12064 N 7th St Unit 12064 B N 7th Street · Lockett, TX 76384

$149,999

3 bd · 1.0 ba · 1,294 sqft · SingleFamily public records · 90 Days on market

Built 2023

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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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Built in 2023, this 3-bedroom, 2-bath manufactured home sits on approximately one-third of an acre. Less than an hour from Wichita Falls. The open floor plan offers a spacious living area flowing into the kitchen with a large island, perfect for entertaining. Enjoy your morning coffee on the east-facing front deck and unwind in the generous backyard, complete with a brick storage building. Property also features a 2-year-old septic system and 2-year-old well water pump.

Key facts

• Open floor plan
• Large island
• Generous backyard

Tags

• OPEN FLOOR PLAN
• LARGE ISLAND
• EAST-FACING FRONT DECK
• GENEROUS BACKYARD
• BRICK STORAGE BUILDING
• 3 YEAR OLD SEPTIC SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Vernon ISD (town): math 27% / reading 29% proficiency, ranked #673 of 826 in TX (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: T G Mccord El (337 students, 83% FRL); Vernon Middle (math 24% / reading 27%, grade F, #1,236 of 1,662 statewide, top 76%, 371 students, 72% FRL); Vernon H S (math 37% / reading 32%, grade F, #963 of 1,632 statewide, top 61%, 532 students, 60% FRL) — zoned schools average 72% FRL vs 56% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 26 active listings in the ZIP; 19 units permitted in Wilbarger County in 2024 (15 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wilbarger County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,999 (6.0% below list)

Questions for the listing agent

1. 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?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.83%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-4,597
• Equity at exit: $22,365

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $21,446
• Equity at exit: $12,969

Cash invested: $42,000 (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 76384

• Active inventory: 26
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,703 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$187 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $309

Break-even live

Break-even rent $1,312

Max offer price $149,999

Occupancy floor 77%

Sensitivity live

Price	-10% $413	-5% $361	+0% $309	+5% $257	+10% $205
Rent	-10% $174	-5% $242	+0% $309	+5% $376	+10% $444
Rate	-1.0pp $385	-0.5pp $347	base $309	+0.5pp $270	+1.0pp $231

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-02-23
   listed $149,999 Active 474-char remark

   Show marketing remark (474 chars)

   Built in 2023, this 3-bedroom, 2-bath manufactured home sits on approximately one-third of an acre. Less than an hour from Wichita Falls. The open floor plan offers a spacious living area flowing into the kitchen with a large island, perfect for entertaining. Enjoy your morning coffee on the east-facing front deck and unwind in the generous backyard, complete with a brick storage building. Property also features a 2-year-old septic system and 2-year-old well water pump.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 6 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 9% 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: $20,440
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,635
• − Management: −$1,635
• − Depreciation: −$4,364
• Taxable income: $1,404
• Est. tax owed @ 24.0%: −$337
• After-tax cash flow: $3,372/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: Vernon ISD
• NCES district ID: 4844110
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 29% ▲ 1.00%
• Median HH income: $41,161
• Composite: 23.7/100
• National rank: #7832
• State rank: #673 of 826 in TX

Livability — Lockett

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lockett, TX
• Population (ZIP): 12,239

Population outlook (Wilbarger County) Hauer SSP2

• Today (2025): 12,496 people
• By 2030: 12,234 · -2.1%
• By 2040: 11,769 · -5.8%
• By 2050: 11,375 · -9.0%
• By 2075: 10,532 · -15.7%
• By 2100: 9,071 · -27.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Hispanic / Latino 31% Two or more races 17% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Italian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 17% Other Asian/Pacific 1%

Political lean MEDSL · Wilbarger

• 2024 margin: Solid R (+60.6) · D 19.3% · R 79.9%
• 2008→2024 swing: -14.3pp toward R · 2008: -46.3pp · 2024: -60.6pp
• All cycles: 2024: R+60.6 2020: R+56.8 2016: R+57.5 2012: R+49.9 2008: R+46.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.65%
• Current HPI: 110.9147
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-02-23 Listed $149,999 WFAOR

Property tax history

-5.2%/yr

Latest (2025): $230 · +33.9% YoY. Source: county tax records.