232 Hideaway Ln

Goodrich, TX 77335

$149,000D+

3 bd · 2.0 ba · 1,362 sqft · Built 1967 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$391
• HOA: −$15
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-206/mo
• Annual: $-2,475/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.33%
• DSCR: 0.90
• 1% rule: 0.83%
• Cash to close: $41,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (16.7% below list).
• It's been on market 44 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (24.5% below list) — sets the bar for cash-flow.
• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#1,053 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime F, amenities F.
• Goodrich ISD (rural): math 45% / reading 30% proficiency, ranked #849 of 1,141 in TX (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Goodrich El (math 34% / reading 24%, grade F, #2,525 of 4,322 statewide, top 62%, 140 students, 85% FRL); Goodrich Middle (math 34% / reading 34%, grade F, #858 of 1,662 statewide, top 54%, 48 students, 79% FRL); Goodrich H S (math 50% / reading 30%, grade F, #813 of 1,632 statewide, top 50%, 74 students, 86% FRL).
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 34 active listings in the ZIP; 769 units permitted in Polk County in 2024 (0 in 5+ unit buildings).
• Polk County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 7y 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.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.8% in Goodrich — 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.

Questions for listing agent

• 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?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?