6311 Sandpiper Ln

Wylie, TX 75407

$187,499C-

3 bd · 2.5 ba · 1,360 sqft · Built 2026 · SingleFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,915/mo
• Mortgage (P&I): −$983
• Tax + insurance: −$312
• HOA: −$41
• Vac / Maint / Mgmt: −$402
• Net cashflow: $176/mo
• Annual: $2,109/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.02%
• DSCR: 1.18
• 1% rule: 1.02%
• Cash to close: $52,500

Investor read

• This is a 3-bed/2.5-bath single-family listed at $187k. Condition is rated fair.
• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $187k).
• It's been on market 36 days — a 3% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 69/100 on livability (#419 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Princeton ISD (suburban): math 51% / reading 47% proficiency, ranked #188 of 826 in TX (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mayfield El (609 students, 73% FRL) — zoned schools average 73% FRL vs 56% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.0%/yr); 1409 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Cap rate 7.4% vs local median 4.0% in Wylie — 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

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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)

• Minor: Appliances — Appliances appear outdated and may need replacement.
• Moderate: Flooring — Flooring looks worn and may need replacement.
• Minor: Paint — Paint appears faded and may need touch-ups.
• Minor: Siding — Siding appears weathered and may need repainting.