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505 W Morgan St Fourplex
B+ Composite 77.72
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 +13.0/15.0
  • 1% rule +10.0/10.0
  • DSCR +10.0/10.0
  • Schools +4.8/10.0
  • Condition / age +3.8/5.0
  • Livability +3.7/5.0
  • Rent growth +2.5/5.0
  • Appreciation +0.0/10.0

$347,500

505 W Morgan St · Denison, TX 75020
16 bd · 16.0 ba · 2,552 sqft · MultiFamily public records · 87 Days on market
Built 1915 Good condition 5,009 sqft lot $136/sqft · at area comps Est $396k · 12% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Ideal Investment Opportunity and Location only a few blocks from Vibrant downtown Denison. Two apartments up two down Fresh paint with some original hardwoods. Upstairs garage apartment in the back has Three large storage units underneath. Large front porch leads into 3 of the units. Upstairs and garage apartments have screened porches.

Key facts

  • Foundation repaired
  • Fully updated 4-plex
  • Roof replaced

Tags

FULLY UPDATED 4-PLEXFULL COSMETIC REMODELFOUNDATION REPAIREDROOF REPLACEDSEPARATE GARAGE APARTMENTVACANT UNIT OPPORTUNITY

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 4 × 3-bed/1.5-bath units multifamily listed at $348k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $547/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($6k rent vs $348k).
  • Recommended offer: $327k (6.0% below list) — sets the bar for market timing.
  • Cap rate 13.8% vs local median 4.0% in Denison — 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 (#221 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
  • Denison ISD (urban): math 43% / reading 44% proficiency, ranked #315 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
  • Zoned schools: Terrell El (math 52% / reading 47%, grade D, #865 of 4,322 statewide, top 21%, 350 students, 76% FRL); Henry Scott Middle (math 36% / reading 48%, grade D-, #572 of 1,662 statewide, top 36%, 749 students, 66% FRL); Denison H S (math 53% / reading 53%, grade C-, #437 of 1,632 statewide, top 27%, 1,310 students, 58% FRL).
  • Market conditions: 592 active listings in the ZIP; 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
  • Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
  • At projected returns (-3.0% appreciation + 3.0% rent growth), your $97k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 87 days — a 6% lower offer ($327k) is reasonable based on typical stale-listing flexibility.
  • 2 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 1915 — expect roof / HVAC / electrical / plumbing capex.
  • Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $326,650 (6.0% below list)

Questions for the listing agent

  1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
  2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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.
  9. 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.
  10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
1.67%
Cap rate
13.84%
Cash-on-cash
26.96%
DSCR
2.20
GRM
5.0

CMA / ARV

ARV (median comp)
$395,889
List price
$347,500
Delta
-12.22%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi

Projected returns pro-forma

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

5-year hold
IRR
20.9%
Equity multiple
1.85×
Total profit
$83,024
Equity at exit
$51,813
10-year hold
IRR
29.1%
Equity multiple
3.59×
Total profit
$251,943
Equity at exit
$30,045

Cash invested: $97,300 (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.

ZIP-level market 75020

Active inventory
592
Price-to-rent
20.0×

Monthly cashflow live

Estimated rent
$5,800 high interval (Pro) →
Mortgage (P&I)
$1,822
Tax from tax record
$429 /mo · $5,142/yr
Insurance
$145
HOA
$0
Vacancy / Maint / Mgmt
$1,218
Net cashflow
$2,186

4-unit breakdown (identical units grouped — click to expand)

UnitsBedsBathsEst. rent
Total (4 units) $5,800

Break-even live

Break-even rent $3,032
Max offer price $347,500
Occupancy floor 57%

Sensitivity live

Price -10% $2,383 -5% $2,285 +0% $2,186 +5% $2,088 +10% $1,990
Rent -10% $1,728 -5% $1,957 +0% $2,186 +5% $2,415 +10% $2,645
Rate -1.0pp $2,361 -0.5pp $2,275 base $2,186 +0.5pp $2,096 +1.0pp $2,005

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
$86,875
Closing costs
$10,425
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
411 S Fannin Ave #411 Denison, TX 3.0 2.5 1322 $1,450 $1.10 70d 1 0.01mi
410 S Mirick Ave Denison, TX 3.0 2.0 1100 $1,300 $1.18 93d 1 0.06mi
610 W Owing St Denison, TX 3.0 2.0 1108 $1,395 $1.26 93d 1 0.11mi
626 W Crawford St Unit 101 Denison, TX 2.0 2.0 950 $950 $1.00 70d 1 0.17mi
626 W Chestnut St Denison, TX 2.0 1.0 1132 $1,300 $1.15 70d 1 0.21mi
412 W Day St Denison, TX 2.0 1.0 900 $1,200 $1.33 70d 1 0.27mi
404 W Day St Denison, TX 3.0 2.0 1057 $1,500 $1.42 70d 1 0.27mi
715 W Chestnut St Denison, TX 2.0 2.0 1273 $1,300 $1.02 93d 1 0.28mi
820 W Crawford St Denison, TX 2.0 1.0 996 $1,250 $1.26 70d 1 0.32mi
900 W Chestnut St Denison, TX 3.0 2.0 1742 $1,695 $0.97 93d 1 0.38mi
921 W Day St Denison, TX 3.0 2.0 1212 $1,500 $1.24 93d 1 0.46mi
1011 S Armstrong Ave Unit A Denison, TX 2.0 1.0 1400 $1,500 $1.07 93d 1 0.51mi
1022 W Shepherd St #1022 Denison, TX 3.0 2.5 1322 $1,450 $1.10 70d 1 0.52mi
1120 W Owing St Denison, TX 3.0 2.0 1090 $1,225 $1.12 70d 1 0.58mi
514 N Rusk Ave Unit 516 Denison, TX 3.0 2.0 1173 $1,375 $1.17 70d 1 0.58mi
1004 W Gandy St Denison, TX 3.0 1.0 1250 $1,299 $1.04 70d 1 0.58mi
114 E Hull St Denison, TX 2.0 2.0 1279 $1,450 $1.13 93d 1 0.58mi
313 E Nelson St Denison, TX 3.0 2.0 1279 $1,625 $1.27 70d 1 0.59mi
1016 W Gandy St #4 Denison, TX 2.0 1.5 1000 $1,100 $1.10 93d 1 0.60mi
1131 W Owing St Denison, TX 3.0 2.0 1135 $1,695 $1.49 93d 1 0.60mi
731 W Morton St Denison, TX 3.0 2.0 1298 $1,500 $1.16 93d 1 0.60mi
320 W Bond St Denison, TX 3.0 2.0 1278 $1,500 $1.17 93d 1 0.61mi
514 N Rusk Ave Denison, TX 3.0 2.0 1173 $1,450 $1.24 93d 1 0.62mi
226 W Bond St Unit 224 Denison, TX 3.0 2.5 1294 $1,375 $1.06 93d 1 0.63mi
224 W Bond St Denison, TX 3.0 2.5 1294 $1,375 $1.06 93d 1 0.63mi
327-329 E Nelson St #329 Denison, TX 3.0 2.0 1382 $1,625 $1.18 93d 1 0.64mi
731 W Bond St Denison, TX 3.0 2.0 1297 $1,595 $1.23 70d 1 0.67mi
809 S Travis Ave Denison, TX 3.0 2.0 1490 $1,595 $1.07 93d 1 0.68mi
527 W Walker St Denison, TX 3.0 2.0 1300 $1,675 $1.29 93d 1 0.70mi
1231 W Main St Denison, TX 2.0 1.5 1203 $1,575 $1.31 70d 1 0.73mi
1011 S Perry Ave Denison, TX 2.0 2.0 1079 $1,350 $1.25 93d 1 0.76mi
1311 W Day St Denison, TX 2.0 1.0 1188 $1,050 $0.88 70d 1 0.76mi
131 E Bond St Denison, TX 3.0 2.5 1192 $1,250 $1.05 93d 1 0.77mi
500 E Main St Denison, TX 3.0 2.0 1216 $1,425 $1.17 93d 1 0.78mi
430 E Woodard St Denison, TX 3.0 2.0 1263 $1,590 $1.26 93d 1 0.80mi
727 W Johnson St Unit A Denison, TX 3.0 2.5 1238 $1,450 $1.17 93d 1 0.81mi
1527 S Austin Ave Denison, TX 1.0–2.0 1.0–1.5 850 $999 $1.18 70d 2 0.82mi
212 E Walker St Denison, TX 3.0 2.0 1260 $1,695 $1.35 93d 1 0.84mi
108 W Acheson St Denison, TX 3.0 2.0 1056 $1,550 $1.47 93d 1 0.84mi
520 E Day St Denison, TX 3.0 1.0 1072 $1,225 $1.14 70d 1 0.85mi

Property features AI

Finance

Other
Listing accepts multiple financing types including 1031 exchange, cash, conventional, FHA, VA, USDA, and Texas Vet
Financial info
Two buildings totaling 4 unitsGross annual income: $41,400Gross annual expenses: $13,405Net operating income: $27,995Insurance expense: $3,280Operating expenses include insurance, maintenance, and new taxCapitalization rate: 8.06%
HOA & community
No association

Exterior

Parking
6 parking spacesShared/common parking and driveway
Security
No security features specified
Utilities
City waterCity sewerCo-op electricNot in a municipal utility district
Home design
Residential income property (quadruplex)Two levelsBuilt in 1915
Construction
Siding exteriorComposition roofPillar/post/pier foundation
Exterior features
Covered, enclosed front porch

Interior

Kitchen
Electric rangeElectric water heater
Bedrooms
4 bedrooms
Flooring
Hardwood floors
Bathrooms
4 full bathrooms
Heating & cooling
Ceiling fansElectric coolingMultiple cooling unitsWall/window AC unitsSpace heatersWall furnace
Interior features
Decorative lightingHigh speed internet availableNatural woodwork
Laundry & utility
Washer/dryer info not specified

Listing history 50 events

  1. 2026-07-27
    days on market $347,500 Active 87 DOM
  2. 2026-07-25
    days on market $347,500 Active 85 DOM
  3. 2026-07-24
    days on market $347,500 Active 84 DOM
  4. 2026-07-23
    days on market $347,500 Active 83 DOM
  5. 2026-07-22
    days on market $347,500 Active 82 DOM
  6. 2026-07-21
    days on market $347,500 Active 81 DOM
  7. 2026-07-18
    days on market $347,500 Active 78 DOM
  8. 2026-07-16
    days on market $347,500 Active 76 DOM
  9. 2026-07-16
    days on market $347,500 Active 75 DOM
  10. 2026-07-14
    days on market $347,500 Active 74 DOM
  11. 2026-07-13
    days on market $347,500 Active 73 DOM
  12. 2026-07-12
    days on market $347,500 Active 72 DOM
  13. 2026-07-11
    days on market $347,500 Active 71 DOM
  14. 2026-07-10
    days on market $347,500 Active 70 DOM
  15. 2026-07-09
    days on market $347,500 Active 69 DOM
  16. 2026-07-08
    days on market $347,500 Active 68 DOM
  17. 2026-07-07
    days on market $347,500 Active 67 DOM
  18. 2026-07-06
    days on market $347,500 Active 66 DOM
  19. 2026-07-05
    days on market $347,500 Active 65 DOM
  20. 2026-07-04
    days on market $347,500 Active 64 DOM
  21. 2026-07-03
    days on market $347,500 Active 63 DOM
  22. 2026-07-02
    days on market $347,500 Active 62 DOM
  23. 2026-07-01
    days on market $347,500 Active 61 DOM
  24. 2026-06-30
    days on market $347,500 Active 60 DOM
  25. 2026-06-29
    days on market $347,500 Active 59 DOM
  26. 2026-06-28
    days on market $347,500 Active 58 DOM
  27. 2026-06-28
    days on market $347,500 Active 57 DOM
  28. 2026-06-27
    days on market $347,500 Active 56 DOM
  29. 2026-06-26
    days on market $347,500 Active 55 DOM
  30. 2026-06-23
    days on market $347,500 Active 52 DOM
  31. 2026-06-22
    days on market $347,500 Active 51 DOM
  32. 2026-06-19
    days on market $347,500 Active 49 DOM
  33. 2026-06-18
    days on market $347,500 Active 48 DOM
  34. 2026-06-17
    days on market $347,500 Active 47 DOM
  35. 2026-06-16
    days on market $347,500 Active 46 DOM
  36. 2026-06-15
    days on market $347,500 Active 45 DOM
  37. 2026-06-14
    days on market $347,500 Active 43 DOM
  38. 2026-06-13
    days on market $347,500 Active 42 DOM
  39. 2026-06-10
    days on market $347,500 Active 40 DOM
  40. 2026-06-09
    days on market $347,500 Active 39 DOM
  41. 2026-06-08
    days on market $347,500 Active 38 DOM
  42. 2026-06-07
    days on market $347,500 Active 37 DOM
  43. 2026-06-05
    days on market $347,500 Active 34 DOM
  44. 2026-06-03
    days on market $347,500 Active 33 DOM
  45. 2026-06-02
    days on market $347,500 Active 32 DOM
  46. 2026-06-01
    days on market $347,500 Active 31 DOM
  47. 2026-05-31
    days on market $347,500 Active 30 DOM
  48. 2026-05-30
    days on market $347,500 Active 29 DOM
  49. 2026-05-01
    listed $347,500 Active 1717-char remark
  50. 2024-02-14
    soldstatus

ⓘ 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
$5,142 · $429/mo
Projected year-2 tax
$6,359 · $530/mo
Expected delta
+$1,217/yr (+$101/mo · 23.7%)

ⓘ 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 4/10 Moderate
  • 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
  • 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
  • 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$69,600
− Mortgage interest
−$19,465
− Property taxes
−$5,142
− Insurance
−$1,738
− Repairs & maintenance
−$5,568
− Management
−$5,568
− Depreciation
−$10,109
Taxable income
$22,010
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$5,282
After-tax cash flow
$20,954/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $12,760–$38,280 screening

This fully updated 4-plex is in good condition with a good condition score of 75. It offers significant structural peace of mind with a foundation repaired in 2024 and a roof replaced in 2017. The property is located in a prime location with easy access to downtown Denison and Forest Park.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet

Deferred maintenance Est. $500–$2,000 screening

  • Minor Roof (roof) — No visible signs of damage or wear on the roof.

Value-add opportunities

  • Both Paint exterior siding — Enhances curb appeal and value
  • Both Replace carpet with hardwood flooring — Improves aesthetics and increases rental value
  • Both Install new appliances — Attracts tenants and increases rental value

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Terrell El D TX #865/4,322 Nat'l #12,785/41,679 Middle Henry Scott Middle D- TX #572/1,662 Nat'l #5,398/14,009 High Denison H S C- TX #437/1,632 Nat'l #4,893/17,239

Schools (NCES district)

District
Denison ISD
NCES district ID
4816710
Math proficiency
43% ▼ -7.00%
Reading proficiency
44% ▼ -3.00%
Median HH income
$41,650
Composite
36.6/100
National rank
#4629
State rank
#315 of 826 in TX
B Composite livability gradescore 73/100

Livability — Denison

Score
73/100
State rank
#221
US rank
#5428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place
Denison, TX
County
Grayson County · 134,540 people
City population
34,008
Metro
Sherman-Denison, TX
Population (ZIP)
24,835
Household income
$71,605
Rent vs Own
41.3% rent · 58.7% own
Severe rent burden
8% of renters

Population outlook (Grayson County) Hauer SSP2

Today (2025)
134,540 people
By 2030
138,653 · +3.1%
By 2040
145,958 · +8.5%
By 2050
151,218 · +12.4%
By 2075
161,802 · +20.3%
By 2100
159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

Neighborhood character
Predominantly White (73%)
Race & ethnicity
White 73% Hispanic / Latino 13% Two or more races 9% Black 6%
Hispanic origin (detail)
Mexican 11%
Common ancestry
Slovak 5% Serbian 2% Portuguese 2%
Foreign-born
4% · Canada
Languages at home
93% English-only · Spanish 6%

Political lean MEDSL · Grayson

2024 margin
Solid R (+54.3) · D 22.5% · R 76.7%
2008→2024 swing
-16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
All cycles
2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

Civics

Price history

+58.7% since first listed
6 events — show timeline
  • 2026-05-01 Listed $347,500 NTREIS
  • 2024-02-14 Sold (Public Records) Public Records
  • 2024-02-13 Sold (MLS) NTREIS
  • 2023-12-02 Contingent NTREIS
  • 2023-11-27 Listed $219,000 NTREIS
  • 2008-04-04 Sold (Public Records) Public Records

Property tax history

+8.1%/yr

Latest (2025): $5,142 · +0.2% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…