4356 Cunningham Dr · Wichita Falls, TX 76308

$135,000

3 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 373 Days on market

Built 1955 $102/sqft · 30% below area Est $192k · 30% 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 +18.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +5.1/10.0
• Livability +3.5/5.0
• Rent growth +3.4/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom, 1-bath home in the heart of Faith Village! Features a spacious open floor plan, large walk-in closets, and a generous utility/pantry room. The big backyard includes a large outbuilding and oversized carport—perfect for storage or hobbies. With a little TLC and your personal touch, this home can be a perfect starter home in an established neighborhood in southwest Wichita Falls!

Key facts

• Open floor plan
• Big backyard
• Oversized carport

Tags

• OPEN FLOOR PLAN
• WALK-IN CLOSETS
• UTILITY PANTRY ROOM
• BIG BACKYARD
• LARGE OUTBUILDING
• OVERSIZED CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (+3.8%/yr); 130 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 373 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 373 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 1955 — 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: 7.34%
• Cash-on-cash: 3.74%
• DSCR: 1.17
• GRM: 8.2

CMA / ARV

• ARV (median comp): $192,238
• List price: $135,000
• Delta: -29.77%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.77% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-13,267
• Equity at exit: $20,129

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $2,709
• Equity at exit: $11,672

Cash invested: $37,800 (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 76308

• Rents YoY: 3.8%
• Active inventory: 130
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,366 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$197 /mo · $2,362/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $118

Break-even live

Break-even rent $1,216

Max offer price $135,000

Occupancy floor 86%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4111 McGaha Ave Wichita Falls, TX	3.0	2.0	1025	$1,125	$1.10	44d	1	0.26mi
4220 Idlewood Dr Wichita Falls, TX	4.0	1.0	1516	$1,300	$0.86	44d	1	0.41mi
2612 Southwest Pkwy Wichita Falls, TX	1.0–2.0	1.0–2.0	987	$1,250	$1.27	44d	23	1.24mi

Listing history 23 events

1. 2026-06-19
   days on market $135,000 Active 373 DOM
2. 2026-06-18
   days on market $135,000 Active 372 DOM
3. 2026-06-17
   days on market $135,000 Active 371 DOM
4. 2026-06-16
   days on market $135,000 Active 370 DOM
5. 2026-06-15
   days on market $135,000 Active 369 DOM
6. 2026-06-14
   days on market $135,000 Active 367 DOM
7. 2026-06-13
   days on market $135,000 Active 366 DOM
8. 2026-06-10
   days on market $135,000 Active 363 DOM
9. 2026-06-09
   days on market $135,000 Active 362 DOM
10. 2026-06-08
    days on market $135,000 Active 361 DOM
11. 2026-06-07
    days on market $135,000 Active 360 DOM
12. 2026-06-05
    days on market $135,000 Active 357 DOM
13. 2026-06-02
    days on market $135,000 Active 355 DOM
14. 2026-06-01
    days on market $135,000 Active 354 DOM
15. 2026-05-31
    days on market $135,000 Active 353 DOM
16. 2026-05-30
    days on market $135,000 Active 352 DOM
17. 2025-07-30
    price $135,000 406-char remark

    Show marketing remark (406 chars)

    Charming 2-bedroom, 1-bath home in the heart of Faith Village! Features a spacious open floor plan, large walk-in closets, and a generous utility/pantry room. The big backyard includes a large outbuilding and oversized carport—perfect for storage or hobbies. With a little TLC and your personal touch, this home can be a perfect starter home in an established neighborhood in southwest Wichita Falls!

18. 2025-06-09
    listed $139,500 Active 406-char remark

    Show marketing remark (406 chars)

    Charming 2-bedroom, 1-bath home in the heart of Faith Village! Features a spacious open floor plan, large walk-in closets, and a generous utility/pantry room. The big backyard includes a large outbuilding and oversized carport—perfect for storage or hobbies. With a little TLC and your personal touch, this home can be a perfect starter home in an established neighborhood in southwest Wichita Falls!

19. 2025-04-16
    price $134,900
20. 2022-09-22
    soldstatus
21. 2021-08-13
    soldstatus
22. 2015-10-23
    soldstatus
23. 2007-05-14
    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: $2,362 · $197/mo
• Projected year-2 tax: $2,470 · $206/mo
• Expected delta: +$109/yr (+$9/mo · 4.6%)

ⓘ 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 7/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $16,388
• − Mortgage interest: −$7,562
• − Property taxes: −$2,362
• − Insurance: −$675
• − Repairs & maintenance: −$1,311
• − Management: −$1,311
• − Depreciation: −$3,927
• Taxable loss: −$760
• Est. tax savings @ 24.0%: +$183
• After-tax cash flow: $1,597/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): 21,896
• Household income: $74,772
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 708.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 16% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Serbian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 6% Arabic 1% German/W. Germanic 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: ▼ -118.47%
• Current HPI: 177.1989
• Rent YoY: ▲ 3.77%
• 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

+0.1% since first listed

7 events — show timeline

• 2025-07-30 Price Changed $135,000 WFAOR
• 2025-06-09 Listed $139,500 WFAOR
• 2025-04-16 Price Changed $134,900 WFAOR
• 2022-09-22 Sold (Public Records) — Public Records
• 2021-08-13 Sold (Public Records) — Public Records
• 2015-10-23 Sold (Public Records) — Public Records
• 2007-05-14 Sold (Public Records) — Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,362 · +2.5% YoY. Source: county tax records.