408 Live Oak St St

Marlin, TX 76661

$219,900B-

None bd · None ba · 2,800 sqft · Built — · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,720/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$571
• Net cashflow: $629/mo
• Annual: $7,549/yr
• Cap rate: 9.73%
• Cash-on-cash: 12.26%
• DSCR: 1.55
• 1% rule: 1.24%
• Cash to close: $61,572

Investor read

• This is a multifamily listed at $220k. Condition is rated fair.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (4.2% local appreciation)).
• 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).
• 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.
• 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.

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.
• 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?
• 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 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.

Repairs flagged (vision-AI assessment)

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