111 S Mill St · Flatonia, TX 78941

$179,000

2 bd · 1.0 ba · 1,348 sqft · SingleFamily public records · 87 Days on market

Built 1930 0.29 ac lot $133/sqft · 18% below area Est $219k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.1/30.0
• Appreciation +6.4/10.0
• Schools +5.4/10.0
• Livability +3.3/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Step into the warmth and character of this charming 100-year-old home in the heart of Flatonia. This inviting 2-bedroom, 1-bath residence showcases the craftsmanship of a bygone era with beautiful original wood floors throughout much of the home, soaring high ceilings, and an abundance of built-ins that add both charm and functionality.The home’s thoughtful layout highlights the historic details that make properties like this so special. The built-ins provide unique storage and character rarely found in newer homes.Outside, the property features a garage and morgan building with ample storage space—perfect for tools, hobbies, or extra workspace.If you appreciate classic architecture, timeless character, and the charm of small-town living, this historic Flatonia home is one you won’t want to miss.

Key facts

• Ample storage space
• Original wood floors
• Historic details

Tags

• ORIGINAL WOOD FLOORS
• HIGH CEILINGS
• BUILT-INS
• HISTORIC DETAILS
• AMPLE STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $-73 ($-879/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (21.8% below list).
• Recommended offer: $140k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.7% in Flatonia — 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 66/100 on livability (#599 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools D+, amenities F, commute F.
• Flatonia ISD (rural): math 69% / reading 60% proficiency, ranked #43 of 826 in TX (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 23 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.8% local appreciation)).
• Fayette County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $40k; list at $179k implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,000 (21.8% 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 87 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — 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. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 10.7

CMA / ARV

• ARV (median comp): $218,638
• List price: $179,000
• Delta: -18.13%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 E 5th St	0.42mi	3/1.0 (+1)	1,404 (+4%)	17mo	$215,000	$153	54
402 N Penn St	0.39mi	3/2.0 (+1)	1,280 (-5%)	13mo	$225,000	$176	54
320 E South Main St	0.50mi	3/1.5 (+1)	1,431 (+6%)	9mo	$170,000	$119	52
118 N Converse St	0.47mi	2/2.0	1,204 (-11%)	12mo	$150,000	$125	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.30×
• Total profit: $15,125
• Equity at exit: $78,614

10-year hold

• IRR: 8.4%
• Equity multiple: 2.25×
• Total profit: $62,591
• Equity at exit: $119,718

Cash invested: $50,120 (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 78941

• Home prices YoY: 1.2%
• Active inventory: 79
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$166 /mo · $1,991/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-73

Break-even live

Break-even rent $1,493

Max offer price $166,063

Occupancy floor —

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 E 12th St Flatonia, TX	2.0	1.0	900	$1,400	$1.56	43d	1	0.82mi

Listing history 13 events

1. 2026-06-12
   statusdays on market $179,000 Pending 87 DOM
2. 2026-06-09
   days on market $179,000 Active 85 DOM
3. 2026-06-08
   days on market $179,000 Active 84 DOM
4. 2026-06-08
   days on market $179,000 Active 83 DOM
5. 2026-06-05
   days on market $179,000 Active 81 DOM
6. 2026-06-03
   days on market $179,000 Active 79 DOM
7. 2026-06-02
   days on market $179,000 Active 78 DOM
8. 2026-06-01
   days on market $179,000 Active 77 DOM
9. 2026-05-31
   days on market $179,000 Active 76 DOM
10. 2026-03-16
    listed $179,000 Active 825-char remark

    Show marketing remark (828 chars)

    Step into the warmth and character of this charming 100-year-old home in the heart of Flatonia. This inviting 2-bedroom, 1-bath residence showcases the craftsmanship of a bygone era with beautiful original wood floors throughout much of the home, soaring high ceilings, and an abundance of built-ins that add both charm and functionality. The home’s thoughtful layout highlights the historic details that make properties like this so special. The built-ins provide unique storage and character rarely found in newer homes. Outside, the property features a garage and morgan building with ample storage space—perfect for tools, hobbies, or extra workspace. If you appreciate classic architecture, timeless character, and the charm of small-town living, this historic Flatonia home is one you won’t want to miss.

11. 2026-03-16
    listed $179,000 Active 828-char remark

    Show marketing remark (828 chars)

    Step into the warmth and character of this charming 100-year-old home in the heart of Flatonia. This inviting 2-bedroom, 1-bath residence showcases the craftsmanship of a bygone era with beautiful original wood floors throughout much of the home, soaring high ceilings, and an abundance of built-ins that add both charm and functionality. The home’s thoughtful layout highlights the historic details that make properties like this so special. The built-ins provide unique storage and character rarely found in newer homes. Outside, the property features a garage and morgan building with ample storage space—perfect for tools, hobbies, or extra workspace. If you appreciate classic architecture, timeless character, and the charm of small-town living, this historic Flatonia home is one you won’t want to miss.

12. 2017-03-24
    soldstatus
13. 1999-07-27
    soldstatus $40,000

ⓘ 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: $1,991 · $166/mo
• Projected year-2 tax: $3,276 · $273/mo
• Expected delta: +$1,284/yr (+$107/mo · 64.5%)

ⓘ 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 ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% 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: $16,800
• − Mortgage interest: −$10,027
• − Property taxes: −$1,991
• − Insurance: −$895
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$5,207
• Taxable loss: −$4,009
• Est. tax savings @ 24.0%: +$962
• After-tax cash flow: $83/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: Flatonia ISD
• NCES district ID: 4819280
• Math proficiency: 69% ▼ -1.00%
• Reading proficiency: 60% ▲ 2.00%
• Median HH income: $45,018
• Composite: 54.38/100
• National rank: #1359
• State rank: #43 of 826 in TX

Livability — Flatonia

• Score: 66/100
• State rank: #599
• US rank: #11419

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment B+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flatonia, TX
• Population (ZIP): 3,334

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 26,343 people
• By 2030: 26,940 · +2.3%
• By 2040: 27,898 · +5.9%
• By 2050: 28,623 · +8.7%
• By 2075: 31,155 · +18.3%
• By 2100: 31,557 · +19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 50% Hispanic / Latino 43% Two or more races 14% Black 3%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 66% English-only · Spanish 32% Russian/Polish/Slavic 1% Chinese 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+61.4) · D 18.9% · R 80.3%
• 2008→2024 swing: -18.8pp toward R · 2008: -42.6pp · 2024: -61.4pp
• All cycles: 2024: R+61.4 2020: R+58.0 2016: R+59.1 2012: R+54.9 2008: R+42.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.81%
• Current HPI: 228.938
• Rent YoY: —
• Metro: —
• 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

+347.5% since first listed

4 events — show timeline

• 2026-03-16 Listed $179,000 CTXMLS
• 2026-03-16 Listed $179,000 HARMLS
• 2017-03-24 Sold (Public Records) — Public Records
• 1999-07-27 Sold (Public Records) $40,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,991 · +8.7% YoY. Source: county tax records.