2319 Parrot · Waco, TX 76707

$75,000

3 bd · 1.5 ba · 1,152 sqft · SingleFamily public records · 3 Days on market

Built 1934 10,846 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Great possibilities with this cute 2 story, 2 bed and 2 full bath fixer upper. The home sits on a large lot, so there is plenty of room to grow. This has been a rental property for many years.

Key facts

• Large lot
• 0.25 acre lot
• Parking

Tags

• LARGE LOT

Property features AI

Finance

• Financial info: Accepting Cash and Conventional financing; Treat as clear loan type; No second mortgage
• HOA & community: No association

Exterior

• Parking: Detached carport; Carport (1 covered space); 1 carport space
• Utilities: City sewer; No municipal utility district
• Home design: Single-family residence; Residential property; Entry level: Multiple levels
• Construction: Built in 1934; Wood construction
• Exterior features: Circular driveway; Gravel surfaces; Lot under 0.5 acre (approx. 0.249 acre); Subdivision: Parrella; Directions: Going south on 25th Street, take a right on Parrot; house is on the left

Interior

• Bedrooms: 2 bedrooms (Primary bedroom on level 2)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric cooling (window unit(s)); Natural gas heating; Space heater
• Interior features: Walk-in closet(s); Two levels
• Laundry & utility: Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 16.5% 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: Provident Heights El (math 17% / reading 27%, grade F, #3,333 of 4,322 statewide, top 80%, 372 students, 95% FRL).
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 44% of the median local income ($40k/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 $519 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.98% ✓
• Cap rate: 16.51%
• Cash-on-cash: 36.49%
• DSCR: 2.62
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $186,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2319 Parrot	0.00mi	2/2.0 (-1)	1,152 (0%)	0mo	$75,000	$65	93
2620 Lasker Ave	0.25mi	2/2.0 (-1)	1,200 (+4%)	4mo	$220,000	$183	72
912 N 22nd St	0.55mi	3/2.0	1,168 (+1%)	2mo	$199,999	$171	69
2805 Parrott Ave	0.36mi	3/2.0	1,236 (+7%)	3mo	$190,000	$154	66
2013 Homan Ave	0.36mi	3/1.0	1,064 (-8%)	6mo	$175,000	$164	64
3103 Homan Ave	0.64mi	2/1.0 (-1)	1,086 (-6%)	2mo	$69,900	$64	52
2110 Gorman Ave	0.61mi	3/2.0	1,252 (+9%)	4mo	$214,999	$172	52
1815 Maple Ave	0.44mi	2/1.0 (-1)	1,008 (-12%)	2mo	$155,000	$154	50
3005 Windsor Ave	0.64mi	2/1.0 (-1)	1,235 (+7%)	1mo	$199,900	$162	50
1521 Homan Ave	0.67mi	3/2.0	1,256 (+9%)	4mo	$169,900	$135	48
2015 Gorman Ave	0.59mi	2/1.0 (-1)	1,320 (+15%)	0mo	$140,000	$106	41
2704 Herring Ave	0.73mi	2/2.0 (-1)	1,286 (+12%)	1mo	$210,000	$163	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 2.23×
• Total profit: $25,822
• Equity at exit: $11,183

10-year hold

• IRR: 36.3%
• Equity multiple: 4.06×
• Total profit: $64,206
• Equity at exit: $6,485

Cash invested: $21,000 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,484 high
• Mortgage (P&I): −$393
• Tax from tax record: −$109 /mo · $1,309/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $639

Break-even live

Break-even rent $675

Max offer price $75,000

Occupancy floor 52%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	44d	1	0.12mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	44d	1	0.16mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	14d	1	0.16mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	44d	1	0.29mi
1821 Algonquin St Waco, TX	2.0	1.0	930	$1,150	$1.24	44d	1	0.39mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	21d	1	0.39mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	44d	1	0.40mi
2705 Bosque Blvd Waco, TX	3.0	2.0	1028	$1,599	$1.56	44d	1	0.43mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	44d	1	0.45mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	21d	1	0.45mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	44d	1	0.46mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	44d	1	0.46mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	21d	1	0.47mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	14d	1	0.48mi
2724 Bosque Blvd Waco, TX	2.0	1.0	1120	$1,100	$0.98	21d	1	0.48mi
2632 Colonial Ave Unit B Waco, TX	2.0	1.0	896	$1,050	$1.17	21d	1	0.51mi
1818 Windsor Ave Waco, TX	4.0	2.0	1112	$1,625	$1.46	21d	1	0.53mi
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	44d	1	0.68mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	21d	1	0.72mi
3116 Bosque Blvd Waco, TX	2.0	1.0	1100	$1,250	$1.14	14d	1	0.73mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	44d	1	0.73mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	21d	1	0.73mi
3121 Colonial Ave Waco, TX	3.0	2.0	1085	$1,600	$1.47	44d	1	0.73mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	21d	1	0.76mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	14d	1	0.79mi
615 N 23rd St Waco, TX	2.0	1.0	900	$1,275	$1.42	21d	1	0.80mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	44d	1	0.80mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	21d	1	0.80mi
608 N 23rd St Waco, TX	3.0	1.0	1361	$1,695	$1.25	21d	1	0.81mi
1216 Tennessee Ave Unit B Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	0.81mi
1216 Tennessee Ave Waco, TX	3.0	2.0	872	$1,250	$1.43	21d	1	0.81mi
2714 Morrow Ave Waco, TX	2.0	1.0	1484	$1,375	$0.93	21d	1	0.81mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	21d	1	0.86mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	21d	1	0.87mi
2601 Fort Ave Unit 4 Waco, TX	2.0	1.0	1000	$990	$0.99	44d	1	0.88mi
3400 W Brookview Dr Waco, TX	1.0–2.0	1.0	865	$1,209	$1.40	14d	5	0.89mi
1600 N 11th St Unit A Waco, TX	3.0	2.0	1217	$1,750	$1.44	44d	1	0.92mi
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	14d	1	0.96mi
2717 Alexander Ave Waco, TX	2.0	2.0	1200	$2,000	$1.67	21d	1	0.99mi
2408 McKenzie Ave Unit A Waco, TX	3.0	2.0	872	$1,350	$1.55	21d	1	0.99mi

Listing history 2 events

1. 2026-05-30
   status $75,000 Pending 3 DOM
2. 2026-05-26
   listed $75,000 Active

ⓘ 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: $1,309 · $109/mo
• Projected year-2 tax: $1,372 · $114/mo
• Expected delta: +$64/yr (+$5/mo · 4.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,805
• − Mortgage interest: −$4,201
• − Property taxes: −$1,309
• − Insurance: −$375
• − Repairs & maintenance: −$1,424
• − Management: −$1,424
• − Depreciation: −$2,182
• Taxable income: $6,890
• Est. tax owed @ 24.0%: −$1,654
• After-tax cash flow: $6,009/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: 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): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

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: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 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: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• 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 event — show timeline

• 2026-05-26 Listed $75,000 NTREIS

Property tax history

+7.6%/yr

Latest (2020): $1,309 · +0.4% YoY. Source: county tax records.