409 Heasley St

McLean, TX 79057

$54,500B+

2 bd · 1.0 ba · 1,376 sqft · Built 1950 · SingleFamily · Active · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,098/mo
• Mortgage (P&I): −$286
• Tax + insurance: −$91
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $490/mo
• Annual: $5,886/yr
• Cap rate: 17.09%
• Cash-on-cash: 38.57%
• DSCR: 2.72
• 1% rule: 2.01%
• Cash to close: $15,260

Investor read

• This is a 2-bed/1.0-bath single-family listed at $54k. Condition is rated fair.
• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• It's been on market 219 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($377 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#896 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, employment D, amenities F.
• Mclean ISD (rural): math 55% / reading 50% proficiency, ranked #297 of 1,141 in TX (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 7 units permitted in Gray County in 2024 (0 in 5+ unit buildings).
• Gray County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask has dropped $20k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — poor condition
• Major: kitchen flooring — dated and worn
• Major: kitchen appliances — outdated and worn
• Major: bathroom fixtures — dated and worn
• Major: bathroom flooring — dated and worn