800 N Summer St · Marfa, TX 79843

$374,000

3 bd · 2.0 ba · 1,592 sqft · SingleFamily public records · 591 Days on market

Built 1938 9,147 sqft lot $235/sqft · 34% below area Est $567k · 34% under ↓ 17% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +7.1/10.0
• Cash flow +5.1/30.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

Key facts

• Central hvac
• Private living space
• Craftsman style

Tags

• CRAFTSMAN STYLE
• CENTRAL HVAC
• PRIVATE LIVING SPACE
• SIZABLE STORAGE CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $374k.

Deal economics

• At list price, monthly cash flow is $-865 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (40.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (37.2% below list).
• Recommended offer: $221k (40.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 73/100 on livability (#215 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, commute F.
• Marfa ISD (rural): math 45% / reading 45% proficiency, ranked #559 of 1,141 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 23 units permitted in Presidio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $16k appreciation (4.2% local appreciation)).
• Presidio County population projected at -44% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 591 days — a 12% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $76k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,211 (40.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 591 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.63% ✗
• Cap rate: 3.52%
• Cash-on-cash: -9.91%
• DSCR: 0.56
• GRM: 13.3

CMA / ARV

• ARV (median comp): $566,564
• List price: $374,000
• Delta: -33.99%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

4.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.14×
• Total profit: $14,999
• Equity at exit: $194,669

10-year hold

• IRR: 5.5%
• Equity multiple: 1.97×
• Total profit: $101,660
• Equity at exit: $322,490

Cash invested: $104,720 (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 79843

• Home prices YoY: 2.0%
• Active inventory: 79
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$1,961
• Tax from tax record: −$604 /mo · $7,251/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $-865

Break-even live

Break-even rent $3,445

Max offer price $221,211

Occupancy floor —

Sensitivity live

Price	-10% $-653	-5% $-759	+0% $-865	+5% $-971	+10% $-1,077
Rent	-10% $-1,051	-5% $-958	+0% $-865	+5% $-772	+10% $-679
Rate	-1.0pp $-677	-0.5pp $-770	base $-865	+0.5pp $-962	+1.0pp $-1,060

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: $93,500
• Closing costs: $11,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 E Washington St Marfa, TX	3.0	2.0	1350	$2,350	$1.74	19d	1	0.81mi

Listing history 20 events

1. 2026-06-18
   days on market $374,000 Active 591 DOM
2. 2026-06-17
   days on market $374,000 Active 590 DOM
3. 2026-06-16
   days on market $374,000 Active 589 DOM
4. 2026-06-15
   days on market $374,000 Active 588 DOM
5. 2026-06-14
   days on market $374,000 Active 586 DOM
6. 2026-06-10
   days on market $374,000 Active 583 DOM
7. 2026-06-09
   days on market $374,000 Active 582 DOM
8. 2026-06-08
   days on market $374,000 Active 581 DOM
9. 2026-06-07
   days on market $374,000 Active 580 DOM
10. 2026-06-05
    days on market $374,000 Active 577 DOM
11. 2026-06-03
    days on market $374,000 Active 576 DOM
12. 2026-06-02
    days on market $374,000 Active 575 DOM
13. 2026-06-01
    days on market $374,000 Active 574 DOM
14. 2026-05-31
    days on market $374,000 Active 573 DOM
15. 2026-05-31
    days on market $374,000 Active 572 DOM
16. 2026-03-19
    price $374,000 500-char remark

    Show marketing remark (500 chars)

    This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

17. 2025-10-07
    status Active 500-char remark

    Show marketing remark (500 chars)

    This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

18. 2025-10-07
    price $399,000 500-char remark

    Show marketing remark (500 chars)

    This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

19. 2025-10-01
    historical 500-char remark

    Show marketing remark (500 chars)

    This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

20. 2024-10-29
    listed $450,000 Active 500-char remark

    Show marketing remark (500 chars)

    This 3/2 adobe home has craftsman style and is located on the desirable NW side of Marfa. There are 2 bedrooms and 2 baths w/ spacious living and dining areas, central HVAC, and large dine-in kitchen. Directly off the covered back porch is a private, frame-construction, living space that makes for an excellent office or third bedroom. The detached living space also has a sizable storage closet that could be a bathroom to create a casita. 1,008 sf metal barn at east end perfect garage or studio.

ⓘ 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: $7,251 · $604/mo
• Projected year-2 tax: $7,251 · $604/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 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 4/10 Moderate 4 d/yr ≥96°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,200
• − Mortgage interest: −$20,950
• − Property taxes: −$7,251
• − Insurance: −$1,870
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$10,880
• Taxable loss: −$17,263
• Est. tax savings @ 24.0%: +$4,143
• After-tax cash flow: $-6,236/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: Marfa ISD
• NCES district ID: 4829040
• Math proficiency: 45% ▲ 10.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $41,354
• Composite: 40.04/100
• National rank: #7884
• State rank: #559 of 1141 in TX

Livability — Marfa

• Score: 73/100
• State rank: #215
• US rank: #5308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marfa, TX
• Population (ZIP): 2,578

Population outlook (Presidio County) Hauer SSP2

• Today (2025): 5,330 people
• By 2030: 4,671 · -12.4%
• By 2040: 3,654 · -31.4%
• By 2050: 3,001 · -43.7%
• By 2075: 2,326 · -56.4%
• By 2100: 2,106 · -60.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 48% White 44% Two or more races 33% Native American 5%
• Hispanic origin (detail): Mexican 45%
• Common ancestry: Romanian 10% Iranian 2% Lithuanian 2%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 39%

Political lean MEDSL · Presidio

• 2024 margin: Solid D (+30.2) · D 64.6% · R 34.4%
• 2008→2024 swing: -13.2pp toward R · 2008: 43.4pp · 2024: 30.2pp
• All cycles: 2024: D+30.2 2020: D+33.5 2016: D+36.6 2012: D+42.5 2008: D+43.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.23%
• Current HPI: 214.5241
• 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

-16.9% since first listed

5 events — show timeline

• 2026-03-19 Price Changed $374,000 ODMLS
• 2025-10-07 Relisted — ODMLS
• 2025-10-07 Price Changed $399,000 ODMLS
• 2025-10-01 Delisted — ODMLS
• 2024-10-29 Listed $450,000 ODMLS

Property tax history

+14.8%/yr

Latest (2025): $7,251 · +14.1% YoY. Source: county tax records.