2113 Hendricks St

Gladewater, TX 75647

$190,000D+

3 bd · 2.0 ba · 1,591 sqft · Built 1969 · SingleFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,950/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$469
• HOA: −$0
• Vac / Maint / Mgmt: −$410
• Net cashflow: $75/mo
• Annual: $905/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• 1% rule: 1.03%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $75 ($905/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 62 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (6.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#805 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime C-, amenities F, commute F.
• Gladewater ISD (suburban): math 29% / reading 34% proficiency, ranked #594 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gladewater Pri (367 students, 90% FRL); Gladewater Middle (math 34% / reading 37%, grade F, #827 of 1,662 statewide, top 51%, 400 students, 78% FRL); Gladewater H S (math 27% / reading 42%, grade F, #963 of 1,632 statewide, top 61%, 459 students, 73% FRL) — zoned schools average 80% FRL vs 63% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 179 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Upshur County in 2024 (0 in 5+ unit buildings).
• Upshur County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 10y 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.
• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 5.2% in Gladewater — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.