106 Patterson · Wichita Falls, TX 76301

$65,000

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 158 Days on market

Built 1987 7,405 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Freshly renovated 2 bed, 1 bath home on a spacious double lot! Enjoy modern updates throughout, offering stylish comfort and functionality. Plenty of outdoor space for entertaining or relaxing. A rare find with room to grow—don’t miss out on this move-in ready gem!

Key facts

• Move-in ready
• Modern updates
• Double lot

Tags

• DOUBLE LOT
• MODERN UPDATES
• OUTDOOR SPACE
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $-47 ($-570/yr) — negative.
• To cash-flow at today's rent, offer at most $57k (12.9% below list).
• Meets the 1% rule at list price ($974 rent vs $65k).
• Recommended offer: $57k (12.9% below list) — sets the bar for cash-flow.
• Cap rate 13.3% vs local median 4.7% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 135 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,611 (12.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.50% ✓
• Cap rate: 13.29%
• Cash-on-cash: 24.99%
• DSCR: 2.11
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.27% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.39×
• Total profit: $-11,043
• Equity at exit: $9,692

10-year hold

• IRR: -1.9%
• Equity multiple: 0.85×
• Total profit: $-2,759
• Equity at exit: $5,620

Cash invested: $18,200 (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 →

ZIP-level market 76301

• Home prices YoY: -34.1%
• Rents YoY: 5.3%
• Active inventory: 135
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $974 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$22 /mo · $265/yr
• Insurance: −$27
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $-47

Break-even live

Break-even rent $1,034

Max offer price $56,611

Occupancy floor 100%

Sensitivity live

Price	-10% $-11	-5% $-29	+0% $-47	+5% $-66	+10% $-84
Rent	-10% $-124	-5% $-86	+0% $-47	+5% $-9	+10% $29
Rate	-1.0pp $-15	-0.5pp $-31	base $-47	+0.5pp $-64	+1.0pp $-81

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 Redwood Ave Wichita Falls, TX	1.0–3.0	1.0–2.0	928	$916	$0.99	45d	2	0.84mi
1208 Williams Ave Wichita Falls, TX	3.0	2.0	909	$1,199	$1.32	45d	1	1.13mi
33 Grant Gill Ln Wichita Falls, TX	2.0	1.0	952	$1,000	$1.05	45d	1	1.46mi
1810 7th St Unit 1/2 Wichita Falls, TX	2.0	1.0	806	$775	$0.96	45d	1	1.48mi

Listing history 27 events

1. 2026-06-22
   days on market $65,000 Active 158 DOM
2. 2026-06-19
   days on market $65,000 Active 156 DOM
3. 2026-06-18
   days on market $65,000 Active 155 DOM
4. 2026-06-17
   days on market $65,000 Active 154 DOM
5. 2026-06-16
   days on market $65,000 Active 153 DOM
6. 2026-06-15
   days on market $65,000 Active 152 DOM
7. 2026-06-14
   days on market $65,000 Active 150 DOM
8. 2026-06-13
   days on market $65,000 Active 149 DOM
9. 2026-06-10
   days on market $65,000 Active 147 DOM
10. 2026-06-09
    days on market $65,000 Active 146 DOM
11. 2026-06-08
    days on market $65,000 Active 145 DOM
12. 2026-06-07
    days on market $65,000 Active 144 DOM
13. 2026-06-05
    days on market $65,000 Active 141 DOM
14. 2026-06-02
    days on market $65,000 Active 139 DOM
15. 2026-06-01
    days on market $65,000 Active 138 DOM
16. 2026-05-31
    days on market $65,000 Active 137 DOM
17. 2026-05-30
    days on market $65,000 Active 136 DOM
18. 2026-01-14
    listed $65,000 Active 277-char remark

    Show marketing remark (277 chars)

    Freshly renovated 2 bed, 1 bath home on a spacious double lot! Enjoy modern updates throughout, offering stylish comfort and functionality. Plenty of outdoor space for entertaining or relaxing. A rare find with room to grow—don’t miss out on this move-in ready gem!

19. 2025-12-11
    listed $65,000 Active 277-char remark

    Show marketing remark (277 chars)

    Freshly renovated 2 bed, 1 bath home on a spacious double lot! Enjoy modern updates throughout, offering stylish comfort and functionality. Plenty of outdoor space for entertaining or relaxing. A rare find with room to grow—don’t miss out on this move-in ready gem!

20. 2025-11-13
    price $69,900
21. 2025-10-22
    price $70,000
22. 2025-08-13
    price $75,000
23. 2025-03-05
    soldstatus
24. 2025-02-28
    soldstatus
25. 2023-01-30
    listed $29,000 Active
26. 2012-02-07
    soldstatus
27. 2012-02-07
    soldstatus

ⓘ 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: $265 · $22/mo
• Projected year-2 tax: $1,190 · $99/mo
• Expected delta: +$924/yr (+$77/mo · 348.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,683
• − Mortgage interest: −$3,641
• − Property taxes: −$265
• − Insurance: −$5,444
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$1,891
• Taxable loss: −$1,427
• Est. tax savings @ 24.0%: +$343
• After-tax cash flow: $-227/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.

Schools (NCES district)

• District: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment D+ Housing A+ Health & safety C- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 15,479
• Household income: $41,947
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 577.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 38% Black 18% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 22%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.89%
• Current HPI: 135.1511
• Rent YoY: ▲ 5.27%
• Metro: Wichita Falls, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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

Price history

+124.1% since first listed

10 events — show timeline

• 2026-01-14 Listed $65,000 NTREIS
• 2025-12-11 Listed $65,000 WFAOR
• 2025-11-13 Price Changed $69,900 WFAOR
• 2025-10-22 Price Changed $70,000 WFAOR
• 2025-08-13 Price Changed $75,000 WFAOR
• 2025-03-05 Sold (Public Records) — Public Records
• 2025-02-28 Sold (Public Records) — Public Records
• 2023-01-30 Listed $29,000 NTREIS
• 2012-02-07 Sold (Public Records) — Public Records
• 2012-02-07 Sold (Public Records) — Public Records

Property tax history

+4.9%/yr

Latest (2025): $265 · +9.3% YoY. Source: county tax records.