3305 Alta Vista Dr · Waco, TX 76706

$190,000

2 bd · 1.0 ba · 1,833 sqft · MultiFamily public records · 68 Days on market

Built 1982 7,187 sqft lot $104/sqft · 18% below area Est $232k · 18% under ↓ 9% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +10.7/30.0
• 1% rule +4.1/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great curb appeal and strong investment potential! Ideally located just one mile from the Circle and only three miles from Baylor University, this property is perfectly positioned for consistent rental demand. Features include ample parking, convenient exterior storage, and identical floor plans. A great opportunity for investors looking to generate reliable income with room for future growth.

Key facts

• Exterior storage
• Ample parking
• Reliable income

Tags

• INVESTMENT POTENTIAL
• AMPLE PARKING
• EXTERIOR STORAGE
• CONSISTENT RENTAL DEMAND
• RELIABLE INCOME
• FUTURE GROWTH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (8.9% below list).
• Recommended offer: $173k (8.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment D-.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alta Vista El (math 12% / reading 12%, grade F, #4,207 of 4,322 statewide, top 98%, 545 students, 89% FRL, charter); Cesar Chavez Middle (math 16% / reading 24%, grade F, #1,428 of 1,662 statewide, top 87%, 840 students, 94% FRL); University H S (math 39% / reading 31%, grade F, #954 of 1,632 statewide, top 59%, 1,678 students, 89% FRL).
• Market conditions: Rents rising (+1.9%/yr); 318 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $1,731/mo this rent would consume 50% of the median local household income ($42k/yr) (locally 3883% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,061 (8.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• GRM: 9.1

CMA / ARV

• ARV (median comp): $231,501
• List price: $190,000
• Delta: -17.93%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.28×
• Total profit: $-38,459
• Equity at exit: $28,330

10-year hold

• IRR: -17.5%
• Equity multiple: 0.09×
• Total profit: $-48,389
• Equity at exit: $16,428

Cash invested: $53,200 (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 76706

• Home prices YoY: -29.1%
• Rents YoY: 1.9%
• Active inventory: 318
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,731 high
• Mortgage (P&I): −$996
• Tax from tax record: −$383 /mo · $4,597/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-91

Break-even live

Break-even rent $1,846

Max offer price $173,849

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-38	+0% $-91	+5% $-145	+10% $-199
Rent	-10% $-228	-5% $-160	+0% $-91	+5% $-23	+10% $45
Rate	-1.0pp $4	-0.5pp $-43	base $-91	+0.5pp $-141	+1.0pp $-191

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	45d	1	0.11mi
3300 Wynmore Dr Waco, TX	3.0	2.0	1678	$1,850	$1.10	22d	1	0.11mi
3743 Vista Cove Dr Waco, TX	3.0	2.0	1509	$1,850	$1.23	22d	1	0.48mi
1628 Ewing Ave Waco, TX	3.0	2.0	1472	$2,400	$1.63	15d	1	1.24mi
2201 Creekview Dr Waco, TX	1.0–3.0	1.0–2.0	990	$1,758	$1.78	15d	20	1.44mi

Listing history 19 events

1. 2026-06-21
   days on market $190,000 Active 68 DOM
2. 2026-06-18
   days on market $190,000 Active 65 DOM
3. 2026-06-17
   days on market $190,000 Active 64 DOM
4. 2026-06-16
   days on market $190,000 Active 63 DOM
5. 2026-06-15
   days on market $190,000 Active 62 DOM
6. 2026-06-14
   days on market $190,000 Active 60 DOM
7. 2026-06-13
   days on market $190,000 Active 59 DOM
8. 2026-06-10
   days on market $190,000 Active 57 DOM
9. 2026-06-09
   days on market $190,000 Active 56 DOM
10. 2026-06-08
    days on market $190,000 Active 55 DOM
11. 2026-06-07
    days on market $190,000 Active 54 DOM
12. 2026-06-05
    days on market $190,000 Active 51 DOM
13. 2026-06-03
    days on market $190,000 Active 50 DOM
14. 2026-06-02
    days on market $190,000 Active 49 DOM
15. 2026-06-01
    days on market $190,000 Active 48 DOM
16. 2026-05-31
    days on market $190,000 Active 47 DOM
17. 2026-05-30
    days on market $190,000 Active 46 DOM
18. 2026-05-12
    price $190,000 396-char remark

    Show marketing remark (396 chars)

    Great curb appeal and strong investment potential! Ideally located just one mile from the Circle and only three miles from Baylor University, this property is perfectly positioned for consistent rental demand. Features include ample parking, convenient exterior storage, and identical floor plans. A great opportunity for investors looking to generate reliable income with room for future growth.

19. 2026-04-14
    listed $209,000 Active 396-char remark

    Show marketing remark (396 chars)

    Great curb appeal and strong investment potential! Ideally located just one mile from the Circle and only three miles from Baylor University, this property is perfectly positioned for consistent rental demand. Features include ample parking, convenient exterior storage, and identical floor plans. A great opportunity for investors looking to generate reliable income with room for future growth.

ⓘ 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: $4,597 · $383/mo
• Projected year-2 tax: $4,597 · $383/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $20,767
• − Mortgage interest: −$10,643
• − Property taxes: −$4,597
• − Insurance: −$950
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$5,527
• Taxable loss: −$4,272
• Est. tax savings @ 24.0%: +$1,025
• After-tax cash flow: $-72/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 41,627
• Household income: $41,656
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 3883.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 31% Two or more races 17% Black 15% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Iranian 1% Romanian 1%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.31%
• Current HPI: 230.2557
• Rent YoY: ▲ 1.86%
• Metro: Waco, 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

-9.1% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $190,000 NTREIS
• 2026-04-14 Listed $209,000 NTREIS

Property tax history

+8.2%/yr

Latest (2025): $4,597 · +11.8% YoY. Source: county tax records.