2320 21st St · Lubbock, TX 79411

$159,000

4 bd · 2.0 ba · 1,224 sqft · MultiFamily public records · 457 Days on market

Built 1926 7,000 sqft lot $130/sqft · 156% above area

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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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +3.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This property offers three distinct units, providing a total of 4 bedrooms and 3 bathrooms. Ideal for investment or multi-generational living, the layout includes a mix of private and shared spaces. Each unit offers comfortable living arrangements, with dedicated kitchens and functional layouts. Whether you're seeking rental income or flexible housing options, this property delivers versatility and potential. Don't miss this opportunity to own a multi-unit property with diverse living arrangements.

Key facts

• Dedicated kitchens
• Multi-unit property
• Three distinct units

Tags

• THREE DISTINCT UNITS
• DEDICATED KITCHENS
• FLEXIBLE HOUSING OPTIONS
• MULTI-UNIT PROPERTY
• DIVERSE LIVING ARRANGEMENTS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% 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-, schools D+, 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.
• Market conditions: Rents rising (+1.9%/yr); 96 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $2,191/mo this rent would consume 55% of the median local household income ($48k/yr) (locally 777% 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 $1k of loan paydown is wiped out by about $5k 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 + 1.9% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 457 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 457 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 1926 — 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 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?
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 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: 1.38% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.82%
• DSCR: 1.75
• GRM: 6.0

CMA / ARV

• ARV (median comp): $76,202
• List price: $159,000
• Delta: 108.66%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.87% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.26×
• Total profit: $11,551
• Equity at exit: $23,707

10-year hold

• IRR: 15.1%
• Equity multiple: 2.16×
• Total profit: $51,504
• Equity at exit: $13,747

Cash invested: $44,520 (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 79411

• Home prices YoY: -10.5%
• Rents YoY: 1.9%
• Active inventory: 96
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $2,191 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$207 /mo · $2,482/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $624

Break-even live

Break-even rent $1,401

Max offer price $159,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,190
Total (3 units)			$2,191

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2402 21st St Lubbock, TX	3.0	1.0	1453	$1,500	$1.03	43d	1	0.03mi
2124 20th St Lubbock, TX	3.0	2.0	1481	$1,150	$0.78	13d	1	0.25mi
2123 18th St Lubbock, TX	3.0	2.0	1328	$949	$0.71	13d	1	0.26mi
2311 25th St Lubbock, TX	4.0	2.0	1400	$1,400	$1.00	21d	1	0.29mi
2220 25th St Lubbock, TX	4.0	1.0	1077	$695	$0.65	21d	1	0.29mi
2404 25th St Lubbock, TX	3.0	2.0	1292	$1,395	$1.08	21d	1	0.30mi
2109 20th St Lubbock, TX	3.0	2.0	1391	$1,200	$0.86	43d	1	0.31mi
2121 17th St Lubbock, TX	3.0	1.0	1048	$995	$0.95	21d	1	0.32mi
2118 24th St Lubbock, TX	3.0	1.0	1435	$1,000	$0.70	21d	1	0.33mi
2421 25th St Lubbock, TX	3.0	2.0	1032	$1,575	$1.53	21d	1	0.34mi
2220 16th St Lubbock, TX	3.0	2.0	1414	$1,300	$0.92	21d	1	0.35mi
2123 25th St Unit rear Lubbock, TX	3.0	1.0	1000	$950	$0.95	43d	1	0.38mi
2119 25th St Lubbock, TX	3.0	1.5	1184	$1,200	$1.01	43d	1	0.39mi
2404 27th St Lubbock, TX	4.0	2.0	1250	$1,349	$1.08	43d	1	0.41mi
1922 18th St Lubbock, TX	3.0	1.0	1136	$1,050	$0.92	21d	1	0.49mi
1912 21st St Lubbock, TX	3.0	2.0	1473	$1,025	$0.70	43d	1	0.49mi
2620 25th St Lubbock, TX	3.0	1.0	1282	$1,600	$1.25	43d	1	0.50mi
2409 13th St Unit 8 Lubbock, TX	3.0	2.0	1200	$1,100	$0.92	43d	1	0.52mi
2201 28th St Lubbock, TX	3.0	1.0	1246	$995	$0.80	21d	1	0.54mi
1904 24th St Lubbock, TX	3.0	1.0	1172	$1,100	$0.94	43d	1	0.56mi
1909 16th St Lubbock, TX	4.0	2.0	1312	$1,600	$1.22	21d	1	0.58mi
1915 26th St Lubbock, TX	3.0	1.0	1221	$1,100	$0.90	43d	1	0.60mi
1920 27th St Unit 1 Lubbock, TX	3.0	3.0	1366	$1,500	$1.10	43d	1	0.60mi
2826 23rd St Lubbock, TX	3.0	1.5	1294	$1,300	$1.00	21d	1	0.68mi
2411 31st St Lubbock, TX	3.0	1.0	1003	$1,000	$1.00	21d	1	0.69mi
2613 30th St Lubbock, TX	3.0	2.0	1472	$1,500	$1.02	43d	1	0.74mi
1601 21st St Unit a Lubbock, TX	3.0	2.0	980	$925	$0.94	13d	1	0.79mi
2106 32nd St Lubbock, TX	3.0	1.0	1398	$925	$0.66	43d	1	0.79mi
2106 32nd St Lubbock, TX	3.0	1.0	1398	$695	$0.50	21d	1	0.79mi
2211 33rd St Unit A Lubbock, TX	3.0	1.5	1293	$1,200	$0.93	43d	1	0.84mi
707 Avenue T Lubbock, TX	3.0–4.0	3.0–4.0	1559	$699	$0.45	43d	45	1.00mi
2217 36th St Lubbock, TX	3.0	1.0	1284	$1,109	$0.86	13d	1	1.02mi
3007 32nd St Lubbock, TX	3.0	1.0	1353	$1,325	$0.98	21d	1	1.06mi
2823 33rd St Lubbock, TX	3.0	1.0	1105	$950	$0.86	43d	1	1.06mi
2015 Avenue L Unit B Lubbock, TX	3.0	2.0	980	$960	$0.98	13d	1	1.07mi
2506 37th St Lubbock, TX	3.0	1.0	1053	$1,550	$1.47	21d	1	1.07mi
2508 37th St Lubbock, TX	3.0	2.5	1495	$1,700	$1.14	43d	1	1.08mi
2108 38th St Lubbock, TX	3.0	2.0	1124	$900	$0.80	43d	1	1.14mi
2712 37th St Lubbock, TX	3.0	1.0	1136	$1,300	$1.14	43d	1	1.16mi
2801 36th St Lubbock, TX	3.0	2.0	1446	$2,700	$1.87	43d	1	1.17mi

Listing history 19 events

1. 2026-06-18
   days on market $159,000 Active 457 DOM
2. 2026-06-17
   days on market $159,000 Active 456 DOM
3. 2026-06-16
   days on market $159,000 Active 455 DOM
4. 2026-06-15
   days on market $159,000 Active 454 DOM
5. 2026-06-14
   days on market $159,000 Active 452 DOM
6. 2026-06-13
   days on market $159,000 Active 451 DOM
7. 2026-06-10
   days on market $159,000 Active 449 DOM
8. 2026-06-09
   days on market $159,000 Active 448 DOM
9. 2026-06-08
   days on market $159,000 Active 447 DOM
10. 2026-06-07
    days on market $159,000 Active 446 DOM
11. 2026-06-05
    days on market $159,000 Active 443 DOM
12. 2026-06-03
    days on market $159,000 Active 442 DOM
13. 2026-06-02
    days on market $159,000 Active 441 DOM
14. 2026-06-01
    days on market $159,000 Active 440 DOM
15. 2026-05-31
    days on market $159,000 Active 439 DOM
16. 2026-05-30
    days on market $159,000 Active 438 DOM
17. 2026-03-03
    status Active 503-char remark

    Show marketing remark (503 chars)

    This property offers three distinct units, providing a total of 4 bedrooms and 3 bathrooms. Ideal for investment or multi-generational living, the layout includes a mix of private and shared spaces. Each unit offers comfortable living arrangements, with dedicated kitchens and functional layouts. Whether you're seeking rental income or flexible housing options, this property delivers versatility and potential. Don't miss this opportunity to own a multi-unit property with diverse living arrangements.

18. 2026-03-03
    historical 503-char remark

    Show marketing remark (503 chars)

    This property offers three distinct units, providing a total of 4 bedrooms and 3 bathrooms. Ideal for investment or multi-generational living, the layout includes a mix of private and shared spaces. Each unit offers comfortable living arrangements, with dedicated kitchens and functional layouts. Whether you're seeking rental income or flexible housing options, this property delivers versatility and potential. Don't miss this opportunity to own a multi-unit property with diverse living arrangements.

19. 2025-03-18
    listed $159,000 Active 503-char remark

    Show marketing remark (503 chars)

    This property offers three distinct units, providing a total of 4 bedrooms and 3 bathrooms. Ideal for investment or multi-generational living, the layout includes a mix of private and shared spaces. Each unit offers comfortable living arrangements, with dedicated kitchens and functional layouts. Whether you're seeking rental income or flexible housing options, this property delivers versatility and potential. Don't miss this opportunity to own a multi-unit property with diverse living arrangements.

ⓘ 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: $2,482 · $207/mo
• Projected year-2 tax: $2,910 · $242/mo
• Expected delta: +$427/yr (+$36/mo · 17.2%)

ⓘ 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 ≥100°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: $26,292
• − Mortgage interest: −$8,906
• − Property taxes: −$2,482
• − Insurance: −$795
• − Repairs & maintenance: −$2,103
• − Management: −$2,103
• − Depreciation: −$4,625
• Taxable income: $5,276
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $6,221/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): 6,865
• Household income: $47,634
• Rent vs Own: 72.5% rent · 27.5% own
• Severe rent burden: 777.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 50% White 39% Two or more races 10% Black 9% Native American 2%
• Hispanic origin (detail): Mexican 37% Cuban 2%
• Common ancestry: Slovak 3% Italian 2% Portuguese 2%
• Foreign-born: 8% · Canada
• Languages at home: 64% English-only · Spanish 35%

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: ▼ -24.58%
• Current HPI: 210.495
• Rent YoY: ▲ 1.87%
• 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

3 events — show timeline

• 2026-03-03 Relisted — LARMLS
• 2026-03-03 Delisted — LARMLS
• 2025-03-18 Listed $159,000 LARMLS

Property tax history

+5.3%/yr

Latest (2025): $2,482 · +10.2% YoY. Source: county tax records.