401 N Austin St · Wichita Falls, TX 76306

$110,000

2 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 49 Days on market

Built 1952 $79/sqft · 73% above area Est $96k · 14% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Triplex opportunity perfect for investors! Featuring a duplex plus a separate third unit with one and two bedroom units, this move-in ready property maximizes your rental income potential. Live in one unit while the others pay your mortgage — true owner-occupancy flexibility! Enjoy a generous lot with room to breathe and covered carport parking for tenant convenience. All units are rent-ready — just add tenants and start earning. A versatile gem you won’t want to pass up!

Key facts

• Generous lot
• Triplex opportunity
• Separate third unit

Tags

• TRIPLEX OPPORTUNITY
• SEPARATE THIRD UNIT
• OWNER-OCCUPANCY FLEXIBILITY
• COVERED CARPORT PARKING
• GENEROUS LOT

Property features AI

Exterior

• Home design: Triplex (residential income property); Located in the Original Town subdivision
• Construction: Wood siding; Composition roof
• Exterior features: Corner lot

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/?-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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+, schools 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.
• Market conditions: Rents rising (+2.8%/yr); 114 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 44% of the median local income ($47k/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 $761 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.55% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.72%
• DSCR: 2.06
• GRM: 5.4

CMA / ARV

• ARV (median comp): $96,238
• List price: $110,000
• Delta: 14.30%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: 16.7%
• Equity multiple: 1.67×
• Total profit: $20,638
• Equity at exit: $16,401

10-year hold

• IRR: 25.1%
• Equity multiple: 3.16×
• Total profit: $66,622
• Equity at exit: $9,511

Cash invested: $30,800 (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 76306

• Home prices YoY: -30.1%
• Rents YoY: 2.8%
• Active inventory: 114
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,707 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$117 /mo · $1,405/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $609

Break-even live

Break-even rent $936

Max offer price $110,000

Occupancy floor 59%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	—	$1,706
Total (2 units)			$1,707

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 7th St Wichita Falls, TX	3.0	1.0	1452	$850	$0.59	43d	1	0.85mi
1916 7th St Wichita Falls, TX	2.0	1.0	1226	$1,050	$0.86	43d	1	0.92mi
1821 9th St Unit B Wichita Falls, TX	2.0	1.0	1200	$795	$0.66	43d	1	1.11mi
2610 Old Iowa Park Rd Wichita Falls, TX	1.0	1.0–2.0	750	$750	$1.00	43d	1	1.19mi
1620 Andrews Dr Wichita Falls, TX	3.0	1.5	1130	$1,095	$0.97	43d	1	1.27mi
1209 Gladiolus St Wichita Falls, TX	3.0	1.0	1214	$900	$0.74	43d	1	1.45mi
1001 Redwood Ave Wichita Falls, TX	1.0–3.0	1.0–2.0	928	$916	$0.99	43d	2	1.45mi
1301 Giddings St Wichita Falls, TX	3.0	1.0	1000	$1,150	$1.15	43d	1	1.49mi

Listing history 18 events

1. 2026-06-19
   days on market $110,000 Active 49 DOM
2. 2026-06-18
   days on market $110,000 Active 48 DOM
3. 2026-06-17
   days on market $110,000 Active 47 DOM
4. 2026-06-16
   days on market $110,000 Active 46 DOM
5. 2026-06-15
   days on market $110,000 Active 45 DOM
6. 2026-06-14
   days on market $110,000 Active 43 DOM
7. 2026-06-13
   days on market $110,000 Active 42 DOM
8. 2026-06-10
   days on market $110,000 Active 40 DOM
9. 2026-06-09
   days on market $110,000 Active 39 DOM
10. 2026-06-08
    days on market $110,000 Active 38 DOM
11. 2026-06-07
    days on market $110,000 Active 37 DOM
12. 2026-06-05
    days on market $110,000 Active 34 DOM
13. 2026-06-02
    days on market $110,000 Active 32 DOM
14. 2026-06-01
    days on market $110,000 Active 31 DOM
15. 2026-05-31
    days on market $110,000 Active 30 DOM
16. 2026-05-30
    days on market $110,000 Active 29 DOM
17. 2026-05-01
    listed $110,000 Active 494-char remark
18. 2018-12-28
    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: $1,405 · $117/mo
• Projected year-2 tax: $2,013 · $168/mo
• Expected delta: +$608/yr (+$51/mo · 43.3%)

ⓘ 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 (shaded) · 74% 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 8% 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: $20,484
• − Mortgage interest: −$6,162
• − Property taxes: −$1,405
• − Insurance: −$550
• − Repairs & maintenance: −$1,639
• − Management: −$1,639
• − Depreciation: −$3,200
• Taxable income: $5,890
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $5,892/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): 13,963
• Household income: $46,957
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 235.0

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 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 21% Black 16% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 18% Cuban 1%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 8% Tagalog/Filipino 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: ▼ -71.29%
• Current HPI: 165.6314
• Rent YoY: ▲ 2.81%
• 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

2 events — show timeline

• 2026-05-01 Listed $110,000 WFAOR
• 2018-12-28 Sold (Public Records) — Public Records

Property tax history

+11.0%/yr

Latest (2025): $1,405 · -1.5% YoY. Source: county tax records.