414 S Gillespie St · Pampa, TX 79065

$71,900

2 bd · 1.0 ba · 484 sqft · SingleFamily public records · 75 Days on market

Built 1945 $149/sqft · 245% above area

---

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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated 2 bedroom, 1 bath home with great flow and functional extras. Step inside to an open-concept living and kitchen area, ideal for everyday living or entertaining. Two comfortable bedrooms are split by the living room, giving each space added privacy, and the full bath is nicely finished and conveniently located. Outside, the home features fresh exterior paint and a durable metal roof, plus a handy shop with oversized door for projects, storage, or parking. You'll also appreciate the storm cellar/basement with rear entry for added peace of mind and the chain-link fenced yard with an oversized front gate for easy vehicle access. Call Today to View

Key facts

• Durable metal roof
• Oversized front gate
• Fresh exterior paint

Tags

• FRESH EXTERIOR PAINT
• DURABLE METAL ROOF
• HANDY SHOP WITH OVERSIZED DOOR
• STORM CELLAR BASEMENT
• CHAIN-LINK FENCED YARD
• OVERSIZED FRONT GATE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($818 rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#128 in TX, #3,885 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, crime F.
• Pampa ISD (town): math 38% / reading 36% proficiency, ranked #482 of 826 in TX (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 182 active listings in the ZIP; 7 units permitted in Gray County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $497 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gray County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,586 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
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: 1.14% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.58%
• DSCR: 1.43
• GRM: 7.3

CMA / ARV

• ARV (median comp): $33,770
• List price: $71,900
• Delta: 112.91%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,404
• Equity at exit: $10,721

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $11,986
• Equity at exit: $6,217

Cash invested: $20,132 (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 79065

• Active inventory: 182
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $818 medium
• Mortgage (P&I): −$377
• Tax from tax record: −$78 /mo · $942/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $161

Break-even live

Break-even rent $615

Max offer price $71,900

Occupancy floor 75%

Sensitivity live

Price	-10% $202	-5% $181	+0% $161	+5% $140	+10% $120
Rent	-10% $96	-5% $128	+0% $161	+5% $193	+10% $225
Rate	-1.0pp $197	-0.5pp $179	base $161	+0.5pp $142	+1.0pp $123

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: $17,975
• Closing costs: $2,157
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-13
   listed $71,900 Active 659-char remark

   Show marketing remark (659 chars)

   Updated 2 bedroom, 1 bath home with great flow and functional extras. Step inside to an open-concept living and kitchen area, ideal for everyday living or entertaining. Two comfortable bedrooms are split by the living room, giving each space added privacy, and the full bath is nicely finished and conveniently located. Outside, the home features fresh exterior paint and a durable metal roof, plus a handy shop with oversized door for projects, storage, or parking. You'll also appreciate the storm cellar/basement with rear entry for added peace of mind and the chain-link fenced yard with an oversized front gate for easy vehicle access. Call Today to View

2. 2024-07-23
   soldstatus
3. 2016-03-17
   soldstatus

ⓘ 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: $942 · $78/mo
• Projected year-2 tax: $1,316 · $110/mo
• Expected delta: +$374/yr (+$31/mo · 39.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $9,817
• − Mortgage interest: −$4,028
• − Property taxes: −$942
• − Insurance: −$360
• − Repairs & maintenance: −$785
• − Management: −$785
• − Depreciation: −$2,092
• Taxable income: $826
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $1,731/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: Pampa ISD
• NCES district ID: 4834170
• Math proficiency: 38% ▼ -10.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $43,741
• Composite: 31.43/100
• National rank: #5986
• State rank: #482 of 826 in TX

Livability — Pampa

• Score: 75/100
• State rank: #128
• US rank: #3885

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pampa, TX
• Population (ZIP): 19,569

Population outlook (Gray County) Hauer SSP2

• Today (2025): 24,965 people
• By 2030: 26,105 · +4.6%
• By 2040: 28,752 · +15.2%
• By 2050: 31,859 · +27.6%
• By 2075: 39,812 · +59.5%
• By 2100: 43,284 · +73.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (59%)
• Race & ethnicity: White 59% Hispanic / Latino 32% Two or more races 6% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Slovak 3% Iranian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 79% English-only · Spanish 21%

Political lean MEDSL · Gray

• 2024 margin: Solid R (+77.1) · D 11.2% · R 88.3%
• 2008→2024 swing: -6.2pp toward R · 2008: -71.0pp · 2024: -77.1pp
• All cycles: 2024: R+77.1 2020: R+77.2 2016: R+78.8 2012: R+75.2 2008: R+71.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.67%
• Current HPI: 128.8525
• 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

3 events — show timeline

• 2026-03-13 Listed $71,900 PBOR
• 2024-07-23 Sold (Public Records) — Public Records
• 2016-03-17 Sold (Public Records) — Public Records

Property tax history

+23.3%/yr

Latest (2025): $942 · +9.1% YoY. Source: county tax records.