408 Live Oak St St · Marlin, TX 76661

$219,900

None bd · None ba · 2,800 sqft · MultiFamily · 13 Days on market

Fair condition 0.46 ac lot

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Appreciation +7.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Don’t miss this income producing commercial property featuring three garage apartment units (approximately 420 SF each), currently leased and generating rental income. Situated on a generous 0.43-acre tract, this property offers significant upside with the ability to add two additional units and ample space for future development, including additional rental units or a commercial building. Whether you’re looking to expand your rental portfolio or capitalize on future development opportunities, this property delivers both immediate cash flow and long-term growth potential. Even better, it can be purchased individually, packaged with five additional investment properties, or combi

Key facts

• Commercial building
• 0.46 acre lot
• 5 parking spots

Tags

• THREE GARAGE APARTMENT UNITS
• GENEROUS 0.43-ACRE TRACT
• ADDITIONAL RENTAL UNITS
• COMMERCIAL BUILDING

Property features AI

Finance

• Other: Property marketed as residential income with 3 total units in 1 building; Multi-parcel property
• Financial info: Listed for cash or conventional financing; Capitalization rate not provided; Gross annual income/expenses and net operating income reported as zero
• HOA & community: No association

Exterior

• Parking: 5 parking spaces; On-site open unpaved parking; No garage
• Utilities: City water; City sewer; No municipal utility district
• Home design: Residential income property; Multi-family; One-level
• Construction: Metal roof; Aluminum siding; Metal siding; Slab foundation; Building area approximately 2800; Year built listed as preowned
• Exterior features: Lot less than 0.5 acre; Subdivision: Oakes; Directions: From Hwy 6, exit toward Live Oak St; continue on Live Oak about 1/2 mile — 408 Live Oak on right

Interior

• Flooring: Carpet; Ceramic tile
• Heating & cooling: Central heating; Electric heating; Central air conditioning; Electric cooling; Window unit(s)
• Interior features: Open floorplan; Other interior features

What this means for you Summary

Snapshot

• This is a multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 9.7% vs local median 5.7% in Marlin — 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 59/100 on livability (#1,146 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime B+, housing B+; Watch: amenities F, commute F, employment F.
• Marlin ISD (town): math 21% / reading 22% proficiency, ranked #779 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Marlin El (math 22% / reading 27%, grade F, #3,052 of 4,322 statewide, top 74%, 474 students, 99% FRL); Marlin Middle (math 22% / reading 27%, grade F, #1,279 of 1,662 statewide, top 78%, 201 students, 100% FRL); Marlin High (math 2% / reading 12%, grade F, #1,612 of 1,632 statewide, top 99%, 243 students, 99% FRL) — zoned schools average 99% FRL vs 84% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 121 active listings in the ZIP; 4 units permitted in Falls County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (4.2% local appreciation)).
• Falls County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $219,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.26%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 2.31×
• Total profit: $80,525
• Equity at exit: $113,691

10-year hold

• IRR: 21.8%
• Equity multiple: 4.48×
• Total profit: $214,250
• Equity at exit: $187,726

Cash invested: $61,572 (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 76661

• Home prices YoY: 3.4%
• Active inventory: 121
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $2,720 medium
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $629

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 72%

Sensitivity live

Price	-10% $781	-5% $705	+0% $629	+5% $553	+10% $477
Rent	-10% $414	-5% $522	+0% $629	+5% $737	+10% $844
Rate	-1.0pp $740	-0.5pp $685	base $629	+0.5pp $572	+1.0pp $514

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$2,721
Total (3 units)			$2,720

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $219,900 Active 13 DOM
2. 2026-06-18
   days on market $219,900 Active 10 DOM
3. 2026-06-17
   days on market $219,900 Active 9 DOM
4. 2026-06-16
   days on market $219,900 Active 8 DOM
5. 2026-06-15
   price $219,900 Active 7 DOM
6. 2026-06-15
   days on market $225,000 Active 7 DOM
7. 2026-06-14
   days on market $225,000 Active 5 DOM
8. 2026-06-13
   days on market $225,000 Active 4 DOM
9. 2026-06-10
   days on market $225,000 Active 2 DOM
10. 2026-06-09
    remarks 687-char remark
11. 2026-06-09
    listed $225,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $32,640
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,611
• − Management: −$2,611
• − Depreciation: −$6,397
• Taxable income: $4,305
• Est. tax owed @ 24.0%: −$1,033
• After-tax cash flow: $6,516/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate rehabilitation to address structural and aesthetic issues, significantly impacting its value.

Repairs flagged

• Major roof — Signs of significant wear
• Major exterior siding — Weathered and rusted
• Major concrete foundation — Uneven and potentially unstable

Value-add opportunities

• Both repair and paint exterior — Enhances curb appeal and rental value
• Both repair foundation — Stabilizes structure and improves resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant wear	Major	$15,000–50,000
exterior siding · Weathered and rusted	Major	$15,000–50,000
concrete foundation · Uneven and potentially unstable	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair and paint exterior — Enhances curb appeal and rental value ↑
• Both repair foundation — Stabilizes structure and improves resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Marlin ISD
• NCES district ID: 4829130
• Math proficiency: 21% ▲ 2.00%
• Reading proficiency: 22% ▲ 6.00%
• Median HH income: $29,255
• Composite: 17.18/100
• National rank: #9106
• State rank: #779 of 826 in TX

Livability — Marlin

• Score: 59/100
• State rank: #1146
• US rank: #20161

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marlin, TX
• Population (ZIP): 7,266

Population outlook (Falls County) Hauer SSP2

• Today (2025): 15,782 people
• By 2030: 15,209 · -3.6%
• By 2040: 14,276 · -9.5%
• By 2050: 13,645 · -13.5%
• By 2075: 13,724 · -13.0%
• By 2100: 13,005 · -17.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 35% Hispanic / Latino 30% White 30% Two or more races 13% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 84% English-only · Spanish 15%

Political lean MEDSL · Falls

• 2024 margin: Solid R (+44.7) · D 27.3% · R 72.0%
• 2008→2024 swing: -25.0pp toward R · 2008: -19.7pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+37.1 2016: R+33.6 2012: R+24.4 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.17%
• Current HPI: 126.9217
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-08 Listed $225,000 NTREIS