324 E California St

Crowell, TX 79227

$22,500C

2 bd · 2.0 ba · 1,169 sqft · Built — · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $996/mo
• Mortgage (P&I): −$118
• Tax + insurance: −$38
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $631/mo
• Annual: $7,576/yr
• Cap rate: 39.96%
• Cash-on-cash: 120.25%
• DSCR: 6.35
• 1% rule: 4.43%
• Cash to close: $6,300

Investor read

• This is a 2-bed/2.0-bath single-family listed at $22k. Condition is rated poor.
• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($996 rent vs $22k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $325 of equity ($156 loan paydown + $169 appreciation (0.8% local appreciation)).
• Location reads 67/100 on livability (#511 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Crowell ISD (rural): math 40% / reading 30% proficiency, ranked #917 of 1,141 in TX (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP.
• Foard County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant damage
• Major: exterior siding — Severe peeling and damage
• Major: interior walls — Severe paint peeling and structural issues
• Major: bathroom fixtures — Missing tiles and fixtures
• Major: kitchen cabinets — Damaged and missing
• Major: HVAC — No visible systems