2325 Park Ave · Waco, TX 76706

$154,900

3 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 427 Days on market

Built 1951 7,501 sqft lot $121/sqft · 17% below area Est $186k · 17% under ↓ 11% since listing

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Why this score? — see what drove the C- 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 +16.1/30.0
• ARV discount +15.0/15.0
• 1% rule +5.3/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

Key facts

• Generous living area
• Spacious kitchen
• Island table

Tags

• CORNER LOT
• SPACIOUS KITCHEN
• ISLAND TABLE
• GENEROUS LIVING AREA
• GOOD SIZED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $81 ($967/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.9% in Waco — 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 74/100 on livability (#166 in TX, #4,378 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, commute F.
• Waco ISD (urban): math 20% / reading 24% proficiency, ranked #773 of 826 in TX (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 317 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• At $1,602/mo this rent would consume 46% of the median local household income ($42k/yr) (locally 3883% 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 $5k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 427 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 427 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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. 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?
6. 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?
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 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: 1.03% ✓
• Cap rate: 6.92%
• Cash-on-cash: 2.23%
• DSCR: 1.10
• GRM: 8.1

CMA / ARV

• ARV (median comp): $185,744
• List price: $154,900
• Delta: -16.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2300 Gurley Ave	0.18mi	3/2.0	1,296 (+1%)	1mo	$239,900	$185	85
2329 Connor Ave	0.14mi	3/2.0	1,368 (+7%)	1mo	$169,500	$124	78
1813 S 19th St	0.46mi	3/1.0	1,246 (-3%)	1mo	$175,000	$140	74
2706 Baylor Ave	0.24mi	2/1.0 (-1)	1,196 (-7%)	2mo	$75,000	$63	72
2804 Connor Ave	0.36mi	3/2.0	1,201 (-6%)	2mo	$219,000	$182	67
2016 Connor Ave	0.28mi	2/2.0 (-1)	1,265 (-1%)	11mo	$210,000	$166	67
2320 Mistletoe St	0.22mi	3/2.0	1,128 (-12%)	10mo	$214,900	$191	57
1221 S 26th St	0.19mi	4/1.0 (+1)	1,120 (-12%)	11mo	$55,000	$49	56
1813 Travis St	0.63mi	3/1.0	1,213 (-5%)	8mo	$125,000	$103	55
1511 Gurley Ave	0.68mi	3/1.0	1,170 (-9%)	4mo	$219,900	$188	51
1935 Ross Ave	0.59mi	3/2.0	1,350 (+6%)	12mo	$259,999	$193	49
1012 S 16th St	0.68mi	3/2.0	1,132 (-12%)	8mo	$210,000	$186	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-21,692
• Equity at exit: $23,096

10-year hold

• IRR: -7.4%
• Equity multiple: 0.56×
• Total profit: $-19,184
• Equity at exit: $13,393

Cash invested: $43,372 (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 76706

• Home prices YoY: -29.1%
• Rents YoY: 1.9%
• Active inventory: 317
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,602 high
• Mortgage (P&I): −$812
• Tax from tax record: −$308 /mo · $3,697/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $81

Break-even live

Break-even rent $1,500

Max offer price $154,900

Occupancy floor 90%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2021 Gurley Ave Waco, TX	3.0	2.0	1320	$1,500	$1.14	21d	1	0.34mi
2601 Flint Ave Waco, TX	3.0	2.0	1356	$1,720	$1.27	43d	1	0.34mi
1914 Ross Ave Waco, TX	3.0	1.0	1316	$1,495	$1.14	21d	1	0.61mi
1925 S 17th St Unit 1 Waco, TX	4.0	4.0	1856	$2,100	$1.13	21d	1	0.66mi
3200 Belmont Dr Unit 3228 Waco, TX	2.0	2.0	995	$1,500	$1.51	13d	1	0.73mi
1342 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	13d	1	0.80mi
1326 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	21d	1	0.82mi
1326 Park Ave Waco, TX	2.0	2.5	1143	$1,400	$1.22	13d	1	0.82mi
1912 S 15th St Unit A Waco, TX	4.0	2.0	1400	$1,850	$1.32	21d	1	0.82mi
1916 S 15th St Unit A Waco, TX	4.0	4.0	1744	$1,800	$1.03	21d	1	0.83mi
1916 S 15th St Waco, TX	4.0	4.0	1744	$1,800	$1.03	13d	1	0.83mi
1905 S 14th St Waco, TX	4.0	4.0	1500	$3,000	$2.00	21d	1	0.84mi
1905 S 14th St Unit B Waco, TX	4.0	4.0	1200	$550	$0.46	21d	1	0.84mi
1311 Speight Ave Waco, TX	2.0	2.5	1143	$1,195	$1.05	13d	1	0.84mi
1311 Speight Ave #1311 Waco, TX	2.0	2.5	1143	$1,500	$1.31	21d	1	0.84mi
1909 S 14th St Unit B Waco, TX	4.0	4.0	1680	$1,650	$0.98	43d	1	0.84mi
1909 S 14th St Waco, TX	4.0	4.0	1680	$1,600	$0.95	21d	1	0.84mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,337	$1.31	13d	2	0.90mi
1226 Baylor Ave Waco, TX	2.0	2.0–2.5	1024	$1,350	$1.32	21d	2	0.90mi
1800 Primrose Dr Waco, TX	1.0–4.0	1.0–2.0	942	$1,133	$1.20	13d	33	0.91mi
1421 S 12th St Waco, TX	2.0	2.0	928	$985	$1.06	13d	3	0.91mi
1348 S 12th St Waco, TX	2.0	2.0	958	$1,300	$1.36	21d	1	0.98mi
700 S Valley Mills Dr Waco, TX	1.0–2.0	1.0–1.5	850	$995	$1.17	13d	2	0.99mi
1300 S 11th St Waco, TX	2.0	2.5	1083	$1,209	$1.12	13d	14	1.05mi
2900 Austin Ave Waco, TX	2.0	2.0	1176	$1,195	$1.02	43d	1	1.07mi
2300 Washington Ave Waco, TX	3.0	1.0	1232	$1,650	$1.34	13d	1	1.09mi
1923 Austin Ave Unit 5202 Waco, TX	2.0	2.5	1265	$1,395	$1.10	21d	1	1.10mi
1628 Ewing Ave Waco, TX	3.0	2.0	1472	$2,400	$1.63	13d	1	1.15mi
3812 Hiland Dr Waco, TX	3.0	1.0	1124	$995	$0.89	13d	1	1.19mi
3447 Pewitt Dr Waco, TX	2.0	1.0	907	$1,350	$1.49	13d	1	1.26mi
3411 Pewitt Dr #3413 Waco, TX	2.0	1.0	1000	$1,350	$1.35	21d	1	1.28mi
3430 Pewitt Dr Waco, TX	2.0	1.0	916	$1,150	$1.26	43d	1	1.29mi
2005 S 8th St Waco, TX	1.0–2.0	1.0–2.0	685	$1,000	$1.46	13d	2	1.30mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	21d	1	1.30mi
4009 James Ave Waco, TX	3.0	1.0	1056	$1,495	$1.42	21d	1	1.31mi
1918 S 8th St Waco, TX	3.0	2.0	1061	$1,200	$1.13	21d	1	1.33mi
3743 Vista Cove Dr Waco, TX	3.0	2.0	1509	$1,850	$1.23	21d	1	1.35mi
2011 S 7th St Waco, TX	3.0	3.0	1484	$1,800	$1.21	21d	1	1.37mi
4000 Acree St Waco, TX	3.0	1.5	984	$1,295	$1.32	21d	1	1.38mi
2011 S 7th St Unit 6B Waco, TX	3.0	3.0	1478	$2,150	$1.45	43d	1	1.38mi

Listing history 28 events

1. 2026-06-18
   days on market $154,900 Active 427 DOM
2. 2026-06-17
   days on market $154,900 Active 426 DOM
3. 2026-06-16
   days on market $154,900 Active 425 DOM
4. 2026-06-15
   days on market $154,900 Active 424 DOM
5. 2026-06-14
   days on market $154,900 Active 422 DOM
6. 2026-06-13
   days on market $154,900 Active 421 DOM
7. 2026-06-10
   days on market $154,900 Active 419 DOM
8. 2026-06-09
   days on market $154,900 Active 418 DOM
9. 2026-06-08
   days on market $154,900 Active 417 DOM
10. 2026-06-07
    days on market $154,900 Active 416 DOM
11. 2026-06-05
    days on market $154,900 Active 413 DOM
12. 2026-06-03
    days on market $154,900 Active 412 DOM
13. 2026-06-02
    days on market $154,900 Active 411 DOM
14. 2026-06-01
    days on market $154,900 Active 410 DOM
15. 2026-05-31
    days on market $154,900 Active 409 DOM
16. 2026-05-30
    days on market $154,900 Active 408 DOM
17. 2025-12-16
    status Active 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

18. 2025-12-13
    historical 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

19. 2025-09-10
    price $154,900 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

20. 2025-07-16
    price $159,900 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

21. 2025-06-12
    price $164,900 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

22. 2025-05-05
    price $169,900 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

23. 2025-02-17
    listed $175,000 Active 557-char remark

    Show marketing remark (557 chars)

    Discover the potential of this cozy 4-bedroom, 1-bath home located on a desirable corner lot, which offers plenty of indoor and outdoor space. The spacious kitchen features an island table, making it perfect for cooking and entertaining. The home also includes a generous living area and a good-sized backyard, ideal for relaxing, gardening, or hosting gatherings. With endless possibilities to make it your own, this property offers the opportunity to create your ideal living space. Don’t miss out on this fantastic chance! Schedule a showing today!

24. 2019-09-03
    soldstatus
25. 2019-05-20
    soldstatus
26. 2017-10-06
    soldstatus
27. 2013-08-20
    soldstatus
28. 2000-05-05
    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: $3,697 · $308/mo
• Projected year-2 tax: $3,697 · $308/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $19,223
• − Mortgage interest: −$8,677
• − Property taxes: −$3,697
• − Insurance: −$774
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$4,506
• Taxable loss: −$1,507
• Est. tax savings @ 24.0%: +$362
• After-tax cash flow: $1,329/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: Waco ISD
• NCES district ID: 4844280
• Math proficiency: 20% ▼ -14.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $29,208
• Composite: 17.57/100
• National rank: #9043
• State rank: #773 of 826 in TX

Livability — Waco

• Score: 74/100
• State rank: #166
• US rank: #4378

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waco, TX
• County: McLennan County · 213,088 people
• City population: 125,319
• Metro: Waco, TX
• Population (ZIP): 41,627
• Household income: $41,656
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 3883.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 31% Two or more races 17% Black 15% Asian 3%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Lithuanian 1% Iranian 1% Romanian 1%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.31%
• Current HPI: 230.2557
• Rent YoY: ▲ 1.86%
• Metro: Waco, 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

-11.5% since first listed

12 events — show timeline

• 2025-12-16 Relisted — NTREIS
• 2025-12-13 Listing Removed — NTREIS
• 2025-09-10 Price Changed $154,900 NTREIS
• 2025-07-16 Price Changed $159,900 NTREIS
• 2025-06-12 Price Changed $164,900 NTREIS
• 2025-05-05 Price Changed $169,900 NTREIS
• 2025-02-17 Listed $175,000 NTREIS
• 2019-09-03 Sold (Public Records) — Public Records
• 2019-05-20 Sold (Public Records) — Public Records
• 2017-10-06 Sold (Public Records) — Public Records
• 2013-08-20 Sold (Public Records) — Public Records
• 2000-05-05 Sold (Public Records) — Public Records

Property tax history

+5.8%/yr

Latest (2025): $3,697 · +9.6% YoY. Source: county tax records.