3108 Alexander Ave · Waco, TX 76708

$149,000

3 bd · 1.0 ba · 1,218 sqft · SingleFamily public records · 34 Days on market

Built 1950 9,365 sqft lot Est $197k · 24% under

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Why this score? — see what drove the C- 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 +15.1/30.0
• ARV discount +15.0/15.0
• 1% rule +5.1/10.0
• DSCR +4.6/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 3-bedroom, 1-bath home located in the established Dean Highland Elementary neighborhood of Waco. A spacious covered front porch creates a warm and inviting first impression, perfect for relaxing and enjoying the surrounding neighborhood atmosphere. Inside, large picture windows fill the home with natural light, highlighting the original wood floors that bring timeless character and warmth to the open living and dining areas. The kitchen provides both functionality and flexibility with a natural gas stove, stainless steel dishwasher, and microwave, along with an existing outlet already in place for an electric stove if preferred. Updated windows and central heat and

Key facts

• Covered front porch
• Natural gas stove
• Updated windows

Tags

• COVERED FRONT PORCH
• LARGE PICTURE WINDOWS
• ORIGINAL WOOD FLOORS
• NATURAL GAS STOVE
• STAINLESS STEEL DISHWASHER
• UPDATED WINDOWS

Property features AI

Finance

• Other: No known restrictions; Survey available; Possession at closing/funding
• Financial info: Accepts Cash and Conventional financing
• HOA & community: No association

Exterior

• Parking: On-site parking; Covered parking (1); Garage (1 space); Driveway
• Utilities: City water; City sewer; Electricity connected; Individual gas meter; Individual water meter; Not in a municipal utility district
• Home design: Single family residence; Residential property; One story; Preowned (built in 1950)
• Construction: Wood construction; Asphalt roof; Pillar/post/pier foundation; Year built 1950
• Exterior features: Covered porch(es); Covered front porch; Deck; Dog run; Storage shed(s); Garage(s); Chain link fencing in back yard; Lot with brush and grassed vegetation

Interior

• Kitchen: Dishwasher; Disposal; Gas range; Microwave
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Electric cooling; Ceiling fan(s)
• Interior features: One-level home; Window coverings; Other interior features; One living area; One dining area; Room count: 3
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry in hall

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $50 ($599/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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: Dean Highland El (math 15% / reading 20%, grade F, #3,805 of 4,322 statewide, top 89%, 598 students, 93% FRL); Indian Spring Middle (math 15% / reading 17%, grade F, #1,543 of 1,662 statewide, top 94%, 404 students, 95% FRL, charter); Waco H S (math 26% / reading 24%, grade F, #1,250 of 1,632 statewide, top 77%, 2,011 students, 88% FRL).
• Market conditions: Rents soft (-0.8%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 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 $4k 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 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 6.69%
• Cash-on-cash: 1.44%
• DSCR: 1.06
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $197,316
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3104 Fadal Ave	0.29mi	3/2.0	1,221 (+0%)	3mo	$199,900	$164	80
3117 Fadal Ave	0.31mi	3/1.0	1,128 (-7%)	1mo	$200,000	$177	72
3112 N 29th St	0.45mi	3/2.0	1,223 (+0%)	6mo	$225,000	$184	70
3005 Windsor Ave	0.52mi	2/1.0 (-1)	1,235 (+1%)	1mo	$199,900	$162	67
2809 Alexander Ave	0.25mi	2/1.0 (-1)	1,120 (-8%)	4mo	$165,000	$147	66
2701 Mckenzie Ave	0.37mi	3/2.0	1,292 (+6%)	3mo	$205,000	$159	66
2704 N 32nd St	0.12mi	3/2.0	1,384 (+14%)	5mo	$215,000	$155	64
3400 Cumberland Ave	0.65mi	3/1.0	1,176 (-3%)	2mo	$154,000	$131	62
2704 Herring Ave	0.43mi	2/2.0 (-1)	1,286 (+6%)	1mo	$210,000	$163	61
3004 Pine Ave	0.40mi	3/2.0	1,378 (+13%)	2mo	$275,000	$200	54
3400 Live Oak Ave	0.48mi	4/2.0 (+1)	1,306 (+7%)	10mo	$189,900	$145	49
3609 Windsor Ave	0.66mi	2/1.0 (-1)	1,056 (-13%)	1mo	$95,000	$90	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -17.7%
• Equity multiple: 0.39×
• Total profit: $-25,302
• Equity at exit: $22,216

10-year hold

• IRR: -18.0%
• Equity multiple: 0.17×
• Total profit: $-34,678
• Equity at exit: $12,883

Cash invested: $41,720 (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 76708

• Home prices YoY: -26.5%
• Rents YoY: -0.8%
• Active inventory: 381
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$781
• Tax from tax record: −$301 /mo · $3,607/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $50

Break-even live

Break-even rent $1,448

Max offer price $149,000

Occupancy floor 92%

Sensitivity live

Price	-10% $134	-5% $92	+0% $50	+5% $8	+10% $-34
Rent	-10% $-69	-5% $-10	+0% $50	+5% $110	+10% $169
Rate	-1.0pp $125	-0.5pp $88	base $50	+0.5pp $11	+1.0pp $-28

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	15d	1	0.27mi
2717 Alexander Ave Waco, TX	2.0	2.0	1200	$2,000	$1.67	22d	1	0.36mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	22d	1	0.37mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	45d	1	0.38mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	22d	1	0.38mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	22d	1	0.43mi
2600 McKenzie Ave Waco, TX	3.0	1.0	1096	$1,395	$1.27	22d	1	0.47mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	45d	1	0.49mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	22d	1	0.53mi
2408 McKenzie Ave Unit A Waco, TX	3.0	2.0	872	$1,350	$1.55	22d	1	0.59mi
3532 Windsor Ave Waco, TX	3.0	2.0	1100	$1,475	$1.34	15d	1	0.62mi
2401 McKenzie Ave Waco, TX	3.0	1.5	1288	$1,300	$1.01	22d	1	0.62mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	45d	1	0.63mi
2400 Reuter Ave Waco, TX	4.0	2.0	1426	$1,650	$1.16	22d	1	0.63mi
3825 Kimberly Dr Waco, TX	2.0	2.0	1233	$1,250	$1.01	22d	1	0.64mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	22d	1	0.64mi
2332 Melissa Dr Waco, TX	2.0	1.0	990	$1,395	$1.41	15d	1	0.65mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	22d	1	0.65mi
3625 Maple Ave Waco, TX	2.0	1.0	950	$1,275	$1.34	45d	1	0.74mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	15d	1	0.79mi
3901 Windsor Ave Waco, TX	2.0	1.0	760	$995	$1.31	45d	1	0.80mi
4372 Lake Shore Dr Waco, TX	1.0–3.0	1.0–2.0	1027	$1,480	$1.44	15d	1	0.85mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	45d	1	0.85mi
2217 N 41st St Waco, TX	2.0	1.0	900	$1,295	$1.44	15d	1	0.88mi
2213 N 41st St Waco, TX	3.0	1.5	1299	$1,550	$1.19	15d	1	0.89mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	22d	1	0.90mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	45d	1	0.91mi
4502 Lake Shore Dr Waco, TX	1.0–2.0	1.0–2.0	820	$2,595	$3.16	15d	10	0.92mi
2612 Alice Ave Waco, TX	2.0	1.0	964	$1,250	$1.30	22d	1	0.95mi
3821 Lasker Ave Waco, TX	3.0	2.0	1209	$1,850	$1.53	22d	1	0.98mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	45d	1	1.00mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	15d	1	1.00mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	45d	1	1.03mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	45d	1	1.05mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	45d	1	1.07mi
1818 Windsor Ave Waco, TX	4.0	2.0	1112	$1,625	$1.46	22d	1	1.15mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	15d	1	1.16mi
1621 Alexander Ave Unit A Waco, TX	3.0	2.0	1400	$1,695	$1.21	22d	1	1.18mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	15d	1	1.24mi
3800 N 21st a St Waco, TX	4.0	2.5	1500	$1,350	$0.90	22d	1	1.25mi

Listing history 23 events

1. 2026-06-16
   days on market $149,000 Active 34 DOM
2. 2026-06-15
   days on market $149,000 Active 33 DOM
3. 2026-06-14
   days on market $149,000 Active 31 DOM
4. 2026-06-13
   days on market $149,000 Active 30 DOM
5. 2026-06-10
   days on market $149,000 Active 28 DOM
6. 2026-06-09
   days on market $149,000 Active 27 DOM
7. 2026-06-08
   days on market $149,000 Active 26 DOM
8. 2026-06-07
   days on market $149,000 Active 25 DOM
9. 2026-06-05
   days on market $149,000 Active 22 DOM
10. 2026-06-03
    days on market $149,000 Active 21 DOM
11. 2026-06-02
    days on market $149,000 Active 20 DOM
12. 2026-06-01
    days on market $149,000 Active 19 DOM
13. 2026-05-31
    days on market $149,000 Active 18 DOM
14. 2026-05-30
    days on market $149,000 Active 17 DOM
15. 2026-05-22
    status Active
16. 2026-05-16
    historical Active Option Contract
17. 2026-05-13
    listed $149,000 Active
18. 2024-05-10
    historical $1,200
19. 2024-04-28
    price $1,200
20. 2024-03-29
    listed $1,323
21. 2024-01-27
    historical
22. 2024-01-26
    listed $145,900
23. 2003-05-07
    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: $3,607 · $301/mo
• Projected year-2 tax: $3,607 · $301/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 22 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: $18,136
• − Mortgage interest: −$8,346
• − Property taxes: −$3,607
• − Insurance: −$745
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$4,335
• Taxable loss: −$1,799
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $1,031/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): 27,790
• Household income: $68,856
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 583.0

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 0.63)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 20% Black 13% Asian 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 21% Other Asian/Pacific 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: ▼ -78.80%
• Current HPI: 218.9643
• Rent YoY: ▼ -0.80%
• 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

+2.1% since first listed

9 events — show timeline

• 2026-05-22 Relisted — NTREIS
• 2026-05-16 Contingent — NTREIS
• 2026-05-13 Listed $149,000 NTREIS
• 2024-05-10 Rental Removed $1,200 RENT.
• 2024-04-28 Price Changed $1,200 RENT.
• 2024-03-29 Listed for Rent $1,323 RENT.
• 2024-01-27 Listing Removed — NTREIS
• 2024-01-26 Listed $145,900 NTREIS
• 2003-05-07 Sold (Public Records) — Public Records

Property tax history

+9.1%/yr

Latest (2025): $3,607 · +1.1% YoY. Source: county tax records.