402 39th St · Lubbock, TX 79404

$75,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 1 Days on market

Built 1950 6,625 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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Appreciation +6.6/10.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Incredible opportunity to acquire a turn-key, remodeled 6-property rental portfolio offering immediate cash flow and minimal future CapEx. Five homes are fully remodeled and tenant-occupied with updated interiors, solid rental history, and proven performance. One property is recently remodeled and move-in ready for lease-up or owner use. Each home features updated flooring, modern kitchens and baths, fresh paint, and improved mechanicals. Perfect for out-of-state investors, 1031 exchange buyers, or anyone looking for stable, low-maintenance rentals from day one. Portfolio can be purchased only as a package—no individual sales. Financials, rent rolls, and additional details available upon request.

Key facts

• 6,625 sq ft lot
• Built 1950

Property features AI

Finance

• Other: Listing broker: The 32:18 Management Group

Exterior

• Parking: Driveway
• Utilities: Gas water heater (gas); Standard electric (details not provided); Municipal sewer/water (details not provided)
• Home design: Single-family residence; Residential property
• Construction: Wood siding; Pillar/post/pier foundation; Composition roof; Built before or in recent records (year not provided)
• Exterior features: Other exterior features; Asphalt road access

Interior

• Kitchen: Gas range; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating; Has cooling; Attic fan
• Interior features: Ceiling fans; Exhaust fan
• Laundry & utility: In-unit laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($969 rent vs $75k).

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: 91 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); 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (3.2% local appreciation)).
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/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 1950 — 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 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?
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: 1.29% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.77%
• DSCR: 1.70
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.8%
• Equity multiple: 2.31×
• Total profit: $27,497
• Equity at exit: $34,671

10-year hold

• IRR: 23.5%
• Equity multiple: 4.44×
• Total profit: $72,169
• Equity at exit: $54,180

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 79404

• Home prices YoY: 2.0%
• Active inventory: 91
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $969 high
• Mortgage (P&I): −$393
• Tax from tax record: −$65 /mo · $781/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $276

Break-even live

Break-even rent $620

Max offer price $75,000

Occupancy floor 67%

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
330 37th St Unit 2 Lubbock, TX	3.0	1.0	750	$750	$1.00	14d	1	0.16mi
332 37th St Unit 2 Lubbock, TX	3.0	1.0	725	$700	$0.97	21d	1	0.16mi
512 39th St Lubbock, TX	2.0	1.0	876	$849	$0.97	14d	1	0.18mi
211 36th St Unit B Lubbock, TX	3.0	1.0	750	$775	$1.03	44d	1	0.19mi
209 36th St Unit A Lubbock, TX	3.0	1.0	750	$750	$1.00	44d	1	0.19mi
609 38th St Unit B Lubbock, TX	2.0	1.0	660	$550	$0.83	44d	1	0.23mi
519 42nd St Apt A Lubbock, TX	3.0	1.0	1092	$895	$0.82	14d	1	0.31mi
220 44th St Unit A Lubbock, TX	3.0	2.0	980	$910	$0.93	14d	1	0.31mi
505 E 37th St Lubbock, TX	3.0	1.0	960	$1,125	$1.17	14d	1	0.43mi
519 45th St Unit A Lubbock, TX	3.0	1.0	1100	$850	$0.77	14d	1	0.45mi
529 45th St Unit A Lubbock, TX	3.0	1.0	1100	$875	$0.80	14d	1	0.47mi
703 47th St Unit B Lubbock, TX	2.0	1.0	821	$750	$0.91	21d	1	0.59mi
705 47th St Unit A Lubbock, TX	2.0	1.0	821	$750	$0.91	21d	1	0.59mi
713 47th St Unit B Lubbock, TX	2.0	1.0	800	$750	$0.94	21d	1	0.61mi
1204 36th St Unit b Lubbock, TX	3.0	2.0	872	$835	$0.96	14d	1	0.62mi
1107 45th St Unit B Lubbock, TX	2.0	1.0	728	$850	$1.17	44d	1	0.65mi
1312 40th St Lubbock, TX	3.0	1.0	940	$795	$0.85	21d	1	0.71mi
1119 46th St Unit A Lubbock, TX	2.0	1.0	704	$595	$0.85	21d	1	0.74mi
313 52nd St Lubbock, TX	4.0	1.0	1044	$975	$0.93	21d	1	0.87mi
3104 Avenue N Lubbock, TX	2.0	1.0	750	$785	$1.05	21d	1	0.89mi
1101 52nd St Apt C Lubbock, TX	2.0	1.0	721	$850	$1.18	21d	1	0.99mi
1313 25th St Lubbock, TX	2.0	1.0	780	$875	$1.12	44d	1	1.09mi
1317 52nd St Unit C Lubbock, TX	2.0	1.0	755	$650	$0.86	21d	1	1.11mi
1712 42nd St Unit B Lubbock, TX	3.0	1.0	899	$695	$0.77	21d	1	1.11mi
1608 29th St Unit B Lubbock, TX	2.0	1.5	694	$750	$1.08	14d	1	1.12mi
5512 Avenue G Unit G Lubbock, TX	3.0	1.0	1117	$1,000	$0.90	44d	1	1.12mi
1316 53rd St Apt D Lubbock, TX	2.0	1.0	755	$695	$0.92	44d	1	1.12mi
1307 53rd St Unit 1307 C Lubbock, TX	2.0	1.0	755	$695	$0.92	44d	1	1.12mi
1710 45th St Unit A Lubbock, TX	2.0	1.0	714	$595	$0.83	14d	1	1.13mi
1511 52nd St Lubbock, TX	2.0	1.0	648	$800	$1.23	44d	1	1.17mi
1610 28th St Unit A Lubbock, TX	2.0	2.0	1060	$750	$0.71	14d	1	1.17mi
1609 27th St Lubbock, TX	2.0	1.0	862	$900	$1.04	44d	1	1.19mi
1717 47th St Unit B Lubbock, TX	3.0	1.0	830	$775	$0.93	21d	1	1.22mi
1704 E 29th St Lubbock, TX	2.0	1.0	832	$775	$0.93	21d	1	1.29mi
2015 Avenue L Unit B Lubbock, TX	3.0	2.0	980	$960	$0.98	14d	1	1.30mi
1516 E 27th St Unit B Lubbock, TX	2.0	2.0	1025	$1,195	$1.17	44d	1	1.32mi
2011 35th St Lubbock, TX	2.0	1.0	810	$800	$0.99	44d	1	1.32mi
1724 27th St Lubbock, TX	2.0	1.0	850	$925	$1.09	44d	1	1.36mi
3113 Teak Ave Lubbock, TX	3.0	1.0	1088	$750	$0.69	44d	1	1.38mi
3113 Teak Ave Lubbock, TX	3.0	1.0	1088	$695	$0.64	21d	1	1.38mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $75,000 Active 1 DOM

ⓘ 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: $781 · $65/mo
• Projected year-2 tax: $1,372 · $114/mo
• Expected delta: +$592/yr (+$49/mo · 75.8%)

ⓘ 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 5/10 Major 7 d/yr ≥100°F today · 21 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: $11,629
• − Mortgage interest: −$4,201
• − Property taxes: −$781
• − Insurance: −$375
• − Repairs & maintenance: −$930
• − Management: −$930
• − Depreciation: −$2,182
• Taxable income: $2,229
• Est. tax owed @ 24.0%: −$535
• After-tax cash flow: $2,776/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): 8,529
• Household income: $51,630
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 366.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 55% Black 22% White 20% Two or more races 17% Native American 2%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Romanian 1% Lithuanian 0%
• Foreign-born: 5% · Canada
• Languages at home: 64% English-only · Spanish 36%

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: ▲ 3.22%
• Current HPI: 163.854
• Rent YoY: —
• 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

+22.0% since first listed

11 events — show timeline

• 2026-06-17 Listed $75,000 LARMLS
• 2026-02-06 Sold (MLS) — LARMLS
• 2025-12-31 Pending — LARMLS
• 2025-12-03 Price Changed $75,000 LARMLS
• 2025-10-16 Listed $61,500 LARMLS
• 2025-06-19 Rental Removed $750 BUILDIUM
• 2025-04-29 Listed for Rent $750 BUILDIUM
• 2023-10-07 Rental Removed $800 BUILDIUM
• 2023-09-15 Listed for Rent $800 BUILDIUM
• 2011-06-02 Sold (Public Records) — Public Records
• 1997-07-01 Sold (Public Records) — Public Records

Property tax history

+3.0%/yr

Latest (2025): $781 · +11.7% YoY. Source: county tax records.