2202 Marshall St · Wichita Falls, TX 76301

$59,900

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 137 Days on market

Built 1934 $67/sqft · 11% above area Est $54k · 11% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Established investment property located near Brook Village. The home has received many updates over the years. This property is tenant occupied and the lease expires 09/2026. The home has central heat and air with gas appliances. This one bedroom one bathroom home is a great way to increase your portfolio or just get started.

Key facts

• Gas appliances
• Tenant occupied
• Central heat and air

Tags

• INVESTMENT PROPERTY
• TENANT OCCUPIED
• CENTRAL HEAT AND AIR
• GAS APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 4.7% in Wichita Falls — 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 69/100 on livability (#437 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D.
• Wichita Falls ISD (urban): math 31% / reading 33% proficiency, ranked #585 of 826 in TX (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.3%/yr); 133 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 231 units permitted in Wichita County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wichita County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.63% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.45%
• DSCR: 1.95
• GRM: 5.1

CMA / ARV

• ARV (median comp): $53,805
• List price: $59,900
• Delta: 11.33%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.27% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.70×
• Total profit: $11,714
• Equity at exit: $8,931

10-year hold

• IRR: 27.1%
• Equity multiple: 3.67×
• Total profit: $44,763
• Equity at exit: $5,179

Cash invested: $16,772 (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 76301

• Home prices YoY: -34.1%
• Rents YoY: 5.3%
• Active inventory: 133
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $973 high
• Mortgage (P&I): −$314
• Tax from tax record: −$130 /mo · $1,561/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $300

Break-even live

Break-even rent $594

Max offer price $59,900

Occupancy floor 64%

Sensitivity live

Price	-10% $334	-5% $317	+0% $300	+5% $283	+10% $266
Rent	-10% $223	-5% $261	+0% $300	+5% $338	+10% $377
Rate	-1.0pp $330	-0.5pp $315	base $300	+0.5pp $284	+1.0pp $269

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1824 Collins Ave Wichita Falls, TX	1.0	1.0	750	$795	$1.06	45d	1	0.52mi
2003 Wilson Ave Unit 1/2 Wichita Falls, TX	1.0	1.0	680	$650	$0.96	45d	1	0.54mi
1901 Giddings St Wichita Falls, TX	3.0	2.0	909	$1,175	$1.29	45d	1	0.74mi
2130 Avenue K Wichita Falls, TX	3.0	2.0	1090	$1,390	$1.28	45d	1	0.81mi
2006 Bell St Wichita Falls, TX	3.0	1.0	1120	$1,000	$0.89	45d	1	0.85mi
1301 Giddings St Wichita Falls, TX	3.0	1.0	1000	$1,150	$1.15	45d	1	0.86mi
2007 10th St Unit B Wichita Falls, TX	1.0	1.0	744	$750	$1.01	45d	1	0.87mi
1810 7th St Unit 1/2 Wichita Falls, TX	2.0	1.0	806	$775	$0.96	45d	1	1.02mi
1813 Polk St Wichita Falls, TX	3.0	2.0	1090	$1,364	$1.25	45d	1	1.14mi
1515 Fillmore St Wichita Falls, TX	3.0	2.0	909	$1,225	$1.35	45d	1	1.19mi
1710 Fillmore St Apt C Wichita Falls, TX	1.0	1.0	648	$625	$0.96	45d	1	1.26mi
2304 Avenue K Wichita Falls, TX	3.0	2.0	1040	$1,050	$1.01	45d	1	1.26mi
504 Fillmore St Wichita Falls, TX	1.0–2.0	1.0	734	$895	$1.22	45d	6	1.44mi
2500 Taylor St Unit 2500 Taylor A Wichita Falls, TX	2.0	1.0	910	$800	$0.88	45d	1	1.46mi
2003 Buchanan St Wichita Falls, TX	3.0	2.0	1118	$1,100	$0.98	45d	1	1.46mi

Listing history 21 events

1. 2026-06-19
   days on market $59,900 Active 137 DOM
2. 2026-06-18
   days on market $59,900 Active 136 DOM
3. 2026-06-17
   days on market $59,900 Active 135 DOM
4. 2026-06-16
   days on market $59,900 Active 134 DOM
5. 2026-06-15
   days on market $59,900 Active 133 DOM
6. 2026-06-14
   days on market $59,900 Active 131 DOM
7. 2026-06-13
   days on market $59,900 Active 130 DOM
8. 2026-06-10
   days on market $59,900 Active 128 DOM
9. 2026-06-09
   days on market $59,900 Active 127 DOM
10. 2026-06-08
    days on market $59,900 Active 126 DOM
11. 2026-06-07
    days on market $59,900 Active 125 DOM
12. 2026-06-05
    days on market $59,900 Active 122 DOM
13. 2026-06-02
    days on market $59,900 Active 120 DOM
14. 2026-06-01
    days on market $59,900 Active 119 DOM
15. 2026-05-31
    days on market $59,900 Active 118 DOM
16. 2026-05-30
    days on market $59,900 Active 117 DOM
17. 2026-02-26
    price $59,900 328-char remark

    Show marketing remark (328 chars)

    Established investment property located near Brook Village. The home has received many updates over the years. This property is tenant occupied and the lease expires 09/2026. The home has central heat and air with gas appliances. This one bedroom one bathroom home is a great way to increase your portfolio or just get started.

18. 2026-02-02
    listed $67,500 Active 328-char remark

    Show marketing remark (328 chars)

    Established investment property located near Brook Village. The home has received many updates over the years. This property is tenant occupied and the lease expires 09/2026. The home has central heat and air with gas appliances. This one bedroom one bathroom home is a great way to increase your portfolio or just get started.

19. 2020-09-18
    soldstatus 34-char remark

    Show marketing remark (34 chars)

    Great investor house! Needs work.

20. 2020-09-18
    soldstatus

    Show marketing remark (34 chars)

    Great investor house! Needs work.

21. 2020-08-27
    listed $35,000 34-char remark

    Show marketing remark (34 chars)

    Great investor house! Needs work.

ⓘ 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: $1,561 · $130/mo
• Projected year-2 tax: $1,561 · $130/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $11,682
• − Mortgage interest: −$3,355
• − Property taxes: −$1,561
• − Insurance: −$300
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$1,743
• Taxable income: $2,854
• Est. tax owed @ 24.0%: −$685
• After-tax cash flow: $2,913/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: Wichita Falls ISD
• NCES district ID: 4845780
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $41,604
• Composite: 27.06/100
• National rank: #7051
• State rank: #585 of 826 in TX

Livability — Wichita Falls

• Score: 69/100
• State rank: #437
• US rank: #8940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wichita Falls, TX
• County: Wichita County · 95,694 people
• City population: 95,694
• Metro: Wichita Falls, TX
• Population (ZIP): 15,479
• Household income: $41,947
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 577.0

Population outlook (Wichita County) Hauer SSP2

• Today (2025): 129,638 people
• By 2030: 128,366 · -1.0%
• By 2040: 124,466 · -4.0%
• By 2050: 120,499 · -7.0%
• By 2075: 113,884 · -12.2%
• By 2100: 101,818 · -21.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 40% Hispanic / Latino 38% Black 18% Two or more races 15% Asian 1%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 1%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 22%

Political lean MEDSL · Wichita

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5%
• 2008→2024 swing: -5.2pp toward R · 2008: -38.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.1 2016: R+49.7 2012: R+47.1 2008: R+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.89%
• Current HPI: 135.1511
• Rent YoY: ▲ 5.27%
• Metro: Wichita Falls, 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

+71.1% since first listed

5 events — show timeline

• 2026-02-26 Price Changed $59,900 WFAOR
• 2026-02-02 Listed $67,500 WFAOR
• 2020-09-18 Sold (Public Records) — Public Records
• 2020-09-18 Sold (MLS) — WFAOR
• 2020-08-27 Listed $35,000 WFAOR

Property tax history

+6.5%/yr

Latest (2025): $1,561 · +1.9% YoY. Source: county tax records.