428 Coleman St, Marlin TX Multifamily Investment

This Marlin address sits within the Waco, TX metro and carries a B- neighborhood rating with a mid-pack rank (49 out of 92 metro neighborhoods), indicating balanced but not leading fundamentals. Amenity access is a relative strength: cafes, parks, and pharmacies rank in the top quartile among Waco neighborhoods, while grocery and restaurant density is competitive within the metro. These day-to-day conveniences help leasing and retention even when broader occupancy is mixed.

Neighborhood occupancy is measured at the neighborhood level, not the property. At roughly the lower end of Waco outcomes (ranked 82 of 92; low national percentile), occupancy signals room for improvement and the need for active leasing strategy. Rent levels start from a low base locally, and the rent-to-income ratio sits in a stronger national position, which can aid retention and moderate pricing power for value-oriented units.

Within a 3-mile radius, recent population trends have been modestly negative, but WDSuite indicates growth in both population and households through 2028, pointing to a larger tenant base over time. Projections also suggest smaller household sizes ahead, which can translate into increased demand for rental housing, especially compact units. The renter-occupied share within the 3-mile area is about 30%, indicating a modest renter concentration and a smaller — but serviceable — pool of prospective tenants for a 28-unit asset.

Ownership costs in the surrounding area are comparatively low by national standards, which can create competition with entry-level ownership and temper rent growth expectations. School ratings benchmark low nationally, which may limit appeal to some family renters but has less impact on studios and smaller formats. The subject’s 1972 vintage is older than the neighborhood’s average construction year (1984), implying potential capital expenditure needs alongside value-add and repositioning opportunities to differentiate versus older stock.