3716 Ethel Ave · Waco, TX 76707

$215,000

2 bd · 1.0 ba · 1,536 sqft · MultiFamily public records · 2 Days on market

Built 1951 0.34 ac 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 +6.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

These 2 bedroom 1 bath units are easy to keep rented. Both feature fenced in back yards and the window AC units, and wall heaters belong to the owner (all convey). 3716 has a 2 car garage in the back yard. Home is in the floodplain and requires insurance. Just renewed for $500 for the year (very affordable). Currently bringing in 1350 a month in income!

Key facts

• Fenced in back yards
• Electrical replaced
• 2 car garage

Tags

• 2 CAR GARAGE
• FENCED IN BACK YARDS
• ROOF REPLACED
• ELECTRICAL REPLACED

Property features AI

Finance

• Other: Tenancy terms include short-term (6 months or less) and over 9 months; Parcel number 480337000059001
• Financial info: Designed as residential income (duplex); 2 total units with 100% occupancy; Gross annual income reported: $22,200; Gross annual expenses reported: $6,526; Insurance expense: $2,000; Net operating income: $15,674; Operating expenses include insurance and professional management; Capitalization rate: 7.29%
• HOA & community: No homeowners association

Exterior

• Parking: Assigned parking; Garage; 2-car garage (2 garage spaces); Total of 4 parking spaces
• Utilities: City water; City sewer; Electricity connected; Individual gas meter; Not in a municipal utility district
• Home design: Duplex residential income property; 1 building with 2 units; Built in 1951; Preowned condition
• Construction: Siding exterior; Composition roof; Pillar/post/pier foundation
• Exterior features: Lot in Princess Place subdivision; Will not subdivide

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Ceramic tile; Luxury vinyl plank
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall furnace heating; Wall/window cooling units (multiple)
• Interior features: One-level layout; Other interior features

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $35 ($425/yr) — positive. Per door: $18/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Cap rate 8.9% 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: crime D, commute F, employment D-.
• 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.
• Zoned schools: Crestview El (math 17% / reading 17%, grade F, #3,836 of 4,322 statewide, top 91%, 451 students, 94% FRL).
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $2,364/mo this rent would consume 70% of the median local household income ($40k/yr) (locally 704% 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 $6k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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.
• Current owner paid $62k; list at $215k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 59% 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 $215,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.10% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.21%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-36,680
• Equity at exit: $32,057

10-year hold

• IRR: -14.5%
• Equity multiple: 0.25×
• Total profit: $-45,199
• Equity at exit: $18,589

Cash invested: $60,200 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,364 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$189 /mo · $2,263/yr
• Insurance: −$90
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $35

Break-even live

Break-even rent $2,319

Max offer price $215,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,364
Total (2 units)			$2,364

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1309 Sunset St Waco, TX	2.0	1.0	1102	$1,295	$1.18	21d	1	0.23mi
1300 N 43rd St Waco, TX	2.0	1.0	1109	$860	$0.78	21d	1	0.31mi
3821 Lasker Ave Waco, TX	3.0	2.0	1209	$1,850	$1.53	21d	1	0.32mi
3125 Ethel Ave Waco, TX	3.0	2.0	1760	$1,900	$1.08	21d	1	0.49mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	13d	1	0.50mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	21d	1	0.51mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	43d	1	0.51mi
1113 N New Rd Waco, TX	3.0	2.0	1326	$1,620	$1.22	21d	1	0.58mi
3532 Windsor Ave Waco, TX	3.0	2.0	1100	$1,475	$1.34	13d	1	0.58mi
3621 Gorman Ave Waco, TX	3.0	1.5	1086	$1,950	$1.80	13d	1	0.62mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	21d	1	0.66mi
2100 N 33rd St Waco, TX	3.0	3.0	1858	$2,200	$1.18	43d	1	0.71mi
2213 N 41st St Waco, TX	3.0	1.5	1299	$1,550	$1.19	13d	1	0.73mi
3825 Kimberly Dr Waco, TX	2.0	2.0	1233	$1,250	$1.01	21d	1	0.73mi
2724 Bosque Blvd Waco, TX	2.0	1.0	1120	$1,100	$0.98	21d	1	0.80mi
1901 N 28th St Waco, TX	3.0	2.0	1794	$1,950	$1.09	21d	1	0.86mi
4320 Guthrie Cir Waco, TX	3.0	1.0	1069	$1,700	$1.59	21d	1	0.86mi
736 Grice St Waco, TX	3.0	2.0	1125	$1,750	$1.56	43d	1	0.98mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	43d	1	1.01mi
2714 Morrow Ave Waco, TX	2.0	1.0	1484	$1,375	$0.93	21d	1	1.02mi
516 N 31st St Waco, TX	1.0	1.0	1100	$1,000	$0.91	21d	1	1.03mi
516 N 31st St Unit 1 Waco, TX	1.0	1.0	1100	$1,000	$0.91	43d	1	1.03mi
5025 Loch Lomond Dr Waco, TX	3.0	2.0	1611	$1,850	$1.15	21d	1	1.06mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	21d	1	1.08mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	21d	1	1.22mi
2324 N 50th St Waco, TX	3.0	2.0	1875	$3,300	$1.76	43d	1	1.25mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	43d	1	1.27mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	21d	1	1.27mi
2505 Proctor Ave Waco, TX	3.0	2.0	1588	$1,550	$0.98	21d	1	1.29mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	21d	1	1.33mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	21d	1	1.35mi
2001 Bosque Blvd Waco, TX	3.0	1.0	1628	$1,100	$0.68	43d	1	1.39mi
2900 Austin Ave Waco, TX	2.0	2.0	1176	$1,195	$1.02	43d	1	1.40mi
2717 Alexander Ave Waco, TX	2.0	2.0	1200	$2,000	$1.67	21d	1	1.41mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	21d	1	1.44mi
1000 N 19th St Waco, TX	3.0	1.5	1800	$2,050	$1.14	21d	1	1.48mi

Listing history 3 events

1. 2026-06-18
   days on market $215,000 Active 2 DOM
2. 2026-06-16
   remarks 401-char remark
3. 2026-06-16
   listed $215,000 Active 1 DOM

ⓘ 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: $2,263 · $189/mo
• Projected year-2 tax: $3,934 · $328/mo
• Expected delta: +$1,672/yr (+$139/mo · 73.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 71% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,368
• − Mortgage interest: −$12,043
• − Property taxes: −$2,263
• − Insurance: −$6,194
• − Repairs & maintenance: −$2,269
• − Management: −$2,269
• − Depreciation: −$6,255
• Taxable loss: −$2,925
• Est. tax savings @ 24.0%: +$702
• After-tax cash flow: $1,127/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): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 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: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• 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

+246.8% since first listed

15 events — show timeline

• 2026-06-16 Listed $215,000 NTREIS
• 2025-06-02 Rental Removed $950 APPFOLIO
• 2025-05-15 Price Changed $950 APPFOLIO
• 2025-03-19 Listed for Rent $1,000 APPFOLIO
• 2025-02-09 Rental Removed $1,000 APPFOLIO
• 2025-01-29 Listed for Rent $1,000 APPFOLIO
• 2022-02-20 Price Changed $900 RENT.
• 2020-10-15 Sold (Public Records) — Public Records
• 2020-10-14 Sold (MLS) — NTREIS
• 2020-07-22 Listed $149,500 NTREIS
• 2018-09-04 Sold (Public Records) — Public Records
• 2018-06-04 Sold (Public Records) — Public Records
• 2018-03-14 Sold (Public Records) $62,000 Public Records
• 2015-08-20 Sold (Public Records) — Public Records
• 2002-12-12 Sold (Public Records) — Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,263 · +19.6% YoY. Source: county tax records.