4700 Boulder Dr #102 · Midland, TX 79707

$89,900

2 bd · 2.0 ba · 1,064 sqft · Condo public records · 207 Days on market

Built 1980 $84/sqft · 84% below area $535/mo HOA · 33% of rent

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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 +22.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom, 2 bath condo in the Fairmont Condominiums. Conveniently located off Loop 250, close to the Midland Park Mall, restaurants, and schools. This is one of the largest floor plans offered at the complex. The front door faces Boulder and is easy to access. It offers a spacious floor plan and balcony with the ease of low maintenance. This would be a great option for an owner occupant or an investor. Ready for immediate occupancy.

Key facts

• Garage
• Built 1980
• Listed 206 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $146 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools C-, crime C-, commute D+.
• Midland ISD (urban): math 34% / reading 36% 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: Rents rising fast (+4.5%/yr); 314 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: major flood risk; 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 $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. 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. 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 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: 1.79% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 4.6

CMA / ARV

• ARV (median comp): $570,009
• List price: $89,900
• Delta: -84.23%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.45% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-2,569
• Equity at exit: $13,404

10-year hold

• IRR: 9.7%
• Equity multiple: 1.84×
• Total profit: $21,158
• Equity at exit: $7,773

Cash invested: $25,172 (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 79707

• Rents YoY: 4.5%
• Active inventory: 314
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$471
• Tax from tax record: −$84 /mo · $1,011/yr
• Insurance: −$37
• HOA: −$535
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $146

Break-even live

Break-even rent $1,428

Max offer price $89,900

Occupancy floor 86%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4700 Boulder Dr Midland, TX	1.0–2.0	1.0–2.0	823	$1,500	$1.82	21d	2	0.01mi
3609 Caldera Blvd Midland, TX	1.0–2.0	1.0–2.0	850	$1,599	$1.88	13d	67	0.26mi
4301 Raleigh Ct Midland, TX	1.0–2.0	1.0–2.0	766	$1,490	$1.94	13d	18	0.40mi
3316 Caldera Blvd #104 Midland, TX	1.0	1.5	818	$1,450	$1.77	43d	1	0.60mi
4601 Lanham St #11 Midland, TX	3.0	2.5	1420	$2,500	$1.76	21d	1	0.79mi
3315 Godfrey St Midland, TX	1.0–3.0	1.5–4.0	1764	$2,125	$1.20	13d	8	0.80mi
3600 N Midland Dr Midland, TX	1.0–2.0	1.0–2.0	900	$1,425	$1.58	13d	9	0.81mi
4415 Northcrest Dr Midland, TX	1.0–2.0	1.0–2.0	804	$1,594	$1.98	13d	17	0.83mi
2818 West Loop 250 N Midland, TX	1.0–3.0	1.0–2.0	1176	$1,779	$1.51	13d	16	0.90mi
2811 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.5	967	$1,396	$1.44	13d	13	0.91mi
4805 Briarwood Ave Midland, TX	1.0–3.0	1.0–2.0	1028	$1,860	$1.81	13d	18	0.96mi
3417 N Midland Dr Midland, TX	1.0–3.0	1.0–2.0	887	$1,317	$1.48	13d	13	1.03mi
2600 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	800	$1,326	$1.66	13d	28	1.11mi
3705 Dentcrest Dr Midland, TX	3.0	2.0	1402	$1,800	$1.28	13d	1	1.14mi
3101 Midland Dr Midland, TX	1.0–2.0	1.0–2.0	765	$1,285	$1.68	43d	1	1.16mi
2438 Whitmire Blvd Midland, TX	1.0–2.0	1.0	800	$1,275	$1.59	43d	1	1.27mi
5200 Briarwood Ave Midland, TX	1.0–2.0	1.0–2.0	893	$2,124	$2.38	13d	24	1.33mi
4229 Siesta Ln Midland, TX	2.0	1.5	1290	$1,600	$1.24	13d	1	1.34mi
4715 W Wadley Ave Midland, TX	1.0–2.0	1.0–2.5	872	$1,514	$1.74	13d	10	1.39mi
4704 Dentcrest Dr Unit A Midland, TX	2.0	2.0	1500	$1,850	$1.23	43d	1	1.39mi
5244 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.0	791	$1,749	$2.21	13d	34	1.44mi
4800 Dentcrest Dr Midland, TX	2.0	2.0	1148	$1,999	$1.74	43d	1	1.46mi
4713 Dentcrest Dr Unit A Midland, TX	2.0	2.0	1400	$3,250	$2.32	21d	1	1.46mi
3200 Bromley Pl Midland, TX	1.0–3.0	1.0–2.0	873	$1,644	$1.88	13d	10	1.49mi

HOA detail condo

• Monthly dues: $535 · $6,420/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $89,900 Active 207 DOM
2. 2026-06-18
   days on market $89,900 Active 206 DOM
3. 2026-06-17
   days on market $89,900 Active 205 DOM
4. 2026-06-16
   days on market $89,900 Active 204 DOM
5. 2026-06-15
   days on market $89,900 Active 203 DOM
6. 2026-06-14
   days on market $89,900 Active 201 DOM
7. 2026-06-13
   days on market $89,900 Active 200 DOM
8. 2026-06-10
   days on market $89,900 Active 198 DOM
9. 2026-06-09
   days on market $89,900 Active 197 DOM
10. 2026-06-08
    days on market $89,900 Active 196 DOM
11. 2026-06-07
    days on market $89,900 Active 195 DOM
12. 2026-06-03
    days on market $89,900 Active 191 DOM
13. 2026-06-02
    days on market $89,900 Active 190 DOM
14. 2026-06-01
    days on market $89,900 Active 189 DOM
15. 2026-05-31
    days on market $89,900 Active 188 DOM
16. 2026-05-30
    days on market $89,900 Active 187 DOM
17. 2025-11-24
    listed $89,900 Active 437-char remark

    Show marketing remark (437 chars)

    2 bedroom, 2 bath condo in the Fairmont Condominiums. Conveniently located off Loop 250, close to the Midland Park Mall, restaurants, and schools. This is one of the largest floor plans offered at the complex. The front door faces Boulder and is easy to access. It offers a spacious floor plan and balcony with the ease of low maintenance. This would be a great option for an owner occupant or an investor. Ready for immediate occupancy.

18. 2018-12-10
    soldstatus
19. 2012-05-16
    soldstatus
20. 2010-06-01
    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: $1,011 · $84/mo
• Projected year-2 tax: $1,645 · $137/mo
• Expected delta: +$634/yr (+$53/mo · 62.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 69% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $19,349
• − Mortgage interest: −$5,036
• − Property taxes: −$1,011
• − Insurance: −$450
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − HOA: −$6,420
• − Depreciation: −$2,615
• Taxable income: $721
• Est. tax owed @ 24.0%: −$173
• After-tax cash flow: $1,575/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 40,010
• Household income: $99,886
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1919.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 31% Two or more races 11% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 26% Cuban 1%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Philippines
• Languages at home: 79% English-only · Spanish 14% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -208.65%
• Current HPI: 198.7489
• Rent YoY: ▲ 4.45%
• Metro: Midland, 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

4 events — show timeline

• 2025-11-24 Listed $89,900 PBBOR
• 2018-12-10 Sold (Public Records) — Public Records
• 2012-05-16 Sold (Public Records) — Public Records
• 2010-06-01 Sold (Public Records) — Public Records

Property tax history

-0.7%/yr

Latest (2025): $1,011 · -5.2% YoY. Source: county tax records.