Score
0Waco, TX
3505 Hay Ave
110K
5 beds
1 baths
1,600 sqft
5 bd • 1 ba • 1,600 sf
This analysis was generated on 2/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$110,000
Price/Sq.Ft
$69
Year Built
1951
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Low Price per Square Foot: At $68.75/sqft, the property is priced below the Waco average. This provides an opportunity for investors to add value through renovations and increase the property's market value.
• Flexible Layout: The property description mentions 5-6 bedrooms or multiple living room spaces, offering flexibility for different uses. This is a great option for a big family or someone that wants to rent the property.
• Large, Fenced Yard: The fenced yard provides privacy and security, making it attractive for families with children or pets. It also adds value for potential renters.
• Investment Opportunity: The property is marketed as an investment opportunity, suggesting potential for a flip or rental conversion. The property is zoned single family residence and is a good option for someone that wants to live in the property.
• Minimal Flood Risk: The property has a minimal flood risk (1/10), reducing the need for costly flood insurance. FEMA Zone X_UNSHADED indicates a low-risk area.
The Bad
• Outdated Condition: Built in 1951, the property likely requires significant updates to its systems, finishes, and overall condition. This includes potential repairs to plumbing, electrical, and HVAC systems.
• Single Bathroom: With 5-6 bedrooms, having only one bathroom is a major drawback. Adding a bathroom is essential to improve the property's functionality and appeal.
• Low School Ratings: The nearby schools have low ratings (2/10 and 3/10), which may deter families with children and impact the property's resale value.
• Dated Finishes: The interior photos reveal dated finishes and a lack of modern amenities. Cosmetic updates, such as new flooring, paint, and fixtures, are necessary to enhance the property's marketability.
• Long Days on Market: The property has been on the market for 123 days, suggesting it may be overpriced or have significant issues deterring buyers. The average days on market in Waco is much lower, around 60-90 days.
The Ugly
• High Heat Risk: The property has a severe heat risk (7/10), potentially leading to high energy bills during Waco's hot summers. Upgrading insulation and the HVAC system is essential.
• Major Wind Risk: The property faces major wind risk (6/10), increasing the potential for damage from severe weather. Buyers should ensure adequate insurance coverage and consider weatherproofing measures.
• Unknown Systems Condition: The property details lack information about the condition of major systems (HVAC, plumbing, electrical). A thorough inspection is crucial to identify potential problems and estimate repair costs.
• Low School Ratings: The low ratings of nearby schools (2/10 and 3/10) may deter families with children and negatively impact the property's resale value. This can be a major issue for some families.
• Potential for Hidden Issues: Older homes often have hidden problems, such as foundation issues, termite damage, or asbestos. A professional inspection is essential to uncover these potential issues before purchase.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Investors seeking a low-entry point property for a quick flip or rental conversion. The property's low price per square foot ($68.75) and potential for increased bedroom count make it attractive for value-add strategies.
• Buyers comfortable with renovation projects and seeking a property with flexible layout options. The P&B construction allows for easy modifications, including adding a bathroom or reconfiguring living spaces.
• Individuals looking for a property with a large, fenced yard. The spacious outdoor area offers potential for landscaping, gardening, or recreational activities.
• Investors targeting the Waco rental market. The property's potential rental income, based on market rates for similar-sized homes, can provide a steady cash flow.
Not For
• Buyers seeking a move-in-ready property with modern amenities. This home requires significant renovations and updates to meet current market standards.
• Individuals prioritizing proximity to high-ranking schools. The nearby schools have lower ratings, which may not align with their educational preferences.
• Buyers with limited renovation budgets. The property's condition suggests the need for substantial investments in repairs and upgrades.
• Individuals sensitive to extreme heat. Waco experiences severe heat, and this older home may require significant upgrades to its HVAC system to maintain comfortable living conditions.
Demographics
Area Median Income
$48,333
Property History
Price History
Ownership Timeline
Property Taxes
$1,653
2024 Tax Assessment
0.6%from previous year
Assessed Value$73,300
Tax Rate2.26%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
2.0/10
Below AverageMiddle
3.0/10
Below AverageHigh
3.0/10
Below AverageFinancials
Monthly Costs
Market Rent (5 bed)
Get a detailed estimate on Zillow$850
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