1947 Estrada Dr

El Paso, TX 79936

$167,000B-

3 bd · 2.0 ba · 1,056 sqft · Built 1986 · MultiFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,293/mo
• Mortgage (P&I): −$876
• Tax + insurance: −$343
• HOA: −$0
• Vac / Maint / Mgmt: −$692
• Net cashflow: $1,383/mo
• Annual: $16,597/yr
• Cap rate: 16.23%
• Cash-on-cash: 35.49%
• DSCR: 2.58
• 1% rule: 1.97%
• Cash to close: $46,760

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $167k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $692/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $167k).
• It's been on market 73 days — a 6% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 81/100 on livability (#23 in TX, #1,375 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+.
• Socorro ISD (urban): math 23% / reading 36% proficiency, ranked #624 of 826 in TX (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Benito Martinez El (math 12% / reading 27%, grade F, #3,583 of 4,322 statewide, top 86%, 497 students, 80% FRL); William D Slider Middle (math 17% / reading 42%, grade F, #1,077 of 1,662 statewide, top 66%, 703 students, 78% FRL); Montwood H S (math 25% / reading 46%, grade F, #941 of 1,632 statewide, top 58%, 2,498 students, 74% FRL).
• Market conditions: Rents rising (+2.0%/yr); 237 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,196 units permitted in El Paso County in 2024 (143 in 5+ unit buildings).
• El Paso County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,293/mo this rent would consume 59% of the median local household income ($67k/yr) (locally 2856% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.