6194 Fm 19

Neches, TX 75803

$149,000D+

3 bd · 2.0 ba · 1,178 sqft · Built 2017 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,384/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $135/mo
• Annual: $1,625/yr
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• 1% rule: 0.93%
• Cash to close: $41,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $149k. Condition is rated fair.
• At list price, monthly cash flow is $135 ($2k/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 $138k (7.1% below list).
• It's been on market 27 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (7.1% below list) — sets the bar for 1% rule.
• 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Neches ISD (rural): math 55% / reading 45% proficiency, ranked #379 of 1,141 in TX (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Neches El (math 52% / reading 47%, grade D, #865 of 4,322 statewide, top 21%, 170 students, 64% FRL); Neches H S (math 90% / reading 70%, grade A, #38 of 1,632 statewide, top 2%, 140 students, 47% FRL).
• Zoned-school proficiency averages 65% at this address vs 50% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Neches ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 135 active listings in the ZIP; 29 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Needs significant work to enhance curb appeal
• Major: Exterior cleaning — Dirt road and debris need cleaning
• Major: Painting — Worn paint needs touch-up or replacement
• Major: Appliances — Dated and cluttered, needs replacement