1967 Hopson Dr

Athens, TX 75752

$166,000C+

3 bd · 2.0 ba · 1,540 sqft · Built 1986 · Manufactured · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,687/mo
• Mortgage (P&I): −$871
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$354
• Net cashflow: $298/mo
• Annual: $3,578/yr
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• 1% rule: 1.02%
• Cash to close: $46,480

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $166k.
• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• It's been on market 26 days — a 2% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#241 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, commute F.
• Brownsboro ISD (rural): math 42% / reading 46% proficiency, ranked #290 of 826 in TX (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brownsboro El (math 32% / reading 37%, grade F, #1,995 of 4,322 statewide, top 50%, 429 students, 66% FRL); Brownsboro J H (math 48% / reading 49%, grade C-, #392 of 1,662 statewide, top 24%, 405 students, 60% FRL); Brownsboro H S (math 31% / reading 63%, grade D-, #591 of 1,632 statewide, top 38%, 757 students, 50% FRL).
• Market conditions: 195 active listings in the ZIP; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 61% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 2.4% in Athens — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.