300 Tejas Trl

Waller, TX 77484

$220,000C-

4 bd · 2.0 ba · 1,745 sqft · Built 2024 · SingleFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,280/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$501
• HOA: −$54
• Vac / Maint / Mgmt: −$479
• Net cashflow: $92/mo
• Annual: $1,104/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.79%
• DSCR: 1.08
• 1% rule: 1.04%
• Cash to close: $61,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $220k. Condition is rated good.
• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• It's been on market 79 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#1,003 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime D, amenities F, commute F.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: I T Holleman El (math 33% / reading 31%, grade F, #2,268 of 4,322 statewide, top 55%, 688 students, 70% FRL); Waller J H (math 21% / reading 28%, grade F, #1,279 of 1,662 statewide, top 78%, 899 students, 69% FRL); Waller H S (math 25% / reading 40%, grade F, #1,029 of 1,632 statewide, top 64%, 2,639 students, 62% FRL).
• Market conditions: Rents falling (-3.8%/yr); 1877 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 483 units permitted in Waller County in 2024 (89 in 5+ unit buildings).
• Waller County population projected at +62% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.8% vs local median 3.4% in Waller — 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.
• This rent runs 34% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.