1604 Easy St · Wichita Falls, TX 76302

$145,000

3 bd · 2.0 ba · 1,835 sqft · SingleFamily public records · 14 Days on market

Built 1952 $79/sqft · 29% below area Est $205k · 29% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +7.5/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Loads of potential in this spacious home full of vintage charm! With vision and updates, this property could truly shine again. Original wood flooring is believed to be under the carpet just waiting to be uncovered. Home features spacious bedrooms, two living areas, and a large backyard with plenty of room to enjoy. Perfect opportunity for someone wanting to restore this home to its original beauty, create their dream space, or invest in a home with endless possibilities! Full of charm and potential! AS IS

Key facts

• Garage
• Built 1952
• Listed 13 days

Property features AI

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story; South-facing
• Construction: Brick construction; Composition roof
• Exterior features: Patio; Storm doors; Irregular lot

Interior

• Flooring: Carpet; Hardwood
• Heating & cooling: Central air conditioning
• Interior features: Storm windows; Carpet and hardwood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 9.0% vs local median 4.7% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, crime D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fain El (math 47% / reading 52%, grade D, #865 of 4,322 statewide, top 21%, 397 students, 60% FRL); Barwise Middle (math 30% / reading 27%, grade F, #1,122 of 1,662 statewide, top 69%, 1,017 students, 73% FRL).
• Market conditions: 75 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• This rent runs 37% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1952 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.51%
• DSCR: 1.42
• GRM: 6.6

CMA / ARV

• ARV (median comp): $205,195
• List price: $145,000
• Delta: -29.34%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1611 Singleton Ave	0.31mi	3/2.0	1,862 (+2%)	1mo	$225,000	$121	82
4801 Alamo Dr	0.37mi	3/1.5	1,859 (+1%)	6mo	$185,000	$100	74
4906 Greenbriar Rd	0.43mi	3/2.0	1,867 (+2%)	4mo	$229,900	$123	73
1537 Sweetbriar Dr	0.54mi	3/2.0	1,935 (+5%)	14mo	$250,000	$129	54
5030 Edgecliff Dr	0.50mi	3/2.0	1,616 (-12%)	16mo	$222,500	$138	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,897
• Equity at exit: $21,620

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $24,268
• Equity at exit: $12,537

Cash invested: $40,600 (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 76302

• Home prices YoY: -34.7%
• Active inventory: 75
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,817 high
• Mortgage (P&I): −$760
• Tax from tax record: −$293 /mo · $3,515/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $322

Break-even live

Break-even rent $1,410

Max offer price $145,000

Occupancy floor 77%

Sensitivity live

Price	-10% $404	-5% $363	+0% $322	+5% $281	+10% $240
Rent	-10% $178	-5% $250	+0% $322	+5% $394	+10% $465
Rate	-1.0pp $395	-0.5pp $359	base $322	+0.5pp $284	+1.0pp $246

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4739 Augusta Ln Wichita Falls, TX	3.0	2.0	1600	$1,600	$1.00	44d	1	0.20mi
1556 Singleton Ave Wichita Falls, TX	3.0	2.0	1830	$1,950	$1.07	44d	1	0.33mi
1607 Arlington St Wichita Falls, TX	3.0	3.0	2276	$2,100	$0.92	44d	1	0.37mi
4000 Weeks Park Ln Wichita Falls, TX	1.0–3.0	1.0–2.0	870	$1,425	$1.64	44d	12	0.84mi
1514 Christine Rd Wichita Falls, TX	3.0	2.0	1275	$1,600	$1.25	45d	1	1.02mi
5021 Taft Blvd Wichita Falls, TX	1.0–3.0	1.0–2.0	1236	$1,775	$1.44	44d	8	1.08mi
2612 Southwest Pkwy Wichita Falls, TX	1.0–2.0	1.0–2.0	987	$1,250	$1.27	44d	23	1.24mi
4 Jayden Ct Wichita Falls, TX	3.0	2.0	1422	$2,000	$1.41	44d	1	1.34mi

Listing history 1 events

1. 2026-05-12
   listed $145,000 Active 511-char remark

ⓘ 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: $3,515 · $293/mo
• Projected year-2 tax: $3,515 · $293/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 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $21,807
• − Mortgage interest: −$8,122
• − Property taxes: −$3,515
• − Insurance: −$725
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − Depreciation: −$4,218
• Taxable income: $1,738
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $3,446/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: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 11,932
• Household income: $59,590
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 478.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 19% Black 11% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 85% English-only · Spanish 10% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.67%
• Current HPI: 191.4059
• Rent YoY: —
• Metro: Wichita Falls, 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

3 events — show timeline

• 2026-06-05 Sold (MLS) — WFAOR
• 2026-05-26 Delisted — WFAOR
• 2026-05-12 Listed $145,000 WFAOR

Property tax history

+6.1%/yr

Latest (2025): $3,515 · +8.0% YoY. Source: county tax records.