15221 Los Angeles St

Morning Glory, TX 79836

$88,445B

3 bd · 1.0 ba · 1,344 sqft · Built 1932 · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,613/mo
• Mortgage (P&I): −$464
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$339
• Net cashflow: $740/mo
• Annual: $8,874/yr
• Cap rate: 16.33%
• Cash-on-cash: 35.83%
• DSCR: 2.59
• 1% rule: 1.82%
• Cash to close: $24,765

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $88k.
• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($612 loan paydown + $4k appreciation (4.3% local appreciation)).
• Location reads 49/100 on livability (#1,510 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Fabens ISD (town): math 13% / reading 21% proficiency, ranked #809 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Fabens El (math 22% / reading 22%, grade F, #3,333 of 4,322 statewide, top 80%, 623 students, 94% FRL); Fabens Middle (math 10% / reading 19%, grade F, #1,583 of 1,662 statewide, top 96%, 432 students, 94% FRL); Fabens H S (math 12% / reading 25%, grade F, #1,436 of 1,632 statewide, top 88%, 623 students, 89% FRL) — zoned schools average 92% FRL vs 49% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 147 active listings in the ZIP; 2,196 units permitted in El Paso County in 2024 (143 in 5+ unit buildings).
• El Paso County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 (4.3% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.