407 E 2nd St · Bishop, TX 78343

$69,999

3 bd · 1.0 ba · 999 sqft · SingleFamily public records · 181 Days on market

Built 1980 8,999 sqft lot $70/sqft · 26% below area Est $94k · 26% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

INVESTORS! We just listed this 1-story, 3-bedroom, 1-bath home that is located in a modest neighborhood in Bishop, Texas. It is just 5 minutes from local dining and gas stations and offers both convenience and accessibility. The home does need some repairs, but it presents a great opportunity for those looking to invest or create their dream space in the heart of Bishop. We also have two other homes available in the Bishop Area. You can buy just one or get a PACKAGE DEAL and buy all three properties. They are located at 407 East 2nd Street; 123 West Oregon Street; and 505 North Francis Street get all three for a Package Price of $129,999. WE MAKE IT EASY TO OWN. This is a great opportunity! Don't wait, call us today to get more information on the owner's easy terms and smooth process to make this your dream investment.

Key facts

• 8,999 sq ft lot
• Built 1980
• Listed 181 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $-1 ($-16/yr) — negative.
• To cash-flow at today's rent, offer at most $70k (0.3% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#189 in TX, #4,857 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Bishop CISD (town): math 31% / reading 42% proficiency, ranked #486 of 826 in TX (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($484 loan paydown + $4k appreciation (5.8% local appreciation)).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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.
• Current owner paid $13k; list at $70k implies a 440% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% 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 $61,599 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.62% ✓
• Cap rate: 13.58%
• Cash-on-cash: 26.03%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (median comp): $93,981
• List price: $69,999
• Delta: -25.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 Hickory Ct	0.24mi	2/1.0 (-1)	972 (-3%)	1mo	$150,000	$154	79
304 W 1st St	0.49mi	4/1.0 (+1)	1,080 (+8%)	13mo	$52,250	$48	48
207 E 5th St	0.36mi	4/2.0 (+1)	1,092 (+9%)	20mo	$79,900	$73	42
413 W 2nd St	0.60mi	2/1.0 (-1)	864 (-14%)	22mo	$77,500	$90	26

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

Projected returns pro-forma

5.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.0%
• Equity multiple: 2.00×
• Total profit: $19,647
• Equity at exit: $43,205

10-year hold

• IRR: 15.4%
• Equity multiple: 3.99×
• Total profit: $58,602
• Equity at exit: $77,669

Cash invested: $19,600 (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 78343

• Home prices YoY: 5.5%
• Active inventory: 39
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,135 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$75 /mo · $905/yr
• Insurance: −$29
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-1

Break-even live

Break-even rent $1,137

Max offer price $69,766

Occupancy floor 95%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $69,999 Active 181 DOM
2. 2026-06-17
   days on market $69,999 Active 180 DOM
3. 2026-06-16
   days on market $69,999 Active 179 DOM
4. 2026-06-15
   days on market $69,999 Active 178 DOM
5. 2026-06-14
   days on market $69,999 Active 176 DOM
6. 2026-06-13
   days on market $69,999 Active 175 DOM
7. 2026-06-10
   days on market $69,999 Active 173 DOM
8. 2026-06-09
   days on market $69,999 Active 172 DOM
9. 2026-06-08
   days on market $69,999 Active 171 DOM
10. 2026-06-07
    days on market $69,999 Active 170 DOM
11. 2026-06-03
    days on market $69,999 Active 166 DOM
12. 2026-06-02
    days on market $69,999 Active 165 DOM
13. 2026-06-01
    days on market $69,999 Active 164 DOM
14. 2026-05-31
    days on market $69,999 Active 163 DOM
15. 2026-05-30
    days on market $69,999 Active 162 DOM
16. 2025-12-19
    listed $69,999 Active 830-char remark

    Show marketing remark (830 chars)

    INVESTORS! We just listed this 1-story, 3-bedroom, 1-bath home that is located in a modest neighborhood in Bishop, Texas. It is just 5 minutes from local dining and gas stations and offers both convenience and accessibility. The home does need some repairs, but it presents a great opportunity for those looking to invest or create their dream space in the heart of Bishop. We also have two other homes available in the Bishop Area. You can buy just one or get a PACKAGE DEAL and buy all three properties. They are located at 407 East 2nd Street; 123 West Oregon Street; and 505 North Francis Street get all three for a Package Price of $129,999. WE MAKE IT EASY TO OWN. This is a great opportunity! Don't wait, call us today to get more information on the owner's easy terms and smooth process to make this your dream investment.

17. 2005-07-19
    soldstatus
18. 2001-04-30
    soldstatus 116-char remark

    Show marketing remark (116 chars)

    INVESTOR/HANDYMAN SPECIAL USE VA ADDENDIUMS LOCKBOX CODE IS 0944 VA VENDEE-NO FINANCING AVIALABLE PM# 461960

19. 2001-04-03
    soldstatus $12,956
20. 2001-01-25
    listed $16,200 116-char remark

    Show marketing remark (116 chars)

    INVESTOR/HANDYMAN SPECIAL USE VA ADDENDIUMS LOCKBOX CODE IS 0944 VA VENDEE-NO FINANCING AVIALABLE PM# 461960

ⓘ 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: $905 · $75/mo
• Projected year-2 tax: $1,281 · $107/mo
• Expected delta: +$376/yr (+$31/mo · 41.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $13,624
• − Mortgage interest: −$3,921
• − Property taxes: −$905
• − Insurance: −$5,468
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − Depreciation: −$2,036
• Taxable loss: −$887
• Est. tax savings @ 24.0%: +$213
• After-tax cash flow: $197/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: Bishop CISD
• NCES district ID: 4810260
• Math proficiency: 31% ▼ -33.00%
• Reading proficiency: 42% ▼ -12.00%
• Median HH income: $46,296
• Composite: 31.2/100
• National rank: #6044
• State rank: #486 of 826 in TX

Livability — Bishop

• Score: 74/100
• State rank: #189
• US rank: #4857

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bishop, TX
• Population (ZIP): 4,565

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 28% White 22% Black 7%
• Hispanic origin (detail): Mexican 66%
• Common ancestry: Iranian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 60% English-only · Spanish 40%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.82%
• Current HPI: 111.5556
• Rent YoY: —
• Metro: —
• 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

+332.1% since first listed

5 events — show timeline

• 2025-12-19 Listed $69,999 HARMLS
• 2005-07-19 Sold (Public Records) — Public Records
• 2001-04-30 Sold (MLS) — CBMLS
• 2001-04-03 Sold (Public Records) $12,956 Public Records
• 2001-01-25 Listed $16,200 CBMLS

Property tax history

-4.8%/yr

Latest (2025): $905 · -50.7% YoY. Source: county tax records.