3825 N 20th · Waco, TX 76708

$123,000

2 bd · 1.0 ba · 820 sqft · SingleFamily public records · 429 Days on market

Built 1950 8,063 sqft lot $150/sqft · 14% below area Est $143k · 14% 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 +21.3/30.0
• ARV discount +13.8/15.0
• DSCR +6.8/10.0
• 1% rule +5.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2/1 has great potential for maximizing rental income. Property is currently occupied by a Tenant. Lease details upon request. This property can be sold as a one-off or grouped with other properties as an investment package. For further details, please ask.

Key facts

• 8,063 sq ft lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, commute F.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.8%/yr); 376 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 429 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% 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 $108,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 429 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.01% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (median comp): $142,860
• List price: $123,000
• Delta: -13.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3525 N 25th St	0.51mi	2/1.0	819 (-0%)	4mo	$110,000	$134	72
3209 N 23rd St	0.58mi	2/1.0	818 (-0%)	5mo	$149,000	$182	69
3208 N 20th St	0.53mi	2/1.0	792 (-3%)	18mo	$159,900	$202	54
3301 N 24th St	0.57mi	2/1.0	865 (+6%)	12mo	$145,000	$168	54
3528 N 25th St	0.53mi	2/1.0	924 (+13%)	1mo	$150,000	$162	53
3628 N 24th St	0.40mi	2/1.0	728 (-11%)	14mo	$165,000	$227	51
3113 N 25th St	0.70mi	2/1.0	812 (-1%)	18mo	$85,000	$105	50
1617 Blackmon St	0.68mi	2/1.0	720 (-12%)	4mo	$210,000	$292	45
3208 N 24th St	0.62mi	2/1.0	728 (-11%)	16mo	$145,000	$199	39
1709 Wilson Ave	0.54mi	3/1.0 (+1)	924 (+13%)	13mo	$99,998	$108	38
3220 N 26th St	0.70mi	3/1.0 (+1)	896 (+9%)	14mo	$171,000	$191	36
2617 Edna Ave	0.75mi	3/1.0 (+1)	920 (+12%)	15mo	$134,900	$147	27

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.65×
• Total profit: $-12,056
• Equity at exit: $18,340

10-year hold

• IRR: -5.0%
• Equity multiple: 0.72×
• Total profit: $-9,748
• Equity at exit: $10,635

Cash invested: $34,440 (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 76708

• Home prices YoY: -26.5%
• Rents YoY: -0.8%
• Active inventory: 376
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,238 high
• Mortgage (P&I): −$645
• Tax from tax record: −$101 /mo · $1,214/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $181

Break-even live

Break-even rent $1,009

Max offer price $123,000

Occupancy floor 80%

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: $30,750
• Closing costs: $3,690
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2612 Alice Ave Waco, TX	2.0	1.0	964	$1,250	$1.30	21d	1	0.57mi
1611 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$985	$1.18	13d	1	0.62mi
1614 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$925	$1.10	13d	1	0.65mi
2736 Lake Shore Dr Waco, TX	1.0–2.0	1.0–2.0	1034	$1,774	$1.71	13d	1	0.80mi
1500 Lake Shore Dr Waco, TX	2.0	1.0	876	$1,150	$1.31	13d	1	0.82mi
1500 Lake Shore Dr Apt 201 Waco, TX	2.0	1.0	876	$1,050	$1.20	13d	1	0.82mi
1600 Lake Shore Dr Waco, TX	1.0–3.0	1.0–2.0	829	$1,150	$1.39	13d	1	0.85mi
2408 McKenzie Ave Unit A Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	0.99mi
2600 McKenzie Ave Waco, TX	3.0	1.0	1096	$1,395	$1.27	21d	1	1.04mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	21d	1	1.09mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	13d	1	1.13mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	21d	1	1.23mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	21d	1	1.23mi
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	13d	1	1.23mi
1827 Proctor Ave Waco, TX	2.0	1.0	600	$1,000	$1.67	13d	1	1.28mi
1827 Proctor Ave Unit A Waco, TX	2.0	1.0	600	$1,000	$1.67	21d	1	1.28mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	43d	1	1.30mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	21d	1	1.30mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	43d	1	1.30mi
2404 Proctor Ave Unit 2 Waco, TX	1.0	1.0	837	$950	$1.14	13d	1	1.35mi
2402 Proctor Ave Waco, TX	1.0	1.0	1000	$950	$0.95	13d	1	1.35mi
2404 Proctor Ave Waco, TX	1.0	1.0	837	$1,000	$1.19	21d	1	1.35mi

Listing history 22 events

1. 2026-06-18
   days on market $123,000 Active 429 DOM
2. 2026-06-17
   days on market $123,000 Active 428 DOM
3. 2026-06-16
   days on market $123,000 Active 427 DOM
4. 2026-06-15
   days on market $123,000 Active 426 DOM
5. 2026-06-14
   days on market $123,000 Active 424 DOM
6. 2026-06-13
   days on market $123,000 Active 423 DOM
7. 2026-06-10
   days on market $123,000 Active 421 DOM
8. 2026-06-09
   days on market $123,000 Active 420 DOM
9. 2026-06-08
   days on market $123,000 Active 419 DOM
10. 2026-06-07
    days on market $123,000 Active 418 DOM
11. 2026-06-05
    days on market $123,000 Active 415 DOM
12. 2026-06-03
    days on market $123,000 Active 414 DOM
13. 2026-06-02
    days on market $123,000 Active 413 DOM
14. 2026-06-01
    days on market $123,000 Active 412 DOM
15. 2026-05-31
    days on market $123,000 Active 411 DOM
16. 2026-05-30
    days on market $123,000 Active 410 DOM
17. 2024-10-01
    listed $123,000 Active 261-char remark

    Show marketing remark (261 chars)

    This 2/1 has great potential for maximizing rental income. Property is currently occupied by a Tenant. Lease details upon request. This property can be sold as a one-off or grouped with other properties as an investment package. For further details, please ask.

18. 2024-03-22
    historical
19. 2023-06-14
    listed $123,000
20. 2019-09-16
    historical
21. 2017-12-13
    listed $69,700
22. 2014-02-21
    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: $1,214 · $101/mo
• Projected year-2 tax: $2,251 · $188/mo
• Expected delta: +$1,036/yr (+$86/mo · 85.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% 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: $14,861
• − Mortgage interest: −$6,890
• − Property taxes: −$1,214
• − Insurance: −$615
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$3,578
• Taxable income: $185
• Est. tax owed @ 24.0%: −$44
• After-tax cash flow: $2,126/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 27,790
• Household income: $68,856
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 583.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 20% Black 13% Asian 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 21% Other Asian/Pacific 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.80%
• Current HPI: 218.9643
• Rent YoY: ▼ -0.80%
• Metro: Waco, 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

+76.5% since first listed

6 events — show timeline

• 2024-10-01 Listed $123,000 NTREIS
• 2024-03-22 Listing Removed — NTREIS
• 2023-06-14 Listed $123,000 NTREIS
• 2019-09-16 Listing Removed — NTREIS
• 2017-12-13 Listed $69,700 NTREIS
• 2014-02-21 Sold (Public Records) — Public Records

Property tax history

-0.8%/yr

Latest (2025): $1,214 · -0.3% YoY. Source: county tax records.