1214 Baylor Ave #205 · Waco, TX 76706

$117,000

2 bd · 2.0 ba · 832 sqft · Condo · 27 Days on market

Built 1983 Good condition $152/mo HOA · 13% of rent

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Condition / age +3.8/5.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-located condo in the established Casablanca complex near Baylor University. This unit features a brand-new HVAC system, installed in August 2024, ensuring year-round comfort. While the condo is in need of updates, it provides a solid foundation for your personal touch. Residents enjoy access to community amenities, including a pool and courtyard space perfect for relaxing or socializing. The gated community adds an extra layer of security and peace of mind. This condo offers a prime location with convenient access to walk to campus and local attractions, making it an excellent opportunity to create your ideal living space.

Key facts

• Quartz countertops
• Gated access
• Modern updates

Tags

• MODERN UPDATES
• UPDATED CABINETRY
• QUARTZ COUNTERTOPS
• GATED ACCESS
• MAINTAINED GROUNDS
• COMMUNITY POOL

Property features AI

Finance

• Other: Property type: Residential condominium; Lot described as Condo/Townhome lot
• Financial info: Listing accepts Cash, Conventional, FHA, and VA loan types
• HOA & community: Mandatory association; HOA dues paid monthly; HOA fee includes grounds maintenance; HOA management: Triliji Group

Exterior

• Parking: Common parking
• Security: Security gate
• Utilities: City water; City sewer; Electricity connected; Not in a municipal utility district
• Home design: Residential condominium; Attached property; 2 total stories (unit located on 2nd floor in complex); Complex name: Casablanca; Restrictions: Deed
• Construction: Composition roof; Slab foundation; Built in 1983; Building number 1214
• Exterior features: In-ground outdoor pool

Interior

• Kitchen: Electric range; Dishwasher; Built-in cabinets; Eat-in kitchen layout
• Bedrooms: Primary bedroom on level 1 with ensuite bath (approx. 9 x 13); Second bedroom on level 1 (approx. 12 x 10)
• Flooring: Luxury vinyl plank flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features throughout; Eat-in kitchen; Walk-in closet(s); One living area; One dining area; Total of 5 rooms; Levels: One
• Laundry & utility: Stacked washer/dryer area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $117k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-20 ($-235/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (2.4% below list).
• Meets the 1% rule at list price ($1k rent vs $117k).
• Recommended offer: $114k (2.4% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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: South Waco El (math 8% / reading 22%, grade F, #4,021 of 4,322 statewide, top 94%, 462 students, 96% FRL).
• Market conditions: Rents rising (+1.9%/yr); 317 active listings in the ZIP; 38 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).
• This rent runs 34% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k 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

• It's been on market 27 days — a 2% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 55% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,164 (2.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.02% ✓
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.35×
• Total profit: $-21,447
• Equity at exit: $17,445

10-year hold

• IRR: -14.2%
• Equity multiple: 0.23×
• Total profit: $-25,248
• Equity at exit: $10,116

Cash invested: $32,760 (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 76706

• Home prices YoY: -29.1%
• Rents YoY: 1.9%
• Active inventory: 317
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,191 high
• Mortgage (P&I): −$614
• Tax est. 1.5%: −$146 /mo · $1,755/yr
• Insurance: −$49
• HOA: −$152
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $-20

Break-even live

Break-even rent $1,216

Max offer price $114,164

Occupancy floor 97%

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1421 S 12th St Waco, TX	2.0	2.0	928	$985	$1.06	13d	3	0.02mi
1508 S 13th St Waco, TX	1.0–2.0	1.0	775	$895	$1.15	13d	1	0.03mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,350	$1.32	20d	2	0.04mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,337	$1.31	13d	2	0.04mi
1214 Baylor Ave Waco, TX	1.0–2.0	1.0–2.0	736	$1,095	$1.49	43d	2	0.04mi
1214 Baylor Ave Waco, TX	1.0–2.0	1.0–2.0	832	$945	$1.14	13d	2	0.04mi
1214 Baylor Ave Waco, TX	2.0	2.0	832	$1,020	$1.23	20d	1	0.04mi
1348 S 12th St Waco, TX	2.0	2.0	958	$1,300	$1.36	20d	1	0.11mi
1120 James Ave Unit Brownstone 205 Waco, TX	1.0	1.0	650	$795	$1.22	20d	1	0.17mi
1300 S 11th St Waco, TX	2.0	2.5	1083	$1,209	$1.12	13d	14	0.19mi
1911 S 8th St Waco, TX	2.0	1.0	798	$1,198	$1.50	20d	1	0.47mi
2005 S 8th St Waco, TX	1.0–2.0	1.0–2.0	685	$1,000	$1.46	13d	2	0.51mi
1918 S 8th St Waco, TX	3.0	2.0	1061	$1,200	$1.13	20d	1	0.51mi
600 Bagby Ave Waco, TX	2.0	2.0–2.5	1102	$1,496	$1.36	20d	2	0.53mi
1901 Dutton Ave Waco, TX	2.0	1.0	864	$1,400	$1.62	13d	1	0.59mi
715 Cleveland Ave Waco, TX	1.0–3.0	1.0–3.0	845	$1,436	$1.70	13d	23	0.62mi
1800 S 5th St Waco, TX	2.0	2.0	900	$1,240	$1.38	20d	1	0.67mi
2100 S 19th St Waco, TX	1.0	1.0	684	$1,300	$1.90	20d	1	0.69mi
412 University St Waco, TX	2.0	1.0	864	$1,895	$2.19	20d	1	0.70mi
709 S 6th St Waco, TX	1.0	1.0	655	$925	$1.41	20d	1	0.74mi
410 Daughtrey Ave Waco, TX	1.0	2.0	897	$1,000	$1.11	20d	1	0.76mi
700 S 4th St Waco, TX	1.0–3.0	1.0–2.0	889	$1,288	$1.45	13d	12	0.94mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$992	$1.05	13d	33	0.95mi
700 S 24th St Unit 1 Waco, TX	2.0	1.0	812	$1,200	$1.48	20d	1	1.01mi
700 Franklin Ave Waco, TX	1.0	1.0	702	$1,200	$1.71	20d	1	1.05mi
700 Franklin Ave Waco, TX	2.0	2.0	802	$1,500	$1.87	43d	1	1.05mi
2000 S 1st St Waco, TX	2.0–5.0	1.0–3.0	1318	$699	$0.53	13d	19	1.08mi
1726 Austin Ave Unit 210 Waco, TX	1.0	1.0	660	$2,095	$3.17	43d	1	1.10mi
1726 Austin Ave Unit 208 Waco, TX	1.0	1.0	560	$1,895	$3.38	43d	1	1.10mi
66 Daughtrey Ave Waco, TX	1.0–2.0	1.0–2.0	825	$1,715	$2.08	13d	1	1.14mi
601 Franklin Ave Apt 6B Waco, TX	1.0	1.0	625	$1,550	$2.48	13d	1	1.15mi
1923 Austin Ave Apt 7104 Waco, TX	1.0	1.0	785	$1,100	$1.40	43d	1	1.22mi
1923 Austin Ave Waco, TX	1.0	1.0	785	$1,200	$1.53	20d	1	1.22mi
2410 S 2nd St Waco, TX	2.0–5.0	2.0–5.5	1552	$1,500	$0.97	20d	4	1.23mi
1625 Columbus Ave Unit A Waco, TX	1.0	1.0	550	$700	$1.27	43d	1	1.27mi
224 Gurley Ln Waco, TX	2.0	1.0	700	$1,025	$1.46	20d	1	1.29mi
2415 S University Parks Dr Waco, TX	1.0–4.0	1.0–4.0	1095	$1,339	$1.22	13d	27	1.33mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,118	$1.22	20d	1	1.42mi

HOA detail condo

• Monthly dues: $152 · $1,824/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $117,000 Active 27 DOM
2. 2026-06-17
   days on market $117,000 Active 26 DOM
3. 2026-06-16
   days on market $117,000 Active 25 DOM
4. 2026-06-15
   days on market $117,000 Active 24 DOM
5. 2026-06-14
   days on market $117,000 Active 22 DOM
6. 2026-06-13
   days on market $117,000 Active 21 DOM
7. 2026-06-10
   days on market $117,000 Active 19 DOM
8. 2026-06-09
   days on market $117,000 Active 18 DOM
9. 2026-06-08
   days on market $117,000 Active 17 DOM
10. 2026-06-07
    days on market $117,000 Active 16 DOM
11. 2026-06-05
    days on market $117,000 Active 13 DOM
12. 2026-06-03
    days on market $117,000 Active 12 DOM
13. 2026-06-02
    days on market $117,000 Active 11 DOM
14. 2026-06-01
    days on market $117,000 Active 10 DOM
15. 2026-05-31
    days on market $117,000 Active 9 DOM
16. 2026-05-30
    days on market $117,000 Active 8 DOM
17. 2026-05-22
    listed $117,000 Active
18. 2026-03-31
    historical
19. 2026-03-19
    price $126,000
20. 2025-11-05
    price $132,000
21. 2025-09-05
    listed $137,000 Active
22. 2025-01-02
    soldstatus 651-char remark

    Show marketing remark (651 chars)

    Welcome to this well-located condo in the established Casablanca complex near Baylor University. This unit features a brand-new HVAC system, installed in August 2024, ensuring year-round comfort. While the condo is in need of updates, it provides a solid foundation for your personal touch. Residents enjoy access to community amenities, including a pool and courtyard space perfect for relaxing or socializing. The gated community adds an extra layer of security and peace of mind. This condo offers a prime location with convenient access to walk to campus and local attractions, making it an excellent opportunity to create your ideal living space.

23. 2024-09-13
    listed $115,000 651-char remark

    Show marketing remark (651 chars)

    Welcome to this well-located condo in the established Casablanca complex near Baylor University. This unit features a brand-new HVAC system, installed in August 2024, ensuring year-round comfort. While the condo is in need of updates, it provides a solid foundation for your personal touch. Residents enjoy access to community amenities, including a pool and courtyard space perfect for relaxing or socializing. The gated community adds an extra layer of security and peace of mind. This condo offers a prime location with convenient access to walk to campus and local attractions, making it an excellent opportunity to create your ideal living space.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 55% 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: $14,293
• − Mortgage interest: −$6,554
• − Property taxes: −$1,755
• − Insurance: −$585
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − HOA: −$1,824
• − Depreciation: −$3,404
• Taxable loss: −$2,115
• Est. tax savings @ 24.0%: +$508
• After-tax cash flow: $272/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This updated 2-bedroom, 2-bath condo in the Casablanca complex near Baylor University offers modern updates and low-maintenance living.

Value-add opportunities

• Both new flooring in bathrooms — enhances aesthetics and durability
• Both new countertops in kitchen — improves functionality and appearance
• Both new paint in bathrooms — refreshes space and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both new flooring in bathrooms — enhances aesthetics and durability ↑
• Both new countertops in kitchen — improves functionality and appearance ↑
• Both new paint in bathrooms — refreshes space and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 41,627
• Household income: $41,656
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 3883.0

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: White 49% Hispanic / Latino 31% Two or more races 17% Black 15% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Iranian 1% Romanian 1%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 19% 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: ▼ -94.31%
• Current HPI: 230.2557
• Rent YoY: ▲ 1.86%
• 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

+1.7% since first listed

7 events — show timeline

• 2026-05-22 Listed $117,000 NTREIS
• 2026-03-31 Listing Removed — NTREIS
• 2026-03-19 Price Changed $126,000 NTREIS
• 2025-11-05 Price Changed $132,000 NTREIS
• 2025-09-05 Listed $137,000 NTREIS
• 2025-01-02 Sold (MLS) — NTREIS
• 2024-09-13 Listed $115,000 NTREIS