900 Dearborn · Waco, TX 76704

$75,000

3 bd · 1.0 ba · 921 sqft · SingleFamily public records · 36 Days on market

Built 1976 Fair condition 7,000 sqft lot 2-car garage $81/sqft · 41% below area Est $128k · 41% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0

Listing remarks

Great investment opportunity. Corner brick home that with the right TLC will be a great cozy home. Appliances stay.

Key facts

• 7,000 sq ft lot
• 2 garage spots
• Built 1976

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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: South Waco El (math 8% / reading 22%, grade F, #4,021 of 4,322 statewide, top 94%, 462 students, 96% FRL); G W Carver Middle (math 9% / reading 13%, grade F, #1,634 of 1,662 statewide, top 99%, 393 students, 96% FRL, charter); Waco H S (math 26% / reading 24%, grade F, #1,250 of 1,632 statewide, top 77%, 2,011 students, 88% FRL).
• Market conditions: 123 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $1,363/mo this rent would consume 54% of the median local household income ($30k/yr) — 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 $519 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 58% 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 $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.82% ✓
• Cap rate: 13.46%
• Cash-on-cash: 25.58%
• DSCR: 2.14
• GRM: 4.6

CMA / ARV

• ARV (median comp): $127,635
• List price: $75,000
• Delta: -41.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
812 Harlem St	0.07mi	2/1.0 (-1)	964 (+5%)	1mo	$129,000	$134	83
1128 E Sunset St	0.22mi	2/1.0 (-1)	880 (-4%)	3mo	$194,000	$220	75
1144 Faulkner Ln	0.27mi	3/1.0	972 (+6%)	11mo	$162,000	$167	69
1220 Sherman St	0.33mi	3/2.0	864 (-6%)	7mo	$55,000	$64	65
1212 J J Flewellen Rd	0.21mi	3/1.0	844 (-8%)	16mo	$82,995	$98	63
604 Garrison St	0.52mi	2/1.0 (-1)	960 (+4%)	3mo	$114,900	$120	61
924 Hubert St	0.35mi	2/1.0 (-1)	896 (-3%)	17mo	$69,000	$77	60
1016 Preston St	0.37mi	2/1.0 (-1)	989 (+7%)	9mo	$35,000	$35	58
1130 Kellum St	0.57mi	2/2.0 (-1)	926 (+0%)	7mo	$160,000	$173	58
823 Dawson St	0.47mi	3/2.0	1,028 (+12%)	0mo	$189,900	$185	54
1111 Turner St	0.26mi	2/1.0 (-1)	1,036 (+12%)	10mo	$174,900	$169	54
504 Garrison St	0.60mi	2/1.0 (-1)	1,032 (+12%)	10mo	$69,900	$68	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 14.6%
• Equity multiple: 1.58×
• Total profit: $12,254
• Equity at exit: $11,183

10-year hold

• IRR: 23.4%
• Equity multiple: 3.02×
• Total profit: $42,458
• Equity at exit: $6,485

Cash invested: $21,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 22 active · 12 under contract
• Months of supply: 13.2 mo (8%/mo absorbed)
• Median asking: $179,900 ($164/sqft)
• Median days on market: 105 d
• This list price: 14% of active listings are priced below it
• ARV vs active asking: -15.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 76704

• Home prices YoY: -2.7%
• Active inventory: 123
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,363 high
• Mortgage (P&I): −$393
• Tax from tax record: −$205 /mo · $2,456/yr
• Insurance: −$31
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $381

Break-even live

Break-even rent $881

Max offer price $75,000

Occupancy floor 67%

Sensitivity live

Price	-10% $424	-5% $402	+0% $381	+5% $360	+10% $339
Rent	-10% $273	-5% $327	+0% $381	+5% $435	+10% $489
Rate	-1.0pp $419	-0.5pp $400	base $381	+0.5pp $362	+1.0pp $342

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: $18,750
• Closing costs: $2,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
716 Faulkner Ln Waco, TX	3.0	2.0	1116	$1,550	$1.39	2d	1	0.18mi
1212 J J Flewellen Rd Waco, TX	2.0	1.0	844	$1,250	$1.48	139d	1	0.20mi
540 Dunbar St Waco, TX	2.0	1.0	708	$1,250	$1.77	2d	1	0.33mi
1225 Selman St Waco, TX	2.0	1.0	624	$895	$1.43	116d	1	0.34mi
825 Garrison St Waco, TX	3.0	2.0	1028	$1,370	$1.33	109d	1	0.35mi
932 Dawson St Waco, TX	3.0	2.0	1028	$1,449	$1.41	109d	1	0.38mi
1001 Preston St Unit 1 Waco, TX	3.0	1.0	1028	$1,400	$1.36	2d	1	0.39mi
507 Dunbar St Waco, TX	3.0	1.0	852	$1,450	$1.70	109d	1	0.39mi
507 Dunbar St Waco, TX	3.0	1.0	841	$1,300	$1.55	2d	1	0.39mi
820 Hubert St Unit B Waco, TX	3.0	1.0	838	$1,020	$1.22	2d	1	0.40mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	139d	1	0.41mi
916 Olive St Waco, TX	3.0	2.0	1028	$1,475	$1.43	109d	1	0.56mi
903 Olive St Waco, TX	3.0	2.0	1090	$1,465	$1.34	5d	1	0.60mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	116d	1	0.61mi
1107 Chestnut St Waco, TX	2.0	1.0	928	$1,200	$1.29	0d	1	0.63mi
925 Burgan St Unit A Waco, TX	3.0	2.0	872	$999	$1.15	109d	1	0.64mi
923 Burgan St Unit A Waco, TX	3.0	2.0	872	$1,015	$1.16	109d	1	0.64mi
1226 Chestnut St Unit A Waco, TX	3.0	2.0	980	$925	$0.94	116d	1	0.68mi
718 Rusk St Waco, TX	2.0	1.0	672	$1,150	$1.71	6d	1	0.79mi
413 Lottie St Unit B Waco, TX	3.0	2.0	872	$1,025	$1.18	109d	1	0.84mi
413 Lottie St Unit A Waco, TX	3.0	2.0	872	$1,214	$1.39	0d	1	0.84mi
1802 Faulkner Ln Waco, TX	3.0	2.0	1090	$1,664	$1.53	0d	1	1.00mi
401 Tennessee Ave Waco, TX	2.0	1.0	750	$1,300	$1.73	2d	1	1.03mi
804 Earle Ave Unit A Waco, TX	3.0	2.0	872	$1,035	$1.19	109d	1	1.03mi
1013 Earle Ave Waco, TX	3.0	2.0	1028	$1,525	$1.48	116d	1	1.04mi
820 E Pecan Ave Waco, TX	2.0	1.0	672	$1,300	$1.93	109d	1	1.10mi
700 Pecan Ave Waco, TX	3.0	2.0	1090	$1,475	$1.35	2d	1	1.12mi
1209 Southey St Waco, TX	3.0	2.0	1041	$1,450	$1.39	5d	1	1.22mi
1413 N 7th St Unit B Waco, TX	3.0	1.0	850	$1,395	$1.64	2d	1	1.23mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,714	$1.86	2d	1	1.24mi
718 Garland Ave Unit b Waco, TX	3.0	1.0	838	$985	$1.18	109d	1	1.33mi
1108 N 9th St Waco, TX	3.0	2.0	1041	$1,800	$1.73	2d	1	1.41mi
909 N 10th St Waco, TX	2.0	1.0	1050	$1,250	$1.19	2d	1	1.48mi

Property features AI

Finance

• Financial info: Acceptable financing: Cash, Conventional, FHA-203KSecond mortgage: NoLoan type listed as Treat As Clear
• HOA & community: No association

Exterior

• Parking: Covered parking for 4 vehiclesCarport with 4 spaces2-car garageAdditional parking available
• Utilities: City waterCity sewerNot in a municipal utility district
• Home design: Single-family residenceResidential propertyAttached: YesBuilt in 1976
• Construction: Year built: 1976
• Exterior features: Lot under 0.5 acre (approximately 0.16 acre)Will subdivide

Interior

• Kitchen: Electric range
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom
• Interior features: Built-in featuresOne-level layoutTotal of 4 rooms

Listing history 32 events

1. 2026-09-24
   days on market $75,000 Active 36 DOM
2. 2026-09-22
   days on market $75,000 Active 35 DOM
3. 2026-09-21
   days on market $75,000 Active 34 DOM
4. 2026-09-20
   days on market $75,000 Active 33 DOM
5. 2026-09-19
   days on market $75,000 Active 32 DOM
6. 2026-09-18
   days on market $75,000 Active 31 DOM
7. 2026-09-17
   days on market $75,000 Active 30 DOM
8. 2026-09-16
   days on market $75,000 Active 29 DOM
9. 2026-09-15
   days on market $75,000 Active 28 DOM
10. 2026-09-14
    days on market $75,000 Active 27 DOM
11. 2026-09-13
    days on market $75,000 Active 26 DOM
12. 2026-09-12
    days on market $75,000 Active 25 DOM
13. 2026-09-11
    days on market $75,000 Active 24 DOM
14. 2026-09-05
    days on market $75,000 Active 18 DOM
15. 2026-09-04
    days on market $75,000 Active 17 DOM
16. 2026-09-03
    pricestatusdays on market $75,000 Active 16 DOM
17. 2026-07-16
    statusdays on market $79,000 Pending 15 DOM
18. 2026-07-14
    days on market $79,000 Active 14 DOM
19. 2026-07-13
    days on market $79,000 Active 13 DOM
20. 2026-07-12
    days on market $79,000 Active 12 DOM
21. 2026-07-11
    days on market $79,000 Active 11 DOM
22. 2026-07-10
    days on market $79,000 Active 10 DOM
23. 2026-07-09
    days on market $79,000 Active 9 DOM
24. 2026-07-08
    days on market $79,000 Active 8 DOM
25. 2026-07-07
    days on market $79,000 Active 7 DOM
26. 2026-07-06
    days on market $79,000 Active 6 DOM
27. 2026-07-05
    days on market $79,000 Active 5 DOM
28. 2026-07-04
    days on market $79,000 Active 4 DOM
29. 2026-07-03
    days on market $79,000 Active 3 DOM
30. 2026-07-02
    days on market $79,000 Active 2 DOM
31. 2026-06-30
    remarks 115-char remark
32. 2026-06-30
    listed $79,000 Active 1 DOM

ⓘ 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: $2,456 · $205/mo
• Projected year-2 tax: $2,456 · $205/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,358
• − Mortgage interest: −$4,201
• − Property taxes: −$2,456
• − Insurance: −$1,172
• − Repairs & maintenance: −$1,309
• − Management: −$1,309
• − Depreciation: −$2,182
• Taxable income: $3,729
• Est. tax owed @ 24.0%: −$895
• After-tax cash flow: $3,679/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab Est. rehab $23,025–$41,445 screening

The home requires significant repairs, particularly to the roof and exterior walls, as well as maintenance to the landscaping. These improvements would significantly increase its resale and rental value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows seem to be old and possibly not functioning properly.
• Major Electrical (electrical) — The electrical panel is not visible, but the house appears old and may need updates.
• Major Plumbing (plumbing) — The exterior of the house shows signs of wear and possible water damage.

Repairs flagged

• Major roof — Significant damage and discoloration indicate a major repair or replacement is needed.
• Minor exterior walls — Some discoloration and minor damage are visible, which may be related to the roof condition.
• Major landscaping — The landscaping is overgrown and in need of trimming, which detracts from the curb appeal of the property.

Value-add opportunities

• Both replacing the roof — Replacing the roof would significantly improve the home's condition and curb appeal, making it more attractive to potential buyers or renters. ↑
• Both trimming and landscaping the yard — A well-maintained yard and curb appeal can increase the home's resale and rental value. ↑
• Both painting the exterior walls — Painting the exterior walls can improve the home's appearance and increase its resale and rental value. ↑
• Both repairing the exterior walls — Repairing the exterior walls can improve the home's condition and curb appeal, making it more attractive to potential buyers or renters. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 17/100

Zoned Schools

Elementary South Waco El F TX #4,021/4,322 Nat'l #36,424/41,679 Middle G W Carver Middle F TX #1,634/1,662 Nat'l #13,233/14,009 High Waco H S F TX #1,250/1,632 Nat'l #12,347/17,239

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

B Composite livability gradescore 74/100

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 · 264,191 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 7,018
• Household income: $30,349
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (67%)
• Race & ethnicity: Black 67% Hispanic / Latino 19% Two or more races 11% White 10%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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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: ▼ -5.09%
• Current HPI: 181.8051
• Rent YoY: —
• Metro: Waco, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

Property features AI

Finance

• Financial info: Acceptable financing: Cash, Conventional, FHA-203KSecond mortgage: NoLoan type listed as Treat As Clear
• HOA & community: No association

Exterior

• Parking: Covered parking for 4 vehiclesCarport with 4 spaces2-car garageAdditional parking available
• Utilities: City waterCity sewerNot in a municipal utility district
• Home design: Single-family residenceResidential propertyAttached: YesBuilt in 1976
• Construction: Year built: 1976
• Exterior features: Lot under 0.5 acre (approximately 0.16 acre)Will subdivide

Interior

• Kitchen: Electric range
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom
• Interior features: Built-in featuresOne-level layoutTotal of 4 rooms

Price history

1 event — show timeline

• 2026-06-30 Listed $79,000 NTREIS

Property tax history

+10.1%/yr

Latest (2025): $2,456 · +9.6% YoY. Source: county tax records.