1515 S County Rd 1120

Midland, TX 79706

$259,900C

4 bd · 2.0 ba · 4,603 sqft · Built 1990 · Manufactured · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,669/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$349
• HOA: −$0
• Vac / Maint / Mgmt: −$561
• Net cashflow: $397/mo
• Annual: $4,758/yr
• Cap rate: 8.12%
• Cash-on-cash: 6.54%
• DSCR: 1.29
• 1% rule: 1.03%
• Cash to close: $72,772

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $260k.
• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#57 in TX, #2,192 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, commute D+, amenities D.
• Greenwood ISD (rural): math 45% / reading 44% proficiency, ranked #220 of 826 in TX (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenwood El (795 students, 45% FRL); Greenwood H S (math 51% / reading 53%, grade D+, #447 of 1,632 statewide, top 29%, 808 students, 33% FRL).
• Market conditions: Rents rising (+2.8%/yr); 380 active listings in the ZIP; solid renter incomes; 1,504 units permitted in Midland County in 2024 (0 in 5+ unit buildings).
• Midland County population projected at +83% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 4.7% in Midland — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.