111 W Gilbert St · Henrietta, TX 76365

$79,995

3 bd · 1.0 ba · 1,620 sqft · Other public records · 438 Days on market

Built 1908 Poor condition 2,222 sqft lot $49/sqft · 48% below area ↓ 16% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a great historic building in downtown Henrietta just across from the Clay County Courthouse waiting for you to come make it exactly what you envision. With its spacious open floor plan, it is a great blank canvas for you to turn into your very own. It is a great location for your downtown condo, retail shop or any other number of uses where someone wants to be located in town. Per the owner, new gutters and a new rubber roof has been recently installed and has a warranty. Also this property has had new commercial windows and doors installed. If you are looking for a building with plenty of potential and in the heart of Henrietta then this is a excellent choice.

Key facts

• New doors
• Historic building
• New gutters

Tags

• HISTORIC BUILDING
• SPACIOUS OPEN FLOOR PLAN
• NEW GUTTERS
• NEW RUBBER ROOF
• NEW COMMERCIAL WINDOWS
• NEW DOORS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $80k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.1% in Henrietta — 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 70/100 on livability (#379 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Henrietta ISD (rural): math 47% / reading 48% proficiency, ranked #219 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 13 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clay County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 438 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,395 (12.0% below list)

Questions for the listing agent

1. It's been on market 438 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1908 — 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: 1.52% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.67%
• DSCR: 2.05
• GRM: 5.5

CMA / ARV

• ARV (median comp): $180,709
• List price: $79,995
• Delta: -55.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $15,174
• Equity at exit: $11,928

10-year hold

• IRR: 25.3%
• Equity multiple: 3.21×
• Total profit: $49,434
• Equity at exit: $6,917

Cash invested: $22,399 (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 76365

• Home prices YoY: -18.4%
• Active inventory: 76
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,214 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$64 /mo · $771/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $442

Break-even live

Break-even rent $655

Max offer price $79,995

Occupancy floor 59%

Sensitivity live

Price	-10% $487	-5% $464	+0% $442	+5% $419	+10% $397
Rent	-10% $346	-5% $394	+0% $442	+5% $490	+10% $538
Rate	-1.0pp $482	-0.5pp $462	base $442	+0.5pp $421	+1.0pp $400

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: $19,999
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $79,995 Active 438 DOM
2. 2026-06-18
   days on market $79,995 Active 437 DOM
3. 2026-06-17
   days on market $79,995 Active 436 DOM
4. 2026-06-16
   days on market $79,995 Active 435 DOM
5. 2026-06-15
   days on market $79,995 Active 434 DOM
6. 2026-06-14
   days on market $79,995 Active 432 DOM
7. 2026-06-13
   days on market $79,995 Active 431 DOM
8. 2026-06-10
   days on market $79,995 Active 429 DOM
9. 2026-06-09
   days on market $79,995 Active 428 DOM
10. 2026-06-08
    days on market $79,995 Active 427 DOM
11. 2026-06-07
    days on market $79,995 Active 426 DOM
12. 2026-06-05
    days on market $79,995 Active 423 DOM
13. 2026-06-03
    days on market $79,995 Active 422 DOM
14. 2026-06-02
    days on market $79,995 Active 421 DOM
15. 2026-06-01
    days on market $79,995 Active 420 DOM
16. 2026-05-31
    days on market $79,995 Active 419 DOM
17. 2026-05-30
    days on market $79,995 Active 418 DOM
18. 2025-10-15
    status Active 677-char remark

    Show marketing remark (677 chars)

    This is a great historic building in downtown Henrietta just across from the Clay County Courthouse waiting for you to come make it exactly what you envision. With its spacious open floor plan, it is a great blank canvas for you to turn into your very own. It is a great location for your downtown condo, retail shop or any other number of uses where someone wants to be located in town. Per the owner, new gutters and a new rubber roof has been recently installed and has a warranty. Also this property has had new commercial windows and doors installed. If you are looking for a building with plenty of potential and in the heart of Henrietta then this is a excellent choice.

19. 2025-08-04
    status Pending 677-char remark

    Show marketing remark (677 chars)

    This is a great historic building in downtown Henrietta just across from the Clay County Courthouse waiting for you to come make it exactly what you envision. With its spacious open floor plan, it is a great blank canvas for you to turn into your very own. It is a great location for your downtown condo, retail shop or any other number of uses where someone wants to be located in town. Per the owner, new gutters and a new rubber roof has been recently installed and has a warranty. Also this property has had new commercial windows and doors installed. If you are looking for a building with plenty of potential and in the heart of Henrietta then this is a excellent choice.

20. 2025-07-26
    historical Active Option Contract 677-char remark

    Show marketing remark (677 chars)

    This is a great historic building in downtown Henrietta just across from the Clay County Courthouse waiting for you to come make it exactly what you envision. With its spacious open floor plan, it is a great blank canvas for you to turn into your very own. It is a great location for your downtown condo, retail shop or any other number of uses where someone wants to be located in town. Per the owner, new gutters and a new rubber roof has been recently installed and has a warranty. Also this property has had new commercial windows and doors installed. If you are looking for a building with plenty of potential and in the heart of Henrietta then this is a excellent choice.

21. 2025-01-25
    listed $79,995 Active 677-char remark

    Show marketing remark (677 chars)

    This is a great historic building in downtown Henrietta just across from the Clay County Courthouse waiting for you to come make it exactly what you envision. With its spacious open floor plan, it is a great blank canvas for you to turn into your very own. It is a great location for your downtown condo, retail shop or any other number of uses where someone wants to be located in town. Per the owner, new gutters and a new rubber roof has been recently installed and has a warranty. Also this property has had new commercial windows and doors installed. If you are looking for a building with plenty of potential and in the heart of Henrietta then this is a excellent choice.

22. 2025-01-24
    historical
23. 2024-10-24
    status Active
24. 2024-09-23
    status Pending
25. 2024-07-22
    status Active
26. 2024-07-10
    historical Active Option Contract
27. 2023-05-10
    price $79,995
28. 2023-04-26
    listed $95,000 Active

ⓘ 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: $771 · $64/mo
• Projected year-2 tax: $1,464 · $122/mo
• Expected delta: +$693/yr (+$58/mo · 89.9%)

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

Taxation est. · year 1

• Rental income: $14,566
• − Mortgage interest: −$4,481
• − Property taxes: −$771
• − Insurance: −$400
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$2,327
• Taxable income: $4,256
• Est. tax owed @ 24.0%: −$1,021
• After-tax cash flow: $4,280/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.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This historic building in downtown Henrietta is in poor condition and requires extensive repairs and maintenance. The roof, exterior walls, flooring, and HVAC and mechanical systems are all in a state of disrepair. The highest-ROI updates would be a new roof, exterior wall repair and painting, flooring replacement, and HVAC and mechanical system replacement.

Repairs flagged

• Major roof — The roof appears to be in a state of disrepair, with visible damage and potential leaks.
• Major exterior walls — The exterior walls show significant wear and tear, with peeling paint and exposed brick in some areas.
• Major flooring — The flooring appears to be in a state of disrepair, with visible wear and tear.
• Major interior walls — The interior walls show significant wear and tear, with peeling paint and exposed brick in some areas.
• Major HVAC and mechanical systems — The HVAC and mechanical systems appear to be in a state of disrepair, with visible signs of wear and tear.

Value-add opportunities

• Resale roof replacement — A new roof will significantly improve the home's appearance and reduce the risk of leaks, which is a major concern for potential buyers.
• Resale exterior wall repair and painting — Repairing and repainting the exterior walls will improve the home's curb appeal and make it more attractive to potential buyers.
• Resale flooring replacement — Replacing the flooring will improve the home's appearance and make it more attractive to potential buyers.
• Resale HVAC and mechanical system replacement — Replacing the HVAC and mechanical systems will improve the home's comfort and energy efficiency, which is important for potential buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in a state of disrepair, with visible damage and potential leaks.	Major	$15,000–50,000
exterior walls · The exterior walls show significant wear and tear, with peeling paint and exposed brick in some areas.	Major	$15,000–50,000
flooring · The flooring appears to be in a state of disrepair, with visible wear and tear.	Major	$15,000–50,000
interior walls · The interior walls show significant wear and tear, with peeling paint and exposed brick in some areas.	Major	$15,000–50,000
HVAC and mechanical systems · The HVAC and mechanical systems appear to be in a state of disrepair, with visible signs of wear and tear.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale roof replacement — A new roof will significantly improve the home's appearance and reduce the risk of leaks, which is a major concern for potential buyers. ↑
• Resale exterior wall repair and painting — Repairing and repainting the exterior walls will improve the home's curb appeal and make it more attractive to potential buyers. ↑
• Resale flooring replacement — Replacing the flooring will improve the home's appearance and make it more attractive to potential buyers. ↑
• Resale HVAC and mechanical system replacement — Replacing the HVAC and mechanical systems will improve the home's comfort and energy efficiency, which is important for potential buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Henrietta ISD
• NCES district ID: 4822980
• Math proficiency: 47% ▼ -13.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $49,029
• Composite: 40.62/100
• National rank: #3691
• State rank: #219 of 826 in TX

Livability — Henrietta

• Score: 70/100
• State rank: #379
• US rank: #7978

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henrietta, TX
• Population (ZIP): 4,668

Population outlook (Clay County) Hauer SSP2

• Today (2025): 9,537 people
• By 2030: 9,042 · -5.2%
• By 2040: 8,090 · -15.2%
• By 2050: 7,255 · -23.9%
• By 2075: 5,834 · -38.8%
• By 2100: 4,491 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+79.7) · D 9.9% · R 89.5%
• 2008→2024 swing: -21.1pp toward R · 2008: -58.6pp · 2024: -79.7pp
• All cycles: 2024: R+79.7 2020: R+77.6 2016: R+76.6 2012: R+69.7 2008: R+58.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.62%
• Current HPI: 158.1207
• 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

-15.8% since first listed

11 events — show timeline

• 2025-10-15 Relisted — NTREIS
• 2025-08-04 Pending — NTREIS
• 2025-07-26 Contingent — NTREIS
• 2025-01-25 Listed $79,995 NTREIS
• 2025-01-24 Listing Removed — NTREIS
• 2024-10-24 Relisted — NTREIS
• 2024-09-23 Pending — NTREIS
• 2024-07-22 Relisted — NTREIS
• 2024-07-10 Contingent — NTREIS
• 2023-05-10 Price Changed $79,995 NTREIS
• 2023-04-26 Listed $95,000 NTREIS

Property tax history

+48.8%/yr

Latest (2025): $771 · +48.8% YoY. Source: county tax records.