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512 Herring Avenue
About This Property
The primary property features a spacious 2-bedroom, 2-bath home updated with fresh interior paint and new flooring, offering a clean and move-in ready space. Outside, you'll find additional storage shed ideal for a furry friend or hobby space. The adjoining vacant lot expands the possibilities even further, providing additional space for development, investment, or future expansion.
Conveniently located just minutes from Cameron Park, the Cameron Park Zoo, and the Brazos River, these properties offer quick access to some of Waco's most popular outdoor attractions, trails, recreation, dining, downtown Waco, Baylor University, and major thoroughfares.
Whether you're looking for a primary residence with additional land, an income-producing investment, or a future development opportunity, these combined parcels offer incredible versatility and long-term potential.
A DIFFERENT PATH TO HOMEOWNERSHIP – Flexible owner financing options are available for qualified buyers, creating an attractive opportunity for those seeking alternative financing solutions.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 2, 2026 | Relisted | $179,900 | |
| Relisted | |||
| Aug 20, 2026 | In contract | - | |
| In contract | |||
| May 28, 2026 | Listed by Turner Brothers Real Estate, LLC | $179,900 | |
| Listed by Turner Brothers Real Estate, LLC | |||
| Apr 3, 2025 | In contract | - | |
| In contract | |||
| Jan 24, 2025 | Listed | $210,000 | |
| Listed | |||
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One block from Cameron Park, updated 2/2, appliances included. The lot to the left of the house, 508 Herring lot is included in the sale. The house is zoned R-3E and eligible for a short-term rental license, STR Type II for a permit by right. The lot to the left is suitable for a nice outdoor space or buyer could chose to build. The lot is located in the opportunity zone. The owner will finance as an investment property with 15% down. The owner will consider lower down payment for owner occupant.
OWNER FINANCE
$210,000, $10,000 Down
360 months / 7%
Loan Payment will include escrows and servicing fees
PITI $1330.60
Taxes 293.26 (Taxes will be reduced with homestead exemption)
Ins 125.00 (Contact insurance company to get a quote)
35.00 Servicing Fee
$1,783.86 Estimated payment including taxes and insurance
Buyer Closing Costs: $1250.00
RMLO Documents $495.00 (excluded for investor purchase)
One year house insurance paid at closing & 2 months escrow taxes & insurance
$586 - Property Tax Escrow (based of 2024 taxes)
$250 - Insurance Escrow (estimated, actual amount based on buyer ins)
Loan documents will be Dodd Frank compliant
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017