3602 NE 24th Ave

Amarillo, TX 79107

$64,900B-

3 bd · 1.0 ba · 900 sqft · Built 1949 · SingleFamily · Active · 167 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,215/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $452/mo
• Annual: $5,423/yr
• Cap rate: 14.65%
• Cash-on-cash: 29.84%
• DSCR: 2.33
• 1% rule: 1.87%
• Cash to close: $18,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 167 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• 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.
• 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-, crime F, commute F.
• Amarillo ISD (urban): math 44% / reading 41% proficiency, ranked #336 of 826 in TX (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mesa Verde El (math 22% / reading 22%, grade F, #3,333 of 4,322 statewide, top 80%, 395 students, 96% FRL); Travis Middle (math 28% / reading 37%, grade F, #947 of 1,662 statewide, top 58%, 629 students, 92% FRL); Amtech Career Academy (3 students, 0% FRL) — zoned schools at 63% FRL track the district average.
• Zoned-school proficiency averages 27% at this address vs 42% district-wide (-15 pts) — the specific schools serving this property underperform the Amarillo ISD average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.6% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 120 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,214 units permitted in Potter County in 2024 (650 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 36% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.