1341 65th Dr · Lubbock, TX 79412

$240,000

5 bd · 3.0 ba · 5,500 sqft · MultiFamily public records · 207 Days on market

Built 1964 0.28 ac lot ↓ 11% since listing

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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 +4.0/5.0
• Rent growth +3.5/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Investor Opportunity in Lubbock! Welcome to 1341 65th Street—a rare quadplex in a growing area of the city. This multi-family property features four spacious units: two 2-bedroom, 1.5-bath units and two 3-bedroom, 2-bath units, offering a versatile mix of layouts to suit a variety of tenants. Each unit is designed for comfortable living with open layouts and functional floorplans. The property includes a dedicated parking lot, providing convenient off-street parking for all residents. Located near schools, shopping, and major roadways, 1341 65th is well positioned in a desirable Lubbock neighborhood. This is a great opportunity to expand your real estate portfolio with a well-maintained, income-producing asset.

Key facts

• Growing area
• 0.28 acre lot
• Built 1964

Tags

• DEDICATED PARKING LOT
• GROWING AREA
• VERSATILE MIX OF LAYOUTS
• DESIRABLE NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 2×3bd/2ba units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#37 in TX, #1,749 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Lubbock ISD (urban): math 36% / reading 39% proficiency, ranked #481 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.9%/yr); 110 active listings in the ZIP; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• At $4,125/mo this rent would consume 101% of the median local household income ($49k/yr) (locally 676% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,200 (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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.72% ✓
• Cap rate: 12.78%
• Cash-on-cash: 23.17%
• DSCR: 2.03
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.87% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.71×
• Total profit: $47,656
• Equity at exit: $35,785

10-year hold

• IRR: 26.5%
• Equity multiple: 3.44×
• Total profit: $164,152
• Equity at exit: $20,751

Cash invested: $67,200 (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 79412

• Home prices YoY: -15.3%
• Rents YoY: 3.9%
• Active inventory: 110
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $4,125 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$602 /mo · $7,229/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$866
• Net cashflow: $1,298

Break-even live

Break-even rent $2,482

Max offer price $240,000

Occupancy floor 64%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,940
▸ 2× units	3	2	$2,186
Total (4 units)			$4,125

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2025-10-29
   listed $240,000 Active 739-char remark

   Show marketing remark (739 chars)

   Investor Opportunity in Lubbock! Welcome to 1341 65th Street—a rare quadplex in a growing area of the city. This multi-family property features four spacious units: two 2-bedroom, 1.5-bath units and two 3-bedroom, 2-bath units, offering a versatile mix of layouts to suit a variety of tenants. Each unit is designed for comfortable living with open layouts and functional floorplans. The property includes a dedicated parking lot, providing convenient off-street parking for all residents. Located near schools, shopping, and major roadways, 1341 65th is well positioned in a desirable Lubbock neighborhood. This is a great opportunity to expand your real estate portfolio with a well-maintained, income-producing asset.

2. 2025-09-12
   price $265,000
3. 2024-03-14
   historical $750
4. 2023-11-21
   listed $750
5. 2023-10-08
   historical $750
6. 2023-10-05
   listed $750
7. 2023-09-24
   historical $750
8. 2023-09-23
   listed $750
9. 2023-02-28
   soldstatus Closed
10. 2023-02-28
    soldstatus
11. 2023-01-15
    status Pending
12. 2023-01-10
    listed $270,000 Active
13. 2021-01-29
    soldstatus
14. 2021-01-29
    soldstatus
15. 2020-09-23
    listed $270,000
16. 2006-08-25
    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: $7,229 · $602/mo
• Projected year-2 tax: $7,229 · $602/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,500
• − Mortgage interest: −$13,444
• − Property taxes: −$7,229
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,960
• − Management: −$3,960
• − Depreciation: −$6,982
• Taxable income: $12,726
• Est. tax owed @ 24.0%: −$3,054
• After-tax cash flow: $12,519/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: Lubbock ISD
• NCES district ID: 4828500
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $39,820
• Composite: 31.44/100
• National rank: #5984
• State rank: #481 of 826 in TX

Livability — Lubbock

• Score: 80/100
• State rank: #37
• US rank: #1749

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lubbock, TX
• County: Lubbock County · 293,542 people
• City population: 283,030
• Metro: Lubbock, TX
• Population (ZIP): 15,018
• Household income: $48,878
• Rent vs Own: 51.2% rent · 48.8% own
• Severe rent burden: 676.0

Population outlook (Lubbock County) Hauer SSP2

• Today (2025): 345,960 people
• By 2030: 371,449 · +7.4%
• By 2040: 424,539 · +22.7%
• By 2050: 481,150 · +39.1%
• By 2075: 633,467 · +83.1%
• By 2100: 746,853 · +115.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 25% White 25% Black 10%
• Hispanic origin (detail): Mexican 51% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Serbian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 67% English-only · Spanish 32% Arabic 1%

Political lean MEDSL · Lubbock

• 2024 margin: Solid R (+39.5) · D 29.7% · R 69.2% · Other 1.0%
• 2008→2024 swing: -2.8pp toward R · 2008: -36.7pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+32.2 2016: R+38.4 2012: R+40.9 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.95%
• Current HPI: 188.4033
• Rent YoY: ▲ 3.87%
• Metro: Lubbock, 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

-11.1% since first listed

16 events — show timeline

• 2025-10-29 Listed $240,000 LARMLS
• 2025-09-12 Price Changed $265,000 LARMLS
• 2024-03-14 Rental Removed $750 APPFOLIO
• 2023-11-21 Listed for Rent $750 APPFOLIO
• 2023-10-08 Rental Removed $750 APPFOLIO
• 2023-10-05 Listed for Rent $750 APPFOLIO
• 2023-09-24 Rental Removed $750 APPFOLIO
• 2023-09-23 Listed for Rent $750 APPFOLIO
• 2023-02-28 Sold (Public Records) — Public Records
• 2023-02-28 Sold (MLS) — LARMLS
• 2023-01-15 Pending — LARMLS
• 2023-01-10 Listed $270,000 LARMLS
• 2021-01-29 Sold (Public Records) — Public Records
• 2021-01-29 Sold (MLS) — LARMLS
• 2020-09-23 Listed $270,000 LARMLS
• 2006-08-25 Sold (Public Records) — Public Records

Property tax history

+9.6%/yr

Latest (2025): $7,229 · -2.6% YoY. Source: county tax records.