A 1,344 sq ft adobe home on a 6,750 sq ft lot on West Waco Street. The new exterior photos reveal important context: the roof is a mid-life hip-style shingle in better shape than expected, the rear yard is genuinely large and open (blank canvas), and the mature cedar tree is a significant asset. The seller confirmed lots in the area go for $75–100K — which means the structure itself is essentially being valued at $95–120K on top of land. You're paying fair value for the land and getting the shell nearly free. The catch: the shell needs everything.
The massive gap between $143/sqft (sold avg) and $319–381/sqft (list/market avg) tells the whole story: Marfa is a two-tier market. Distressed/unrenovated properties trade near land value. Design-forward, renovated homes — especially those positioned for STR — command 2–3× that. The opportunity is in the spread. Marfa attracts high-income weekenders from Austin, DFW, and both coasts. 279 active STRs in a town of 1,700 people proves the demand, and the 44% occupancy at $235/night is a stable floor for a well-run property.
All estimates include a 30% Marfa Remote Premium applied to labor. Marfa is 60+ miles from the nearest major contractor base (Alpine/Midland). Trade workers charge travel time and daily per diem on top of labor. This is not optional math — it's a real cost. Budget figures below are for STR-quality execution, not luxury finishes.
The bathroom photos show exposed copper rough-in, open wall cavities, and missing fixtures. This is not a standard repipe — it's a full rough-in job for a stripped space plus replacing all supply lines throughout the house. In adobe construction, plumbing runs often go through the walls and slab, making access more involved than stick-frame.
| Whole-house repipe to PEX-A ($4.50/sqft × 1,344 + 30% remote) | $7,900 – $10,500 |
| Bathroom rough-in (toilet, shower/tub, sink, laundry) | $4,500 – $8,000 |
| Kitchen rough-in (sink, dishwasher, potential bar sink) | $1,800 – $3,500 |
| Tankless water heater (propane or electric) + installation | $2,200 – $4,500 |
| New hose bibs, shut-offs, pressure regulator | $800 – $1,500 |
| Permits + inspection (Presidio County) | $400 – $800 |
| Contingency — adobe walls make fishing pipe unpredictable | $1,500 – $5,000 |
| Subtotal — Plumbing | $19,100 – $33,800 |
Based on the home's age and condition, assume the panel is undersized (likely 100A) and the wiring is old (possibly aluminum in some runs, or inadequate for modern loads). Adding 4 mini-split circuits, a kitchen with modern appliances, and STR-grade outlets (USB-C throughout, exterior lighting) means this is effectively a full electrical renovation, not just a panel swap.
| 200A panel upgrade (replace old box, new breakers) | $2,500 – $5,500 |
| Full rewire — supply circuits throughout 1,344 sqft | $5,500 – $10,000 |
| Dedicated circuits for mini-splits (4 units × 240V) | $1,200 – $2,400 |
| Kitchen dedicated circuits (20A × 2 for appliances) | $600 – $1,000 |
| GFCI outlets (bathroom, kitchen, exterior — code required) | $400 – $800 |
| STR extras: USB outlets, smart switch wiring, exterior lighting | $1,500 – $3,000 |
| Smoke + CO detectors (code required for STR permit) | $300 – $600 |
| Permits + electrical inspection (required for STR) | $500 – $1,000 |
| 30% remote labor premium | included above |
| Subtotal — Electrical | $12,500 – $24,300 |
Marfa does have some natural gas infrastructure via the West Texas Gas system, but service availability varies by block and many properties in older residential areas are on propane. From the photos, no gas meter is visible on the exterior — this property may currently be all-electric or have had propane tanks removed. Assume propane system installation for planning purposes.
| 250-gallon propane tank (above-ground, standard for residential) | $800 – $2,000 |
| Interior gas line rough-in (kitchen, water heater, optional dryer) | $1,200 – $2,800 |
| Appliance hookups + pressure testing | $400 – $800 |
| Permits + gas inspection | $300 – $600 |
| First propane fill (~150 gallons @ ~$2.80/gal West TX) | $400 – $500 |
| 30% remote labor premium | included above |
| Subtotal — Gas (Propane) | $3,100 – $6,700 |
Adobe homes in Marfa traditionally use flat or low-slope roofs, but the photos show a conventional pitched asphalt shingle roof — common on modified adobe homes. The shingles appear aged with potential granule loss. Given the full renovation scope, replacing the roof before interior work is the smart sequence (you don't want a leaking roof over a finished kitchen). For a desert climate, seriously consider a metal roof — higher upfront cost, 40+ year lifespan, better heat reflection, preferred by insurance companies.
Option A — Asphalt Shingle Replacement
| Tear-off existing shingles ($1.50–2.50/sqft × ~1,400 roof sqft) | $2,100 – $3,500 |
| Inspect/replace decking if damaged (assume 20% replacement) | $800 – $2,000 |
| 30-yr architectural shingle install ($5.39/sqft × ~1,400 sqft) | $7,546 base |
| 30% remote premium on labor | +$2,264 |
| Flashing, drip edge, ridge cap, underlayment | $600 – $1,200 |
| Option A Total — Asphalt Shingle | $9,500 – $14,000 |
Option B — Standing Seam Metal Roof (Recommended for STR)
| Metal roof installed (~$10–14/sqft × 1,400 sqft) | $14,000 – $19,600 |
| 30% remote premium | +$4,200 – $5,880 |
| Tear-off + prep | $2,100 – $3,500 |
| Option B Total — Metal Roof | $13,500 – $22,000 |
| Plumbing (full overhaul) | $19,000 – $34,000 |
| Electrical (panel + rewire + STR circuits) | $12,500 – $24,300 |
| Gas (propane system) | $3,100 – $6,700 |
| Roof (asphalt option) | $9,500 – $14,000 |
| Total Mechanical Systems | $44,100 – $79,000 |
Midpoint: ~$60,000 for all mechanical systems. This is the number to verify with local contractors FIRST — it drives the viability of the entire deal.
Adobe walls are inherently load-bearing. Unlike stick-frame construction where you can identify non-structural partition walls, adobe homes are designed so that the walls themselves carry the roof load directly into the foundation. There are no "partition walls" in the traditional sense — every adobe wall may be structural.
Removing an interior adobe wall without proper structural engineering and beam installation can result in catastrophic roof failure. This is not a DIY or "let's see what happens" situation. Texas building codes require a structural engineer's sign-off for any load-bearing wall modification.
Cost varies enormously based on whether the wall is load-bearing (requires structural steel/beam installation) or a rare non-bearing adobe partition.
| Structural engineer assessment + drawings (mandatory) | $1,500 – $3,500 |
| Permit for structural modification | $500 – $1,500 |
| Adobe demo — manual labor (adobe is dense, dusty, heavy) | $2,000 – $5,000 |
| Debris removal (adobe bricks weigh ~30 lbs each) | $500 – $1,500 |
| IF LOAD-BEARING: Steel beam + posts + header installation | $4,500 – $16,000 |
| Stucco repair at demo junction (interior + exterior) | $1,500 – $3,500 |
| Subtotal — Wall Demo (load-bearing scenario) | $10,500 – $31,000 |
STR-quality execution. Includes mechanical systems above plus cosmetic renovation, HVAC, and furnishing.
Direct MLS comps for this specific address are limited due to Marfa's thin transaction volume. Using market-wide data to establish ARV range.
| Property / Reference | Sqft | Condition | $/Sqft | Implied Value @ 1,344 sqft |
|---|---|---|---|---|
| 410 W Waco St (Subject) | 1,344 | Distressed / Heavy Rehab | $145 (ask) | $195,000 (ask) |
| Redfin — Avg Sold Price/sqft, Marfa | varies | All conditions blended | $143 | $192,192 |
| Zillow — Avg Home Value, Marfa | varies | All conditions | ~$199 | $267,626 |
| Movoto — Median List Price/sqft | varies | Active listings | $319 | $428,736 |
| HAR.com — Avg Marfa (Dec 2025) | varies | Skewed toward renovated | $381 | $512,064 |
| Target ARV — Quality Renovated STR | 1,344 | Fully renovated, STR-optimized | $300–$380 | $403,200 – $510,720 |
Scenario A — Lean Reno (STR Hold)
Scenario B — Full Reno (STR Hold)
Scenario C — Phase the Renovation
Scenario D — Negotiate to $165K
Primary Residence — Buy vs. Build vs. This Property
Annual ownership costs (primary residence): Property taxes ~$2,100 · Homeowners insurance ~$2,400 · Utilities ~$5,400 · Maintenance reserve ~$3,500 = ~$13,400/year
| Risk | Level | Mitigation |
|---|---|---|
| Wall cracks — foundation/structural | HIGH | Hire structural engineer before committing to full purchase price. If foundation issues found, negotiate hard or walk away. |
| Adobe wall demo going wrong | HIGH | Mandatory structural engineer drawings + permit. No exceptions. Do not let a contractor demo without signed-off plans. |
| Contractor cost overrun (Marfa remoteness) | HIGH | Get 3 bids minimum. Require fixed-price contracts where possible. Budget 15% contingency minimum. Visit site during work. |
| Market liquidity — can't exit quickly | MED | Plan for 12–24 month hold minimum. This is not a quick-flip market. Enter with long-term intent or don't enter at all. |
| STR saturation (279 competitors) | MED | Design quality is the differentiator. Top-10% properties in Marfa get 60%+ occupancy; bottom-30% sit empty. Invest in good design and photography. |
| STR regulatory tightening | MED | Marfa already has STR ordinance (not a ban risk). 20% of housing stock is STR — political will to ban is low. But rules may tighten. Get permit and comply from day 1. |
| Marfa demand fundamentals | LOW | Chinati Foundation, Donald Judd legacy, arts community — this is durable. Not a fad market. High-income visitors are loyal to Marfa as a destination. |
| Property taxes | LOW | Presidio County has very low property taxes. Estimated $2,000–2,500/year on this property. Minimal carry cost. |
The deal can work — but don't pay $195K as-is without more information. The wall cracks are a material unknown that could swing this deal by $20–50K. The proposed adobe wall demo is an additional unknown that needs structural engineering before it can be budgeted. The right move is: (1) get a structural engineer in, (2) get 2–3 contractor bids, (3) use those findings to negotiate the price down to $165–175K. At that entry point with a $200–220K renovation, you get $50–70K in equity at completion and $20K/year in net STR income. That's a real return.
Pre-Offer Checklist
- Hire structural engineer — inspect wall cracks AND determine if proposed demo wall is load-bearing. Cost: $1,500–3,500. Non-negotiable.
- Get 2–3 contractor bids for plumbing + electrical + roof. Contact Alpine-area tradespeople. Compare to Midland/Odessa contractors willing to travel.
- Verify: Is natural gas available on W Waco St? (Call West Texas Gas Co.) If yes, saves $3,000+ on propane infrastructure.
- Pull Presidio County appraisal records to confirm legal description, lot dimensions, and any liens.
- Order title search and survey.
- Walk the property at different times of day — check how it sits relative to neighbors, parking, street noise.
- Talk to a Marfa-based STR operator or property manager — ask what nightly rates they're actually getting for comparable properties right now.
- Negotiate. The ask is $195K for a house with exposed pipes and wall cracks. $165–175K is defensible. Use the structural report as leverage.