4700 Boulder Ave #609 · Midland, TX 79707

$80,000

2 bd · 2.0 ba · 981 sqft · Condo public records · 24 Days on market

Built 1980 $490/mo HOA · 32% of rent

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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 +25.0/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Comfortable 2 bed, 2 bath condo with a functional layout, spacious bedrooms, and good storage. Convenient location near Loop 250, shopping, and dining. HOA covers exterior insurance, exterior maintenance, and a shared boiler system providing hot water (owner still pays water usage). Low-maintenance living makes this a smart option for a primary residence or an excellent opportunity for long-term or short-term rental income.

Key facts

• Functional layout
• Convenient location
• Shared boiler system

Tags

• FUNCTIONAL LAYOUT
• CONVENIENT LOCATION
• SHARED BOILER SYSTEM
• LOW MAINTENANCE LIVING

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $490

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Located in the Skyline Terrace subdivision
• Construction: Composition roof; Slab foundation
• Exterior features: Patio

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Unit is a first-story residence (Unit 609 on the south side of Building 6)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Electric range; Refrigerator; Tile flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parker El (math 42% / reading 36%, grade F, #1,651 of 4,322 statewide, top 39%, 567 students, 52% FRL); Alamo J H (math 23% / reading 32%, grade F, #1,156 of 1,662 statewide, top 71%, 865 students, 62% FRL); Legacy H S (math 37% / reading 3%, grade F, #1,397 of 1,632 statewide, top 87%, 2,504 students, 41% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents rising fast (+4.5%/yr); 314 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: HOA is 32% of rent.
• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,800 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.89% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.38%
• DSCR: 1.42
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.45% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $734
• Equity at exit: $11,928

10-year hold

• IRR: 12.9%
• Equity multiple: 2.15×
• Total profit: $25,722
• Equity at exit: $6,917

Cash invested: $22,400 (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 79707

• Rents YoY: 4.5%
• Active inventory: 314
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$420
• Tax from tax record: −$78 /mo · $933/yr
• Insurance: −$33
• HOA: −$490
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $175

Break-even live

Break-even rent $1,292

Max offer price $80,000

Occupancy floor 83%

Sensitivity live

Price	-10% $220	-5% $198	+0% $175	+5% $152	+10% $130
Rent	-10% $55	-5% $115	+0% $175	+5% $235	+10% $295
Rate	-1.0pp $215	-0.5pp $195	base $175	+0.5pp $154	+1.0pp $133

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4700 Boulder Dr Midland, TX	1.0–2.0	1.0–2.0	823	$1,500	$1.82	22d	2	0.01mi
3609 Caldera Blvd Midland, TX	1.0–2.0	1.0–2.0	850	$1,599	$1.88	14d	67	0.26mi
4301 Raleigh Ct Midland, TX	1.0–2.0	1.0–2.0	766	$1,490	$1.94	14d	18	0.40mi
3330 Caldera Blvd #141 Midland, TX	1.0	1.0	621	$1,100	$1.77	44d	1	0.56mi
3316 Caldera Blvd #104 Midland, TX	1.0	1.5	818	$1,450	$1.77	44d	1	0.60mi
3600 N Midland Dr Midland, TX	1.0–2.0	1.0–2.0	900	$1,425	$1.58	14d	9	0.81mi
4415 Northcrest Dr Midland, TX	1.0–2.0	1.0–2.0	804	$1,594	$1.98	14d	17	0.83mi
2818 West Loop 250 N Midland, TX	1.0–3.0	1.0–2.0	1176	$1,779	$1.51	14d	16	0.90mi
2811 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.5	967	$1,396	$1.44	14d	13	0.91mi
4805 Briarwood Ave Midland, TX	1.0–3.0	1.0–2.0	1028	$1,860	$1.81	14d	18	0.96mi
3417 N Midland Dr Midland, TX	1.0–3.0	1.0–2.0	887	$1,317	$1.48	14d	13	1.03mi
2600 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	800	$1,326	$1.66	14d	28	1.11mi
3101 Midland Dr Midland, TX	1.0–2.0	1.0–2.0	765	$1,285	$1.68	44d	1	1.16mi
2438 Whitmire Blvd Midland, TX	1.0–2.0	1.0	800	$1,275	$1.59	44d	1	1.27mi
5200 Briarwood Ave Midland, TX	1.0–2.0	1.0–2.0	893	$2,124	$2.38	14d	24	1.33mi
4715 W Wadley Ave Midland, TX	1.0–2.0	1.0–2.5	872	$1,514	$1.74	14d	10	1.39mi
5244 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	791	$1,749	$2.21	14d	34	1.44mi
3200 Bromley Pl Midland, TX	1.0–3.0	1.0–2.0	873	$1,644	$1.88	14d	10	1.49mi

HOA detail condo

• Monthly dues: $490 · $5,880/yr
• Likely covers: waterexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-19
   days on market $80,000 Active 24 DOM
2. 2026-06-18
   days on market $80,000 Active 23 DOM
3. 2026-06-17
   days on market $80,000 Active 22 DOM
4. 2026-06-16
   days on market $80,000 Active 21 DOM
5. 2026-06-15
   days on market $80,000 Active 20 DOM
6. 2026-06-14
   days on market $80,000 Active 18 DOM
7. 2026-06-13
   days on market $80,000 Active 17 DOM
8. 2026-06-10
   days on market $80,000 Active 15 DOM
9. 2026-06-09
   days on market $80,000 Active 14 DOM
10. 2026-06-08
    days on market $80,000 Active 13 DOM
11. 2026-06-07
    days on market $80,000 Active 12 DOM
12. 2026-06-03
    days on market $80,000 Active 8 DOM
13. 2026-06-02
    days on market $80,000 Active 7 DOM
14. 2026-06-01
    days on market $80,000 Active 6 DOM
15. 2026-05-31
    days on market $80,000 Active 5 DOM
16. 2026-05-30
    days on market $80,000 Active 4 DOM
17. 2026-05-26
    listed $80,000 Active
18. 2025-08-17
    historical $1,099
19. 2025-07-24
    listed $1,099
20. 2019-12-10
    soldstatus
21. 2012-04-18
    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: $933 · $78/mo
• Projected year-2 tax: $1,464 · $122/mo
• Expected delta: +$531/yr (+$44/mo · 56.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 69% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $18,162
• − Mortgage interest: −$4,481
• − Property taxes: −$933
• − Insurance: −$400
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − HOA: −$5,880
• − Depreciation: −$2,327
• Taxable income: $1,234
• Est. tax owed @ 24.0%: −$296
• After-tax cash flow: $1,804/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 40,010
• Household income: $99,886
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1919.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 11% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 26% Cuban 1%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Philippines
• Languages at home: 79% English-only · Spanish 14% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -208.65%
• Current HPI: 198.7489
• Rent YoY: ▲ 4.45%
• Metro: Midland, 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

+7179.3% since first listed

5 events — show timeline

• 2026-05-26 Listed $80,000 PBBOR
• 2025-08-17 Rental Removed $1,099 SHOWMOJO
• 2025-07-24 Listed for Rent $1,099 SHOWMOJO
• 2019-12-10 Sold (Public Records) — Public Records
• 2012-04-18 Sold (Public Records) — Public Records

Property tax history

-0.6%/yr

Latest (2025): $933 · -5.2% YoY. Source: county tax records.