200 E South St · Leonard, TX 75490

$179,900

3 bd · 2.0 ba · 1,305 sqft · SingleFamily public records · 260 Days on market

Built 1920 0.32 ac lot $138/sqft · 28% below area Est $249k · 28% under

---

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 +17.3/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.4/10.0
• 1% rule +4.4/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming home located in the heart of Trenton! Motivated Seller!! Sitting on a spacious corner lot, this property combines small town living with plenty of room to grow. Entire home was updated in 2013. Inside you will find 3 bedrooms, 2 baths as well as plenty of comfortable living space. Step outside to enjoy a large yard with endless possibilities. Property includes a large carport in the back with lighting and power as well as a small shed for storage and tools. Conveniently located only 8 minutes from Bonham and right off of Highway 121 this home offers convenient access while maintaining a peaceful setting.

Key facts

• Convenient access
• Large yard
• Small shed

Tags

• CORNER LOT
• LARGE YARD
• LARGE CARPORT
• SMALL SHED
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (5.8% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.4% in Leonard — 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 63/100 on livability (#867 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D, employment D, amenities F.
• Bonham ISD (town): math 37% / reading 38% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 165 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 82 units permitted in Fannin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Fannin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 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 1920 — 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. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (median comp): $249,440
• List price: $179,900
• Delta: -27.88%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 E Reed St	0.13mi	2/2.0 (-1)	1,200 (-8%)	12mo	$219,999	$183	66
322 N Helton St	0.41mi	3/2.0	1,400 (+7%)	13mo	$250,000	$179	58

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 3.11×
• Total profit: $106,284
• Equity at exit: $162,068

10-year hold

• IRR: 23.2%
• Equity multiple: 7.08×
• Total profit: $306,469
• Equity at exit: $349,506

Cash invested: $50,372 (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 75490

• Home prices YoY: 5.6%
• Active inventory: 165
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$190 /mo · $2,284/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $130

Break-even live

Break-even rent $1,530

Max offer price $179,900

Occupancy floor 87%

Sensitivity live

Price	-10% $232	-5% $181	+0% $130	+5% $79	+10% $28
Rent	-10% $-4	-5% $63	+0% $130	+5% $197	+10% $264
Rate	-1.0pp $221	-0.5pp $176	base $130	+0.5pp $84	+1.0pp $36

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 N Helton St Randolph, TX	3.0	2.0	1341	$1,695	$1.26	44d	1	0.39mi

Listing history 23 events

1. 2026-06-19
   days on market $179,900 Active 260 DOM
2. 2026-06-18
   days on market $179,900 Active 259 DOM
3. 2026-06-17
   days on market $179,900 Active 258 DOM
4. 2026-06-16
   days on market $179,900 Active 257 DOM
5. 2026-06-15
   days on market $179,900 Active 256 DOM
6. 2026-06-14
   days on market $179,900 Active 254 DOM
7. 2026-06-12
   days on market $179,900 Active 253 DOM
8. 2026-06-09
   days on market $179,900 Active 250 DOM
9. 2026-06-08
   days on market $179,900 Active 249 DOM
10. 2026-06-07
    days on market $179,900 Active 248 DOM
11. 2026-06-05
    days on market $179,900 Active 246 DOM
12. 2026-06-04
    days on market $179,900 Active 244 DOM
13. 2026-06-02
    days on market $179,900 Active 243 DOM
14. 2026-06-01
    days on market $179,900 Active 242 DOM
15. 2026-05-31
    days on market $179,900 Active 241 DOM
16. 2026-05-31
    days on market $179,900 Active 240 DOM
17. 2026-05-01
    price $179,900 638-char remark

    Show marketing remark (638 chars)

    Welcome to this charming home located in the heart of Trenton! Motivated Seller!! Sitting on a spacious corner lot, this property combines small town living with plenty of room to grow. Entire home was updated in 2013. Inside you will find 3 bedrooms, 2 baths as well as plenty of comfortable living space. Step outside to enjoy a large yard with endless possibilities. Property includes a large carport in the back with lighting and power as well as a small shed for storage and tools. Conveniently located only 8 minutes from Bonham and right off of Highway 121 this home offers convenient access while maintaining a peaceful setting.

18. 2025-10-02
    listed $189,900 Active 638-char remark

    Show marketing remark (638 chars)

    Welcome to this charming home located in the heart of Trenton! Motivated Seller!! Sitting on a spacious corner lot, this property combines small town living with plenty of room to grow. Entire home was updated in 2013. Inside you will find 3 bedrooms, 2 baths as well as plenty of comfortable living space. Step outside to enjoy a large yard with endless possibilities. Property includes a large carport in the back with lighting and power as well as a small shed for storage and tools. Conveniently located only 8 minutes from Bonham and right off of Highway 121 this home offers convenient access while maintaining a peaceful setting.

19. 2012-01-19
    historical
20. 2011-08-24
    price $19,900
21. 2011-07-18
    listed $24,900 Active
22. 2008-04-18
    soldstatus
23. 2008-04-18
    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: $2,284 · $190/mo
• Projected year-2 tax: $3,292 · $274/mo
• Expected delta: +$1,008/yr (+$84/mo · 44.1%)

ⓘ 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 · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,340
• − Mortgage interest: −$10,077
• − Property taxes: −$2,284
• − Insurance: −$900
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$5,233
• Taxable loss: −$1,409
• Est. tax savings @ 24.0%: +$338
• After-tax cash flow: $1,902/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: Bonham ISD
• NCES district ID: 4810800
• Math proficiency: 37% ▼ -1.00%
• Reading proficiency: 38% ▼ -2.00%
• Median HH income: $41,740
• Composite: 31.63/100
• National rank: #5937
• State rank: #477 of 826 in TX

Livability — Leonard

• Score: 63/100
• State rank: #867
• US rank: #15602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,024

Population outlook (Fannin County) Hauer SSP2

• Today (2025): 33,423 people
• By 2030: 33,035 · -1.2%
• By 2040: 32,250 · -3.5%
• By 2050: 31,462 · -5.9%
• By 2075: 29,447 · -11.9%
• By 2100: 25,459 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 8% Black 5%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 1%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Fannin

• 2024 margin: Solid R (+67.4) · D 15.9% · R 83.3%
• 2008→2024 swing: -27.8pp toward R · 2008: -39.6pp · 2024: -67.4pp
• All cycles: 2024: R+67.4 2020: R+63.4 2016: R+61.9 2012: R+52.5 2008: R+39.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.09%
• Current HPI: 301.2127
• Rent YoY: —
• Metro: —
• 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

+622.5% since first listed

7 events — show timeline

• 2026-05-01 Price Changed $179,900 NTREIS
• 2025-10-02 Listed $189,900 NTREIS
• 2012-01-19 Listing Removed — NTREIS
• 2011-08-24 Price Changed $19,900 NTREIS
• 2011-07-18 Listed $24,900 NTREIS
• 2008-04-18 Sold (Public Records) — Public Records
• 2008-04-18 Sold (Public Records) — Public Records

Property tax history

+56.1%/yr

Latest (2025): $2,284 · -0.2% YoY. Source: county tax records.