12032 County Road 0190 E

Rice, TX 75155

$215,000B

4 bd · 2.0 ba · 1,680 sqft · Built 2017 · Manufactured · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$525
• Net cashflow: $611/mo
• Annual: $7,329/yr
• Cap rate: 9.70%
• Cash-on-cash: 12.17%
• DSCR: 1.54
• 1% rule: 1.16%
• Cash to close: $60,200

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 90 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (2.6% local appreciation)).
• Location reads 69/100 on livability (#441 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Rice ISD (rural): math 42% / reading 40% proficiency, ranked #390 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 21 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 522 units permitted in Navarro County in 2024 (0 in 5+ unit buildings).
• Navarro County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Light wear and tear, but not damaged.
• Minor: Kitchen countertops — Slight discoloration and scratches.
• Minor: Primary bathroom vanity — Some wear on the surface, but functional.
• Minor: Landscaping — Simple and functional, but not particularly attractive or well-maintained.