2619 Hawkins St

Anna, TX 75495

$349,990D-

4 bd · 2.0 ba · 2,331 sqft · Built 2025 · Land · Active · 452 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,396/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$269
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-211/mo
• Annual: $-2,530/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.58%
• DSCR: 0.89
• 1% rule: 0.68%
• Cash to close: $97,997

Investor read

• This is a 4-bed/2.0-bath land listed at $350k.
• At list price, monthly cash flow is $-211 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $313k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (31.5% below list).
• It's been on market 452 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (31.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#127 in TX, #3,880 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Van Alstyne ISD (rural): math 62% / reading 59% proficiency, ranked #51 of 826 in TX (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 627 active listings in the ZIP; high-income renter base; 19,194 units permitted in Collin County in 2024 (3,988 in 5+ unit buildings).
• Collin County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $40k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.6% vs local median 3.6% in Anna — 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

• 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?
• It's been on market 452 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.