145 Lakesite Dr

Spur, TX 79370

$67,500C

1 bd · 1.0 ba · 400 sqft · Built 2021 · Manufactured · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $775/mo
• Mortgage (P&I): −$354
• Tax + insurance: −$112
• HOA: −$65
• Vac / Maint / Mgmt: −$163
• Net cashflow: $80/mo
• Annual: $965/yr
• Cap rate: 7.72%
• Cash-on-cash: 5.11%
• DSCR: 1.23
• 1% rule: 1.15%
• Cash to close: $18,900

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $68k.
• At list price, monthly cash flow is $80 ($965/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($775 rent vs $68k).
• It's been on market 36 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($467 loan paydown + $2k appreciation (3.4% local appreciation)).
• Location reads 59/100 on livability (#1,138 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, schools F, crime F.
• Crosbyton CISD (rural): math 25% / reading 30% proficiency, ranked #1,055 of 1,141 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 14 active listings in the ZIP.
• Crosby County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?