2913 Homan Ave · Waco, TX 76707

$189,900

2 bd · 1.0 ba · 2,368 sqft · MultiFamily public records · 174 Days on market

Built 1931 8,233 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Excellent Duplex Investment Opportunity in Waco! Discover a well-maintained, single-story income-producing duplex offering the ideal blend of stability and potential. Each unit features 2 bedrooms and 1 bath with private entrances and functional layouts designed for tenant appeal and easy management. Unit 2913 is vacant and move-in ready—perfect for an owner-occupant or new tenant placement—while Unit 2915 is currently tenant-occupied, providing immediate rental income from day one. Situated near downtown Waco, schools, shopping, and major roadways, this property offers both strong current performance and future appreciation potential in one of Central Texas’s most prom

Key facts

• Private entrances
• Near downtown waco
• Functional layouts

Tags

• PRIVATE ENTRANCES
• FUNCTIONAL LAYOUTS
• NEAR DOWNTOWN WACO
• STRONG CURRENT PERFORMANCE
• FUTURE APPRECIATION POTENTIAL

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: Provident Heights El (math 17% / reading 27%, grade F, #3,333 of 4,322 statewide, top 80%, 372 students, 95% FRL).
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,700/mo this rent would consume 80% of the median local household income ($40k/yr) (locally 704% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% 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 $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.42% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.87%
• DSCR: 1.84
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.33×
• Total profit: $17,555
• Equity at exit: $28,315

10-year hold

• IRR: 16.2%
• Equity multiple: 2.21×
• Total profit: $64,378
• Equity at exit: $16,419

Cash invested: $53,172 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,700 high
• Mortgage (P&I): −$996
• Tax from tax record: −$222 /mo · $2,662/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $836

Break-even live

Break-even rent $1,642

Max offer price $189,900

Occupancy floor 64%

Sensitivity live

Price	-10% $944	-5% $890	+0% $836	+5% $782	+10% $729
Rent	-10% $623	-5% $730	+0% $836	+5% $943	+10% $1,049
Rate	-1.0pp $932	-0.5pp $884	base $836	+0.5pp $787	+1.0pp $737

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,700
Total (2 units)			$2,700

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3125 Ethel Ave Waco, TX	3.0	2.0	1760	$1,900	$1.08	21d	1	0.21mi
1901 N 28th St Waco, TX	3.0	2.0	1794	$1,950	$1.09	21d	1	0.41mi
2100 N 33rd St Waco, TX	3.0	3.0	1858	$2,200	$1.18	44d	1	0.69mi
2001 Bosque Blvd Waco, TX	3.0	1.0	1628	$1,100	$0.68	44d	1	0.71mi
1000 N 19th St Waco, TX	3.0	1.5	1800	$2,050	$1.14	21d	1	0.80mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	21d	1	0.89mi
2505 Proctor Ave Waco, TX	3.0	2.0	1588	$1,550	$0.98	21d	1	0.91mi
1817 Lyle Ave Waco, TX	3.0	2.5	2430	$2,295	$0.94	21d	1	1.30mi

Listing history 8 events

1. 2026-04-14
   status Pending
2. 2026-04-07
   price $189,900
3. 2025-10-20
   listed $200,000 Active
4. 2019-09-24
   soldstatus
5. 2018-11-07
   historical
6. 2018-09-13
   listed $145,000
7. 2004-12-15
   soldstatus
8. 2003-08-01
   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: $2,662 · $222/mo
• Projected year-2 tax: $3,475 · $290/mo
• Expected delta: +$813/yr (+$68/mo · 30.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% 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: $32,400
• − Mortgage interest: −$10,637
• − Property taxes: −$2,662
• − Insurance: −$950
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − Depreciation: −$5,524
• Taxable income: $7,443
• Est. tax owed @ 24.0%: −$1,786
• After-tax cash flow: $8,248/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): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 1%

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: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• 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

+31.0% since first listed

8 events — show timeline

• 2026-04-14 Pending — NTREIS
• 2026-04-07 Price Changed $189,900 NTREIS
• 2025-10-20 Listed $200,000 NTREIS
• 2019-09-24 Sold (Public Records) — Public Records
• 2018-11-07 Listing Removed — NTREIS
• 2018-09-13 Listed $145,000 NTREIS
• 2004-12-15 Sold (Public Records) — Public Records
• 2003-08-01 Sold (Public Records) — Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,662 · -1.7% YoY. Source: county tax records.