613 S Gorst St

Clarendon, TX 79226

$140,000C+

4 bd · 1.0 ba · 1,982 sqft · Built 1995 · SingleFamily · Active · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,382/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $147/mo
• Annual: $1,769/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• 1% rule: 0.99%
• Cash to close: $39,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $147 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (1.3% below list).
• It's been on market 187 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($968 loan paydown + $5k appreciation (3.7% local appreciation)).
• Location reads 72/100 on livability (#259 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: employment C-, amenities F, commute F.
• Clarendon ISD (rural): math 49% / reading 54% proficiency, ranked #175 of 826 in TX (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clarendon El (math 47% / reading 57%, grade C-, #742 of 4,322 statewide, top 19%, 215 students, 61% FRL); Clarendon J H (math 52% / reading 47%, grade C, #356 of 1,662 statewide, top 23%, 88 students, 56% FRL); Clarendon H S (math 54% / reading 64%, grade C+, #275 of 1,632 statewide, top 19%, 131 students, 33% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; 1 units permitted in Donley County in 2024 (0 in 5+ unit buildings).
• Donley County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/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 187 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.
• 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.