A theoretical model for estimating the expectation and variance of buses' running times under a flexibly-routed mode of service is proposed. The model is based on a probabilistic concept that adequately accommodates the usual randomness in the number and location of passengers served during successive vehicle trips. A few simplifications are embodied in the model but it can serve as a basis for a more refined model such as a computer simulation model that can be used in designing real bus systems. The physical setting assumed in the model is a rectangular grid road network where all houses face the side streets as in some suburban regions. Because it oversimplifies real-life situations, this assumption would need to be relaxed to make the model applicable to more general cases. Both the partially flexible-route service where some passengers are captive to fixed-route service and others are served at their doorsteps, and the fully flexible-route service where all passengers are served at their doorsteps, are studied. In each case, a very simple routing convention that can be conveniently executed by the bus drivers is assumed. The proposed travel time model confirms the intuitively correct phenomenon that when the concentration of passenger trip-ends is very high, the vehicle-route degenerates into a fixed-route in which the buses visit all possible loading points within the service area.