217 2nd St · Cross Plains, TX 76443

$230,000

4 bd · 4.0 ba · 3,120 sqft · MultiFamily public records · 181 Days on market

Built 2018 0.32 ac 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 +13.3/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Schools +4.0/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Income-Producing Duplex Portfolio - 4 Units - Cash Flowing Located at 217 Southeast 2nd Street in Cross Plains, this well-positioned two-building, four-unit duplex complex presents a compelling opportunity for investors seeking immediate cash flow with long-term upside. The property consists of two separate duplex buildings, offering operational flexibility and reduced risk through unit diversification. All four units are currently cash flowing, making this a true turnkey investment from day one. Recent improvements include minor updates to the HVAC systems, enhancing efficiency and reliability, as well as newer appliances throughout the units—helping to reduce near-term capital expenditures and support tenant retention. The layout and configuration appeal to long-term renters, while the separate building setup provides potential advantages for future value-add strategies, individual building disposition, or refinancing options. Highlights for Investors: Two buildings - four total units - duplex configuration Currently cash flowing Updated HVAC components Newer appliances Low-maintenance asset with stabilized income Strong fit for buy-and-hold or portfolio expansion This is an excellent opportunity to acquire a stabilized multifamily asset in a solid rental market, offering both immediate income and long-term appreciation potential.

Key facts

• Newer appliances
• Four total units
• Stabilized income

Tags

• FOUR TOTAL UNITS
• DUPLEX CONFIGURATION
• UPDATED HVAC COMPONENTS
• NEWER APPLIANCES
• LOW-MAINTENANCE ASSET
• STABILIZED INCOME

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $0 ($-4/yr) — negative. Per door: $0/mo.
• To cash-flow at today's rent, offer at most $230k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (13.6% below list).
• Recommended offer: $199k (13.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#486 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, employment D, amenities F.
• Cross Plains ISD (rural): math 45% / reading 45% proficiency, ranked #581 of 1,141 in TX (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 11 units permitted in Callahan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($2k loan paydown + $16k appreciation (6.9% local appreciation)).
• Callahan County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($202k) 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: major 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 $198,800 (13.6% 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 181 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.22×
• Total profit: $78,544
• Equity at exit: $157,504

10-year hold

• IRR: 16.9%
• Equity multiple: 4.55×
• Total profit: $228,545
• Equity at exit: $297,499

Cash invested: $64,400 (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 76443

• Home prices YoY: 4.4%
• Active inventory: 26
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $1,988 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$269 /mo · $3,227/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $-0

Break-even live

Break-even rent $1,988

Max offer price $229,937

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,988
Total (2 units)			$1,988

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $230,000 Active 181 DOM
2. 2026-06-17
   days on market $230,000 Active 180 DOM
3. 2026-06-16
   days on market $230,000 Active 179 DOM
4. 2026-06-15
   days on market $230,000 Active 178 DOM
5. 2026-06-13
   days on market $230,000 Active 176 DOM
6. 2026-06-12
   days on market $230,000 Active 175 DOM
7. 2026-06-09
   days on market $230,000 Active 172 DOM
8. 2026-06-08
   days on market $230,000 Active 171 DOM
9. 2026-06-08
   days on market $230,000 Active 170 DOM
10. 2026-06-05
    days on market $230,000 Active 168 DOM
11. 2026-06-03
    days on market $230,000 Active 166 DOM
12. 2026-06-02
    days on market $230,000 Active 165 DOM
13. 2026-06-01
    days on market $230,000 Active 164 DOM
14. 2026-05-31
    days on market $230,000 Active 163 DOM
15. 2025-12-18
    listed $230,000 Active 1396-char remark

    Show marketing remark (1396 chars)

    Income-Producing Duplex Portfolio - 4 Units - Cash Flowing Located at 217 Southeast 2nd Street in Cross Plains, this well-positioned two-building, four-unit duplex complex presents a compelling opportunity for investors seeking immediate cash flow with long-term upside. The property consists of two separate duplex buildings, offering operational flexibility and reduced risk through unit diversification. All four units are currently cash flowing, making this a true turnkey investment from day one. Recent improvements include minor updates to the HVAC systems, enhancing efficiency and reliability, as well as newer appliances throughout the units—helping to reduce near-term capital expenditures and support tenant retention. The layout and configuration appeal to long-term renters, while the separate building setup provides potential advantages for future value-add strategies, individual building disposition, or refinancing options. Highlights for Investors: Two buildings - four total units - duplex configuration Currently cash flowing Updated HVAC components Newer appliances Low-maintenance asset with stabilized income Strong fit for buy-and-hold or portfolio expansion This is an excellent opportunity to acquire a stabilized multifamily asset in a solid rental market, offering both immediate income and long-term appreciation potential.

16. 2022-12-15
    soldstatus
17. 2022-12-13
    soldstatus Closed 435-char remark

    Show marketing remark (435 chars)

    Great investment opportunity in Cross Plains TX! 2 newly built duplexes. One side is 2 one bedroom units and the other side was just remodeled into a 2 bedroom plus an efficiency unit making this a great turn key cash flowing asset at almost $2500 a month fully occupied! Both buildings built on steel frames and metal roofs with sound proof wall partitions. Motivated seller! Call for details and make your offer before it's too late!

18. 2022-10-24
    status Pending 435-char remark

    Show marketing remark (435 chars)

    Great investment opportunity in Cross Plains TX! 2 newly built duplexes. One side is 2 one bedroom units and the other side was just remodeled into a 2 bedroom plus an efficiency unit making this a great turn key cash flowing asset at almost $2500 a month fully occupied! Both buildings built on steel frames and metal roofs with sound proof wall partitions. Motivated seller! Call for details and make your offer before it's too late!

19. 2022-10-12
    historical Active Option Contract 435-char remark

    Show marketing remark (435 chars)

    Great investment opportunity in Cross Plains TX! 2 newly built duplexes. One side is 2 one bedroom units and the other side was just remodeled into a 2 bedroom plus an efficiency unit making this a great turn key cash flowing asset at almost $2500 a month fully occupied! Both buildings built on steel frames and metal roofs with sound proof wall partitions. Motivated seller! Call for details and make your offer before it's too late!

20. 2022-06-08
    price $179,900 435-char remark

    Show marketing remark (435 chars)

    Great investment opportunity in Cross Plains TX! 2 newly built duplexes. One side is 2 one bedroom units and the other side was just remodeled into a 2 bedroom plus an efficiency unit making this a great turn key cash flowing asset at almost $2500 a month fully occupied! Both buildings built on steel frames and metal roofs with sound proof wall partitions. Motivated seller! Call for details and make your offer before it's too late!

21. 2021-12-17
    listed $189,900 Active 435-char remark

    Show marketing remark (435 chars)

    Great investment opportunity in Cross Plains TX! 2 newly built duplexes. One side is 2 one bedroom units and the other side was just remodeled into a 2 bedroom plus an efficiency unit making this a great turn key cash flowing asset at almost $2500 a month fully occupied! Both buildings built on steel frames and metal roofs with sound proof wall partitions. Motivated seller! Call for details and make your offer before it's too late!

22. 2019-08-25
    historical
23. 2019-02-25
    listed $225,000 Active
24. 2018-05-31
    soldstatus
25. 2018-05-04
    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: $3,227 · $269/mo
• Projected year-2 tax: $4,209 · $351/mo
• Expected delta: +$982/yr (+$82/mo · 30.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% 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: $23,856
• − Mortgage interest: −$12,884
• − Property taxes: −$3,227
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,908
• − Management: −$1,908
• − Depreciation: −$6,691
• Taxable loss: −$3,912
• Est. tax savings @ 24.0%: +$939
• After-tax cash flow: $935/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: Cross Plains ISD
• NCES district ID: 4815810
• Math proficiency: 45% ▼ -1.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $37,187
• Composite: 39.64/100
• National rank: #8046
• State rank: #581 of 1141 in TX

Livability — Cross Plains

• Score: 68/100
• State rank: #486
• US rank: #9666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cross Plains, TX
• Population (ZIP): 1,812

Population outlook (Callahan County) Hauer SSP2

• Today (2025): 13,664 people
• By 2030: 13,578 · -0.6%
• By 2040: 13,283 · -2.8%
• By 2050: 13,008 · -4.8%
• By 2075: 12,354 · -9.6%
• By 2100: 11,326 · -17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 5%
• Common ancestry: Italian 27% Serbian 4% Romanian 3%
• Languages at home: 98% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Callahan

• 2024 margin: Solid R (+77.6) · D 10.9% · R 88.5%
• 2008→2024 swing: -15.9pp toward R · 2008: -61.7pp · 2024: -77.6pp
• All cycles: 2024: R+77.6 2020: R+77.3 2016: R+77.2 2012: R+69.8 2008: R+61.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.88%
• Current HPI: 161.931
• 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

+2.2% since first listed

11 events — show timeline

• 2025-12-18 Listed $230,000 NTREIS
• 2022-12-15 Sold (Public Records) — Public Records
• 2022-12-13 Sold (MLS) — NTREIS
• 2022-10-24 Pending — NTREIS
• 2022-10-12 Contingent — NTREIS
• 2022-06-08 Price Changed $179,900 NTREIS
• 2021-12-17 Listed $189,900 NTREIS
• 2019-08-25 Listing Removed — NTREIS
• 2019-02-25 Listed $225,000 NTREIS
• 2018-05-31 Sold (Public Records) — Public Records
• 2018-05-04 Sold (Public Records) — Public Records

Property tax history

+34.7%/yr

Latest (2025): $3,227 · -13.3% YoY. Source: county tax records.