119 Greenlawn Ave

Pleasanton, TX 78064-3921

$224,999D

3 bd · 2.0 ba · 1,944 sqft · Built 1955 · SingleFamily · Active · 462 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,734/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$295
• HOA: −$0
• Vac / Maint / Mgmt: −$364
• Net cashflow: $-105/mo
• Annual: $-1,259/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• 1% rule: 0.77%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (22.9% below list).
• It's been on market 462 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (22.9% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#679 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety F.
• Pleasanton ISD (town): math 36% / reading 37% proficiency, ranked #470 of 826 in TX (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasanton El (math 35% / reading 35%, grade F, #1,965 of 4,322 statewide, top 46%, 958 students, 70% FRL); Pleasanton J H (math 30% / reading 34%, grade F, #971 of 1,662 statewide, top 60%, 772 students, 66% FRL); Pleasanton H S (math 59% / reading 51%, grade C, #373 of 1,632 statewide, top 23%, 944 students, 60% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 224 units permitted in Atascosa County in 2024 (0 in 5+ unit buildings).
• Atascosa County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 12y 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.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.7% vs local median 3.3% in Pleasanton — 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

• 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?
• It's been on market 462 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.