2693 Cr 3420

Hawkins, TX 75765

$189,900D

3 bd · 2.0 ba · 1,216 sqft · Built 1985 · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,343/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$316
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $-252/mo
• Annual: $-3,021/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.68%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k. Condition is rated fair.
• At list price, monthly cash flow is $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (19.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (29.3% below list).
• It's been on market 62 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (29.3% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.1% local appreciation)).
• Location reads 73/100 on livability (#196 in TX, #4,982 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: amenities F, commute F, employment D-.
• Hawkins ISD (rural): math 42% / reading 43% proficiency, ranked #339 of 826 in TX (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hawkins El (math 47% / reading 47%, grade D-, #1,006 of 4,322 statewide, top 25%, 383 students, 64% FRL); Hawkins H S / Middle (math 39% / reading 42%, grade F, #798 of 1,632 statewide, top 49%, 386 students, 59% FRL).
• Market conditions: 352 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 72 units permitted in Wood County in 2024 (29 in 5+ unit buildings).
• Wood County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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

• 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?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and may need repainting.
• Moderate: Roof — May need inspection for any potential issues.
• Moderate: Landscaping — Sparse and may need improvement for curb appeal.