| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 22nd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 101 Purvis St, Waco, TX, 76705, US |
| Region / Metro | Waco |
| Year of Construction | 1984 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
101 Purvis St, Waco TX Multifamily Value-Add Opportunity
Stabilizing renter demand in an inner-suburban Waco neighborhood, according to WDSuite’s CRE market data, supports a pragmatic value-add approach for this 1984 asset. Neighborhood occupancy trends sit in the high-80s, suggesting steady leasing conditions with room for operational upside.
The property sits in an Inner Suburb pocket of Waco that rates around the metro median overall, with livability anchored by everyday amenities rather than destination retail. Amenity access ranks in the competitive tier locally (top quartile among 92 metro neighborhoods), led by groceries and parks, while cafes and pharmacies are limited. That mix favors workforce renters seeking convenience over lifestyle retail.
Neighborhood occupancy is in the high-80s and has improved over the last five years, indicating resilient leasing even through varied cycles. Rents track below national averages, and a moderate rent-to-income profile tends to aid retention—an investor-friendly setup for disciplined pricing and lease management. Home values are comparatively lower for ownership in this area, which can introduce some competition from entry-level buying; however, more accessible ownership costs often coexist with stable demand for well-managed rentals.
Within the neighborhood, the share of housing units that are renter-occupied is a clear majority, signaling a deeper tenant base for small and midsize multifamily. In contrast, demographics aggregated within a 3-mile radius show a more even renter/owner mix, broadening the pool of potential residents while tempering volatility. Population and household counts within that 3-mile radius have grown in recent years and are projected to continue expanding, supporting a larger tenant base and sustained absorption.
From an investor lens, this submarket’s strengths are practical: everyday services (groceries, parks, childcare) score well locally, commute patterns are straightforward, and rents remain approachable. For multifamily property research, the combination of steady renter concentration, below-national rent levels, and incremental population growth underpins a durable working-class rental profile.
Safety signals are mixed when viewed across scales. Compared with other Waco neighborhoods (92 total), this area trends toward the higher-crime side locally; however, national benchmarking places the neighborhood around the safer side of the spectrum overall for total crime while violent-offense comparisons are less favorable. According to WDSuite’s CRE market data, recent year-over-year estimates indicate meaningful declines in both property and violent offenses, which investors may interpret as an improving trend to monitor rather than a completed shift.
For underwriting, a balanced approach is prudent: incorporate conservative security and operating assumptions today, track the downward trajectory in incident estimates, and weigh the neighborhood’s middle-of-the-pack metro position against its comparatively stronger national standing for total crime.
The immediate area draws from a diversified Waco employment base spanning education, healthcare, manufacturing, and logistics. This mix typically supports workforce housing dynamics and commute convenience for renters, though investors should verify specific commute patterns and major employers relevant to their unit mix.
This 1984, 27-unit asset aligns with a workforce renter profile where neighborhood occupancy trends remain in the high-80s and have improved over time. The vintage suggests potential value-add through systems, exterior, and interior upgrades, while below-national rent levels and a moderate rent-to-income profile can support retention. Within the immediate neighborhood, renter-occupied share is substantial, reinforcing demand depth; at the 3-mile radius, population and households are expanding, indicating a larger tenant base ahead. According to CRE market data from WDSuite, this balance of renter concentration, approachable rents, and everyday amenity access underpins steady, needs-based demand.
Key considerations include the neighborhood’s relatively higher-crime standing within the Waco metro (despite recent declines and more favorable national positioning for total crime) and potential competition from comparatively lower ownership costs. Overall, the submarket’s practical amenities, growing 3-mile household base, and value-add path for a 1980s asset support a cautious but constructive long-term view.
- Value-add path for a 1984 asset to improve NOI via targeted upgrades
- Neighborhood occupancy in the high-80s with improving multi-year trend supports leasing stability
- Renter-occupied concentration locally and expanding 3-mile population/households deepen the tenant base
- Below-national rent levels and moderate rent-to-income profile aid retention and pricing flexibility
- Risks: relatively higher-crime standing within the metro and competition from accessible ownership options