2237 Fm 1182 · Alma, TX 75119

$159,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 500 Days on market

Manufactured home Built 1999 Good condition 0.70 ac lot $118/sqft · 38% below area Est $257k · 38% under ↓ 29% since listing

---

Why this score? — see what drove the C 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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

Key facts

• Tiled backsplash
• New cabinets
• Kitchen island

Tags

• GRANITE COUNTERS
• NEW CABINETS
• KITCHEN ISLAND
• TILED BACKSPLASH
• VINYL PLANK FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $159k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (10.9% below list).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#386 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Ennis ISD (rural): math 41% / reading 39% proficiency, ranked #411 of 826 in TX (top 50%) — 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.
• Zoned schools: David S Crockett Early Childhood Center (469 students, 82% FRL); Ennis J H (math 41% / reading 44%, grade D-, #553 of 1,662 statewide, top 34%, 886 students, 69% FRL); Ennis H S (math 37% / reading 34%, grade F, #941 of 1,632 statewide, top 58%, 1,791 students, 64% FRL).
• Market conditions: Rents rising (+3.0%/yr); 368 active listings in the ZIP; solid renter incomes; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 500 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $66k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 500 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.89% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 9.4

CMA / ARV

• ARV (median comp): $257,000
• List price: $159,000
• Delta: -38.13%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-18,492
• Equity at exit: $23,707

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-7,042
• Equity at exit: $13,747

Cash invested: $44,520 (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 75119

• Rents YoY: 3.0%
• Active inventory: 368
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,416 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$66
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $116

Break-even live

Break-even rent $1,269

Max offer price $159,000

Occupancy floor 87%

Sensitivity live

Price	-10% $206	-5% $161	+0% $116	+5% $71	+10% $26
Rent	-10% $4	-5% $60	+0% $116	+5% $172	+10% $228
Rate	-1.0pp $196	-0.5pp $156	base $116	+0.5pp $75	+1.0pp $33

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-22
   days on market $159,000 Active 500 DOM
2. 2026-06-21
   days on market $159,000 Active 499 DOM
3. 2026-06-18
   days on market $159,000 Active 496 DOM
4. 2026-06-17
   days on market $159,000 Active 495 DOM
5. 2026-06-16
   days on market $159,000 Active 494 DOM
6. 2026-06-15
   days on market $159,000 Active 493 DOM
7. 2026-06-13
   days on market $159,000 Active 491 DOM
8. 2026-06-09
   days on market $159,000 Active 487 DOM
9. 2026-06-08
   days on market $159,000 Active 486 DOM
10. 2026-06-07
    days on market $159,000 Active 485 DOM
11. 2026-06-04
    days on market $159,000 Active 482 DOM
12. 2026-06-03
    days on market $159,000 Active 481 DOM
13. 2026-06-02
    days on market $159,000 Active 480 DOM
14. 2026-06-01
    days on market $159,000 Active 479 DOM
15. 2026-05-31
    days on market $159,000 Active 478 DOM
16. 2026-03-03
    price $159,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

17. 2026-02-03
    price $162,500 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

18. 2025-11-05
    price $169,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

19. 2025-08-14
    price $180,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

20. 2025-06-03
    price $190,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

21. 2025-05-19
    price $200,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

22. 2025-04-18
    price $209,000 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

23. 2025-03-21
    status Active 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

24. 2025-03-20
    historical Active Option Contract 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

25. 2025-02-07
    listed $225,000 Active 380-char remark

    Show marketing remark (380 chars)

    Recently remodeled, 1344 sf, 3-bedroom 2-bathroom doublewide manufactured home situated on a 0.7 acre lot that is located southeast of Ennis. Recent improvements consist of granite counters, new cabinets, kitchen island, tiled backsplash, and vinyl plank floors....NOTE: The dwelling has been moved and is not eligible for FHA financing and recommend 21st Mortgage for financing.

ⓘ 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: $1,232 · $103/mo
• Projected year-2 tax: $2,910 · $242/mo
• Expected delta: +$1,678/yr (+$140/mo · 136.2%)

ⓘ 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 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 26 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $16,991
• − Mortgage interest: −$8,906
• − Property taxes: −$1,232
• − Insurance: −$795
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − Depreciation: −$4,625
• Taxable loss: −$1,286
• Est. tax savings @ 24.0%: +$309
• After-tax cash flow: $1,699/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.

Condition & rehab AI · 8 photos

Good 80/100 Cosmetic rehab

This recently remodeled doublewide manufactured home is in good condition with recent improvements, making it a good investment for both resale and rental markets.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Improves curb appeal and enhances property value.
• Both Add a small front porch or entryway — Enhances curb appeal and provides a welcoming entrance.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Improves curb appeal and enhances property value. ↑
• Both Add a small front porch or entryway — Enhances curb appeal and provides a welcoming entrance. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ennis ISD
• NCES district ID: 4818540
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $46,105
• Composite: 34.14/100
• National rank: #5283
• State rank: #411 of 826 in TX

Livability — Alma

• Score: 70/100
• State rank: #386
• US rank: #8051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ellis County · 199,237 people
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 31,866
• Household income: $77,053
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 784.0

Population outlook (Ellis County) Hauer SSP2

• Today (2025): 194,556 people
• By 2030: 209,679 · +7.8%
• By 2040: 238,837 · +22.8%
• By 2050: 265,451 · +36.4%
• By 2075: 326,571 · +67.9%
• By 2100: 362,156 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 47% Hispanic / Latino 41% Two or more races 13% Black 9%
• Hispanic origin (detail): Mexican 37%
• Common ancestry: Slovak 1% Serbian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 69% English-only · Spanish 29% Other Indo-European 1%

Political lean MEDSL · Ellis

• 2024 margin: Solid R (+31.1) · D 34.0% · R 65.1%
• 2008→2024 swing: +11.2pp toward D · 2008: -42.2pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+34.1 2016: R+45.4 2012: R+47.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -207.30%
• Current HPI: 253.0134
• Rent YoY: ▲ 2.95%
• Metro: Dallas-Fort Worth-Arlington, 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

-29.3% since first listed

10 events — show timeline

• 2026-03-03 Price Changed $159,000 NTREIS
• 2026-02-03 Price Changed $162,500 NTREIS
• 2025-11-05 Price Changed $169,000 NTREIS
• 2025-08-14 Price Changed $180,000 NTREIS
• 2025-06-03 Price Changed $190,000 NTREIS
• 2025-05-19 Price Changed $200,000 NTREIS
• 2025-04-18 Price Changed $209,000 NTREIS
• 2025-03-21 Relisted — NTREIS
• 2025-03-20 Contingent — NTREIS
• 2025-02-07 Listed $225,000 NTREIS