900-902 W El Paso St · Marfa, TX 79843

$250,000

2 bd · 1.5 ba · 1,306 sqft · SingleFamily · 137 Days on market

Built 1940 Good condition 5,227 sqft lot $191/sqft · 48% below area Est $482k · 48% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.8/30.0
• Appreciation +7.1/10.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0

Listing remarks MLS

Darling duo of 2 vintage tiny homes before such a thing existed. The pair, sold together consist of a small 3 room adobe with bathroom, the yellow home was built later out of adobe and recently updated with new flooring and windows, updated bathroom with tub and kitchen light commercial zoning - close to Coffield Park and the Mimms walking trail.

Key facts

• Vintage tiny homes
• Small adobe
• Mimms walking trail

Tags

• VINTAGE TINY HOMES
• SMALL ADOBE
• UPDATED BATHROOM
• CLOSE TO COFFIELD PARK
• MIMMS WALKING TRAIL

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-22 ($-268/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (13.7% below list).
• Recommended offer: $216k (13.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#215 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, commute F.
• Marfa ISD (rural): math 45% / reading 45% proficiency, ranked #559 of 1,141 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 23 units permitted in Presidio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $11k appreciation (4.2% local appreciation)).
• Presidio County population projected at -44% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,869 (13.7% 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. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (median comp): $481,599
• List price: $250,000
• Delta: -48.09%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

4.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.65×
• Total profit: $45,380
• Equity at exit: $130,126

10-year hold

• IRR: 12.2%
• Equity multiple: 3.06×
• Total profit: $144,132
• Equity at exit: $215,568

Cash invested: $70,000 (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 79843

• Home prices YoY: 2.0%
• Active inventory: 79
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,159 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $-22

Break-even live

Break-even rent $2,187

Max offer price $246,770

Occupancy floor 96%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 E Waco St Marfa, TX	2.0	1.0	991	$2,000	$2.02	21d	1	0.66mi
702 E Washington St Marfa, TX	3.0	2.0	1350	$2,350	$1.74	19d	1	1.01mi

Listing history 16 events

1. 2026-06-18
   days on market $250,000 Active 137 DOM
2. 2026-06-17
   days on market $250,000 Active 136 DOM
3. 2026-06-16
   days on market $250,000 Active 135 DOM
4. 2026-06-15
   days on market $250,000 Active 134 DOM
5. 2026-06-14
   days on market $250,000 Active 132 DOM
6. 2026-06-10
   days on market $250,000 Active 129 DOM
7. 2026-06-09
   days on market $250,000 Active 128 DOM
8. 2026-06-08
   days on market $250,000 Active 127 DOM
9. 2026-06-07
   days on market $250,000 Active 126 DOM
10. 2026-06-05
    days on market $250,000 Active 123 DOM
11. 2026-06-03
    days on market $250,000 Active 122 DOM
12. 2026-06-02
    days on market $250,000 Active 121 DOM
13. 2026-06-01
    days on market $250,000 Active 120 DOM
14. 2026-05-31
    days on market $250,000 Active 119 DOM
15. 2026-05-31
    days on market $250,000 Active 118 DOM
16. 2026-02-01
    listed $250,000 Active 348-char remark

    Show marketing remark (348 chars)

    Darling duo of 2 vintage tiny homes before such a thing existed. The pair, sold together consist of a small 3 room adobe with bathroom, the yellow home was built later out of adobe and recently updated with new flooring and windows, updated bathroom with tub and kitchen light commercial zoning - close to Coffield Park and the Mimms walking trail.

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 5/10 Major 6 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,904
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$7,273
• Taxable loss: −$4,517
• Est. tax savings @ 24.0%: +$1,084
• After-tax cash flow: $816/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 property features updated interiors with new flooring and windows, making it move-in ready with good curb appeal.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace light fixture in living room — Improves aesthetics and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace light fixture in living room — Improves aesthetics and functionality ↑

ⓘ 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: Marfa ISD
• NCES district ID: 4829040
• Math proficiency: 45% ▲ 10.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $41,354
• Composite: 40.04/100
• National rank: #7884
• State rank: #559 of 1141 in TX

Livability — Marfa

• Score: 73/100
• State rank: #215
• US rank: #5308

Category grades

Amenities C 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

• Census place: Marfa, TX
• Population (ZIP): 2,578

Population outlook (Presidio County) Hauer SSP2

• Today (2025): 5,330 people
• By 2030: 4,671 · -12.4%
• By 2040: 3,654 · -31.4%
• By 2050: 3,001 · -43.7%
• By 2075: 2,326 · -56.4%
• By 2100: 2,106 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 33% Native American 5%
• Hispanic origin (detail): Mexican 45%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 2%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 39%

Political lean MEDSL · Presidio

• 2024 margin: Solid D (+30.2) · D 64.6% · R 34.4%
• 2008→2024 swing: -13.2pp toward R · 2008: 43.4pp · 2024: 30.2pp
• All cycles: 2024: D+30.2 2020: D+33.5 2016: D+36.6 2012: D+42.5 2008: D+43.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.23%
• Current HPI: 214.5241
• 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

1 event — show timeline

• 2026-02-01 Listed $250,000 ODMLS