10507 Broadway Dr

Amarillo, TX 79108

$469,000B-

24 bd · 17.6 ba · 728 sqft · Built 1983 · MultiFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,321/mo
• Mortgage (P&I): −$2,459
• Tax + insurance: −$782
• HOA: −$0
• Vac / Maint / Mgmt: −$1,747
• Net cashflow: $3,332/mo
• Annual: $39,989/yr
• Cap rate: 14.82%
• Cash-on-cash: 30.45%
• DSCR: 2.35
• 1% rule: 1.77%
• Cash to close: $131,320

Investor read

• This is a 8 × 3-bed/?-bath units multifamily listed at $469k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $417/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $469k).
• It's been on market 55 days — a 3% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $455k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#624 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities C-, schools D, crime F.
• River Road ISD (suburban): math 38% / reading 41% proficiency, ranked #389 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 1,214 units permitted in Potter County in 2024 (650 in 5+ unit buildings).
• 2 sale attempts since 5y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $131k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→17/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 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and tear
• Major: roof — No visible damage
• Major: landscaping — Sparse vegetation