483 high
• Mortgage (P&I): −$467
• Tax from tax record: −$159 /mo · $1,913/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $509

Break-even live

Break-even rent $840

Max offer price $89,000

Occupancy floor 61%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	43d	1	0.26mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	21d	1	0.33mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	43d	1	0.50mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	13d	1	0.50mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	43d	1	0.50mi
615 N 23rd St Waco, TX	2.0	1.0	900	$1,275	$1.42	21d	1	0.54mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	21d	1	0.56mi
2632 Colonial Ave Unit B Waco, TX	2.0	1.0	896	$1,050	$1.17	21d	1	0.58mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	13d	1	0.58mi
1216 Tennessee Ave Unit B Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	0.58mi
1216 Tennessee Ave Waco, TX	3.0	2.0	872	$1,250	$1.43	21d	1	0.58mi
2705 Bosque Blvd Waco, TX	3.0	2.0	1028	$1,599	$1.56	43d	1	0.58mi
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	43d	1	0.60mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	43d	1	0.62mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	43d	1	0.63mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	43d	1	0.63mi
1818 Windsor Ave Waco, TX	4.0	2.0	1112	$1,625	$1.46	21d	1	0.63mi
716 N 13th St Waco, TX	4.0	2.0	1349	$1,675	$1.24	21d	1	0.63mi
2724 Bosque Blvd Waco, TX	2.0	1.0	1120	$1,100	$0.98	21d	1	0.63mi
1110 N 11th St Waco, TX	3.0	2.0	1172	$1,495	$1.28	21d	1	0.66mi
1600 N 11th St Unit A Waco, TX	3.0	2.0	1217	$1,750	$1.44	43d	1	0.66mi
1104 N 11th St Waco, TX	3.0	2.0	1231	$1,650	$1.34	21d	1	0.66mi
804 N 11th St Waco, TX	1.0–2.0	1.0	838	$1,200	$1.43	21d	1	0.72mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	43d	1	0.72mi
2601 Fort Ave Unit 4 Waco, TX	2.0	1.0	1000	$990	$0.99	43d	1	0.73mi
2714 Morrow Ave Waco, TX	2.0	1.0	1484	$1,375	$0.93	21d	1	0.75mi
1923 Austin Ave Unit 5202 Waco, TX	2.0	2.5	1265	$1,395	$1.10	21d	1	0.82mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	21d	1	0.83mi
1606 N 9th St Waco, TX	4.0	2.0	1392	$1,525	$1.10	21d	1	0.83mi
718 Garland Ave Unit b Waco, TX	3.0	1.0	838	$985	$1.18	13d	1	0.84mi
2300 Washington Ave Waco, TX	3.0	1.0	1232	$1,650	$1.34	13d	1	0.85mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	21d	1	0.85mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	43d	1	0.87mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	43d	1	0.94mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	21d	1	0.94mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	13d	1	0.95mi
712 Proctor Ave Waco, TX	4.0	2.0	1184	$1,450	$1.22	21d	1	1.03mi
3400 W Brookview Dr Waco, TX	1.0–2.0	1.0	865	$1,209	$1.40	13d	5	1.05mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	13d	1	1.07mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	43d	1	1.10mi

Listing history 18 events

1. 2026-06-18
   days on market $89,000 Active 23 DOM
2. 2026-06-17
   days on market $89,000 Active 22 DOM
3. 2026-06-16
   days on market $89,000 Active 21 DOM
4. 2026-06-15
   days on market $89,000 Active 20 DOM
5. 2026-06-14
   pricedays on market $89,000 Active 18 DOM
6. 2026-06-13
   days on market $92,900 Active 17 DOM
7. 2026-06-10
   days on market $92,900 Active 15 DOM
8. 2026-06-09
   days on market $92,900 Active 14 DOM
9. 2026-06-08
   days on market $92,900 Active 13 DOM
10. 2026-06-07
    pricedays on market $92,900 Active 12 DOM
11. 2026-06-05
    days on market $99,000 Active 9 DOM
12. 2026-06-03
    days on market $99,000 Active 8 DOM
13. 2026-06-02
    days on market $99,000 Active 7 DOM
14. 2026-06-01
    days on market $99,000 Active 6 DOM
15. 2026-05-31
    days on market $99,000 Active 5 DOM
16. 2026-05-30
    days on market $99,000 Active 4 DOM
17. 2026-05-26
    listed $99,000 Active
18. 2007-09-25
    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: $1,913 · $159/mo
• Projected year-2 tax: $1,913 · $159/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% 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: $17,801
• − Mortgage interest: −$4,985
• − Property taxes: −$1,913
• − Insurance: −$445
• − Repairs & maintenance: −$1,424
• − Management: −$1,424
• − Depreciation: −$2,589
• Taxable income: $5,020
• Est. tax owed @ 24.0%: −$1,205
• After-tax cash flow: $4,899/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): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 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: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• 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

2 events — show timeline

• 2026-05-26 Listed $99,000 NTREIS
• 2007-09-25 Sold (Public Records) — Public Records

Property tax history

+7.8%/yr

Latest (2025): $1,913 · -3.7% YoY. Source: county tax records.