414 Cheyenne Dr · Temple, TX 76504

$239,000

None bd · 2.0 ba · 2,052 sqft · MultiFamily public records · 77 Days on market

Built 1973 8,481 sqft lot $116/sqft · 16% below area Est $284k · 16% under

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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 +23.7/30.0
• ARV discount +14.6/15.0
• DSCR +7.6/10.0
• 1% rule +6.3/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 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 MLS

This beautifully renovated 4-bedroom, 3-bath duplex offers a prime investment opportunity just one mile from the heart of downtown Temple, TX. Over the past two years, the property has been fully updated, refreshed interiors, and well-maintained systems making it truly turnkey for its next owner. Each unit is thoughtfully designed to provide comfortable living spaces, appealing to long-term tenants and future renters alike. The property is currently occupied by two reliable long-term tenants, providing immediate rental income. One lease expires at the end of April, and the other at the end of July, offering flexibility for potential rent adjustments or owner occupancy. Currently, rents are set at $850 per unit, presenting a strong value-add opportunity, as market rents for similar unit in the area can reach up to $1,050. With its ideal location near downtown Temple, recent upgrades, and upside potential in rental income, this duplex is a smart addition to any investment portfolio.

Key facts

• Fully updated
• Modern finishes
• Refreshed interiors

Tags

• FULLY UPDATED
• MODERN FINISHES
• REFRESHED INTERIORS
• WELL-MAINTAINED SYSTEMS
• COMFORTABLE LIVING SPACES
• IMMEDIATE RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $239k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.6% in Temple — 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 75/100 on livability (#122 in TX, #3,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute C-, crime D+.
• Temple ISD (urban): math 32% / reading 31% proficiency, ranked #590 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 276 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,222 units permitted in Bell County in 2024 (246 in 5+ unit buildings).
• At $2,689/mo this rent would consume 61% of the median local household income ($53k/yr) (locally 1489% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Bell County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 70% 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.

Recommended offer $224,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.13% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 7.4

CMA / ARV

• ARV (median comp): $283,965
• List price: $239,000
• Delta: -15.83%
• Verdict: UNDERPRICED
• Comps: 11 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Cheyenne Dr	0.13mi	4/3.0	2,320 (+13%)	2mo	$225,000	$97	67

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 · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.75×
• Total profit: $-16,858
• Equity at exit: $35,636

10-year hold

• IRR: -1.2%
• Equity multiple: 0.93×
• Total profit: $-4,683
• Equity at exit: $20,664

Cash invested: $66,920 (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 76504

• Rents YoY: 0.3%
• Active inventory: 276
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,689 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$318 /mo · $3,820/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $453

Break-even live

Break-even rent $2,116

Max offer price $239,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,688
Total (2 units)			$2,689

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1506 Live Oak Dr Temple, TX	3.0	2.0	1571	$1,475	$0.94	43d	1	0.85mi
1519 S 43rd St Temple, TX	3.0	2.0	1400	$1,595	$1.14	13d	1	1.08mi
2510 Bunker Hill Dr Temple, TX	3.0	2.0	1647	$1,775	$1.08	23d	1	1.08mi
720 Frank Weise Blvd Unit A Temple, TX	3.0	2.0	1400	$1,600	$1.14	13d	1	1.14mi
2106 S 47th St Temple, TX	3.0	2.0	1498	$1,645	$1.10	13d	1	1.34mi
1335 Brookfield St Temple, TX	3.0	2.0	1501	$1,695	$1.13	43d	1	1.39mi

Listing history 11 events

1. 2026-06-03
   days on market $239,000 Active 77 DOM
2. 2026-06-02
   days on market $239,000 Active 76 DOM
3. 2026-06-01
   days on market $239,000 Active 75 DOM
4. 2026-05-31
   days on market $239,000 Active 74 DOM
5. 2026-05-30
   days on market $239,000 Active 73 DOM
6. 2026-03-18
   listed $239,000 Active 1001-char remark

   Show marketing remark (1001 chars)

   This beautifully renovated 4-bedroom, 3-bath duplex offers a prime investment opportunity just one mile from the heart of downtown Temple, TX. Over the past two years, the property has been fully updated, refreshed interiors, and well-maintained systems making it truly turnkey for its next owner. Each unit is thoughtfully designed to provide comfortable living spaces, appealing to long-term tenants and future renters alike. The property is currently occupied by two reliable long-term tenants, providing immediate rental income. One lease expires at the end of April, and the other at the end of July, offering flexibility for potential rent adjustments or owner occupancy. Currently, rents are set at $850 per unit, presenting a strong value-add opportunity, as market rents for similar unit in the area can reach up to $1,050. With its ideal location near downtown Temple, recent upgrades, and upside potential in rental income, this duplex is a smart addition to any investment portfolio.

7. 2025-10-08
   soldstatus
8. 2017-05-30
   soldstatus
9. 2008-02-25
   soldstatus
10. 2004-02-02
    soldstatus
11. 1973-02-01
    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: $3,820 · $318/mo
• Projected year-2 tax: $4,374 · $364/mo
• Expected delta: +$553/yr (+$46/mo · 14.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,268
• − Mortgage interest: −$13,388
• − Property taxes: −$3,820
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,581
• − Management: −$2,581
• − Depreciation: −$6,953
• Taxable income: $1,749
• Est. tax owed @ 24.0%: −$420
• After-tax cash flow: $5,016/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: Temple ISD
• NCES district ID: 4842330
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 31% ▼ -4.00%
• Median HH income: $43,120
• Composite: 26.8/100
• National rank: #7123
• State rank: #590 of 826 in TX

Livability — Temple

• Score: 75/100
• State rank: #122
• US rank: #3814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Temple, TX
• County: Bell County · 345,090 people
• City population: 96,587
• Metro: Killeen-Temple, TX
• Population (ZIP): 26,166
• Household income: $52,803
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 1489.0

Population outlook (Bell County) Hauer SSP2

• Today (2025): 371,114 people
• By 2030: 389,104 · +4.8%
• By 2040: 420,592 · +13.3%
• By 2050: 447,779 · +20.7%
• By 2075: 499,130 · +34.5%
• By 2100: 505,680 · +36.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 49% Hispanic / Latino 29% Black 15% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 24% Puerto Rican 2%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 17% Other Indo-European 1%

Political lean MEDSL · Bell

• 2024 margin: R (+16.2) · D 41.3% · R 57.6% · Other 1.1%
• 2008→2024 swing: -6.5pp toward R · 2008: -9.8pp · 2024: -16.2pp
• All cycles: 2024: R+16.2 2020: R+8.5 2016: R+15.1 2012: R+16.4 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.28%
• Current HPI: 186.1148
• Rent YoY: ▲ 0.33%
• Metro: Killeen-Temple, 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

6 events — show timeline

• 2026-03-18 Listed $239,000 NTREIS
• 2025-10-08 Sold (Public Records) — Public Records
• 2017-05-30 Sold (Public Records) — Public Records
• 2008-02-25 Sold (Public Records) — Public Records
• 2004-02-02 Sold (Public Records) — Public Records
• 1973-02-01 Sold (Public Records) — Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,820 · -11.9% YoY. Source: county tax records.