1000 & 1002 E Calhoun Ave · Waco, TX 76704

$119,000

2 bd · 1.0 ba · 928 sqft · Land · 256 Days on market

Built 1958 0.32 ac lot $128/sqft · 15% below area Est $140k · 15% under

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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 +25.6/30.0
• ARV discount +14.4/15.0
• DSCR +8.5/10.0
• 1% rule +5.6/10.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

Investor’s Dream Opportunity! Don’t miss this rare chance to own two side-by-side properties on a prime corner lot. The main home has already been gutted, with foundation repairs completed and new windows installed, giving you a great head start on renovations. The vacant corner lot next door is cleared and ready to build, making this the perfect package for investors looking to maximize returns. The possibilities are endless—whether you’re planning to rebuild, flip, or expand your investment portfolio. Ideally located just 3 minutes from McLane Stadium (Baylor Football), less than 4 minutes from Baylor University, 6 minutes from Downtown Waco, and within walking distance of the scenic Brazos River trails, this property offers unmatched potential in a highly desirable area!

Key facts

• Walking distance
• Foundation repairs
• Corner lot

Tags

• CORNER LOT
• FOUNDATION REPAIRS
• NEW WINDOWS
• WALKING DISTANCE

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $283 ($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: $105k (12.0% 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: crime D, commute F, employment D-.
• 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.
• Zoned schools: J H Hines El (math 8% / reading 12%, grade F, #4,259 of 4,322 statewide, top 99%, 406 students, 98% FRL, charter); G W Carver Middle (math 9% / reading 13%, grade F, #1,634 of 1,662 statewide, top 99%, 393 students, 96% FRL, charter); Waco H S (math 26% / reading 24%, grade F, #1,250 of 1,632 statewide, top 77%, 2,011 students, 88% FRL).
• Market conditions: 86 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• At $1,262/mo this rent would consume 50% of the median local household income ($30k/yr) (locally 603% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 256 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $26k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 61% 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 $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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: 1.06% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.20%
• DSCR: 1.45
• GRM: 7.9

CMA / ARV

• ARV (median comp): $140,410
• List price: $119,000
• Delta: -15.25%
• 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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,297
• Equity at exit: $17,743

10-year hold

• IRR: 8.6%
• Equity multiple: 1.66×
• Total profit: $21,898
• 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 76704

• Home prices YoY: -2.7%
• Active inventory: 86
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,262 high
• Mortgage (P&I): −$624
• Tax from tax record: −$40 /mo · $485/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $283

Break-even live

Break-even rent $904

Max offer price $119,000

Occupancy floor 73%

Sensitivity live

Price	-10% $351	-5% $317	+0% $283	+5% $249	+10% $216
Rent	-10% $183	-5% $233	+0% $283	+5% $333	+10% $383
Rate	-1.0pp $343	-0.5pp $313	base $283	+0.5pp $252	+1.0pp $221

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 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 E Pecan Ave Waco, TX	2.0	1.0	672	$1,300	$1.93	15d	1	0.40mi
1013 Earle Ave Waco, TX	3.0	2.0	1028	$1,525	$1.48	22d	1	0.44mi
804 Earle Ave Unit A Waco, TX	3.0	2.0	872	$1,035	$1.19	15d	1	0.48mi
1600 S Martin Luther King Jr Blvd Waco, TX	1.0–3.0	1.0–2.0	776	$1,101	$1.42	15d	1	0.57mi
1107 Chestnut St Waco, TX	2.0	1.0	928	$1,300	$1.40	22d	1	0.88mi
700 S 4th St Waco, TX	1.0–3.0	1.0–2.0	889	$1,288	$1.45	15d	12	0.97mi
413 Lottie St Unit B Waco, TX	3.0	2.0	872	$1,025	$1.18	15d	1	0.97mi
1226 Chestnut St Unit A Waco, TX	3.0	2.0	980	$925	$0.94	22d	1	0.97mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	22d	1	1.00mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,118	$1.22	22d	1	1.13mi
825 Garrison St Waco, TX	3.0	2.0	1028	$1,370	$1.33	15d	1	1.17mi
601 Franklin Ave Apt 6B Waco, TX	1.0	1.0	625	$1,550	$2.48	15d	1	1.21mi
916 Olive St Waco, TX	3.0	2.0	1028	$1,475	$1.43	15d	1	1.22mi
709 S 6th St Waco, TX	1.0	1.0	655	$925	$1.41	22d	1	1.23mi
66 Daughtrey Ave Waco, TX	1.0–2.0	1.0–2.0	825	$1,715	$2.08	15d	1	1.23mi
923 Burgan St Unit A Waco, TX	3.0	2.0	872	$1,015	$1.16	15d	1	1.24mi
925 Burgan St Unit A Waco, TX	3.0	2.0	872	$999	$1.15	15d	1	1.24mi
932 Dawson St Waco, TX	3.0	2.0	1028	$1,449	$1.41	15d	1	1.26mi
1212 J J Flewellen Rd Waco, TX	2.0	1.0	844	$1,250	$1.48	45d	1	1.28mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	45d	1	1.29mi
715 Cleveland Ave Waco, TX	1.0–3.0	1.0–3.0	845	$1,436	$1.70	15d	23	1.31mi
2000 S 1st St Waco, TX	2.0–5.0	1.0–3.0	1318	$699	$0.53	15d	19	1.33mi
700 Franklin Ave Waco, TX	2.0	2.0	802	$1,500	$1.87	45d	1	1.33mi
700 Franklin Ave Waco, TX	1.0	1.0	702	$1,200	$1.71	22d	1	1.33mi
1225 Selman St Waco, TX	2.0	1.0	624	$895	$1.43	22d	1	1.40mi
412 University St Waco, TX	2.0	1.0	864	$1,895	$2.19	22d	1	1.44mi
1800 S 5th St Waco, TX	2.0	2.0	900	$1,240	$1.38	22d	1	1.47mi
410 Daughtrey Ave Waco, TX	1.0	2.0	897	$1,000	$1.11	22d	1	1.47mi

Listing history 30 events

1. 2026-06-21
   days on market $119,000 Active 256 DOM
2. 2026-06-18
   days on market $119,000 Active 253 DOM
3. 2026-06-17
   days on market $119,000 Active 252 DOM
4. 2026-06-16
   days on market $119,000 Active 251 DOM
5. 2026-06-15
   days on market $119,000 Active 250 DOM
6. 2026-06-14
   days on market $119,000 Active 248 DOM
7. 2026-06-13
   days on market $119,000 Active 247 DOM
8. 2026-06-10
   days on market $119,000 Active 245 DOM
9. 2026-06-09
   days on market $119,000 Active 244 DOM
10. 2026-06-08
    days on market $119,000 Active 243 DOM
11. 2026-06-07
    days on market $119,000 Active 242 DOM
12. 2026-06-05
    days on market $119,000 Active 239 DOM
13. 2026-06-03
    days on market $119,000 Active 238 DOM
14. 2026-06-02
    days on market $119,000 Active 237 DOM
15. 2026-06-01
    days on market $119,000 Active 236 DOM
16. 2026-05-31
    days on market $119,000 Active 235 DOM
17. 2026-05-30
    days on market $119,000 Active 234 DOM
18. 2026-04-28
    price $119,000 812-char remark

    Show marketing remark (812 chars)

    Investor’s Dream Opportunity! Don’t miss this rare chance to own two side-by-side properties on a prime corner lot. The main home has already been gutted, with foundation repairs completed and new windows installed, giving you a great head start on renovations. The vacant corner lot next door is cleared and ready to build, making this the perfect package for investors looking to maximize returns. The possibilities are endless—whether you’re planning to rebuild, flip, or expand your investment portfolio. Ideally located just 3 minutes from McLane Stadium (Baylor Football), less than 4 minutes from Baylor University, 6 minutes from Downtown Waco, and within walking distance of the scenic Brazos River trails, this property offers unmatched potential in a highly desirable area!

19. 2026-03-26
    price $125,000 812-char remark

    Show marketing remark (812 chars)

    Investor’s Dream Opportunity! Don’t miss this rare chance to own two side-by-side properties on a prime corner lot. The main home has already been gutted, with foundation repairs completed and new windows installed, giving you a great head start on renovations. The vacant corner lot next door is cleared and ready to build, making this the perfect package for investors looking to maximize returns. The possibilities are endless—whether you’re planning to rebuild, flip, or expand your investment portfolio. Ideally located just 3 minutes from McLane Stadium (Baylor Football), less than 4 minutes from Baylor University, 6 minutes from Downtown Waco, and within walking distance of the scenic Brazos River trails, this property offers unmatched potential in a highly desirable area!

20. 2025-10-08
    listed $145,000 Active 812-char remark

    Show marketing remark (812 chars)

    Investor’s Dream Opportunity! Don’t miss this rare chance to own two side-by-side properties on a prime corner lot. The main home has already been gutted, with foundation repairs completed and new windows installed, giving you a great head start on renovations. The vacant corner lot next door is cleared and ready to build, making this the perfect package for investors looking to maximize returns. The possibilities are endless—whether you’re planning to rebuild, flip, or expand your investment portfolio. Ideally located just 3 minutes from McLane Stadium (Baylor Football), less than 4 minutes from Baylor University, 6 minutes from Downtown Waco, and within walking distance of the scenic Brazos River trails, this property offers unmatched potential in a highly desirable area!

21. 2025-10-04
    historical
22. 2024-10-04
    listed $50,000 Active
23. 2024-09-30
    historical
24. 2024-06-14
    listed $50,000
25. 2023-05-01
    soldstatus
26. 2023-04-28
    soldstatus
27. 2023-04-23
    listed $45,000
28. 2023-04-21
    historical
29. 2022-12-13
    listed $55,000
30. 2022-11-28
    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: $485 · $40/mo
• Projected year-2 tax: $2,178 · $181/mo
• Expected delta: +$1,693/yr (+$141/mo · 349.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% 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: $15,147
• − Mortgage interest: −$6,666
• − Property taxes: −$485
• − Insurance: −$595
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$3,462
• Taxable income: $1,516
• Est. tax owed @ 24.0%: −$364
• After-tax cash flow: $3,034/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): 7,018
• Household income: $30,349
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 603.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% Hispanic / Latino 19% Two or more races 11% White 10%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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: ▼ -5.09%
• Current HPI: 181.8051
• Rent YoY: —
• 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

+116.4% since first listed

13 events — show timeline

• 2026-04-28 Price Changed $119,000 NTREIS
• 2026-03-26 Price Changed $125,000 NTREIS
• 2025-10-08 Listed $145,000 NTREIS
• 2025-10-04 Listing Removed — NTREIS
• 2024-10-04 Listed $50,000 NTREIS
• 2024-09-30 Listing Removed — NTREIS
• 2024-06-14 Listed $50,000 NTREIS
• 2023-05-01 Sold (Public Records) — Public Records
• 2023-04-28 Sold (MLS) — NTREIS
• 2023-04-23 Listed $45,000 NTREIS
• 2023-04-21 Listing Removed — NTREIS
• 2022-12-13 Listed $55,000 NTREIS
• 2022-11-28 Sold (Public Records) — Public Records

Property tax history

+16.5%/yr

Latest (2025): $485 · -0.3% YoY. Source: county tax records.