308 SE 10th

Plainview, TX 79072

$110,000D

3 bd · 1.0 ba · 930 sqft · Built — · SingleFamily · Active · 185 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$260
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $24/mo
• Annual: $294/yr
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• 1% rule: 0.99%
• Cash to close: $30,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $24 ($294/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 $109k (0.9% below list).
• It's been on market 185 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#393 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D.
• Plainview ISD (town): math 41% / reading 37% proficiency, ranked #445 of 826 in TX (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hillcrest El (math 37% / reading 27%); Coronado Middle (math 37% / reading 35%); Plainview H S (math 64% / reading 50%, grade C, #333 of 1,632 statewide, top 22%, 1,442 students, 78% FRL).
• Market conditions: 151 active listings in the ZIP; 13 units permitted in Hale County in 2024 (0 in 5+ unit buildings).
• Hale County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y 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.
• 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.

Questions for listing agent

• It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.