204 Queen Annes Dr

Burleson, TX 76028

$28,600D+

4 bd · 2.0 ba · 2,231 sqft · Built 2003 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,372/mo
• Mortgage (P&I): −$150
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$498
• Net cashflow: $1,676/mo
• Annual: $20,113/yr
• Cap rate: 76.62%
• Cash-on-cash: 251.16%
• DSCR: 12.18
• 1% rule: 8.29%
• Cash to close: $8,008

Investor read

• This is a 4-bed/2.0-bath single-family listed at $29k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $29k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $198 of loan paydown is wiped out by about $858 of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#53 in TX, #2,133 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Burleson ISD (suburban): math 41% / reading 48% proficiency, ranked #236 of 826 in TX (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Academy At Nola Dunn (math 52% / reading 59%, grade C, #587 of 4,322 statewide, top 14%, 675 students, 17% FRL); Hughes Middle (math 40% / reading 40%, grade F, #646 of 1,662 statewide, top 40%, 944 students, 49% FRL); Burleson H S (math 29% / reading 51%, grade F, #809 of 1,632 statewide, top 50%, 1,761 students, 39% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 684 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 20y 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 76.6% vs local median 3.5% in Burleson — 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.

Questions for listing agent

• 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.