515 W Emma · Bullard, TX 75757

$179,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 59 Days on market

Built 1928 7,405 sqft lot Est $160k · 12% over

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Why this score? — see what drove the F 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 +11.5/30.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

Key facts

• Remodeled interior
• Generous yard
• L-shaped kitchen

Tags

• UPDATED HOME
• REMODELED INTERIOR
• L-SHAPED KITCHEN
• UPSTAIRS BONUS ROOM
• CONVENIENT CARPORT
• GENEROUS YARD

Property features AI

Finance

• Other: Listing terms include Cash, Conventional, FHA, VA loan; Possession at closing/funding
• Financial info: Loan type: Treat As Clear; No second mortgage
• HOA & community: No association

Exterior

• Parking: Carport (2 covered spaces, 2 carport spaces); No garage
• Security: Smoke detector(s)
• Utilities: City water; City sewer; Municipal utility district: No
• Home design: Single family residence; Residential property; Two levels; Property attached: yes
• Construction: Built in 1928; Siding and wood construction; Composition roof; Pillar/Post/Pier foundation
• Exterior features: Covered front porch; Covered porch(es); Partial fencing; No other detached structures

Interior

• Kitchen: Dishwasher; Garbage disposal; Electric oven; Electric range; Microwave
• Bedrooms: 2 bedrooms (primary bedroom on level 1)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air (electric); Ceiling fans
• Interior features: Two living areas; One dining area; Room count: 2; Other interior features
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-60 ($-718/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (25.7% below list).
• Recommended offer: $134k (25.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.5% in Bullard — 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 77/100 on livability (#91 in TX, #3,180 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Bullard ISD (rural): math 65% / reading 60% proficiency, ranked #48 of 826 in TX (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bullard El (math 61% / reading 61%, grade B, #368 of 4,322 statewide, top 9%, 434 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 581 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 595 units permitted in Smith County in 2024 (45 in 5+ unit buildings).

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.
• Smith County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,627 (25.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.74% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $160,272
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Summerset Ct	0.19mi	2/1.0	1,050 (+4%)	17mo	$166,900	$159	70

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.7%
• Equity multiple: 0.34×
• Total profit: $-33,018
• Equity at exit: $26,824

10-year hold

• IRR: -11.2%
• Equity multiple: 0.33×
• Total profit: $-33,893
• Equity at exit: $15,554

Cash invested: $50,372 (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 75757

• Home prices YoY: -23.6%
• Active inventory: 581
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,336 high
• Mortgage (P&I): −$943
• Tax from tax record: −$97 /mo · $1,165/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $-60

Break-even live

Break-even rent $1,412

Max offer price $169,337

Occupancy floor 99%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
403 Polly St Bullard, TX	2.0	1.0	975	$1,295	$1.33	13d	1	0.14mi
208 Summerset Ct Bullard, TX	2.0	1.0	1050	$1,500	$1.43	13d	1	0.17mi
200 Water St Bullard, TX	2.0	1.0	1045	$1,250	$1.20	43d	1	0.33mi
417 E Main St Bullard, TX	1.0	1.0	700	$838	$1.20	43d	1	0.60mi
625 Papillion Rd Bullard, TX	3.0	2.0–2.5	1510	$1,672	$1.11	13d	10	1.06mi
424 Brentwood Dr Bullard, TX	2.0	1.5	957	$1,300	$1.36	13d	1	1.25mi

Listing history 14 events

1. 2026-05-01
   status Pending
2. 2026-04-23
   historical Active Option Contract

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

3. 2026-04-23
   status Pending 1342-char remark

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

4. 2026-04-17
   price $179,900

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

5. 2026-04-17
   price $179,900 1342-char remark

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

6. 2026-03-20
   price $185,000

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

7. 2026-03-20
   price $185,000 1342-char remark

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

8. 2026-03-03
   listed $195,000 Active

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

9. 2026-03-03
   listed $195,000 Active 1342-char remark

   Show marketing remark (1342 chars)

   Right in the heart of Bullard, this updated home is full of charm and convenience. Just minutes from Bullard Kids Park, Bullard Elementary School, and Bullard High School, you’ll love being so close to everything while still enjoying a quiet neighborhood feel. Inside, the beautifully remodeled interior spans 1,107 square feet on the first floor and an additional 401 square feet in the upstairs flex space, offering a spacious layout filled with natural light. The formal living and formal dining areas create a welcoming flow, while the L-shaped kitchen features great cabinet storage and easy functionality. Large windows throughout bring in beautiful natural light, making the home feel bright and inviting. This 2-bedroom, 1-bath layout also includes an upstairs bonus room - perfect for a home office, playroom, guest space, or additional flex area to fit your needs. Out back, a convenient carport and generous yard provide everyday functionality, while the charming front porch creates inviting curb appeal from the moment you arrive. Situated in the middle of Bullard with quick access to Hwy 69, commuting to Tyler or Jacksonville is a breeze. Whether you’re looking for a primary residence or a smart investment opportunity, this adorable, thoughtfully renovated home checks all the boxes. Schedule your showing today!

10. 2025-03-05
    price $199,900
11. 2025-01-25
    price $210,000
12. 2025-01-15
    listed $225,000 Active
13. 2023-04-10
    soldstatus
14. 2023-03-22
    listed $149,000

ⓘ 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: $1,165 · $97/mo
• Projected year-2 tax: $3,292 · $274/mo
• Expected delta: +$2,127/yr (+$177/mo · 182.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 26 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,035
• − Mortgage interest: −$10,077
• − Property taxes: −$1,165
• − Insurance: −$900
• − Repairs & maintenance: −$1,283
• − Management: −$1,283
• − Depreciation: −$5,233
• Taxable loss: −$3,905
• Est. tax savings @ 24.0%: +$937
• After-tax cash flow: $220/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: Bullard ISD
• NCES district ID: 4812060
• Math proficiency: 65% ▼ -2.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $55,026
• Composite: 53.66/100
• National rank: #1433
• State rank: #48 of 826 in TX

Livability — Bullard

• Score: 77/100
• State rank: #91
• US rank: #3180

Category grades

Amenities F Commute F Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety A User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bullard, TX
• Population (ZIP): 13,977

Population outlook (Smith County) Hauer SSP2

• Today (2025): 248,890 people
• By 2030: 261,665 · +5.1%
• By 2040: 286,114 · +15.0%
• By 2050: 308,006 · +23.8%
• By 2075: 354,171 · +42.3%
• By 2100: 372,828 · +49.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 13% Two or more races 10% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Iranian 5% Italian 4% Slovak 2%
• Foreign-born: 4% · Canada, Guatemala
• Languages at home: 92% English-only · Spanish 8%

Political lean MEDSL · Smith

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -5.6pp toward R · 2008: -39.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+39.4 2016: R+43.9 2012: R+46.9 2008: R+39.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.57%
• Current HPI: 189.5215
• Rent YoY: —
• Metro: —
• 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

+20.7% since first listed

14 events — show timeline

• 2026-05-01 Pending — NTREIS
• 2026-04-23 Contingent — NTREIS
• 2026-04-23 Pending — GTAR
• 2026-04-17 Price Changed $179,900 NTREIS
• 2026-04-17 Price Changed $179,900 GTAR
• 2026-03-20 Price Changed $185,000 NTREIS
• 2026-03-20 Price Changed $185,000 GTAR
• 2026-03-03 Listed $195,000 GTAR
• 2026-03-03 Listed $195,000 NTREIS
• 2025-03-05 Price Changed $199,900 GTAR
• 2025-01-25 Price Changed $210,000 GTAR
• 2025-01-15 Listed $225,000 GTAR
• 2023-04-10 Sold (MLS) — GTAR
• 2023-03-22 Listed $149,000 GTAR

Property tax history

+1.8%/yr

Latest (2018): $1,165 · -5.7% YoY. Source: county tax records.