109 E 4th St · Keene, TX 76059

$350,000

None bd · None ba · 3,674 sqft · MultiFamily public records · 53 Days on market

Built 1970 0.85 ac lot $95/sqft · 10% below area Est $389k · 10% under

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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
• ARV discount +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

BRING YOUR INVESTORS FOR THIS GREAT FOURPLEX CASH FLOW PROPERTY. ALL UNITS FULLY LEASED CLOSE TO SWAU AND INCLUDES A FIFTH UNIT USED FOR STORAGE WHICH COULD BE CONVERTED TO ANOTHER LEASEABLE UNIT. EACH FEATURES LARGE LIVING WITH CARPET AND TILE FLOORING AND NEW ROOF IN 2011. MUST SEE!! PLEASE DO NOT APPROACH TENANTS. LARGE LOT ON ALMOST 1 ACRE, MINERALS NEGOTIABLE.

Key facts

• 0.85 acre lot
• 4 parking spots
• Built 1970

Property features AI

Finance

• Other: Will not subdivide; Parcel number 126011400280
• Financial info: Gross annual income: $42,000; Gross annual expenses: $3,500; Insurance expense: $2,000; Net operating income: $36,500; Capitalization rate: 10.43%; Accepts cash, conventional, FHA, and VA financing
• HOA & community: No association

Exterior

• Parking: Assigned parking; Driveway parking; On-site parking; 4 parking spaces
• Utilities: City sewer; City water; Electricity available; Not in a municipal utility district
• Home design: Residential income property; Quadruplex; One building; Preowned (built 1970)
• Construction: Composition roof; Combination and slab foundation; Construction materials: see remarks
• Exterior features: Accessible approach with ramp; Deck

Interior

• Kitchen: Dishwasher; Electric oven
• Flooring: Ceramic tile; Combination flooring
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features; Two levels

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $415/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.2% in Keene — 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 72/100 on livability (#249 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Keene ISD (town): math 37% / reading 41% proficiency, ranked #447 of 826 in TX (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Keene El (math 41% / reading 42%, grade F, #1,437 of 4,322 statewide, top 34%, 239 students, 77% FRL).
• Market conditions: 80 active listings in the ZIP; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.3

CMA / ARV

• ARV (median comp): $389,003
• List price: $350,000
• Delta: -10.03%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 12.6%
• Equity multiple: 1.50×
• Total profit: $49,262
• Equity at exit: $52,186

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $180,012
• Equity at exit: $30,262

Cash invested: $98,000 (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 76059

• Home prices YoY: -7.0%
• Active inventory: 80
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $5,478 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$686 /mo · $8,233/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,150
• Net cashflow: $1,660

Break-even live

Break-even rent $3,376

Max offer price $350,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,858	-5% $1,759	+0% $1,660	+5% $1,561	+10% $1,462
Rent	-10% $1,227	-5% $1,444	+0% $1,660	+5% $1,877	+10% $2,093
Rate	-1.0pp $1,836	-0.5pp $1,749	base $1,660	+0.5pp $1,570	+1.0pp $1,477

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,476
Total (4 units)			$5,478

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $350,000 Active 53 DOM
2. 2026-06-18
   days on market $350,000 Active 50 DOM
3. 2026-06-17
   days on market $350,000 Active 49 DOM
4. 2026-06-16
   days on market $350,000 Active 48 DOM
5. 2026-06-15
   days on market $350,000 Active 47 DOM
6. 2026-06-13
   days on market $350,000 Active 45 DOM
7. 2026-06-09
   days on market $350,000 Active 41 DOM
8. 2026-06-08
   days on market $350,000 Active 40 DOM
9. 2026-06-07
   days on market $350,000 Active 39 DOM
10. 2026-06-04
    days on market $350,000 Active 36 DOM
11. 2026-06-03
    days on market $350,000 Active 35 DOM
12. 2026-06-02
    days on market $350,000 Active 34 DOM
13. 2026-06-01
    days on market $350,000 Active 33 DOM
14. 2026-05-31
    days on market $350,000 Active 32 DOM
15. 2026-05-14
    status Active 931-char remark
16. 2026-05-06
    historical Active Option Contract 931-char remark
17. 2026-04-29
    listed $350,000 Active 931-char remark
18. 2012-06-20
    soldstatus
19. 2012-06-15
    soldstatus Closed 367-char remark

    Show marketing remark (367 chars)

    BRING YOUR INVESTORS FOR THIS GREAT FOURPLEX CASH FLOW PROPERTY. ALL UNITS FULLY LEASED CLOSE TO SWAU AND INCLUDES A FIFTH UNIT USED FOR STORAGE WHICH COULD BE CONVERTED TO ANOTHER LEASEABLE UNIT. EACH FEATURES LARGE LIVING WITH CARPET AND TILE FLOORING AND NEW ROOF IN 2011. MUST SEE!! PLEASE DO NOT APPROACH TENANTS. LARGE LOT ON ALMOST 1 ACRE, MINERALS NEGOTIABLE.

20. 2012-06-01
    status Pending 367-char remark

    Show marketing remark (367 chars)

    BRING YOUR INVESTORS FOR THIS GREAT FOURPLEX CASH FLOW PROPERTY. ALL UNITS FULLY LEASED CLOSE TO SWAU AND INCLUDES A FIFTH UNIT USED FOR STORAGE WHICH COULD BE CONVERTED TO ANOTHER LEASEABLE UNIT. EACH FEATURES LARGE LIVING WITH CARPET AND TILE FLOORING AND NEW ROOF IN 2011. MUST SEE!! PLEASE DO NOT APPROACH TENANTS. LARGE LOT ON ALMOST 1 ACRE, MINERALS NEGOTIABLE.

21. 2012-05-24
    historical Active Option Contract 367-char remark

    Show marketing remark (367 chars)

    BRING YOUR INVESTORS FOR THIS GREAT FOURPLEX CASH FLOW PROPERTY. ALL UNITS FULLY LEASED CLOSE TO SWAU AND INCLUDES A FIFTH UNIT USED FOR STORAGE WHICH COULD BE CONVERTED TO ANOTHER LEASEABLE UNIT. EACH FEATURES LARGE LIVING WITH CARPET AND TILE FLOORING AND NEW ROOF IN 2011. MUST SEE!! PLEASE DO NOT APPROACH TENANTS. LARGE LOT ON ALMOST 1 ACRE, MINERALS NEGOTIABLE.

22. 2012-05-19
    listed $239,900 Active 367-char remark

    Show marketing remark (367 chars)

    BRING YOUR INVESTORS FOR THIS GREAT FOURPLEX CASH FLOW PROPERTY. ALL UNITS FULLY LEASED CLOSE TO SWAU AND INCLUDES A FIFTH UNIT USED FOR STORAGE WHICH COULD BE CONVERTED TO ANOTHER LEASEABLE UNIT. EACH FEATURES LARGE LIVING WITH CARPET AND TILE FLOORING AND NEW ROOF IN 2011. MUST SEE!! PLEASE DO NOT APPROACH TENANTS. LARGE LOT ON ALMOST 1 ACRE, MINERALS NEGOTIABLE.

23. 2012-04-11
    historical
24. 2011-10-10
    listed $239,900 Active
25. 1999-08-12
    soldstatus
26. 1999-08-12
    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: $8,233 · $686/mo
• Projected year-2 tax: $8,233 · $686/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,736
• − Mortgage interest: −$19,605
• − Property taxes: −$8,233
• − Insurance: −$1,750
• − Repairs & maintenance: −$5,259
• − Management: −$5,259
• − Depreciation: −$10,182
• Taxable income: $15,448
• Est. tax owed @ 24.0%: −$3,707
• After-tax cash flow: $16,215/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: Keene ISD
• NCES district ID: 4825230
• Math proficiency: 37% ▼ -1.00%
• Reading proficiency: 41% ▲ 3.00%
• Median HH income: $40,764
• Composite: 32.77/100
• National rank: #5632
• State rank: #447 of 826 in TX

Livability — Keene

• Score: 72/100
• State rank: #249
• US rank: #5923

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keene, TX
• City population: 5,333
• Population (ZIP): 5,333

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 179,678 people
• By 2030: 189,208 · +5.3%
• By 2040: 207,261 · +15.4%
• By 2050: 223,064 · +24.1%
• By 2075: 259,979 · +44.7%
• By 2100: 275,395 · +53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Hispanic / Latino 32% Two or more races 13% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 25% Puerto Rican 2%
• Common ancestry: Italian 2% Estonian 1% Slovak 1%
• Foreign-born: 16% · Canada, Dominican Republic
• Languages at home: 69% English-only · Spanish 27% Tagalog/Filipino 2% Other Indo-European 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -47.5pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+53.0 2016: R+58.3 2012: R+55.6 2008: R+47.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.86%
• Current HPI: 237.62
• Rent YoY: —
• Metro: —
• 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

+45.9% since first listed

12 events — show timeline

• 2026-05-14 Relisted — NTREIS
• 2026-05-06 Contingent — NTREIS
• 2026-04-29 Listed $350,000 NTREIS
• 2012-06-20 Sold (Public Records) — Public Records
• 2012-06-15 Sold (MLS) — NTREIS
• 2012-06-01 Pending — NTREIS
• 2012-05-24 Contingent — NTREIS
• 2012-05-19 Listed $239,900 NTREIS
• 2012-04-11 Listing Removed — NTREIS
• 2011-10-10 Listed $239,900 NTREIS
• 1999-08-12 Sold (Public Records) — Public Records
• 1999-08-12 Sold (Public Records) — Public Records

Property tax history

+4.7%/yr

Latest (2025): $8,233 · +18.4% YoY. Source: county tax records.