1604 102nd St · Lubbock, TX 79423

$367,000

6 bd · 4.0 ba · 3,046 sqft · MultiFamily public records · 35 Days on market

Built 2019 8,425 sqft lot

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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 +10.1/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +3.0/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Looking for a high-performing asset? This South Lubbock duplex offers the perfect blend of location and luxury. Situated in the prestigious Lubbock-Cooper School District, this property is built to attract long-term, quality tenants. Floor Plan: 3 Bedrooms / 2 Bathrooms per side / One car garage per side. Upgrades: Granite surfaces, designer wood beams, and custom barn doors. Inclusions: Refrigerators on both sides; Side B includes washer/dryer. Location: Prime South Lubbock real estate with strong rental demand. With its 'designer-home' feel and turnkey condition, this property stands out! Schedule your showing today to see why this belongs in your portfolio.

Key facts

• Custom barn doors
• Granite surfaces
• Designer wood beams

Tags

• LUBBOCK-COOPER SCHOOL DISTRICT
• GRANITE SURFACES
• DESIGNER WOOD BEAMS
• CUSTOM BARN DOORS
• TURNKEY CONDITION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $367k.

Deal economics

• At list price, monthly cash flow is $-214 ($-3k/yr) — negative. Per door: $-107/mo.
• To cash-flow at today's rent, offer at most $329k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $316k (14.0% below list).
• Recommended offer: $316k (14.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Lubbock-Cooper ISD (rural): math 54% / reading 52% proficiency, ranked #98 of 826 in TX (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.1%/yr); 663 active listings in the ZIP; solid renter incomes; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 45% of the median local income ($85k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($356k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,800 (14.0% 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 35 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.50%
• DSCR: 0.89
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-75,717
• Equity at exit: $54,721

10-year hold

• IRR: -17.3%
• Equity multiple: 0.09×
• Total profit: $-93,949
• Equity at exit: $31,731

Cash invested: $102,760 (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 79423

• Rents YoY: 2.1%
• Active inventory: 663
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,158 high
• Mortgage (P&I): −$1,925
• Tax from tax record: −$632 /mo · $7,582/yr
• Insurance: −$153
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $-214

Break-even live

Break-even rent $3,430

Max offer price $329,110

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,158
Total (2 units)			$3,158

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: $91,750
• Closing costs: $11,010
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-05
   status Pending 668-char remark

   Show marketing remark (668 chars)

   Looking for a high-performing asset? This South Lubbock duplex offers the perfect blend of location and luxury. Situated in the prestigious Lubbock-Cooper School District, this property is built to attract long-term, quality tenants. Floor Plan: 3 Bedrooms / 2 Bathrooms per side / One car garage per side. Upgrades: Granite surfaces, designer wood beams, and custom barn doors. Inclusions: Refrigerators on both sides; Side B includes washer/dryer. Location: Prime South Lubbock real estate with strong rental demand. With its 'designer-home' feel and turnkey condition, this property stands out! Schedule your showing today to see why this belongs in your portfolio.

2. 2026-03-31
   listed $367,000 Active 668-char remark

   Show marketing remark (668 chars)

   Looking for a high-performing asset? This South Lubbock duplex offers the perfect blend of location and luxury. Situated in the prestigious Lubbock-Cooper School District, this property is built to attract long-term, quality tenants. Floor Plan: 3 Bedrooms / 2 Bathrooms per side / One car garage per side. Upgrades: Granite surfaces, designer wood beams, and custom barn doors. Inclusions: Refrigerators on both sides; Side B includes washer/dryer. Location: Prime South Lubbock real estate with strong rental demand. With its 'designer-home' feel and turnkey condition, this property stands out! Schedule your showing today to see why this belongs in your portfolio.

3. 2022-08-09
   soldstatus Closed 485-char remark

   Show marketing remark (485 chars)

   Great opportunity in South Lubbock to add this duplex to your investment portfolio. This offers 3 bedrooms and 2 baths on each side and is located in the desirable Lubbock Cooper School District. A large living room and kitchen along with designer touches such as wood beams, barn doors and granite throughout create a stylish space. Both sides will include refrigerator and Side B will include washer and dryer making this property move in ready. Put this on your must see list today!

4. 2022-08-09
   soldstatus

   Show marketing remark (485 chars)

   Great opportunity in South Lubbock to add this duplex to your investment portfolio. This offers 3 bedrooms and 2 baths on each side and is located in the desirable Lubbock Cooper School District. A large living room and kitchen along with designer touches such as wood beams, barn doors and granite throughout create a stylish space. Both sides will include refrigerator and Side B will include washer and dryer making this property move in ready. Put this on your must see list today!

5. 2022-07-29
   status Pending 485-char remark

   Show marketing remark (485 chars)

   Great opportunity in South Lubbock to add this duplex to your investment portfolio. This offers 3 bedrooms and 2 baths on each side and is located in the desirable Lubbock Cooper School District. A large living room and kitchen along with designer touches such as wood beams, barn doors and granite throughout create a stylish space. Both sides will include refrigerator and Side B will include washer and dryer making this property move in ready. Put this on your must see list today!

6. 2022-07-06
   listed $400,000 Active 485-char remark

   Show marketing remark (485 chars)

   Great opportunity in South Lubbock to add this duplex to your investment portfolio. This offers 3 bedrooms and 2 baths on each side and is located in the desirable Lubbock Cooper School District. A large living room and kitchen along with designer touches such as wood beams, barn doors and granite throughout create a stylish space. Both sides will include refrigerator and Side B will include washer and dryer making this property move in ready. Put this on your must see list today!

7. 2019-06-07
   soldstatus
8. 2019-06-06
   soldstatus
9. 2019-06-01
   listed $298,800

ⓘ 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: $7,582 · $632/mo
• Projected year-2 tax: $7,582 · $632/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,896
• − Mortgage interest: −$20,558
• − Property taxes: −$7,582
• − Insurance: −$1,835
• − Repairs & maintenance: −$3,032
• − Management: −$3,032
• − Depreciation: −$10,676
• Taxable loss: −$8,818
• Est. tax savings @ 24.0%: +$2,116
• After-tax cash flow: $-458/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: Lubbock-Cooper ISD
• NCES district ID: 4815180
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 52% ▼ -3.00%
• Median HH income: $77,347
• Composite: 47.9/100
• National rank: #2214
• State rank: #98 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 46,998
• Household income: $84,933
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1385.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 31% Two or more races 15% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 84% English-only · Spanish 13% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.00%
• Current HPI: 213.6491
• Rent YoY: ▲ 2.13%
• Metro: Lubbock, 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

+22.8% since first listed

9 events — show timeline

• 2026-05-05 Pending — LARMLS
• 2026-03-31 Listed $367,000 LARMLS
• 2022-08-09 Sold (Public Records) — Public Records
• 2022-08-09 Sold (MLS) — LARMLS
• 2022-07-29 Pending — LARMLS
• 2022-07-06 Listed $400,000 LARMLS
• 2019-06-07 Sold (Public Records) — Public Records
• 2019-06-06 Sold (MLS) — LARMLS
• 2019-06-01 Listed $298,800 LARMLS

Property tax history

+44.4%/yr

Latest (2025): $7,582 · -2.1% YoY. Source: county tax records.