614 E 38th St · San Angelo, TX 76903

$85,000

3 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 28 Days on market

Built 1985 7,405 sqft lot $85/sqft · 37% below area Est $136k · 37% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment Opportunity - 3 Bed / 1 Bath Fixer Upper on Two Lots Great investment property with tons of potential! This 3 bedroom, 1 bathroom home is ready for your vision and updates. Features include a carport, storage building, and a spacious setup with the home situated on Lot 12 — plus the sale includes adjacent Lot 13. The extra lot provides endless possibilities: expand your outdoor space, add another structure, or potentially build a second home for additional rental income or resale value. Whether you're looking for your next flip project, rental property, or future development opportunity, this property offers flexibility and room to grow. Property Highlights: 3 Bedrooms /

Key facts

• Storage building
• Carport included
• 7,405 sq ft lot

Tags

• CARPORT INCLUDED
• STORAGE BUILDING

Property features AI

Finance

• HOA & community: Community features: Other

Exterior

• Parking: Carport (1 space); Driveway; Paved parking
• Security: Other security features
• Utilities: Public water; Public sewer; Electricity connected; Natural gas available; Sewer connected; Water available
• Home design: Single-family residence; One level; Fixer condition
• Construction: Asbestos and brick construction; Composition roof; Pillar/post/pier foundation; Built on two adjoining lots totaling 100 x 150
• Exterior features: Other exterior features; Chain link and other fencing; Outbuilding on the property

Interior

• Kitchen: No built-in appliances listed except gas water heater
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (natural gas); Central electric cooling
• Interior features: Other interior features
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry area in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.8% in San Angelo — 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 73/100 on livability (#199 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• San Angelo ISD (urban): math 27% / reading 33% proficiency, ranked #627 of 826 in TX (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Goliad El (math 27% / reading 24%, grade F, #2,982 of 4,322 statewide, top 70%, 412 students, 81% FRL); Lincoln Middle (math 19% / reading 23%, grade F, #1,387 of 1,662 statewide, top 85%, 844 students, 78% FRL); Lake View H S (math 6% / reading 22%, grade F, #1,527 of 1,632 statewide, top 94%, 1,085 students, 64% FRL) — zoned schools average 75% FRL vs 53% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.5%/yr); 227 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 233 units permitted in Tom Green County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($49k/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 $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Tom Green County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.59% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.3

CMA / ARV

• ARV (median comp): $135,817
• List price: $85,000
• Delta: -37.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 E 38th St	0.28mi	2/1.0 (-1)	996 (-0%)	1mo	$150,000	$151	81
302 E 38th St	0.30mi	2/1.0 (-1)	996 (-0%)	9mo	$165,000	$166	73
2813 Pecan St	0.53mi	3/2.0	973 (-3%)	10mo	$132,500	$136	58
425 E 29th St	0.46mi	2/1.0 (-1)	1,056 (+6%)	9mo	$40,000	$38	57
67 37th St	0.48mi	2/3.0 (-1)	1,048 (+5%)	2mo	$139,900	$133	55
303 E 45th St	0.58mi	2/1.0 (-1)	1,092 (+9%)	1mo	$129,900	$119	52
2805 Bowie St	0.46mi	2/1.0 (-1)	942 (-6%)	16mo	$139,900	$149	50
817 40th St	0.22mi	2/1.0 (-1)	906 (-9%)	23mo	$29,000	$32	50
2923 Travis St	0.40mi	3/1.0	1,100 (+10%)	20mo	$134,900	$123	48
94 42nd St	0.70mi	3/2.0	1,088 (+9%)	8mo	$160,000	$147	42
62 E 39th St	0.59mi	2/1.0 (-1)	1,072 (+7%)	23mo	$88,400	$82	36
326 E 26th St	0.62mi	2/2.0 (-1)	928 (-7%)	20mo	$145,000	$156	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 1.80×
• Total profit: $19,099
• Equity at exit: $12,674

10-year hold

• IRR: 30.4%
• Equity multiple: 4.46×
• Total profit: $82,392
• Equity at exit: $7,349

Cash invested: $23,800 (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 76903

• Rents YoY: 8.5%
• Active inventory: 227
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,348 high
• Mortgage (P&I): −$446
• Tax from tax record: −$181 /mo · $2,166/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $403

Break-even live

Break-even rent $838

Max offer price $85,000

Occupancy floor 65%

Sensitivity live

Price	-10% $451	-5% $427	+0% $403	+5% $379	+10% $355
Rent	-10% $297	-5% $350	+0% $403	+5% $456	+10% $510
Rate	-1.0pp $446	-0.5pp $425	base $403	+0.5pp $381	+1.0pp $359

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3212 Orchard Dr San Angelo, TX	4.0	1.0	1216	$1,445	$1.19	44d	1	0.42mi
2921 JFK Dr San Angelo, TX	3.0	1.5	924	$1,102	$1.19	22d	1	0.44mi
2917 JFK Dr San Angelo, TX	3.0	1.5	924	$1,102	$1.19	22d	1	0.45mi
940 LBJ Dr San Angelo, TX	3.0	1.5	924	$1,102	$1.19	22d	1	0.52mi
510 E 28th St San Angelo, TX	3.0	1.5	924	$1,102	$1.19	22d	1	0.53mi
939 LBJ Dr San Angelo, TX	3.0	1.5	924	$1,102	$1.19	22d	1	0.54mi
2417 Oaklawn Blvd San Angelo, TX	2.0	2.0	897	$1,550	$1.73	44d	1	0.74mi
312 E 23rd St San Angelo, TX	3.0	1.0	1148	$1,400	$1.22	44d	1	0.86mi
3302 N Bryant Blvd San Angelo, TX	3.0	1.0	559	$975	$1.74	22d	1	1.43mi

Listing history 13 events

1. 2026-06-15
   status $85,000 Pending 28 DOM
2. 2026-06-15
   days on market $85,000 Active 28 DOM
3. 2026-06-14
   days on market $85,000 Active 26 DOM
4. 2026-06-13
   days on market $85,000 Active 25 DOM
5. 2026-06-10
   days on market $85,000 Active 23 DOM
6. 2026-06-09
   days on market $85,000 Active 22 DOM
7. 2026-06-08
   days on market $85,000 Active 21 DOM
8. 2026-06-07
   days on market $85,000 Active 20 DOM
9. 2026-06-02
   days on market $85,000 Active 15 DOM
10. 2026-06-01
    days on market $85,000 Active 14 DOM
11. 2026-05-31
    days on market $85,000 Active 13 DOM
12. 2026-05-30
    days on market $85,000 Active 12 DOM
13. 2026-05-08
    listed $85,000 Active 987-char remark

ⓘ 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: $2,166 · $181/mo
• Projected year-2 tax: $2,166 · $181/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,176
• − Mortgage interest: −$4,761
• − Property taxes: −$2,166
• − Insurance: −$425
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$2,473
• Taxable income: $3,763
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $3,936/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: San Angelo ISD
• NCES district ID: 4838700
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 33% ▼ -3.00%
• Median HH income: $43,501
• Composite: 25.56/100
• National rank: #7427
• State rank: #627 of 826 in TX

Livability — San Angelo

• Score: 73/100
• State rank: #199
• US rank: #5030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Angelo, TX
• County: Tom Green County · 113,188 people
• City population: 81,357
• Metro: San Angelo, TX
• Population (ZIP): 29,947
• Household income: $49,498
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1255.0

Population outlook (Tom Green County) Hauer SSP2

• Today (2025): 135,110 people
• By 2030: 144,090 · +6.6%
• By 2040: 162,561 · +20.3%
• By 2050: 182,158 · +34.8%
• By 2075: 232,274 · +71.9%
• By 2100: 268,218 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 56% White 36% Two or more races 26% Black 5%
• Hispanic origin (detail): Mexican 49% Puerto Rican 1%
• Common ancestry: Italian 1% Serbian 1% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 66% English-only · Spanish 33%

Political lean MEDSL · Tom Green

• 2024 margin: Solid R (+48.0) · D 25.5% · R 73.5% · Other 1.0%
• 2008→2024 swing: -6.3pp toward R · 2008: -41.7pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+44.4 2016: R+47.9 2012: R+47.9 2008: R+41.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.90%
• Current HPI: 217.0406
• Rent YoY: ▲ 8.46%
• Metro: San Angelo, 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

4 events — show timeline

• 2026-06-15 Pending — SAAR TX
• 2026-05-29 Relisted — SAAR TX
• 2026-05-22 Pending — SAAR TX
• 2026-05-08 Listed $85,000 SAAR TX

Property tax history

+9.4%/yr

Latest (2025): $2,166 · -8.2% YoY. Source: county tax records.