2220 Joey Dr · Waco, TX 76711

$99,900

3 bd · 2.0 ba · 1,538 sqft · SingleFamily public records · 76 Days on market

Built 1954 7,200 sqft lot $65/sqft · 45% below area Est $183k · 45% under ↓ 21% since listing

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Why this score? — see what drove the A- 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
• Appreciation +6.8/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

INVESTOR SPECIAL!! Prime opportunity for seasoned and new investors alike. This well-positioned 3-bedroom, 2-bath property features a wheelchair ramp for added accessibility and sits just minutes from I-35, offering exceptional convenience for future tenants. Its proximity to Central Texas Marketplace, H-E-B, and major commuter routes makes it a high-demand rental location with strong occupancy potential. The property is being SOLD AS IS, presenting a favorable opportunity to renovate, force appreciation, and elevate returns. With its strategic location and solid upside, this is a valuable addition to any investor’s portfolio, whether you're looking to flip, hold, or expand your rental income stream.

Key facts

• Wheelchair ramp
• Proximity to h-e-b
• 7,200 sq ft lot

Tags

• WHEELCHAIR RAMP
• HIGH-DEMAND RENTAL LOCATION
• PROXIMITY TO H-E-B
• MAJOR COMMUTER ROUTES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 rising (+2.6%/yr); 43 active listings in the ZIP; 14 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).
• This rent runs 38% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($691 loan paydown + $4k appreciation (3.6% local appreciation)).
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.6% appreciation + 2.6% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% 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 $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.71% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• GRM: 4.9

CMA / ARV

• ARV (median comp): $183,246
• List price: $99,900
• Delta: -45.48%
• 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
3400 Daughtrey Ave	0.25mi	3/2.0	1,448 (-6%)	9mo	$254,900	$176	71
3401 James Ave	0.47mi	3/2.5	1,536 (-0%)	8mo	$249,000	$162	69
1709 Nelva St	0.52mi	3/2.0	1,513 (-2%)	6mo	$225,000	$149	68
3216 Wynmore Dr	0.71mi	3/2.0	1,526 (-1%)	4mo	$279,999	$183	62
3501 Bagby Ave	0.39mi	3/2.0	1,351 (-12%)	1mo	$204,000	$151	61
2711 Old Robinson Rd	0.45mi	3/2.0	1,356 (-12%)	2mo	$179,000	$132	58
3629 Wingate Dr	0.72mi	3/1.5	1,556 (+1%)	5mo	$199,000	$128	58
2213 Autumn Woods Dr	0.36mi	3/2.0	1,308 (-15%)	1mo	$249,900	$191	58
3419 Alta Vista Dr	0.51mi	2/2.0 (-1)	1,753 (+14%)	0mo	$249,900	$143	48
3820 James Ave	0.50mi	3/1.0	1,339 (-13%)	4mo	$200,000	$149	47
3205 Belmont Dr	0.38mi	3/1.0	1,344 (-13%)	13mo	$219,900	$164	46
3505 Ferndale Dr	0.62mi	3/3.5	1,309 (-15%)	9mo	$185,000	$141	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.57% appreciation · 2.62% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.66×
• Total profit: $46,540
• Equity at exit: $48,135

10-year hold

• IRR: 28.5%
• Equity multiple: 5.16×
• Total profit: $116,442
• Equity at exit: $76,786

Cash invested: $27,972 (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 76711

• Home prices YoY: 1.4%
• Rents YoY: 2.6%
• Active inventory: 43
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,704 high
• Mortgage (P&I): −$524
• Tax from tax record: −$278 /mo · $3,340/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $503

Break-even live

Break-even rent $1,068

Max offer price $99,900

Occupancy floor 66%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3743 Vista Cove Dr Waco, TX	3.0	2.0	1509	$1,850	$1.23	20d	1	0.27mi
4009 James Ave Waco, TX	3.0	1.0	1056	$1,495	$1.42	20d	1	0.65mi
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	43d	1	0.66mi
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	20d	1	0.66mi
3001 S New Rd Waco, TX	1.0–3.0	1.0–2.0	885	$1,645	$1.86	13d	15	0.72mi
2201 Creekview Dr Waco, TX	1.0–3.0	1.0–2.0	990	$2,094	$2.12	13d	20	1.00mi
3812 Hiland Dr Waco, TX	3.0	1.0	1124	$995	$0.89	13d	1	1.06mi
4900 Bagby Ave Waco, TX	3.0	1.0–2.0	1026	$1,650	$1.61	20d	1	1.21mi
2601 Flint Ave Waco, TX	3.0	2.0	1356	$1,720	$1.27	43d	1	1.25mi
2500 Marketplace Dr Waco, TX	1.0–2.0	1.0–2.0	921	$1,560	$1.69	13d	10	1.30mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$1,133	$1.20	13d	33	1.30mi
5210 Bagby Ave Waco, TX	1.0–3.0	1.0–2.0	1014	$1,695	$1.67	13d	12	1.32mi
2021 Gurley Ave Waco, TX	3.0	2.0	1320	$1,500	$1.14	20d	1	1.45mi
1925 S 17th St Unit 1 Waco, TX	4.0	4.0	1856	$2,100	$1.13	20d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $99,900 Active 76 DOM
2. 2026-06-17
   days on market $99,900 Active 75 DOM
3. 2026-06-16
   days on market $99,900 Active 74 DOM
4. 2026-06-15
   days on market $99,900 Active 73 DOM
5. 2026-06-14
   days on market $99,900 Active 71 DOM
6. 2026-06-13
   days on market $99,900 Active 70 DOM
7. 2026-06-10
   days on market $99,900 Active 68 DOM
8. 2026-06-09
   days on market $99,900 Active 67 DOM
9. 2026-06-08
   days on market $99,900 Active 66 DOM
10. 2026-06-07
    days on market $99,900 Active 65 DOM
11. 2026-06-05
    days on market $99,900 Active 62 DOM
12. 2026-06-03
    days on market $99,900 Active 61 DOM
13. 2026-06-02
    days on market $99,900 Active 60 DOM
14. 2026-06-01
    days on market $99,900 Active 59 DOM
15. 2026-05-31
    days on market $99,900 Active 58 DOM
16. 2026-05-30
    days on market $99,900 Active 57 DOM
17. 2026-04-18
    price $110,000 718-char remark

    Show marketing remark (718 chars)

    INVESTOR SPECIAL!! Prime opportunity for seasoned and new investors alike. This well-positioned 3-bedroom, 2-bath property features a wheelchair ramp for added accessibility and sits just minutes from I-35, offering exceptional convenience for future tenants. Its proximity to Central Texas Marketplace, H-E-B, and major commuter routes makes it a high-demand rental location with strong occupancy potential. The property is being SOLD AS IS, presenting a favorable opportunity to renovate, force appreciation, and elevate returns. With its strategic location and solid upside, this is a valuable addition to any investor’s portfolio, whether you're looking to flip, hold, or expand your rental income stream.

18. 2026-04-03
    listed $140,000 Active 718-char remark

    Show marketing remark (718 chars)

    INVESTOR SPECIAL!! Prime opportunity for seasoned and new investors alike. This well-positioned 3-bedroom, 2-bath property features a wheelchair ramp for added accessibility and sits just minutes from I-35, offering exceptional convenience for future tenants. Its proximity to Central Texas Marketplace, H-E-B, and major commuter routes makes it a high-demand rental location with strong occupancy potential. The property is being SOLD AS IS, presenting a favorable opportunity to renovate, force appreciation, and elevate returns. With its strategic location and solid upside, this is a valuable addition to any investor’s portfolio, whether you're looking to flip, hold, or expand your rental income stream.

19. 2018-08-14
    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: $3,340 · $278/mo
• Projected year-2 tax: $3,340 · $278/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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $20,452
• − Mortgage interest: −$5,596
• − Property taxes: −$3,340
• − Insurance: −$500
• − Repairs & maintenance: −$1,636
• − Management: −$1,636
• − Depreciation: −$2,906
• Taxable income: $4,838
• Est. tax owed @ 24.0%: −$1,161
• After-tax cash flow: $4,870/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): 9,676
• Household income: $53,185
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 424.0

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 0.56)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 43% White 23% Black 12% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 56%
• Common ancestry: Lithuanian 1% Italian 1% Portuguese 1%
• Foreign-born: 27% · Canada, China
• Languages at home: 53% English-only · Spanish 45% Tagalog/Filipino 1% Other Indo-European 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: ▲ 3.57%
• Current HPI: 261.7166
• Rent YoY: ▲ 2.62%
• 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

-21.4% since first listed

3 events — show timeline

• 2026-04-18 Price Changed $110,000 NTREIS
• 2026-04-03 Listed $140,000 NTREIS
• 2018-08-14 Sold (Public Records) — Public Records

Property tax history

+3.5%/yr

Latest (2025): $3,340 · +11.8% YoY. Source: county tax records.