510 N Terrell St · Midland, TX 79701

$205,000

4 bd · 2.0 ba · 2,680 sqft · SingleFamily public records · 101 Days on market

Built 1950 7,013 sqft lot $76/sqft · 43% below area Est $360k · 43% under ↓ 23% since listing

---

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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

Key facts

• Built in bar
• Two story home
• Game room

Tags

• TWO STORY HOME
• MULTIPLE LIVING AREAS
• GAME ROOM
• BUILT IN BAR
• ORIGINAL TOWN SUBDIVISION
• CLOSE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $743 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $187k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 4.7% in Midland — 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 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools C-, crime C-, commute D+.
• Midland ISD (urban): math 34% / reading 36% proficiency, ranked #477 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 113 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• At $2,574/mo this rent would consume 54% of the median local household income ($57k/yr) (locally 938% of renters already pay >50% of income on rent) — 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $57k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.54%
• DSCR: 1.69
• GRM: 6.6

CMA / ARV

• ARV (median comp): $359,984
• List price: $205,000
• Delta: -43.05%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.74% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.15×
• Total profit: $8,370
• Equity at exit: $30,566

10-year hold

• IRR: 11.3%
• Equity multiple: 1.80×
• Total profit: $45,656
• Equity at exit: $17,725

Cash invested: $57,400 (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 79701

• Rents YoY: 0.7%
• Active inventory: 113
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,574 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$129 /mo · $1,554/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $743

Break-even live

Break-even rent $1,633

Max offer price $205,000

Occupancy floor 66%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 N Colorado St Unit NA Midland, TX	3.0	2.0	1768	$2,500	$1.41	21d	1	0.68mi
1500 N Terrell St Midland, TX	3.0	2.0	2027	$2,600	$1.28	13d	1	0.75mi

Listing history 11 events

1. 2026-05-13
   status Pending 454-char remark

   Show marketing remark (454 chars)

   Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

2. 2026-05-01
   status Active 454-char remark

   Show marketing remark (454 chars)

   Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

3. 2026-04-17
   historical Active Under Contract 454-char remark

   Show marketing remark (454 chars)

   Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

4. 2026-03-25
   price $205,000 454-char remark

   Show marketing remark (454 chars)

   Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

5. 2026-02-01
   listed $220,000 Active 454-char remark

   Show marketing remark (454 chars)

   Charming two-story home owned by the original owners and full of potential! Offering 4 bedrooms, 2 baths, and 2,680 sq ft, this property features multiple living areas, a game room, and a built-in bar perfect for entertaining. Great layout with room to personalize and add value. Located in the established Original Town subdivision close to downtown, shopping, and dining. Home is sold as-is; buyer responsible for repairs required for FHA/VA financing.

6. 2025-11-08
   price $199,900
7. 2025-10-15
   price $234,900
8. 2025-09-26
   price $239,900
9. 2025-08-15
   price $249,900
10. 2025-07-22
    price $264,900
11. 1949-06-23
    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: $1,554 · $129/mo
• Projected year-2 tax: $3,752 · $313/mo
• Expected delta: +$2,198/yr (+$183/mo · 141.4%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $30,887
• − Mortgage interest: −$11,483
• − Property taxes: −$1,554
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,471
• − Management: −$2,471
• − Depreciation: −$5,964
• Taxable income: $5,920
• Est. tax owed @ 24.0%: −$1,421
• After-tax cash flow: $7,501/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: Midland ISD
• NCES district ID: 4830570
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $63,457
• Composite: 31.63/100
• National rank: #5938
• State rank: #477 of 826 in TX

Livability — Midland

• Score: 79/100
• State rank: #57
• US rank: #2192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, TX
• County: Midland County · 168,494 people
• City population: 168,494
• Metro: Midland, TX
• Population (ZIP): 27,131
• Household income: $57,346
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 938.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 220,895 people
• By 2030: 253,667 · +14.8%
• By 2040: 325,498 · +47.4%
• By 2050: 404,168 · +83.0%
• By 2075: 609,802 · +176.1%
• By 2100: 760,172 · +244.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 61% Two or more races 28% White 27% Black 10%
• Hispanic origin (detail): Mexican 57%
• Common ancestry: Lithuanian 1% Slovak 1% Ukrainian 1%
• Foreign-born: 17% · Canada
• Languages at home: 55% English-only · Spanish 44%

Political lean MEDSL · Midland

• 2024 margin: Solid R (+60.5) · D 19.3% · R 79.8%
• 2008→2024 swing: -3.3pp toward R · 2008: -57.3pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.6 2016: R+55.2 2012: R+61.5 2008: R+57.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.32%
• Current HPI: 234.6111
• Rent YoY: ▲ 0.74%
• Metro: Midland, 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

-22.6% since first listed

11 events — show timeline

• 2026-05-13 Pending — PBBOR
• 2026-05-01 Relisted — PBBOR
• 2026-04-17 Contingent — PBBOR
• 2026-03-25 Price Changed $205,000 PBBOR
• 2026-02-01 Listed $220,000 PBBOR
• 2025-11-08 Price Changed $199,900 PBBOR
• 2025-10-15 Price Changed $234,900 PBBOR
• 2025-09-26 Price Changed $239,900 PBBOR
• 2025-08-15 Price Changed $249,900 PBBOR
• 2025-07-22 Price Changed $264,900 PBBOR
• 1949-06-23 Sold (Public Records) — Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,554 · -3.4% YoY. Source: county tax records.