1200-1202 N 9th St #2 · Waco, TX 76707

$220,000

4 bd · 2.0 ba · 2,143 sqft · MultiFamily · 93 Days on market

Built 1922 Fair condition 0.27 ac lot $103/sqft · 37% below area Est $352k · 37% under

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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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• 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 MLS

Investor opportunity in Waco! This income-producing duplex at 1200–1202 N 9th Street offers immediate cash flow with both units currently leased—one at $1,000 per month and the other at $1,200 per month. Each unit provides comfortable living space with functional layouts, making it an attractive option for long-term tenants. Whether you're looking to expand your rental portfolio or step into your first investment property, this duplex delivers steady income with upside potential. Conveniently located with easy access to local amenities, schools, and major thoroughfares, the property appeals to a wide range of renters. Don’t miss this chance to secure a performing asset in a growing market—schedule your showing today!

Key facts

• Growing market
• Functional layouts
• 0.27 acre lot

Tags

• INCOME PRODUCING DUPLEX
• COMFORTABLE LIVING SPACE
• FUNCTIONAL LAYOUTS
• EASY ACCESS TO LOCAL AMENITIES
• GROWING MARKET

🏷️ Possibly a rental listed for sale. The $220,000 price doesn't fit this home's estimated sale value (~$351,710) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: schools D, crime D, commute F.
• 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.
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 16 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 $2,679/mo this rent would consume 79% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% 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 $200,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.22% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $351,710
• List price: $220,000
• Delta: -37.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-2,570
• Equity at exit: $32,803

10-year hold

• IRR: 6.5%
• Equity multiple: 1.44×
• Total profit: $27,350
• Equity at exit: $19,022

Cash invested: $61,600 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,679 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $596

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 73%

Sensitivity live

Price	-10% $748	-5% $672	+0% $596	+5% $520	+10% $444
Rent	-10% $384	-5% $490	+0% $596	+5% $702	+10% $808
Rate	-1.0pp $707	-0.5pp $652	base $596	+0.5pp $539	+1.0pp $481

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,680
Total (2 units)			$2,679

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	44d	1	0.64mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	22d	1	0.77mi
1000 N 19th St Waco, TX	3.0	1.5	1800	$2,050	$1.14	22d	1	0.79mi
2001 Bosque Blvd Waco, TX	3.0	1.0	1628	$1,100	$0.68	44d	1	0.84mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	14d	1	0.91mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	44d	1	1.02mi
2116 Morrow Ave Waco, TX	4.0	2.0	1703	$1,650	$0.97	22d	1	1.03mi
412 Dearborn St Waco, TX	3.0	2.0	1572	$2,000	$1.27	22d	1	1.03mi
1400 N 23rd St Waco, TX	4.0	2.0	1650	$1,575	$0.95	14d	1	1.07mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	22d	1	1.18mi
1817 Lyle Ave Waco, TX	3.0	2.5	2430	$2,295	$0.94	22d	1	1.21mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	44d	1	1.25mi
1621 Alexander Ave Unit A Waco, TX	3.0	2.0	1400	$1,695	$1.21	22d	1	1.28mi
1500 E James St Unit A Waco, TX	4.0	4.0	1764	$2,750	$1.56	45d	1	1.38mi
1901 N 28th St Waco, TX	3.0	2.0	1794	$1,950	$1.09	22d	1	1.50mi
2505 Proctor Ave Waco, TX	3.0	2.0	1588	$1,550	$0.98	22d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $220,000 Active 93 DOM
2. 2026-06-17
   days on market $220,000 Active 92 DOM
3. 2026-06-16
   days on market $220,000 Active 91 DOM
4. 2026-06-15
   days on market $220,000 Active 90 DOM
5. 2026-06-14
   days on market $220,000 Active 88 DOM
6. 2026-06-13
   days on market $220,000 Active 87 DOM
7. 2026-06-10
   days on market $220,000 Active 85 DOM
8. 2026-06-09
   days on market $220,000 Active 84 DOM
9. 2026-06-08
   days on market $220,000 Active 83 DOM
10. 2026-06-07
    days on market $220,000 Active 82 DOM
11. 2026-06-05
    days on market $220,000 Active 79 DOM
12. 2026-06-03
    days on market $220,000 Active 78 DOM
13. 2026-06-02
    days on market $220,000 Active 77 DOM
14. 2026-06-01
    days on market $220,000 Active 76 DOM
15. 2026-05-31
    days on market $220,000 Active 75 DOM
16. 2026-05-30
    days on market $220,000 Active 74 DOM
17. 2026-03-17
    listed $220,000 Active 756-char remark

    Show marketing remark (756 chars)

    Investor opportunity in Waco! This income-producing duplex at 1200–1202 N 9th Street offers immediate cash flow with both units currently leased—one at $1,000 per month and the other at $1,200 per month. Each unit provides comfortable living space with functional layouts, making it an attractive option for long-term tenants. Whether you're looking to expand your rental portfolio or step into your first investment property, this duplex delivers steady income with upside potential. Conveniently located with easy access to local amenities, schools, and major thoroughfares, the property appeals to a wide range of renters. Don’t miss this chance to secure a performing asset in a growing market—schedule your showing today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 60% 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: $32,148
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,572
• − Management: −$2,572
• − Depreciation: −$6,400
• Taxable income: $3,881
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $6,221/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This income-producing duplex in Waco requires moderate renovations to improve its condition and increase its value. Key areas for improvement include updating the kitchen, bathrooms, and exterior, as well as refreshing the paint and landscaping.

Repairs flagged

• Moderate Kitchen cabinets — Dated appearance and need for cleaning.
• Minor Bathroom fixtures — Slight wear on tiles and sink area.
• Minor Exterior siding — Some wear visible on siding, could benefit from cleaning or repainting.
• Moderate Bedroom carpet — Worn appearance, could be replaced or cleaned.
• Minor Interior paint — Faded appearance in some areas, could be refreshed.
• Minor Landscaping — Basic landscaping, could be improved for curb appeal.

Value-add opportunities

• Both Paint interior walls and trim — Refreshing the paint can improve the overall appearance and appeal of the property.
• Both Replace worn carpet in bedrooms — New carpet can enhance the comfort and value of the property.
• Both Replace dated kitchen cabinets — Modernizing the kitchen can significantly increase the property's value and appeal to potential buyers or renters.
• Both Replace dated bathroom fixtures — Upgrading the bathroom can improve the overall living experience and increase the property's value.
• Both Improve landscaping — Enhancing the landscaping can increase the curb appeal and overall value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated appearance and need for cleaning.	Moderate	$3,000–15,000
Bathroom fixtures · Slight wear on tiles and sink area.	Minor	$500–3,000
Exterior siding · Some wear visible on siding, could benefit from cleaning or repainting.	Minor	$500–3,000
Bedroom carpet · Worn appearance, could be replaced or cleaned.	Moderate	$3,000–15,000
Interior paint · Faded appearance in some areas, could be refreshed.	Minor	$500–3,000
Landscaping · Basic landscaping, could be improved for curb appeal.	Minor	$500–3,000
Total estimated repair cost · 6 items		$8,000–42,000

Value-add ROI direction

• Both Paint interior walls and trim — Refreshing the paint can improve the overall appearance and appeal of the property. ↑
• Both Replace worn carpet in bedrooms — New carpet can enhance the comfort and value of the property. ↑
• Both Replace dated kitchen cabinets — Modernizing the kitchen can significantly increase the property's value and appeal to potential buyers or renters. ↑
• Both Replace dated bathroom fixtures — Upgrading the bathroom can improve the overall living experience and increase the property's value. ↑
• Both Improve landscaping — Enhancing the landscaping can increase the curb appeal and overall value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-03-17 Listed $220,000 NTREIS