3232 W Dengar Ave · Midland, TX 79705

$227,700

3 bd · 2.0 ba · 1,578 sqft · SingleFamily public records · 12 Days on market

Built 1959 8,059 sqft lot

---

Why this score? — see what drove the D+ 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 +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 8,059 sq ft lot
• 2 garage spots
• Built 1959

Property features AI

Finance

• Other: Property located in the Imperial Heights subdivision; Directions: From Loop 250, head east on Wadley Ave, turn north on Garfield St, then west on Dengar Ave; property will be on the right near the middle of the block.

Exterior

• Parking: 2-car garage
• Utilities: Public sewer
• Home design: Single-family residence; Single-story
• Construction: Brick veneer construction; Built on slab foundation
• Exterior features: Composition roof; Lot approximately 0.185 acres; Brick veneer exterior

Interior

• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central air conditioning
• Interior features: Wood-burning fireplace; Carpet and tile flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $229 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (2.8% below list).
• Recommended offer: $221k (2.8% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fannin El (math 34% / reading 33%, grade F, #2,174 of 4,322 statewide, top 51%, 603 students, 44% FRL); San Jacinto J H (math 26% / reading 35%, grade F, #1,036 of 1,662 statewide, top 63%, 829 students, 54% FRL); Midland H S (math 37% / reading 7%, grade F, #1,366 of 1,632 statewide, top 84%, 2,492 students, 44% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 452 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 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 $7k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,292 (2.8% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-23,317
• Equity at exit: $33,951

10-year hold

• IRR: -1.3%
• Equity multiple: 0.91×
• Total profit: $-5,527
• Equity at exit: $19,687

Cash invested: $63,756 (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 79705

• Rents YoY: 2.6%
• Active inventory: 452
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,213 high
• Mortgage (P&I): −$1,194
• Tax from tax record: −$231 /mo · $2,769/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $229

Break-even live

Break-even rent $1,924

Max offer price $227,700

Occupancy floor 85%

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: $56,925
• Closing costs: $6,831
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3302 Fannin Ave Midland, TX	3.0	2.0	1533	$2,000	$1.30	21d	1	0.12mi
3326 W Dengar Ave Midland, TX	4.0	3.0	2000	$2,500	$1.25	21d	1	0.23mi
3209 W Wadley Ave Unit A Midland, TX	3.0	2.0	1512	$2,500	$1.65	43d	1	0.30mi
3317 Providence Dr Midland, TX	3.0	2.0	1810	$2,500	$1.38	43d	1	0.49mi
2603 W Wadley Ave Midland, TX	3.0	2.0	1600	$1,900	$1.19	21d	1	0.64mi
3315 Godfrey St Midland, TX	1.0–3.0	1.5–4.0	1764	$2,800	$1.59	13d	8	0.67mi
2615 Haynes Ave Unit B Midland, TX	3.0	2.0	1635	$1,950	$1.19	13d	1	0.90mi
1813 McDonald St Midland, TX	3.0	2.0	1680	$2,249	$1.34	43d	1	0.96mi
3619 Boyd Ave Midland, TX	3.0	2.0	1700	$2,100	$1.24	13d	1	0.96mi
3601 Andrews Hwy Midland, TX	2.0	1.0–2.0	800	$1,615	$2.02	13d	16	1.01mi
3134 Tealwood Pl Midland, TX	3.0	2.0	1974	$2,500	$1.27	21d	1	1.07mi
4027 Angelina Dr Midland, TX	3.0	2.0	2228	$2,900	$1.30	13d	1	1.09mi
3600 N Midland Dr Midland, TX	1.0–2.0	1.0–2.0	900	$1,425	$1.58	13d	9	1.11mi
1902 N Midland Dr Midland, TX	1.0–2.0	1.0–2.5	887	$1,619	$1.82	13d	40	1.13mi
3900 Douglas Ave Midland, TX	4.0	2.0	1961	$2,800	$1.43	43d	1	1.14mi
2100 W Wadley Ave Unit L1 Midland, TX	3.0	3.0	1854	$2,300	$1.24	43d	1	1.15mi
4601 Lanham St #11 Midland, TX	3.0	2.5	1420	$2,500	$1.76	21d	1	1.17mi
2404 Goddard Ct Midland, TX	3.0	2.0	1894	$3,100	$1.64	21d	1	1.21mi
2204 Boyd Ave Midland, TX	3.0	2.0	2068	$3,000	$1.45	43d	1	1.24mi
4419 Fairgate Dr Midland, TX	2.0	2.0	1620	$1,800	$1.11	21d	1	1.24mi
2601 Bedford Dr Midland, TX	3.0	2.0	2108	$2,200	$1.04	13d	1	1.25mi
2404 Northtown Ct Midland, TX	3.0	2.0	1994	$2,700	$1.35	13d	1	1.25mi
4534 Sinclair Ave Midland, TX	2.0	1.0–2.5	901	$1,904	$2.11	21d	9	1.25mi
3214 Mark Ln Midland, TX	3.0	2.0	1836	$2,550	$1.39	43d	1	1.26mi
4229 Siesta Ln Midland, TX	2.0	1.5	1290	$1,600	$1.24	13d	1	1.26mi
3417 N Midland Dr Midland, TX	1.0–3.0	1.0–2.0	887	$1,624	$1.83	13d	13	1.27mi
4425 Humble Ave Midland, TX	4.0	2.0	1466	$2,250	$1.53	21d	1	1.29mi
4425 Humble Ave Midland, TX	4.0	2.0	1466	$2,150	$1.47	13d	1	1.29mi
2811 West Loop 250 N Midland, TX	1.0–2.0	1.0–2.5	967	$1,396	$1.44	13d	13	1.31mi
3311 Storey Ave Midland, TX	3.0	1.5	1100	$1,700	$1.55	13d	1	1.32mi
3401 Storey Ave Midland, TX	3.0	2.0	1531	$2,200	$1.44	43d	1	1.33mi
3401 Storey Ave Midland, TX	3.0	2.0	1531	$2,200	$1.44	21d	1	1.33mi
3245 Preston Dr Midland, TX	3.0	2.5	1608	$2,000	$1.24	43d	1	1.34mi
3208 Elma Dr Midland, TX	3.0	2.5	1645	$2,700	$1.64	43d	1	1.36mi
2302 Wydewood Dr Midland, TX	3.0	2.0	1748	$2,500	$1.43	43d	1	1.43mi
4600 Andrews Hwy Midland, TX	1.0–3.0	1.0–2.0	1117	$2,590	$2.32	43d	5	1.43mi
2202 Wydewood Dr Midland, TX	3.0	3.0	1854	$2,700	$1.46	13d	1	1.44mi
2929 W Kansas Ave Midland, TX	2.0	1.0	1050	$1,200	$1.14	43d	1	1.44mi
2929 W Kansas Ave Unit 317 Midland, TX	2.0	1.5	1050	$1,200	$1.14	43d	1	1.44mi
1603 N L St Midland, TX	4.0	3.0	2230	$3,200	$1.43	43d	1	1.46mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $227,700 Pending 12 DOM
2. 2026-06-03
   days on market $227,700 Active 8 DOM
3. 2026-06-02
   days on market $227,700 Active 7 DOM
4. 2026-06-01
   days on market $227,700 Active 6 DOM
5. 2026-05-31
   days on market $227,700 Active 5 DOM
6. 2026-05-30
   days on market $227,700 Active 4 DOM
7. 2026-05-27
   listed $227,700 Active
8. 1975-12-18
   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: $2,769 · $231/mo
• Projected year-2 tax: $4,167 · $347/mo
• Expected delta: +$1,398/yr (+$117/mo · 50.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,555
• − Mortgage interest: −$12,755
• − Property taxes: −$2,769
• − Insurance: −$1,138
• − Repairs & maintenance: −$2,124
• − Management: −$2,124
• − Depreciation: −$6,624
• Taxable loss: −$980
• Est. tax savings @ 24.0%: +$235
• After-tax cash flow: $2,978/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.

Schools (NCES district)

• District: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 46,653
• Household income: $105,310
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 1557.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 46% Hispanic / Latino 43% Two or more races 20% Black 8%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Slovak 1% Lithuanian 1% Serbian 1%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 72% English-only · Spanish 24% Arabic 1%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.44%
• Current HPI: 207.2904
• Rent YoY: ▲ 2.56%
• Metro: Midland, TX
• 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

2 events — show timeline

• 2026-05-27 Listed $227,700 PBBOR
• 1975-12-18 Sold (Public Records) — Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,769 · -3.9% YoY. Source: county tax records.