806 N Oneal St

Caldwell, TX 77836

$89,000B-

2 bd · 2.0 ba · 924 sqft · Built 1986 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $688/mo
• Annual: $8,261/yr
• Cap rate: 15.58%
• Cash-on-cash: 33.15%
• DSCR: 2.48
• 1% rule: 1.85%
• Cash to close: $24,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $89k.
• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• It's been on market 28 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#497 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Caldwell ISD (rural): math 44% / reading 45% proficiency, ranked #264 of 826 in TX (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Caldwell El (math 37% / reading 47%, grade F, #1,335 of 4,322 statewide, top 33%, 643 students, 64% FRL); Caldwell J H (math 48% / reading 56%, grade C+, #301 of 1,662 statewide, top 19%, 288 students, 59% FRL); Caldwell H S (math 52% / reading 47%, grade D, #509 of 1,632 statewide, top 34%, 594 students, 58% FRL).
• Market conditions: 315 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 44 units permitted in Burleson County in 2024 (0 in 5+ unit buildings).
• 11 sale attempts since 2y 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 + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.6% vs local median 4.0% in Caldwell — 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.
• 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?
• 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.