2804 Summer Ave · Waco, TX 76708

$145,000

3 bd · 1.0 ba · 1,058 sqft · SingleFamily public records · 4 Days on market

Built 1949 8,451 sqft lot Est $172k · 16% 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 +21.5/30.0
• ARV discount +14.7/15.0
• DSCR +6.9/10.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming, updated, and ready to move right in. Built in 1949 and nestled in the established Dean Highland neighborhood, this 3-bedroom, 1-bathroom has been recently updated throughout.

Key facts

• 8,451 sq ft lot
• Built 1949
• Listed 4 days

Property features AI

Finance

• Other: Property type is residential (single family residence); Lot less than 0.5 acre (approximately 0.194 acres); Subdivision: Blaize-Frazier; Possession at closing/funding; Listing status: Active
• Financial info: Accepts Cash, Conventional, FHA, and VA financing; No second mortgage
• HOA & community: No homeowners association

Exterior

• Parking: Driveway
• Utilities: City water; City sewer; Electricity connected; Individual gas meter
• Home design: Single family residence; One story; Attached property
• Construction: Built in 1949; Frame and wood construction; Asphalt roof; Pillar/post/pier foundation
• Exterior features: Private yard; Back yard fencing

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Carpet; Luxury vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Pantry; Other interior features
• Laundry & utility: Washer hookup; Electric dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 8.1% 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: crime D, commute F, employment D-.
• 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.
• Zoned schools: Dean Highland El (math 15% / reading 20%, grade F, #3,805 of 4,322 statewide, top 89%, 598 students, 93% FRL).
• Market conditions: Rents soft (-0.8%/yr); 376 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,014 units permitted in McLennan County in 2024 (200 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 $4k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.09%
• Cash-on-cash: 6.42%
• DSCR: 1.29
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $172,454
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3117 Fadal Ave	0.29mi	3/1.0	1,128 (+7%)	1mo	$200,000	$177	74
3412 N 24th St	0.45mi	3/1.0	1,082 (+2%)	1mo	$189,999	$176	74
3024 Edna Ave	0.29mi	3/1.0	996 (-6%)	4mo	$154,900	$156	74
2809 Alexander Ave	0.21mi	2/1.0 (-1)	1,120 (+6%)	4mo	$165,000	$147	72
2724 Mckenzie Ave	0.16mi	2/1.0 (-1)	950 (-10%)	3mo	$105,000	$111	68
2119 Alexander Ave	0.53mi	2/1.0 (-1)	1,021 (-4%)	4mo	$134,500	$132	62
2019 Summer Ave	0.57mi	3/2.0	1,008 (-5%)	0mo	$169,000	$168	61
3720 N 25th St	0.66mi	2/1.0 (-1)	1,098 (+4%)	2mo	$110,000	$100	56
2100 Mcferrin Ave Unit A AND B	0.53mi	4/4.0 (+1)	1,057 (-0%)	3mo	$385,000	$364	55
2708 Proctor Ave	0.55mi	2/1.0 (-1)	976 (-8%)	2mo	$159,000	$163	55
3528 N 25th St	0.48mi	2/1.0 (-1)	924 (-13%)	1mo	$150,000	$162	50
3645 N 25th St	0.62mi	3/2.0	962 (-9%)	3mo	$175,000	$182	50

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.65×
• Total profit: $-14,071
• Equity at exit: $21,620

10-year hold

• IRR: -5.0%
• Equity multiple: 0.72×
• Total profit: $-11,463
• Equity at exit: $12,537

Cash invested: $40,600 (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 76708

• Home prices YoY: -26.5%
• Rents YoY: -0.8%
• Active inventory: 376
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,504 high
• Mortgage (P&I): −$760
• Tax from tax record: −$150 /mo · $1,799/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $217

Break-even live

Break-even rent $1,229

Max offer price $145,000

Occupancy floor 81%

Sensitivity live

Price	-10% $299	-5% $258	+0% $217	+5% $176	+10% $135
Rent	-10% $98	-5% $158	+0% $217	+5% $276	+10% $336
Rate	-1.0pp $290	-0.5pp $254	base $217	+0.5pp $180	+1.0pp $141

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 McKenzie Ave Waco, TX	3.0	1.0	1096	$1,395	$1.27	22d	1	0.23mi
2717 Alexander Ave Waco, TX	2.0	2.0	1200	$2,000	$1.67	22d	1	0.23mi
2805 Mitchell Ave Waco, TX	2.0	1.0	1024	$1,145	$1.12	14d	1	0.29mi
2400 Reuter Ave Waco, TX	4.0	2.0	1426	$1,650	$1.16	22d	1	0.31mi
2408 McKenzie Ave Unit A Waco, TX	3.0	2.0	872	$1,350	$1.55	22d	1	0.32mi
2401 McKenzie Ave Waco, TX	3.0	1.5	1288	$1,300	$1.01	22d	1	0.33mi
2712 Mitchell Ave Waco, TX	3.0	1.0	1120	$1,300	$1.16	22d	1	0.34mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	44d	1	0.42mi
2712 Lyle Ave Waco, TX	3.0	1.0	1100	$1,500	$1.36	22d	1	0.42mi
2313 Mitchell Ave Waco, TX	2.0	1.0	804	$1,150	$1.43	22d	1	0.46mi
2504 Lyle Ave Waco, TX	3.0	2.0	1028	$1,475	$1.43	22d	1	0.46mi
2601 Herring Ave Unit 1 Waco, TX	3.0	1.0	989	$1,295	$1.31	44d	1	0.48mi
2704 Herring Ave Waco, TX	2.0	2.0	1286	$1,750	$1.36	22d	1	0.50mi
2612 Alice Ave Waco, TX	2.0	1.0	964	$1,250	$1.30	22d	1	0.57mi
2121 Lyle Ave Waco, TX	2.0	1.0	1080	$1,000	$0.93	14d	1	0.61mi
2621 Windsor Ave Waco, TX	2.0	1.0	1108	$1,175	$1.06	22d	1	0.78mi
2714 Windsor Ave Waco, TX	2.0	1.0	979	$1,300	$1.33	44d	1	0.81mi
3800 N 21st a St Waco, TX	4.0	2.5	1500	$1,350	$0.90	22d	1	0.82mi
2225 Windsor Ave Waco, TX	2.0	1.0	840	$1,100	$1.31	44d	1	0.86mi
1621 Alexander Ave Unit A Waco, TX	3.0	2.0	1400	$1,695	$1.21	22d	1	0.89mi
1614 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$925	$1.10	14d	1	0.90mi
1611 Bryan Ave Unit B Waco, TX	3.0	1.0	838	$985	$1.18	14d	1	0.90mi
2224 Cumberland Ave Waco, TX	2.0	1.0	768	$1,075	$1.40	44d	1	0.96mi
2000 Windsor Ave Waco, TX	4.0	2.5	1450	$1,800	$1.24	44d	1	1.00mi
4372 Lake Shore Dr Waco, TX	1.0–3.0	1.0–2.0	1027	$1,480	$1.44	14d	1	1.01mi
1920 Windsor Ave Waco, TX	3.0	1.0	1216	$1,200	$0.99	44d	1	1.02mi
3532 Windsor Ave Waco, TX	3.0	2.0	1100	$1,475	$1.34	14d	1	1.04mi
3825 Kimberly Dr Waco, TX	2.0	2.0	1233	$1,250	$1.01	22d	1	1.07mi
2332 Melissa Dr Waco, TX	2.0	1.0	990	$1,395	$1.41	14d	1	1.08mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	44d	1	1.08mi
2225 Trice Ave Waco, TX	2.0	1.0	803	$1,300	$1.62	14d	1	1.08mi
1818 Windsor Ave Waco, TX	4.0	2.0	1112	$1,625	$1.46	22d	1	1.08mi
2810 Stewart Dr Waco, TX	2.0	2.0	1326	$1,735	$1.31	22d	1	1.09mi
2804 Stewart Dr Waco, TX	2.0	2.0	1327	$1,475	$1.11	44d	1	1.10mi
1825 Cumberland Ave Waco, TX	3.0	1.0	1400	$1,325	$0.95	14d	1	1.11mi
4502 Lake Shore Dr Waco, TX	1.0–2.0	1.0–2.0	820	$2,595	$3.16	14d	10	1.11mi
2802 Stewart Dr Waco, TX	2.0	2.0	1326	$1,635	$1.23	14d	1	1.12mi
3625 Maple Ave Waco, TX	2.0	1.0	950	$1,275	$1.34	44d	1	1.16mi
3007 Parrott Ave Unit 1 Waco, TX	3.0	2.0	1458	$1,650	$1.13	22d	1	1.19mi
2511 Parrott Ave Waco, TX	3.0	2.0	1463	$1,695	$1.16	44d	1	1.20mi

Listing history 6 events

1. 2026-06-18
   days on market $145,000 Active 4 DOM
2. 2026-06-18
   status $145,000 Active 3 DOM
3. 2026-06-09
   status $145,000 Pending 3 DOM
4. 2026-06-08
   days on market $145,000 Active 3 DOM
5. 2026-06-07
   remarks 184-char remark
6. 2026-06-07
   listed $145,000 Active 2 DOM

ⓘ 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: $1,799 · $150/mo
• Projected year-2 tax: $2,654 · $221/mo
• Expected delta: +$855/yr (+$71/mo · 47.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 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: $18,043
• − Mortgage interest: −$8,122
• − Property taxes: −$1,799
• − Insurance: −$725
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$4,218
• Taxable income: $292
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $2,535/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): 27,790
• Household income: $68,856
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 583.0

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 0.63)
• Race & ethnicity: White 50% Hispanic / Latino 31% Two or more races 20% Black 13% Asian 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 21% Other Asian/Pacific 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: ▼ -78.80%
• Current HPI: 218.9643
• Rent YoY: ▼ -0.80%
• 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

5 events — show timeline

• 2026-06-05 Listed $145,000 NTREIS
• 2014-04-09 Sold (Public Records) — Public Records
• 2008-04-11 Sold (Public Records) — Public Records
• 2008-03-19 Sold (Public Records) — Public Records
• 2003-03-11 Sold (Public Records) — Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,799 · -0.3% YoY. Source: county tax records.