707 N 15th St · Waco, TX 76707

$160,000

4 bd · 2.0 ba · 2,114 sqft · SingleFamily public records · 126 Days on market

Built 1910 7,057 sqft lot $76/sqft · 41% below area Est $273k · 41% under

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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 +23.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.3/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into a piece of history in Waco! Built in 1910, this two-story home showcases the strength and character of original solid wood construction you simply can’t replicate today. Full of charm and potential, this property is ready for the right buyer to bring their vision to life. The home is currently mid-remodel, offering a unique opportunity for investors or creative homeowners to finish it exactly how they imagine. Major updates have already been completed, including foundation work, a new roof, most of the windows, and a newly built porch, giving you a strong starting point to complete the transformation. Whether you’re looking to restore its historic beauty or design a modern masterpiece within classic walls, this property offers incredible potential in a growing area.

Key facts

• Foundation work
• Newly built porch
• Most of the windows

Tags

• FOUNDATION WORK
• NEW ROOF
• MOST OF THE WINDOWS
• NEWLY BUILT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: schools D, crime D, commute F.
• 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.
• Market conditions: Rents rising (+1.1%/yr); 144 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1,806/mo this rent would consume 54% of the median local household income ($40k/yr) (locally 704% 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 $1k of loan paydown is wiped out by about $5k 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 126 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• GRM: 7.4

CMA / ARV

• ARV (median comp): $272,980
• List price: $160,000
• Delta: -41.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
702 N 13th St	0.15mi	4/2.5	2,233 (+6%)	6mo	$349,000	$156	77
1324 Morrow Ave	0.12mi	3/2.0 (-1)	1,937 (-8%)	15mo	$250,000	$129	63
1821 Morrow Ave	0.31mi	5/3.0 (+1)	2,278 (+8%)	4mo	$299,900	$132	60
1800 Avondale St	0.73mi	5/2.0 (+1)	2,170 (+3%)	1mo	$199,000	$92	56
2011 Morrow Ave	0.45mi	4/2.5	1,946 (-8%)	12mo	$249,900	$128	53
2310 Morrow Ave	0.68mi	4/2.0	2,134 (+1%)	17mo	$255,000	$119	52
902 N 10th St	0.37mi	4/3.0	1,839 (-13%)	6mo	$309,900	$169	52
1116 Morrow Ave	0.26mi	3/2.0 (-1)	1,877 (-11%)	18mo	$299,777	$160	49
1711 West Ave	0.44mi	3/2.0 (-1)	2,272 (+8%)	21mo	$265,000	$117	44
1700 N 15th St	0.64mi	4/2.0	1,848 (-13%)	8mo	$115,000	$62	42
2120 Washington Ave	0.67mi	3/2.0 (-1)	2,372 (+12%)	7mo	$299,000	$126	37
2211 Morrow Ave	0.60mi	3/2.5 (-1)	2,249 (+6%)	21mo	$250,000	$111	36

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 · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-11,110
• Equity at exit: $23,857

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $700
• Equity at exit: $13,834

Cash invested: $44,800 (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 76707

• Rents YoY: 1.1%
• Active inventory: 144
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$839
• Tax from tax record: −$237 /mo · $2,844/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $284

Break-even live

Break-even rent $1,447

Max offer price $160,000

Occupancy floor 79%

Sensitivity live

Price	-10% $375	-5% $329	+0% $284	+5% $239	+10% $193
Rent	-10% $141	-5% $213	+0% $284	+5% $355	+10% $427
Rate	-1.0pp $365	-0.5pp $325	base $284	+0.5pp $242	+1.0pp $200

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 N 19th St Waco, TX	3.0	1.5	1800	$2,050	$1.14	22d	1	0.42mi
2001 Bosque Blvd Waco, TX	3.0	1.0	1628	$1,100	$0.68	44d	1	0.52mi
2116 Morrow Ave Waco, TX	4.0	2.0	1703	$1,650	$0.97	22d	1	0.53mi
415 N 23rd St Waco, TX	3.0	2.0	1680	$2,000	$1.19	22d	1	0.63mi
1815 Seneca Ave Waco, TX	3.0	2.0	1471	$1,650	$1.12	22d	1	0.74mi
1400 N 23rd St Waco, TX	4.0	2.0	1650	$1,575	$0.95	14d	1	0.80mi
1511 Maple Ave Waco, TX	3.0	2.0	1487	$1,450	$0.98	44d	1	0.84mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	14d	1	0.99mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	44d	1	1.04mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	44d	1	1.07mi
1901 N 28th St Waco, TX	3.0	2.0	1794	$1,950	$1.09	22d	1	1.32mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	22d	1	1.35mi
3125 Ethel Ave Waco, TX	3.0	2.0	1760	$1,900	$1.08	22d	1	1.42mi
1817 Lyle Ave Waco, TX	3.0	2.5	2430	$2,295	$0.94	22d	1	1.43mi

Listing history 23 events

1. 2026-06-21
   days on market $160,000 Active 126 DOM
2. 2026-06-18
   days on market $160,000 Active 123 DOM
3. 2026-06-17
   days on market $160,000 Active 122 DOM
4. 2026-06-16
   days on market $160,000 Active 121 DOM
5. 2026-06-15
   days on market $160,000 Active 120 DOM
6. 2026-06-14
   days on market $160,000 Active 118 DOM
7. 2026-06-13
   days on market $160,000 Active 117 DOM
8. 2026-06-10
   days on market $160,000 Active 115 DOM
9. 2026-06-09
   days on market $160,000 Active 114 DOM
10. 2026-06-08
    days on market $160,000 Active 113 DOM
11. 2026-06-07
    days on market $160,000 Active 112 DOM
12. 2026-06-05
    days on market $160,000 Active 109 DOM
13. 2026-06-03
    days on market $160,000 Active 108 DOM
14. 2026-06-02
    days on market $160,000 Active 107 DOM
15. 2026-06-01
    days on market $160,000 Active 106 DOM
16. 2026-05-31
    days on market $160,000 Active 105 DOM
17. 2026-05-30
    days on market $160,000 Active 104 DOM
18. 2026-03-12
    price $160,000 802-char remark

    Show marketing remark (802 chars)

    Step into a piece of history in Waco! Built in 1910, this two-story home showcases the strength and character of original solid wood construction you simply can’t replicate today. Full of charm and potential, this property is ready for the right buyer to bring their vision to life. The home is currently mid-remodel, offering a unique opportunity for investors or creative homeowners to finish it exactly how they imagine. Major updates have already been completed, including foundation work, a new roof, most of the windows, and a newly built porch, giving you a strong starting point to complete the transformation. Whether you’re looking to restore its historic beauty or design a modern masterpiece within classic walls, this property offers incredible potential in a growing area.

19. 2026-02-15
    listed $170,000 Active 802-char remark

    Show marketing remark (802 chars)

    Step into a piece of history in Waco! Built in 1910, this two-story home showcases the strength and character of original solid wood construction you simply can’t replicate today. Full of charm and potential, this property is ready for the right buyer to bring their vision to life. The home is currently mid-remodel, offering a unique opportunity for investors or creative homeowners to finish it exactly how they imagine. Major updates have already been completed, including foundation work, a new roof, most of the windows, and a newly built porch, giving you a strong starting point to complete the transformation. Whether you’re looking to restore its historic beauty or design a modern masterpiece within classic walls, this property offers incredible potential in a growing area.

20. 2023-01-11
    soldstatus
21. 2023-01-05
    soldstatus 277-char remark

    Show marketing remark (277 chars)

    Investment property, fixer upper, sold as is. Built in 1910, this home is built with so much character and charm with original hardwood floors in parts of the home that would be amazing if refurnished. Room Dimensions approx. Don't miss out on this deal that won't last long.

22. 2022-11-26
    listed $125,000 277-char remark

    Show marketing remark (277 chars)

    Investment property, fixer upper, sold as is. Built in 1910, this home is built with so much character and charm with original hardwood floors in parts of the home that would be amazing if refurnished. Room Dimensions approx. Don't miss out on this deal that won't last long.

23. 2015-06-29
    soldstatus

ⓘ 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: $2,844 · $237/mo
• Projected year-2 tax: $2,928 · $244/mo
• Expected delta: +$84/yr (+$7/mo · 2.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 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: $21,671
• − Mortgage interest: −$8,962
• − Property taxes: −$2,844
• − Insurance: −$800
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$4,655
• Taxable income: $943
• Est. tax owed @ 24.0%: −$226
• After-tax cash flow: $3,181/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): 15,879
• Household income: $40,443
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 704.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 47% Black 32% Two or more races 26% White 18%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 15% · Canada
• Languages at home: 65% English-only · Spanish 34% Tagalog/Filipino 1%

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: ▼ -134.95%
• Current HPI: 239.639
• Rent YoY: ▲ 1.14%
• 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

+28.0% since first listed

6 events — show timeline

• 2026-03-12 Price Changed $160,000 NTREIS
• 2026-02-15 Listed $170,000 NTREIS
• 2023-01-11 Sold (Public Records) — Public Records
• 2023-01-05 Sold (MLS) — NTREIS
• 2022-11-26 Listed $125,000 NTREIS
• 2015-06-29 Sold (Public Records) — Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,844 · -0.3% YoY. Source: county tax records.