4905 Fm 2709

Athens, TX 75752

$145,000C+

3 bd · 2.0 ba · 1,440 sqft · Built 1983 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,675/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $405/mo
• Annual: $4,856/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• 1% rule: 1.16%
• Cash to close: $40,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 27 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#241 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, commute F.
• Athens ISD (town): math 34% / reading 34% proficiency, ranked #548 of 826 in TX (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Central Athens (math 42% / reading 36%, grade F, #1,651 of 4,322 statewide, top 39%, 587 students, 76% FRL).
• Market conditions: 196 active listings in the ZIP; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• 8 sale attempts 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 (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 2.5% in Athens — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.