21133 Joe Paul Ln

Chandler, TX 75758

$199,000D+

5 bd · 3.0 ba · 2,128 sqft · Built 2003 · Manufactured · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,695/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$254
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $42/mo
• Annual: $499/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• 1% rule: 0.85%
• Cash to close: $55,720

Investor read

• This is a 5-bed/3.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $42 ($499/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (14.8% below list).
• It's been on market 73 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (14.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#347 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Brownsboro ISD (rural): math 42% / reading 46% proficiency, ranked #290 of 826 in TX (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 263 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 3.8% in Chandler — 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

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.