1006 S Colorado St · Midland, TX 79701

$135,000

2 bd · 2.0 ba · 948 sqft · SingleFamily public records · 60 Days on market

Built 1935 7,013 sqft lot $142/sqft · 18% above area Est $124k · 9% over

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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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• ARV discount +3.3/15.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming 2 bedroom , 2 bath home offers comfort in this centrally located location. Close to downtown, schools and shopping. This inviting lay out has a separate studio/ mancave perfect for entertaining. Covered car port with a big backyard.

Key facts

• Covered patio
• Large back yard
• 7,013 sq ft lot

Tags

• SEPARATE STUDIO SPACE
• TILE AND WOOD FLOORING
• LARGE BACK YARD
• COVERED PATIO

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: schools C-, crime C-, commute 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.
• Market conditions: Rents flat; 113 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($57k/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 $933 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1935 — 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. 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 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: 1.16% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.56%
• DSCR: 1.56
• GRM: 7.2

CMA / ARV

• ARV (median comp): $123,547
• List price: $135,000
• Delta: 9.27%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1409 Johnston St	0.60mi	2/1.0	1,008 (+6%)	10mo	$65,000	$64	49
1210 S Dallas St	0.45mi	3/2.0 (+1)	1,051 (+11%)	23mo	$189,900	$181	36

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 · 0.74% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-202
• Equity at exit: $20,129

10-year hold

• IRR: 7.2%
• Equity multiple: 1.49×
• Total profit: $18,461
• Equity at exit: $11,672

Cash invested: $37,800 (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 79701

• Rents YoY: 0.7%
• Active inventory: 113
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,568 high
• Mortgage (P&I): −$708
• Tax from tax record: −$79 /mo · $949/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $396

Break-even live

Break-even rent $1,067

Max offer price $135,000

Occupancy floor 70%

Sensitivity live

Price	-10% $472	-5% $434	+0% $396	+5% $357	+10% $319
Rent	-10% $272	-5% $334	+0% $396	+5% $457	+10% $519
Rate	-1.0pp $464	-0.5pp $430	base $396	+0.5pp $361	+1.0pp $325

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 College Ave Unit B Midland, TX	1.0	1.0	560	$1,150	$2.05	14d	1	0.64mi
1206 W Missouri Ave Unit D Midland, TX	1.0	1.0	850	$1,300	$1.53	44d	1	0.83mi
1210 W Texas Ave Unit 15 Midland, TX	2.0	1.0	800	$1,250	$1.56	44d	1	0.98mi
2111 W Kentucky Ave Midland, TX	2.0	1.0	981	$1,400	$1.43	21d	1	1.03mi
808 S Madison St Midland, TX	3.0	1.0	1000	$2,000	$2.00	44d	1	1.07mi
1509 Wayside Dr Midland, TX	1.0–3.0	1.0–2.0	980	$1,136	$1.16	44d	1	1.17mi
1402 W Tennessee Ave Midland, TX	2.0	1.0	1050	$2,500	$2.38	44d	1	1.20mi
610 Burleson St Midland, TX	1.0	1.0	617	$1,000	$1.62	44d	1	1.22mi
2400 College Ave Midland, TX	1.0	1.0	617	$1,000	$1.62	44d	1	1.24mi
1201 Albert Midland, TX	1.0–3.0	1.0–2.0	1037	$1,786	$1.72	14d	20	1.28mi
2605 W Washington Ave Midland, TX	2.0	1.0	865	$1,500	$1.73	21d	1	1.30mi
1200 Albert Midland, TX	3.0	2.0	925	$2,011	$2.17	14d	311	1.33mi
2301 Cotton Flat Rd Midland, TX	1.0–2.0	1.5–2.0	914	$1,605	$1.76	14d	3	1.36mi
2705 W Kentucky Ave Midland, TX	3.0	2.0	924	$1,800	$1.95	21d	1	1.38mi
1101 N Carrizo St Unit 6 Midland, TX	2.0	1.0	915	$1,500	$1.64	14d	1	1.46mi

Listing history 18 events

1. 2026-06-19
   days on market $135,000 Active 60 DOM
2. 2026-06-18
   days on market $135,000 Active 59 DOM
3. 2026-06-17
   days on market $135,000 Active 58 DOM
4. 2026-06-16
   days on market $135,000 Active 57 DOM
5. 2026-06-15
   days on market $135,000 Active 56 DOM
6. 2026-06-14
   days on market $135,000 Active 54 DOM
7. 2026-06-13
   days on market $135,000 Active 53 DOM
8. 2026-06-10
   days on market $135,000 Active 51 DOM
9. 2026-06-09
   days on market $135,000 Active 50 DOM
10. 2026-06-08
    pricedays on market $135,000 Active 49 DOM
11. 2026-06-07
    days on market $165,000 Active 48 DOM
12. 2026-06-03
    days on market $165,000 Active 44 DOM
13. 2026-06-02
    days on market $165,000 Active 43 DOM
14. 2026-06-01
    days on market $165,000 Active 42 DOM
15. 2026-05-31
    days on market $165,000 Active 41 DOM
16. 2026-05-30
    days on market $165,000 Active 40 DOM
17. 2026-04-20
    listed $165,000 Active 247-char remark

    Show marketing remark (247 chars)

    This charming 2 bedroom , 2 bath home offers comfort in this centrally located location. Close to downtown, schools and shopping. This inviting lay out has a separate studio/ mancave perfect for entertaining. Covered car port with a big backyard.

18. 1993-08-18
    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: $949 · $79/mo
• Projected year-2 tax: $2,470 · $206/mo
• Expected delta: +$1,521/yr (+$127/mo · 160.3%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 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: $18,818
• − Mortgage interest: −$7,562
• − Property taxes: −$949
• − Insurance: −$675
• − Repairs & maintenance: −$1,505
• − Management: −$1,505
• − Depreciation: −$3,927
• Taxable income: $2,694
• Est. tax owed @ 24.0%: −$646
• After-tax cash flow: $4,100/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): 27,131
• Household income: $57,346
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 938.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 28% White 27% Black 10%
• Hispanic origin (detail): Mexican 57%
• Common ancestry: Lithuanian 1% Slovak 1% Ukrainian 1%
• Foreign-born: 17% · Canada
• Languages at home: 55% English-only · Spanish 44%

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: ▼ -227.32%
• Current HPI: 234.6111
• Rent YoY: ▲ 0.74%
• 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

2 events — show timeline

• 2026-04-20 Listed $165,000 PBBOR
• 1993-08-18 Sold (Public Records) — Public Records

Property tax history

+5.9%/yr

Latest (2025): $949 · +6.2% YoY. Source: county tax records.