1148 Hayes Rd · Sherman, TX 75090

$217,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 228 Days on market

Built 2024 Good condition 1.00 ac lot ↓ 7% since listing

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Why this score? — see what drove the D- 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 +10.1/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.1/5.0
• DSCR +2.9/10.0
• 1% rule +2.6/10.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICED TO SELL! Welcome to Old Ida Estates, where comfort meets thoughtful design! Step into the gorgeous open-concept floor plan featuring a kitchen island, farmhouse-style single-basin stainless steel sink, and new stainless steel appliances—all combining style and function. The split-bedroom layout provides separation between living and sleeping spaces, while the primary suite offers a spa-like feel with dual sinks, a separate tub, and a walk-in shower. A full utility room keeps laundry tucked away and organized. Inside, you’ll love the durable vinyl flooring throughout the home, along with updated lighting fixtures, recessed lighting, window blinds, and ceiling fans for comfort and style. Step outside to enjoy the inviting side porch—perfect for morning coffee or evening relaxation. The property also includes a private septic system and a fully fenced yard, providing both privacy and peace of mind. New HVAC system, new roof, new water heater, and brand-new appliances—so you can move worry-free, knowing key systems are in great shape. This home qualifies for FHA, VA, USDA, and Conventional financing, offering flexibility for a variety of buyers. All information is deemed reliable but not guaranteed. Buyers and buyer’s agent to verify all details. Enjoy the tranquility of country-style living in Old Ida Estates, with access to city essentials just a short drive away: Tom Bean Elementary, Middle & High Schools are approximately 4–5 miles away. Grocery & daily shopping options are within Sherman’s retail corridors—easy access off major roads. Medical care is nearby via Sherman’s full-service healthcare providers (e.g. Wilson N. Jones Regional Medical Center, Texoma Medical Center). You’re also a short drive from local restaurants, pharmacies, and retail amenities throughout Sherman. Whether you’re seeking peace and quiet or convenience and community, this home delivers both.

Key facts

• Dual sinks
• Split-bedroom layout
• Primary suite

Tags

• OPEN-CONCEPT FLOOR PLAN
• KITCHEN ISLAND
• NEW STAINLESS STEEL APPLIANCES
• SPLIT-BEDROOM LAYOUT
• PRIMARY SUITE
• DUAL SINKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $218k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (23.9% below list).
• Recommended offer: $166k (23.9% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.7% in Sherman — 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 61/100 on livability (#1,027 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, schools D-.
• Tom Bean ISD (rural): math 46% / reading 46% proficiency, ranked #230 of 826 in TX (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-2.7%/yr); 479 active listings in the ZIP; 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).
• This rent runs 36% of the median local income ($56k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 228 days — a 12% lower offer ($191k) is reasonable based on typical stale-listing flexibility.

Recommended offer $165,568 (23.9% 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 228 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.21×
• Total profit: $-48,227
• Equity at exit: $32,430

10-year hold

• IRR: -29.2%
• Equity multiple: -0.17×
• Total profit: $-71,262
• Equity at exit: $18,805

Cash invested: $60,900 (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 75090

• Home prices YoY: -20.0%
• Rents YoY: -2.7%
• Active inventory: 479
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,656 medium
• Mortgage (P&I): −$1,141
• Tax from tax record: −$204 /mo · $2,450/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-127

Break-even live

Break-even rent $1,817

Max offer price $194,996

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-66	+0% $-127	+5% $-189	+10% $-251
Rent	-10% $-258	-5% $-193	+0% $-127	+5% $-62	+10% $3
Rate	-1.0pp $-18	-0.5pp $-72	base $-127	+0.5pp $-184	+1.0pp $-241

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: $54,375
• Closing costs: $6,525
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-02
   days on market $217,500 Active 228 DOM
2. 2026-06-01
   days on market $217,500 Active 227 DOM
3. 2026-05-31
   days on market $217,500 Active 226 DOM
4. 2026-05-30
   days on market $217,500 Active 225 DOM
5. 2026-04-01
   price $217,500 1995-char remark

   Show marketing remark (1995 chars)

   PRICED TO SELL! Welcome to Old Ida Estates, where comfort meets thoughtful design! Step into the gorgeous open-concept floor plan featuring a kitchen island, farmhouse-style single-basin stainless steel sink, and new stainless steel appliances—all combining style and function. The split-bedroom layout provides separation between living and sleeping spaces, while the primary suite offers a spa-like feel with dual sinks, a separate tub, and a walk-in shower. A full utility room keeps laundry tucked away and organized. Inside, you’ll love the durable vinyl flooring throughout the home, along with updated lighting fixtures, recessed lighting, window blinds, and ceiling fans for comfort and style. Step outside to enjoy the inviting side porch—perfect for morning coffee or evening relaxation. The property also includes a private septic system and a fully fenced yard, providing both privacy and peace of mind. New HVAC system, new roof, new water heater, and brand-new appliances—so you can move worry-free, knowing key systems are in great shape. This home qualifies for FHA, VA, USDA, and Conventional financing, offering flexibility for a variety of buyers. All information is deemed reliable but not guaranteed. Buyers and buyer’s agent to verify all details. Enjoy the tranquility of country-style living in Old Ida Estates, with access to city essentials just a short drive away: Tom Bean Elementary, Middle & High Schools are approximately 4–5 miles away. Grocery & daily shopping options are within Sherman’s retail corridors—easy access off major roads. Medical care is nearby via Sherman’s full-service healthcare providers (e.g. Wilson N. Jones Regional Medical Center, Texoma Medical Center). You’re also a short drive from local restaurants, pharmacies, and retail amenities throughout Sherman. Whether you’re seeking peace and quiet or convenience and community, this home delivers both.

6. 2026-01-16
   price $232,500 1995-char remark

   Show marketing remark (1995 chars)

   PRICED TO SELL! Welcome to Old Ida Estates, where comfort meets thoughtful design! Step into the gorgeous open-concept floor plan featuring a kitchen island, farmhouse-style single-basin stainless steel sink, and new stainless steel appliances—all combining style and function. The split-bedroom layout provides separation between living and sleeping spaces, while the primary suite offers a spa-like feel with dual sinks, a separate tub, and a walk-in shower. A full utility room keeps laundry tucked away and organized. Inside, you’ll love the durable vinyl flooring throughout the home, along with updated lighting fixtures, recessed lighting, window blinds, and ceiling fans for comfort and style. Step outside to enjoy the inviting side porch—perfect for morning coffee or evening relaxation. The property also includes a private septic system and a fully fenced yard, providing both privacy and peace of mind. New HVAC system, new roof, new water heater, and brand-new appliances—so you can move worry-free, knowing key systems are in great shape. This home qualifies for FHA, VA, USDA, and Conventional financing, offering flexibility for a variety of buyers. All information is deemed reliable but not guaranteed. Buyers and buyer’s agent to verify all details. Enjoy the tranquility of country-style living in Old Ida Estates, with access to city essentials just a short drive away: Tom Bean Elementary, Middle & High Schools are approximately 4–5 miles away. Grocery & daily shopping options are within Sherman’s retail corridors—easy access off major roads. Medical care is nearby via Sherman’s full-service healthcare providers (e.g. Wilson N. Jones Regional Medical Center, Texoma Medical Center). You’re also a short drive from local restaurants, pharmacies, and retail amenities throughout Sherman. Whether you’re seeking peace and quiet or convenience and community, this home delivers both.

7. 2025-10-15
   listed $235,000 Active 1995-char remark

   Show marketing remark (1995 chars)

   PRICED TO SELL! Welcome to Old Ida Estates, where comfort meets thoughtful design! Step into the gorgeous open-concept floor plan featuring a kitchen island, farmhouse-style single-basin stainless steel sink, and new stainless steel appliances—all combining style and function. The split-bedroom layout provides separation between living and sleeping spaces, while the primary suite offers a spa-like feel with dual sinks, a separate tub, and a walk-in shower. A full utility room keeps laundry tucked away and organized. Inside, you’ll love the durable vinyl flooring throughout the home, along with updated lighting fixtures, recessed lighting, window blinds, and ceiling fans for comfort and style. Step outside to enjoy the inviting side porch—perfect for morning coffee or evening relaxation. The property also includes a private septic system and a fully fenced yard, providing both privacy and peace of mind. New HVAC system, new roof, new water heater, and brand-new appliances—so you can move worry-free, knowing key systems are in great shape. This home qualifies for FHA, VA, USDA, and Conventional financing, offering flexibility for a variety of buyers. All information is deemed reliable but not guaranteed. Buyers and buyer’s agent to verify all details. Enjoy the tranquility of country-style living in Old Ida Estates, with access to city essentials just a short drive away: Tom Bean Elementary, Middle & High Schools are approximately 4–5 miles away. Grocery & daily shopping options are within Sherman’s retail corridors—easy access off major roads. Medical care is nearby via Sherman’s full-service healthcare providers (e.g. Wilson N. Jones Regional Medical Center, Texoma Medical Center). You’re also a short drive from local restaurants, pharmacies, and retail amenities throughout Sherman. Whether you’re seeking peace and quiet or convenience and community, this home delivers both.

ⓘ 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: $2,450 · $204/mo
• Projected year-2 tax: $3,980 · $332/mo
• Expected delta: +$1,530/yr (+$128/mo · 62.5%)

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

Taxation est. · year 1

• Rental income: $19,868
• − Mortgage interest: −$12,183
• − Property taxes: −$2,450
• − Insurance: −$1,088
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − Depreciation: −$6,327
• Taxable loss: −$5,359
• Est. tax savings @ 24.0%: +$1,286
• After-tax cash flow: $-243/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minimal repairs and maintenance. The highest-ROI updates would be painting the exterior siding and landscaping improvements to enhance curb appeal and attract more renters. The home is move-in ready and has a good resale value.

Value-add opportunities

• Resale Painting exterior siding — Fresh paint can enhance curb appeal and home value
• Both Landscaping improvements — Enhances curb appeal and can attract more renters
• Resale New flooring in bathrooms — Fresh flooring can improve the overall aesthetic and functionality

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting exterior siding — Fresh paint can enhance curb appeal and home value ↑
• Both Landscaping improvements — Enhances curb appeal and can attract more renters ↑
• Resale New flooring in bathrooms — Fresh flooring can improve the overall aesthetic and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tom Bean ISD
• NCES district ID: 4842930
• Math proficiency: 46% ▼ -4.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $57,734
• Composite: 40.21/100
• National rank: #3782
• State rank: #230 of 826 in TX

Livability — Sherman

• Score: 61/100
• State rank: #1027
• US rank: #18243

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Grayson County · 108,053 people
• City population: 54,936
• Metro: Sherman-Denison, TX
• Population (ZIP): 26,594
• Household income: $55,543
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 840.0

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 134,540 people
• By 2030: 138,653 · +3.1%
• By 2040: 145,958 · +8.5%
• By 2050: 151,218 · +12.4%
• By 2075: 161,802 · +20.3%
• By 2100: 159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 32% Two or more races 17% Black 11%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 15% · Canada
• Languages at home: 73% English-only · Spanish 24% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+54.3) · D 22.5% · R 76.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.00%
• Current HPI: 276.5739
• Rent YoY: ▼ -2.70%
• Metro: Sherman-Denison, 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

-7.4% since first listed

3 events — show timeline

• 2026-04-01 Price Changed $217,500 NTREIS
• 2026-01-16 Price Changed $232,500 NTREIS
• 2025-10-15 Listed $235,000 NTREIS