604 Garrison St · Waco, TX 76704

$114,900

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 25 Days on market

Built 1944 6,273 sqft lot $120/sqft · 9% below area Est $126k · 9% under ↓ 4% 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 +24.7/30.0
• ARV discount +11.5/15.0
• DSCR +8.0/10.0
• 1% rule +6.0/10.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Welcome to this charming 2-bedroom, 1-bath home offering 960 sq ft of comfortable living space with the potential for a 3rd bedroom. Ideally located just minutes from downtown Waco, this home provides convenient access to local shops, restaurants, and everyday essentials. Step inside to find new vinyl wood flooring throughout, paired with all-new LED lighting that gives the home a fresh, modern feel. Inside, you’ll also find lots of windows that bring in beautiful natural light and create a bright, welcoming atmosphere. The kitchen features stainless steel appliances that will convey with the sale, making it truly move-in ready. A spacious utility room offers flexibility and could eas

Key facts

• Roof and hvac system
• All-new led lighting
• 6,273 sq ft lot

Tags

• NEW VINYL WOOD FLOORING
• ALL-NEW LED LIGHTING
• STAINLESS STEEL APPLIANCES
• SPACIOUS UTILITY ROOM
• ROOF AND HVAC SYSTEM
• FRONT AND REAR DRIVEWAY ACCESS

Property features AI

Finance

• Financial info: Listing accepts Cash, Conventional, FHA, and VA financing
• HOA & community: No HOA; community features include curbs

Exterior

• Parking: Driveway; Garage; Covered parking for 2 vehicles; 1 garage space
• Utilities: City water with individual water meter; City sewer; Electricity connected; Curbs; All-weather road
• Home design: Single-family residence; Residential property; One story; Property not attached; No accessory unit
• Construction: Built in 1944; Siding exterior; Shingle roof; Pillar/post/pier foundation
• Exterior features: Level lot with a large backyard and grass; Backyard chain-link fence; Fenced yard; Covered front porch

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: One-level layout; Living area around 960; Other interior features
• Laundry & utility: Utility room with full-size washer/dryer area; Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: crime D, commute F, employment D-.
• 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.
• Zoned schools: J H Hines El (math 8% / reading 12%, grade F, #4,259 of 4,322 statewide, top 99%, 406 students, 98% FRL, charter) — zoned schools average 98% FRL vs 81% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Waco ISD average; the district grade overstates school quality for this exact location.
• Market conditions: 86 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $1,261/mo this rent would consume 50% of the median local household income ($30k/yr) (locally 603% 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 $794 of loan paydown is wiped out by about $3k 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 25 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,176 (1.5% below list)

Questions for the listing agent

1. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.94%
• DSCR: 1.40
• GRM: 7.6

CMA / ARV

• ARV (median comp): $126,123
• List price: $114,900
• Delta: -8.90%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Garrison St	0.00mi	2/1.0	960 (0%)	0mo	$114,900	$120	100
1130 Kellum St	0.11mi	2/2.0	926 (-4%)	4mo	$160,000	$173	82
504 Garrison St	0.08mi	2/1.0	1,032 (+8%)	6mo	$69,900	$68	79
1144 Faulkner Ln	0.32mi	3/1.0 (+1)	972 (+1%)	8mo	$162,000	$167	71
1016 Preston St	0.45mi	2/1.0	989 (+3%)	6mo	$35,000	$35	69
1111 Turner St	0.39mi	2/1.0	1,036 (+8%)	7mo	$174,900	$169	63
1222 Chestnut St	0.25mi	3/1.5 (+1)	1,080 (+12%)	10mo	$115,000	$106	52
701 Rusk St	0.43mi	3/2.0 (+1)	1,058 (+10%)	5mo	$159,000	$150	50
518 Hatton St	0.50mi	3/2.0 (+1)	1,061 (+10%)	2mo	$179,000	$169	49
1220 Sherman St	0.55mi	3/2.0 (+1)	864 (-10%)	4mo	$55,000	$64	46
625 Walker St	0.64mi	3/2.0 (+1)	1,028 (+7%)	6mo	$209,900	$204	44
820 E Mitchell St	0.66mi	2/1.0	1,078 (+12%)	9mo	$124,900	$116	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.90×
• Total profit: $-3,365
• Equity at exit: $17,132

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $16,699
• Equity at exit: $9,934

Cash invested: $32,172 (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 76704

• Home prices YoY: -2.7%
• Active inventory: 86
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,261 high
• Mortgage (P&I): −$603
• Tax from tax record: −$106 /mo · $1,274/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $240

Break-even live

Break-even rent $958

Max offer price $114,900

Occupancy floor 76%

Sensitivity live

Price	-10% $305	-5% $272	+0% $240	+5% $207	+10% $175
Rent	-10% $140	-5% $190	+0% $240	+5% $289	+10% $339
Rate	-1.0pp $297	-0.5pp $269	base $240	+0.5pp $210	+1.0pp $179

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1107 Chestnut St Waco, TX	2.0	1.0	928	$1,300	$1.40	22d	1	0.10mi
825 Garrison St Waco, TX	3.0	2.0	1028	$1,370	$1.33	15d	1	0.23mi
1226 Chestnut St Unit A Waco, TX	3.0	2.0	980	$925	$0.94	22d	1	0.26mi
932 Dawson St Waco, TX	3.0	2.0	1028	$1,449	$1.41	15d	1	0.34mi
1212 J J Flewellen Rd Waco, TX	2.0	1.0	844	$1,250	$1.48	45d	1	0.35mi
916 Olive St Waco, TX	3.0	2.0	1028	$1,475	$1.43	14d	1	0.39mi
609 Sherman St Waco, TX	3.0	2.0	1028	$1,449	$1.41	22d	1	0.41mi
413 Lottie St Unit B Waco, TX	3.0	2.0	872	$1,025	$1.18	14d	1	0.44mi
923 Burgan St Unit A Waco, TX	3.0	2.0	872	$1,015	$1.16	14d	1	0.46mi
925 Burgan St Unit A Waco, TX	3.0	2.0	872	$999	$1.15	14d	1	0.47mi
1013 Earle Ave Waco, TX	3.0	2.0	1028	$1,525	$1.48	22d	1	0.50mi
1104 Sherman St Waco, TX	2.0	1.0	1120	$1,500	$1.34	45d	1	0.53mi
804 Earle Ave Unit A Waco, TX	3.0	2.0	872	$1,035	$1.19	15d	1	0.54mi
1225 Selman St Waco, TX	2.0	1.0	624	$895	$1.43	22d	1	0.59mi
820 E Pecan Ave Waco, TX	2.0	1.0	672	$1,300	$1.93	15d	1	0.60mi
507 Dunbar St Waco, TX	3.0	1.0	852	$1,450	$1.70	15d	1	0.90mi
507 Dunbar St Waco, TX	3.0	1.0	841	$1,550	$1.84	22d	1	0.90mi
215 Washington Ave Waco, TX	1.0–4.0	1.0–4.0	919	$1,118	$1.22	22d	1	1.06mi
601 Franklin Ave Apt 6B Waco, TX	1.0	1.0	625	$1,550	$2.48	15d	1	1.31mi
700 S 4th St Waco, TX	1.0–3.0	1.0–2.0	889	$1,288	$1.45	15d	12	1.42mi
700 Franklin Ave Waco, TX	2.0	2.0	802	$1,500	$1.87	45d	1	1.45mi
700 Franklin Ave Waco, TX	1.0	1.0	702	$1,200	$1.71	22d	1	1.45mi
817 Colcord Ave Waco, TX	1.0	1.0	700	$1,225	$1.75	45d	1	1.47mi
1403 Strickland St Waco, TX	3.0	2.0	1000	$1,399	$1.40	22d	1	1.50mi

Listing history 5 events

1. 2026-06-02
   status $114,900 Pending 25 DOM
2. 2026-06-01
   days on market $114,900 Active Option Contract 25 DOM
3. 2026-05-31
   days on market $114,900 Active Option Contract 24 DOM
4. 2026-05-30
   days on market $114,900 Active Option Contract 23 DOM
5. 2026-05-07
   listed $119,900 Active 1372-char remark

ⓘ 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: $1,274 · $106/mo
• Projected year-2 tax: $2,103 · $175/mo
• Expected delta: +$828/yr (+$69/mo · 65.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,132
• − Mortgage interest: −$6,436
• − Property taxes: −$1,274
• − Insurance: −$574
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$3,343
• Taxable income: $1,083
• Est. tax owed @ 24.0%: −$260
• After-tax cash flow: $2,615/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): 7,018
• Household income: $30,349
• Rent vs Own: 68.4% rent · 31.6% own
• Severe rent burden: 603.0

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: Predominantly Black (67%)
• Race & ethnicity: Black 67% Hispanic / Latino 19% Two or more races 11% White 10%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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: ▼ -5.09%
• Current HPI: 181.8051
• Rent YoY: —
• 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

-4.2% since first listed

5 events — show timeline

• 2026-06-17 Sold (MLS) — NTREIS
• 2026-06-01 Pending — NTREIS
• 2026-05-28 Contingent — NTREIS
• 2026-05-19 Price Changed $114,900 NTREIS
• 2026-05-07 Listed $119,900 NTREIS

Property tax history

+3.0%/yr

Latest (2025): $1,274 · -0.3% YoY. Source: county tax records.