7227 Corsicana St · Iola, TX 77861

$299,900

3 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 43 Days on market

Built 1982 0.32 ac lot $198/sqft · 37% above area Est $218k · 37% over ↓ 3% 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 +12.1/30.0
• Appreciation +10.0/10.0
• Schools +4.4/10.0
• DSCR +3.6/10.0
• Livability +3.0/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to 7227 Corsicana Street in Iola! Located in the heart of Iola and blocks from Iola ISD, this updated home offers 3 bedrooms, 1 bathroom with a separate tub and shower, and 1,512 sqft of living space. Originally built in the 1980s and fully remodeled in 2023, it features modern finishes, an in-house utility room, large kitchen island and an open layout. Situated on a large corner lot with a privacy wood-fenced backyard, this property offers both space and functionality.

Key facts

• Large kitchen island
• Large corner lot
• Open layout

Tags

• UPDATED HOME
• IN-HOUSE UTILITY ROOM
• LARGE KITCHEN ISLAND
• OPEN LAYOUT
• PRIVACY WOOD-FENCED BACKYARD
• LARGE CORNER LOT

Property features AI

Finance

• Other: Possession at closing/funding; For sale
• Financial info: Currently being leased (lease expires July 31, 2026); Not a down payment resource property
• HOA & community: Subdivision: Iola

Exterior

• Parking:
• Security: Smoke alarm
• Utilities: Septic system; Co-op water
• Home design: Pre-owned single-family property; Brick and siding exterior
• Construction: Approximately 44 years old; Slab foundation; Composition roof
• Exterior features: Patio slab; Corner lot; Approximately 1/4 to 1/2 acre lot; Recent rehab

Interior

• Kitchen: Island kitchen; Walk-in pantry; Stove/Range (gas); Microwave oven; Dishwasher; Custom cabinets
• Bedrooms: Master bedroom with ceiling fan; Two additional bedrooms
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Washer and dryer connections; Microwave oven; Stove/Range (gas cooking); Dishwasher; Smoke alarm; Gas water heater; Custom cabinets; Living and dining area combination; Kitchen island; Walk-in pantry; Utility room inside; Cable TV available; High-speed internet; Some window coverings remain
• Laundry & utility: Washer connection; Dryer connection; Utility room inside; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-63 ($-760/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (22.9% below list).
• Recommended offer: $231k (22.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#1,107 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools C-, crime F, amenities F.
• Iola ISD (rural): math 50% / reading 50% proficiency, ranked #163 of 826 in TX (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 134 active listings in the ZIP; 110 units permitted in Grimes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Grimes County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($291k) 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,075 (22.9% 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 43 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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. 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?
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• GRM: 10.8

CMA / ARV

• ARV (median comp): $218,212
• List price: $299,900
• Delta: 37.44%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23242 Fm 244	0.37mi	3/2.0	1,376 (-9%)	3mo	$169,000	$123	61

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.90×
• Total profit: $159,220
• Equity at exit: $270,174

10-year hold

• IRR: 21.0%
• Equity multiple: 6.62×
• Total profit: $471,894
• Equity at exit: $582,640

Cash invested: $83,972 (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 77861

• Home prices YoY: 23.3%
• Active inventory: 134
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,311 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$191 /mo · $2,294/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-63

Break-even live

Break-even rent $2,391

Max offer price $288,706

Occupancy floor 98%

Sensitivity live

Price	-10% $106	-5% $22	+0% $-63	+5% $-148	+10% $-233
Rent	-10% $-246	-5% $-155	+0% $-63	+5% $28	+10% $119
Rate	-1.0pp $88	-0.5pp $13	base $-63	+0.5pp $-141	+1.0pp $-220

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $299,900 Active 43 DOM
2. 2026-06-17
   days on market $299,900 Active 42 DOM
3. 2026-06-16
   days on market $299,900 Active 41 DOM
4. 2026-06-15
   days on market $299,900 Active 40 DOM
5. 2026-06-14
   days on market $299,900 Active 38 DOM
6. 2026-06-13
   days on market $299,900 Active 37 DOM
7. 2026-06-10
   days on market $299,900 Active 35 DOM
8. 2026-06-09
   days on market $299,900 Active 34 DOM
9. 2026-06-08
   days on market $299,900 Active 33 DOM
10. 2026-06-07
    days on market $299,900 Active 32 DOM
11. 2026-06-03
    days on market $299,900 Active 28 DOM
12. 2026-06-02
    days on market $299,900 Active 27 DOM
13. 2026-06-01
    days on market $299,900 Active 26 DOM
14. 2026-05-31
    days on market $299,900 Active 25 DOM
15. 2026-05-30
    days on market $299,900 Active 24 DOM
16. 2026-05-14
    price $299,900 482-char remark

    Show marketing remark (482 chars)

    Welcome to 7227 Corsicana Street in Iola! Located in the heart of Iola and blocks from Iola ISD, this updated home offers 3 bedrooms, 1 bathroom with a separate tub and shower, and 1,512 sqft of living space. Originally built in the 1980s and fully remodeled in 2023, it features modern finishes, an in-house utility room, large kitchen island and an open layout. Situated on a large corner lot with a privacy wood-fenced backyard, this property offers both space and functionality.

17. 2026-05-14
    price $299,900 482-char remark

    Show marketing remark (482 chars)

    Welcome to 7227 Corsicana Street in Iola! Located in the heart of Iola and blocks from Iola ISD, this updated home offers 3 bedrooms, 1 bathroom with a separate tub and shower, and 1,512 sqft of living space. Originally built in the 1980s and fully remodeled in 2023, it features modern finishes, an in-house utility room, large kitchen island and an open layout. Situated on a large corner lot with a privacy wood-fenced backyard, this property offers both space and functionality.

18. 2026-05-06
    listed $310,000 New 482-char remark
19. 2026-03-25
    listed $310,000 Active 482-char remark

    Show marketing remark (482 chars)

    Welcome to 7227 Corsicana Street in Iola! Located in the heart of Iola and blocks from Iola ISD, this updated home offers 3 bedrooms, 1 bathroom with a separate tub and shower, and 1,512 sqft of living space. Originally built in the 1980s and fully remodeled in 2023, it features modern finishes, an in-house utility room, large kitchen island and an open layout. Situated on a large corner lot with a privacy wood-fenced backyard, this property offers both space and functionality.

20. 2024-04-30
    soldstatus
21. 2023-09-01
    soldstatus
22. 2023-05-08
    soldstatus
23. 2023-03-15
    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: $2,294 · $191/mo
• Projected year-2 tax: $5,488 · $457/mo
• Expected delta: +$3,194/yr (+$266/mo · 139.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 23 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $27,729
• − Mortgage interest: −$16,799
• − Property taxes: −$2,294
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − Depreciation: −$8,724
• Taxable loss: −$6,025
• Est. tax savings @ 24.0%: +$1,446
• After-tax cash flow: $686/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: Iola ISD
• NCES district ID: 4824240
• Math proficiency: 50% ▼ -6.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $58,213
• Composite: 43.58/100
• National rank: #2979
• State rank: #163 of 826 in TX

Livability — Iola

• Score: 59/100
• State rank: #1107
• US rank: #19600

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iola, TX
• Population (ZIP): 2,785

Population outlook (Grimes County) Hauer SSP2

• Today (2025): 28,910 people
• By 2030: 29,539 · +2.2%
• By 2040: 30,648 · +6.0%
• By 2050: 31,698 · +9.6%
• By 2075: 34,351 · +18.8%
• By 2100: 33,565 · +16.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 18% Two or more races 14%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 6% Lithuanian 5% Romanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Grimes

• 2024 margin: Solid R (+60.3) · D 19.5% · R 79.7%
• 2008→2024 swing: -25.9pp toward R · 2008: -34.3pp · 2024: -60.3pp
• All cycles: 2024: R+60.3 2020: R+53.2 2016: R+51.1 2012: R+44.2 2008: R+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.14%
• Current HPI: 264.958
• 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

-3.3% since first listed

8 events — show timeline

• 2026-05-14 Price Changed $299,900 LERA
• 2026-05-14 Price Changed $299,900 BCSRMLS
• 2026-05-06 Listed $310,000 LERA
• 2026-03-25 Listed $310,000 BCSRMLS
• 2024-04-30 Sold (Public Records) — Public Records
• 2023-09-01 Sold (Public Records) — Public Records
• 2023-05-08 Sold (Public Records) — Public Records
• 2023-03-15 Sold (Public Records) — Public Records

Property tax history

+9.1%/yr

Latest (2025): $2,294 · +46.8% YoY. Source: county tax records.