2523 Sanger Ave · Waco, TX 76707

$119,000

2 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 62 Days on market

Built 1921 8,233 sqft lot $104/sqft · 32% below area Est $191k · 38% under ↓ 4% since listing

---

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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• 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 MLS

Situated in an established Waco neighborhood, this home offers a fresh, clean slate for any homebuyer. 2 bedroom 2 bath recent updates include: Roof replacement, Replacement Vinyl Windows, various plumbing and cosmetic repairs.

Key facts

• Roof replacement
• 8,233 sq ft lot
• Built 1921

Tags

• ROOF REPLACEMENT
• REPLACEMENT VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $112k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: schools D, crime D, commute F.
• 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.
• 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 22d 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 39% 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 $823 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.11% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (median comp): $191,125
• List price: $119,000
• Delta: -37.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2809 Gorman Ave	0.26mi	2/1.0	1,040 (-9%)	1mo	$64,900	$62	72
912 N 22nd St	0.33mi	3/2.0 (+1)	1,168 (+2%)	2mo	$199,999	$171	70
1007 N 30th St	0.42mi	3/1.0 (+1)	1,086 (-5%)	3mo	$159,999	$147	65
812 N 32nd St	0.52mi	2/1.0	1,065 (-7%)	3mo	$180,000	$169	62
3033 Cole Ave	0.55mi	3/1.0 (+1)	1,089 (-4%)	2mo	$235,000	$216	60
2912 E Edmond Ave	0.39mi	3/1.0 (+1)	1,262 (+11%)	0mo	$175,000	$139	59
3103 Homan Ave	0.70mi	2/1.0	1,086 (-5%)	2mo	$69,900	$64	57
1100 N 33rd St	0.66mi	3/1.0 (+1)	1,110 (-3%)	3mo	$199,900	$180	57
1215 N 26th St	0.41mi	2/1.0	972 (-15%)	1mo	$45,000	$46	55
820 N 34th St	0.65mi	2/1.0	1,048 (-8%)	1mo	$156,000	$149	55
916 N 31st St	0.47mi	2/1.0	980 (-14%)	0mo	$115,000	$117	54
200 N 30th St	0.51mi	2/2.5	1,261 (+11%)	3mo	$315,000	$250	50

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-4,178
• Equity at exit: $17,743

10-year hold

• IRR: 4.2%
• Equity multiple: 1.28×
• Total profit: $9,317
• Equity at exit: $10,289

Cash invested: $33,320 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,318 high
• Mortgage (P&I): −$624
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $275

Break-even live

Break-even rent $969

Max offer price $119,000

Occupancy floor 74%

Sensitivity live

Price	-10% $343	-5% $309	+0% $275	+5% $242	+10% $208
Rent	-10% $171	-5% $223	+0% $275	+5% $327	+10% $379
Rate	-1.0pp $335	-0.5pp $306	base $275	+0.5pp $245	+1.0pp $213

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 Fort Ave Unit 4 Waco, TX	2.0	1.0	1000	$990	$0.99	44d	1	0.11mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	21d	1	0.17mi
2714 Morrow Ave Waco, TX	2.0	1.0	1484	$1,375	$0.93	21d	1	0.18mi
615 N 23rd St Waco, TX	2.0	1.0	900	$1,275	$1.42	21d	1	0.20mi
2632 Colonial Ave Unit B Waco, TX	2.0	1.0	896	$1,050	$1.17	21d	1	0.37mi
2300 Washington Ave Waco, TX	3.0	1.0	1232	$1,650	$1.34	14d	1	0.43mi
2724 Bosque Blvd Waco, TX	2.0	1.0	1120	$1,100	$0.98	21d	1	0.48mi
2705 Bosque Blvd Waco, TX	3.0	2.0	1028	$1,599	$1.56	44d	1	0.48mi
516 N 31st St Unit 1 Waco, TX	1.0	1.0	1100	$1,000	$0.91	44d	1	0.50mi
516 N 31st St Waco, TX	1.0	1.0	1100	$1,000	$0.91	21d	1	0.50mi
1906 Bosque Blvd Unit 1 Waco, TX	1.0	1.0	880	$875	$0.99	21d	1	0.57mi
2900 Austin Ave Waco, TX	2.0	2.0	1176	$1,195	$1.02	44d	1	0.57mi
1923 Austin Ave Apt 7104 Waco, TX	1.0	1.0	785	$1,100	$1.40	44d	1	0.60mi
1923 Austin Ave Waco, TX	1.0	1.0	785	$1,200	$1.53	21d	1	0.60mi
1923 Austin Ave Unit 5202 Waco, TX	2.0	2.5	1265	$1,395	$1.10	21d	1	0.60mi
3400 W Brookview Dr Waco, TX	1.0–2.0	1.0	865	$1,209	$1.40	14d	5	0.67mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	44d	1	0.68mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	21d	1	0.68mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	14d	1	0.70mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	44d	1	0.76mi
3621 Gorman Ave Waco, TX	3.0	1.5	1086	$1,950	$1.80	14d	1	0.80mi
3638 W Waco Dr Waco, TX	1.0	1.0	731	$902	$1.23	14d	8	0.82mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	21d	1	0.87mi
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	44d	1	0.87mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	21d	1	0.93mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	14d	1	0.93mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	44d	1	0.93mi
700 S 24th St Unit 1 Waco, TX	2.0	1.0	812	$1,200	$1.48	21d	1	0.96mi
508 N 38th St Unit 514-C Waco, TX	1.0	1.0	711	$750	$1.05	21d	1	0.99mi
508 N 38th St Waco, TX	1.0	1.0	711	$795	$1.12	21d	1	0.99mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	44d	1	1.06mi
1309 Sunset St Waco, TX	2.0	1.0	1102	$1,295	$1.18	21d	1	1.08mi
3701 Parkwood St Unit 3703 Waco, TX	2.0	1.0	950	$1,075	$1.13	14d	1	1.08mi
804 N 11th St Waco, TX	1.0–2.0	1.0	838	$1,200	$1.43	21d	1	1.11mi
930 N 11th St Waco, TX	1.0	1.0	924	$690	$0.75	21d	1	1.12mi
1914 Ross Ave Waco, TX	3.0	1.0	1316	$1,495	$1.14	21d	1	1.13mi
1104 N 11th St Waco, TX	3.0	2.0	1231	$1,650	$1.34	21d	1	1.13mi
1110 N 11th St Waco, TX	3.0	2.0	1172	$1,495	$1.28	21d	1	1.14mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	44d	1	1.15mi
2601 Flint Ave Waco, TX	3.0	2.0	1356	$1,720	$1.27	44d	1	1.16mi

Listing history 20 events

1. 2026-06-18
   days on market $119,000 Active 62 DOM
2. 2026-06-17
   days on market $119,000 Active 61 DOM
3. 2026-06-16
   days on market $119,000 Active 60 DOM
4. 2026-06-15
   days on market $119,000 Active 59 DOM
5. 2026-06-14
   days on market $119,000 Active 57 DOM
6. 2026-06-13
   days on market $119,000 Active 56 DOM
7. 2026-06-10
   days on market $119,000 Active 54 DOM
8. 2026-06-09
   days on market $119,000 Active 53 DOM
9. 2026-06-08
   days on market $119,000 Active 52 DOM
10. 2026-06-07
    pricedays on market $119,000 Active 51 DOM
11. 2026-06-05
    days on market $129,000 Active 48 DOM
12. 2026-06-03
    days on market $129,000 Active 47 DOM
13. 2026-06-02
    days on market $129,000 Active 46 DOM
14. 2026-06-01
    days on market $129,000 Active 45 DOM
15. 2026-05-31
    days on market $129,000 Active 44 DOM
16. 2026-05-30
    days on market $129,000 Active 43 DOM
17. 2026-05-04
    price $129,000 227-char remark

    Show marketing remark (227 chars)

    Situated in an established Waco neighborhood, this home offers a fresh, clean slate for any homebuyer. 2 bedroom 2 bath recent updates include: Roof replacement, Replacement Vinyl Windows, various plumbing and cosmetic repairs.

18. 2026-04-15
    listed $135,000 Active 227-char remark

    Show marketing remark (227 chars)

    Situated in an established Waco neighborhood, this home offers a fresh, clean slate for any homebuyer. 2 bedroom 2 bath recent updates include: Roof replacement, Replacement Vinyl Windows, various plumbing and cosmetic repairs.

19. 2025-02-23
    historical $975
20. 2025-02-18
    listed $975

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $2,178 · $181/mo
• Expected delta: +$1,076/yr (+$90/mo · 97.7%)

ⓘ 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 · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $15,810
• − Mortgage interest: −$6,666
• − Property taxes: −$1,102
• − Insurance: −$595
• − Repairs & maintenance: −$1,265
• − Management: −$1,265
• − Depreciation: −$3,462
• Taxable income: $1,456
• Est. tax owed @ 24.0%: −$350
• After-tax cash flow: $2,955/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

-4.4% since first listed

4 events — show timeline

• 2026-05-04 Price Changed $129,000 NTREIS
• 2026-04-15 Listed $135,000 NTREIS
• 2025-02-23 Rental Removed $975 SHOWMOJO
• 2025-02-18 Listed for Rent $975 SHOWMOJO

Property tax history

+0.1%/yr

Latest (2025): $1,102 · -0.3% YoY. Source: county tax records.