3114 10th St · Wichita Falls, TX 76309

$235,000

4 bd · 4.0 ba · 3,600 sqft · MultiFamily public records · 128 Days on market

Built 1926 7,500 sqft lot $65/sqft · 24% below area Est $309k · 24% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• 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: 4 units. confirmed

Listing remarks MLS

Great fourplex in historic Floral Heights West neighborhood with two units on the first floor and two on the second. . MUST HAVE CONFIRMED APPTS AND 24 HOUR NOTICE FOR SHOWINGS. New roof 2025; all units have been redone inside. .. having entire building rewired to meet code; will finish remodle in unit 4 unless you want to; state on the offer.

Key facts

• 7,500 sq ft lot
• 4 parking spots
• Listed 127 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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 fast (+8.3%/yr); 129 active listings in the ZIP; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).
• At $3,917/mo this rent would consume 87% of the median local household income ($54k/yr) (locally 469% 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.
• 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 + 8.0% rent growth), your $66k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% 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 1926 — 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.67% ✓
• Cap rate: 14.15%
• Cash-on-cash: 28.08%
• DSCR: 2.25
• GRM: 5.0

CMA / ARV

• ARV (median comp): $309,014
• List price: $235,000
• Delta: -23.95%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.23×
• Total profit: $80,697
• Equity at exit: $35,039

10-year hold

• IRR: 38.0%
• Equity multiple: 5.42×
• Total profit: $290,820
• Equity at exit: $20,319

Cash invested: $65,800 (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 76309

• Rents YoY: 8.3%
• Active inventory: 129
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $3,917 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$225 /mo · $2,694/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$823
• Net cashflow: $1,540

Break-even live

Break-even rent $1,968

Max offer price $235,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,916
Total (4 units)			$3,917

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $235,000 Active 128 DOM
2. 2026-06-18
   days on market $235,000 Active 127 DOM
3. 2026-06-17
   days on market $235,000 Active 126 DOM
4. 2026-06-16
   days on market $235,000 Active 125 DOM
5. 2026-06-15
   days on market $235,000 Active 124 DOM
6. 2026-06-14
   days on market $235,000 Active 122 DOM
7. 2026-06-13
   days on market $235,000 Active 121 DOM
8. 2026-06-10
   days on market $235,000 Active 119 DOM
9. 2026-06-09
   days on market $235,000 Active 118 DOM
10. 2026-06-08
    days on market $235,000 Active 117 DOM
11. 2026-06-07
    days on market $235,000 Active 116 DOM
12. 2026-06-05
    days on market $235,000 Active 113 DOM
13. 2026-06-02
    days on market $235,000 Active 111 DOM
14. 2026-06-01
    days on market $235,000 Active 110 DOM
15. 2026-05-31
    days on market $235,000 Active 109 DOM
16. 2026-05-30
    days on market $235,000 Active 108 DOM
17. 2026-02-11
    listed $235,000 Active 345-char remark

    Show marketing remark (345 chars)

    Great fourplex in historic Floral Heights West neighborhood with two units on the first floor and two on the second. . MUST HAVE CONFIRMED APPTS AND 24 HOUR NOTICE FOR SHOWINGS. New roof 2025; all units have been redone inside. .. having entire building rewired to meet code; will finish remodle in unit 4 unless you want to; state on the offer.

18. 2019-04-17
    soldstatus 325-char remark

    Show marketing remark (325 chars)

    Great fourplex in historic Floral Heights West neighborhood with two units on the first floor and two on the second. Units need some TLC, but can be an income producing opportunity with a little help! Each unit could leases for 450/mo with a little work. One unit has long term tenant; 2nd unit month to month lease at 450/mo

19. 2019-04-16
    soldstatus
20. 2019-02-27
    listed $69,000 325-char remark

    Show marketing remark (325 chars)

    Great fourplex in historic Floral Heights West neighborhood with two units on the first floor and two on the second. Units need some TLC, but can be an income producing opportunity with a little help! Each unit could leases for 450/mo with a little work. One unit has long term tenant; 2nd unit month to month lease at 450/mo

21. 2006-03-17
    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: $2,694 · $225/mo
• Projected year-2 tax: $4,300 · $358/mo
• Expected delta: +$1,606/yr (+$134/mo · 59.6%)

ⓘ 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 · 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: $47,004
• − Mortgage interest: −$13,164
• − Property taxes: −$2,694
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,760
• − Management: −$3,760
• − Depreciation: −$6,836
• Taxable income: $15,614
• Est. tax owed @ 24.0%: −$3,747
• After-tax cash flow: $14,728/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): 13,395
• Household income: $54,159
• Rent vs Own: 42.7% rent · 57.3% own
• Severe rent burden: 469.0

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 0.57)
• Race & ethnicity: White 58% Hispanic / Latino 29% Two or more races 12% Black 6% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 1% Romanian 1% Portuguese 1%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 82% English-only · Spanish 15% Vietnamese 1% French/Haitian/Cajun 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: ▼ -88.35%
• Current HPI: 137.2935
• Rent YoY: ▲ 8.33%
• 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

+240.6% since first listed

5 events — show timeline

• 2026-02-11 Listed $235,000 WFAOR
• 2019-04-17 Sold (MLS) — WFAOR
• 2019-04-16 Sold (Public Records) — Public Records
• 2019-02-27 Listed $69,000 WFAOR
• 2006-03-17 Sold (Public Records) — Public Records

Property tax history

+5.3%/yr

Latest (2025): $2,694 · -1.4% YoY. Source: county tax records.