504 Howard Dr · Midland, TX 79703

$195,000

3 bd · 1.0 ba · 846 sqft · SingleFamily public records · 25 Days on market

Built 1953 6,970 sqft 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 +15.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Located among well-maintained homes, this 869 sq ft property is a great opportunity for investors or buyers ready to add their personal touch. Recent updates include a new roof, sewer line, electrical, in-room AC units, bathroom, flooring, and fresh interior/exterior paint. The spacious yard has room for a shop, plus a carport and storage sheds. Easy access to nearby amenities. Major updates are done — just move in and make it your own!

Key facts

• Bathroom
• Flooring
• Electrical

Tags

• NEW ROOF
• SEWER LINE
• ELECTRICAL
• IN-ROOM AC UNITS
• BATHROOM
• FLOORING

Property features AI

Finance

• Financial info: Annual tax approximately $500

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single-story
• Construction: Composition roof; Slab foundation; Residential construction
• Exterior features: Wood fencing; Lot roughly 0.16 acres

Interior

• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central cooling with ceiling fan(s)
• Interior features: Gas water heater; Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $71 ($851/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (15.7% below list).
• Recommended offer: $164k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Long El (math 36% / reading 25%, grade F, #2,464 of 4,322 statewide, top 58%, 667 students, 80% FRL); Alamo J H (math 23% / reading 32%, grade F, #1,156 of 1,662 statewide, top 71%, 865 students, 62% FRL); Legacy H S (math 37% / reading 3%, grade F, #1,397 of 1,632 statewide, top 87%, 2,504 students, 41% FRL).
• Market conditions: Rents soft (-0.3%/yr); 65 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).

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.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,428 (15.7% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.41×
• Total profit: $-31,950
• Equity at exit: $29,075

10-year hold

• IRR: -15.0%
• Equity multiple: 0.25×
• Total profit: $-40,828
• Equity at exit: $16,860

Cash invested: $54,600 (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 79703

• Rents YoY: -0.3%
• Active inventory: 65
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,644 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$124 /mo · $1,491/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $71

Break-even live

Break-even rent $1,555

Max offer price $195,000

Occupancy floor 91%

Sensitivity live

Price	-10% $181	-5% $126	+0% $71	+5% $16	+10% $-39
Rent	-10% $-59	-5% $6	+0% $71	+5% $136	+10% $201
Rate	-1.0pp $169	-0.5pp $120	base $71	+0.5pp $20	+1.0pp $-31

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3506 Apache Dr Midland, TX	2.0	1.0	1004	$1,800	$1.79	23d	1	0.22mi
3712 Amelia Dr Midland, TX	3.0	1.0	1046	$2,000	$1.91	23d	1	0.36mi
4000 W Illinois Ave Midland, TX	1.0–2.0	1.0–2.0	755	$1,545	$2.05	23d	10	0.68mi
509 Delmar St Midland, TX	1.0–2.0	1.0–2.5	1116	$1,796	$1.61	15d	8	0.89mi
3311 Storey Ave Midland, TX	3.0	1.5	1100	$1,700	$1.55	15d	1	1.05mi
4403 Crockett Ave Unit A Midland, TX	3.0	2.0	1065	$1,800	$1.69	23d	1	1.08mi
4405 Crockett Ave Unit A Midland, TX	3.0	2.0	1100	$1,800	$1.64	45d	1	1.09mi
123 N Glenwood Dr Unit A Midland, TX	2.0	1.0	1000	$1,695	$1.70	45d	1	1.12mi
117 N Glenwood Dr Unit D Midland, TX	2.0	2.0	1000	$1,795	$1.79	23d	1	1.13mi
3007 W Louisiana Ave Midland, TX	2.0	1.0	925	$1,079	$1.17	23d	1	1.14mi
2910 W Michigan Ave Unit 110 Midland, TX	2.0	1.0	980	$1,250	$1.28	15d	1	1.15mi
2910 W Michigan Ave Unit 110 Midland, TX	2.0	1.0	980	$1,250	$1.28	45d	1	1.15mi
4707 Shadylane Dr Unit B Midland, TX	2.0	1.0	960	$1,400	$1.46	15d	1	1.15mi
4701 W Illinois Ave Unit D Midland, TX	2.0	1.0	942	$1,050	$1.11	23d	1	1.16mi
2705 W Kentucky Ave Midland, TX	3.0	2.0	924	$1,800	$1.95	23d	1	1.16mi
2928 W Louisiana Ave Midland, TX	2.0	1.0	950	$1,395	$1.47	45d	1	1.22mi
2901 W Louisiana Ave Unit 3 Midland, TX	2.0	1.0	925	$1,090	$1.18	45d	1	1.22mi
2928 W Louisiana Ave Unit 216 Midland, TX	2.0	1.0	950	$1,050	$1.11	45d	1	1.23mi
2928 W Louisiana Ave Unit 221 Midland, TX	2.0	1.5	1000	$1,200	$1.20	45d	1	1.23mi
2605 W Washington Ave Midland, TX	2.0	1.0	865	$1,500	$1.73	23d	1	1.25mi
2929 W Kansas Ave Unit 317 Midland, TX	2.0	1.5	1050	$1,200	$1.14	45d	1	1.25mi
2929 W Kansas Ave Midland, TX	2.0	1.0	1050	$1,200	$1.14	45d	1	1.26mi
4719 Bowie Dr Midland, TX	3.0	2.0	991	$4,500	$4.54	23d	1	1.49mi

Listing history 21 events

1. 2026-06-22
   days on market $195,000 Active 25 DOM
2. 2026-06-19
   days on market $195,000 Active 23 DOM
3. 2026-06-18
   days on market $195,000 Active 22 DOM
4. 2026-06-17
   days on market $195,000 Active 21 DOM
5. 2026-06-16
   days on market $195,000 Active 20 DOM
6. 2026-06-15
   days on market $195,000 Active 19 DOM
7. 2026-06-14
   days on market $195,000 Active 17 DOM
8. 2026-06-13
   pricedays on market $195,000 Active 16 DOM
9. 2026-06-10
   days on market $200,000 Active 14 DOM
10. 2026-06-09
    days on market $200,000 Active 13 DOM
11. 2026-06-08
    days on market $200,000 Active 12 DOM
12. 2026-06-07
    days on market $200,000 Active 11 DOM
13. 2026-06-03
    days on market $200,000 Active 7 DOM
14. 2026-06-02
    days on market $200,000 Active 6 DOM
15. 2026-06-01
    days on market $200,000 Active 5 DOM
16. 2026-05-31
    days on market $200,000 Active 4 DOM
17. 2026-05-30
    days on market $200,000 Active 3 DOM
18. 2026-05-27
    listed $200,000 Active
19. 2026-02-06
    soldstatus
20. 2025-10-21
    price $139,900
21. 2003-01-30
    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: $1,491 · $124/mo
• Projected year-2 tax: $3,568 · $297/mo
• Expected delta: +$2,078/yr (+$173/mo · 139.4%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $19,731
• − Mortgage interest: −$10,923
• − Property taxes: −$1,491
• − Insurance: −$975
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$5,673
• Taxable loss: −$2,487
• Est. tax savings @ 24.0%: +$597
• After-tax cash flow: $1,448/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 20,419
• Household income: $77,285
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 417.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 54% White 34% Two or more races 16% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 45% Cuban 4%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 58% English-only · Spanish 38% Arabic 1% Chinese 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.72%
• Current HPI: 224.6222
• Rent YoY: ▼ -0.33%
• Metro: Midland, 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

+43.0% since first listed

4 events — show timeline

• 2026-05-27 Listed $200,000 PBBOR
• 2026-02-06 Sold (Public Records) — Public Records
• 2025-10-21 Price Changed $139,900 PBBOR
• 2003-01-30 Sold (Public Records) — Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,491 · -3.4% YoY. Source: county tax records.