10109 CR 3100

Slaton, TX 79364

$120,000C+

3 bd · 2.0 ba · 1,764 sqft · Built 1940 · Other · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,515/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$318
• Net cashflow: $368/mo
• Annual: $4,418/yr
• Cap rate: 9.97%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• 1% rule: 1.26%
• Cash to close: $33,600

Investor read

• This is a 3-bed/2.0-bath other listed at $120k.
• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#366 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Slaton ISD (town): math 25% / reading 30% proficiency, ranked #683 of 826 in TX (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cathelene Thomas El (math 28% / reading 31%, grade F, #2,525 of 4,322 statewide, top 62%, 439 students, 76% FRL); Slaton J H (math 23% / reading 25%, grade F, #1,301 of 1,662 statewide, top 79%, 264 students, 72% FRL); Slaton H S (math 22% / reading 42%, grade F, #1,044 of 1,632 statewide, top 66%, 362 students, 70% FRL) — zoned schools at 72% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 2,219 units permitted in Lubbock County in 2024 (252 in 5+ unit buildings).
• Lubbock County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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 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.