3609 32nd St · Lubbock, TX 79410

$109,000

3 bd · 1.0 ba · 1,026 sqft · SingleFamily public records · 22 Days on market

Built 1950 7,950 sqft lot

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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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well-maintained investment property in the highly sought-after Medical District presents an excellent addition to any portfolio. Featuring three bedrooms and one bath, this charming home has provided a steady income stream and is now vacant, making it an ideal opportunity for a student residence, first-time homebuyer, or continued investment property. Its prime location ensures strong rental demand, while the large fenced yard and covered parking add to the home's appeal and functionality. Conveniently located just minutes from the Medical District, this property offers both comfort and long-term potential.

Key facts

• Turnkey rental
• Steady rental income
• 7,950 sq ft lot

Tags

• TURNKEY RENTAL
• STEADY RENTAL INCOME

Property features AI

Exterior

• Parking: Carport (1 space); Off‑street parking
• Home design: Single family residence; Single story
• Construction: Vinyl siding; Pillar/post/pier foundation; Built with composition roof
• Exterior features: Fenced yard; Paved road access; Composition roof

Interior

• Kitchen: Range; Free‑standing range
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas); Central electric air conditioning
• Interior features: Window coverings; Private yard

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wilson El (math 69% / reading 65%, grade B+, #199 of 4,322 statewide, top 5%, 555 students, 24% FRL); Hutchinson Middle (math 57% / reading 63%, grade B, #158 of 1,662 statewide, top 10%, 833 students, 49% FRL); Lubbock H S (math 45% / reading 52%, grade D, #560 of 1,632 statewide, top 35%, 1,839 students, 55% FRL) — zoned schools average 43% FRL vs 60% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 58% at this address vs 38% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Lubbock ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.4%/yr); 110 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• This rent runs 36% of the median local income ($45k/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 $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.18%
• DSCR: 1.41
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.4% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $554
• Equity at exit: $16,252

10-year hold

• IRR: 12.6%
• Equity multiple: 2.11×
• Total profit: $34,025
• Equity at exit: $9,424

Cash invested: $30,520 (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 79410

• Home prices YoY: -20.8%
• Rents YoY: 5.4%
• Active inventory: 110
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$572
• Tax from tax record: −$198 /mo · $2,381/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $234

Break-even live

Break-even rent $1,032

Max offer price $109,000

Occupancy floor 77%

Sensitivity live

Price	-10% $295	-5% $264	+0% $234	+5% $203	+10% $172
Rent	-10% $129	-5% $181	+0% $234	+5% $286	+10% $338
Rate	-1.0pp $288	-0.5pp $261	base $234	+0.5pp $205	+1.0pp $177

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3614 32nd St Lubbock, TX	2.0	1.0	759	$900	$1.19	15d	1	0.03mi
3618 32nd St Lubbock, TX	2.0	1.0	924	$1,650	$1.79	45d	1	0.05mi
3620 32nd St Lubbock, TX	3.0	1.0	1146	$1,200	$1.05	22d	1	0.06mi
3505 29th St Lubbock, TX	3.0	1.0	1031	$1,300	$1.26	15d	1	0.23mi
3709 28th St Lubbock, TX	3.0	2.0	1164	$1,400	$1.20	22d	1	0.28mi
3813 33rd St Lubbock, TX	3.0	1.0	1018	$1,295	$1.27	22d	1	0.29mi
3812 36th St Unit A Lubbock, TX	3.0	2.0	1458	$1,500	$1.03	22d	1	0.36mi
3409 27th St Lubbock, TX	3.0	1.0	1031	$1,250	$1.21	22d	1	0.39mi
3410 Nashville Ave Unit A Lubbock, TX	2.0	1.0	700	$675	$0.96	45d	1	0.40mi
3714 26th St Lubbock, TX	2.0	1.0	894	$1,175	$1.31	45d	1	0.43mi
3502 26th St Lubbock, TX	2.0	2.0	1152	$1,295	$1.12	45d	1	0.43mi
4006 36th St Unit A Lubbock, TX	2.0	1.0	800	$695	$0.87	45d	1	0.44mi
3807 26th St Lubbock, TX	3.0	2.0	1410	$1,500	$1.06	15d	1	0.44mi
3221 33rd St Unit A Lubbock, TX	2.0	1.0	982	$925	$0.94	15d	1	0.44mi
3418 26th St Lubbock, TX	3.0	2.0	1335	$1,350	$1.01	22d	1	0.45mi
3414 26th St Unit B Lubbock, TX	2.0	1.0	835	$950	$1.14	45d	1	0.46mi
2501 Louisville Ave Lubbock, TX	3.0	1.0	1033	$1,099	$1.06	45d	1	0.47mi
4103 30th St Lubbock, TX	3.0	1.0	1323	$1,250	$0.94	45d	1	0.48mi
3813 25th St Lubbock, TX	4.0	2.0	1467	$1,400	$0.95	15d	1	0.51mi
3211 35th St Unit E Lubbock, TX	2.0	1.0	850	$850	$1.00	45d	1	0.52mi
3211 35th St Unit A Lubbock, TX	2.0	1.0	850	$850	$1.00	15d	1	0.52mi
3601 23rd St Unit A Lubbock, TX	2.0	1.0	856	$949	$1.11	45d	1	0.55mi
3709 23rd St Lubbock, TX	3.0	1.0	1107	$950	$0.86	45d	1	0.57mi
3116 33rd St Lubbock, TX	2.0	1.0	912	$1,195	$1.31	45d	1	0.59mi
4304 32nd St Lubbock, TX	3.0	2.0	1174	$1,395	$1.19	15d	1	0.60mi
3404 42nd St Lubbock, TX	3.0	2.0	1475	$1,500	$1.02	45d	1	0.66mi
3114 37th St Lubbock, TX	3.0	1.0	988	$1,095	$1.11	45d	1	0.66mi
3101 33rd St Lubbock, TX	3.0	3.0	1250	$999	$0.80	45d	1	0.67mi
3126 38th St Lubbock, TX	2.0	1.0	1248	$1,195	$0.96	45d	1	0.67mi
3506 Peoria Ave Unit B Lubbock, TX	2.0	1.0	750	$625	$0.83	15d	1	0.68mi
3107 37th St Lubbock, TX	2.0	1.0	750	$1,095	$1.46	22d	1	0.71mi
3016 30th St Lubbock, TX	2.0	1.0	947	$975	$1.03	45d	1	0.73mi
3114 40th St Lubbock, TX	3.0	2.0	1488	$1,375	$0.92	45d	1	0.75mi
3007 32nd St Lubbock, TX	3.0	1.0	1353	$1,325	$0.98	22d	1	0.75mi
4407 31st St Lubbock, TX	2.0	2.0	1000	$899	$0.90	22d	1	0.75mi
2823 33rd St Lubbock, TX	3.0	1.0	1105	$950	$0.86	45d	1	0.83mi
4409 38th St Lubbock, TX	3.0	1.5	1000	$1,350	$1.35	15d	1	0.84mi
4423 31st St Unit 1 FS Lubbock, TX	2.0	1.0	1024	$885	$0.86	22d	1	0.85mi
4425 31st St Unit Fs Lubbock, TX	2.0	1.0	1000	$899	$0.90	22d	1	0.86mi
4510 35th St Unit A Lubbock, TX	2.0	1.0	888	$750	$0.84	22d	1	0.89mi

Listing history 18 events

1. 2026-06-13
   statusdays on market $109,000 Pending 22 DOM
2. 2026-06-10
   days on market $109,000 Active 20 DOM
3. 2026-06-09
   days on market $109,000 Active 19 DOM
4. 2026-06-08
   days on market $109,000 Active 18 DOM
5. 2026-06-07
   days on market $109,000 Active 17 DOM
6. 2026-06-05
   days on market $109,000 Active 14 DOM
7. 2026-06-03
   days on market $109,000 Active 13 DOM
8. 2026-06-02
   days on market $109,000 Active 12 DOM
9. 2026-06-01
   days on market $109,000 Active 11 DOM
10. 2026-05-31
    days on market $109,000 Active 10 DOM
11. 2026-05-30
    days on market $109,000 Active 9 DOM
12. 2026-05-15
    listed $109,000 Active
13. 2025-07-02
    price $129,900
14. 2022-05-03
    soldstatus
15. 2022-04-29
    soldstatus
16. 2022-03-31
    listed $90,000
17. 2022-03-17
    listed $90,000
18. 2004-10-01
    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: $2,381 · $198/mo
• Projected year-2 tax: $2,381 · $198/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,934
• − Mortgage interest: −$6,106
• − Property taxes: −$2,381
• − Insurance: −$545
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$3,171
• Taxable income: $1,182
• Est. tax owed @ 24.0%: −$284
• After-tax cash flow: $2,519/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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 10,137
• Household income: $44,537
• Rent vs Own: 67.7% rent · 32.3% own
• Severe rent burden: 1068.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 55% Hispanic / Latino 33% Two or more races 15% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 6% · China, Canada, Vietnam
• Languages at home: 80% English-only · Spanish 15% Chinese 2% Vietnamese 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.78%
• Current HPI: 272.7482
• Rent YoY: ▲ 5.40%
• Metro: Lubbock, 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

+21.1% since first listed

7 events — show timeline

• 2026-05-15 Listed $109,000 LARMLS
• 2025-07-02 Price Changed $129,900 LARMLS
• 2022-05-03 Sold (Public Records) — Public Records
• 2022-04-29 Sold (MLS) — LARMLS
• 2022-03-31 Listed $90,000 LARMLS
• 2022-03-17 Listed $90,000 LARMLS
• 2004-10-01 Sold (Public Records) — Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,381 · +13.4% YoY. Source: county tax records.