106 Bowden Rd

Union Grove, TX 75647

$160,000C+

3 bd · 2.0 ba · 2,038 sqft · Built 2007 · Manufactured · Active · 216 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,804/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $422/mo
• Annual: $5,069/yr
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• 1% rule: 1.13%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 216 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#1,363 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Union Grove ISD (rural): math 54% / reading 52% proficiency, ranked #117 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Union Grove El (math 45% / reading 44%, grade F, #1,155 of 4,322 statewide, top 29%, 406 students, 51% FRL); Union Grove J H (math 57% / reading 62%, grade B, #166 of 1,662 statewide, top 11%, 126 students, 49% FRL); Union Grove H S (math 82% / reading 62%, grade B+, #95 of 1,632 statewide, top 7%, 229 students, 38% FRL).
• Market conditions: 179 active listings in the ZIP; 34 units permitted in Upshur County in 2024 (0 in 5+ unit buildings).
• Upshur County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 57% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.