96 Mulberry · Lake View, TX 78840

$99,500

3 bd · 2.0 ba · 1,264 sqft · Manufactured · 58 Days on market

Built 1995 Fair condition $120/mo HOA · 9% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Rent growth +2.9/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Livability +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect home for those who love the lake life! This property offers the ideal setup for homeowners with a boat, featuring ample space for parking and easy access for storing your boat, trailer, or other recreational vehicles.

Key facts

• 3 garage spots
• Built 1995
• Listed 58 days

Tags

• AMPLE SPACE FOR PARKING
• EASY ACCESS FOR STORING BOAT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 41/100 on livability (#1,586 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• San Felipe-Del Rio CISD (town): math 25% / reading 32% proficiency, ranked #667 of 826 in TX (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dr Lonnie Green Jr El (math 26% / reading 31%, grade F, #2,706 of 4,322 statewide, top 63%, 791 students, 74% FRL); Del Rio Middle (math 26% / reading 43%, grade F, #858 of 1,662 statewide, top 54%, 1,478 students, 74% FRL); Del Rio H S (math 27% / reading 30%, grade F, #1,157 of 1,632 statewide, top 72%, 2,470 students, 65% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 549 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 85 units permitted in Val Verde County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Val Verde County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,515 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-1,465
• Equity at exit: $14,836

10-year hold

• IRR: 6.5%
• Equity multiple: 1.45×
• Total profit: $12,622
• Equity at exit: $8,603

Cash invested: $27,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78840

• Home prices YoY: -33.6%
• Rents YoY: 1.6%
• Active inventory: 549
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$522
• Tax est. 1.5%: −$124 /mo · $1,492/yr
• Insurance: −$41
• HOA: −$120
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $259

Break-even live

Break-even rent $1,022

Max offer price $99,500

Occupancy floor 76%

Sensitivity live

Price	-10% $328	-5% $294	+0% $259	+5% $225	+10% $190
Rent	-10% $152	-5% $206	+0% $259	+5% $313	+10% $366
Rate	-1.0pp $309	-0.5pp $284	base $259	+0.5pp $233	+1.0pp $207

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Mulberry St Del Rio, TX	2.0	2.0	986	$1,100	$1.12	45d	1	0.05mi
11372 W US Highway 90 #86 Del Rio, TX	2.0	2.0	897	$1,100	$1.23	45d	1	0.06mi
163 Striper Rd Del Rio, TX	3.0	2.0	988	$1,000	$1.01	45d	1	0.63mi
203 Gancho Del Rio, TX	3.0	2.0	1729	$1,895	$1.10	45d	1	1.27mi

HOA detail

• Monthly dues: $120 · $1,440/yr

Listing history 4 events

1. 2026-05-18
   price $99,500 225-char remark

   Show marketing remark (225 chars)

   Perfect home for those who love the lake life! This property offers the ideal setup for homeowners with a boat, featuring ample space for parking and easy access for storing your boat, trailer, or other recreational vehicles.

2. 2026-03-30
   listed $109,500 Active 225-char remark

   Show marketing remark (225 chars)

   Perfect home for those who love the lake life! This property offers the ideal setup for homeowners with a boat, featuring ample space for parking and easy access for storing your boat, trailer, or other recreational vehicles.

3. 2017-09-29
   soldstatus 585-char remark

   Show marketing remark (585 chars)

   Wonderful 3 bed/2 bath home resting on double lot in great mobile home subdivision. Open floor plan, wonderful kitchen w/ island, (you have to see the Pantry/Laundry room area). Master bedroom w/ master bath has double sink vanity and walk-in shower. Fully screened-in porch with small workshop/storage room. Outdoors 2-car carport, RV covered parking w/ 30 AMP Elec, 12x12 storage shed, fenced back yard w/ pergola on concrete patio area brings a quiet setting with beautiful vegetation all around the home. Lake access and boat ramps nearby. Less than 8 min drive Del Rio city limit.

4. 2016-08-17
   listed $79,000 585-char remark

   Show marketing remark (585 chars)

   Wonderful 3 bed/2 bath home resting on double lot in great mobile home subdivision. Open floor plan, wonderful kitchen w/ island, (you have to see the Pantry/Laundry room area). Master bedroom w/ master bath has double sink vanity and walk-in shower. Fully screened-in porch with small workshop/storage room. Outdoors 2-car carport, RV covered parking w/ 30 AMP Elec, 12x12 storage shed, fenced back yard w/ pergola on concrete patio area brings a quiet setting with beautiful vegetation all around the home. Lake access and boat ramps nearby. Less than 8 min drive Del Rio city limit.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,204
• − Mortgage interest: −$5,574
• − Property taxes: −$1,492
• − Insurance: −$498
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − HOA: −$1,440
• − Depreciation: −$2,895
• Taxable income: $1,714
• Est. tax owed @ 24.0%: −$411
• After-tax cash flow: $2,699/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and maintenance, including roof and window repairs, to improve its condition and value.

Repairs flagged

• Major roof — visible wear
• Major exterior siding — visible wear
• Major windows — visible wear

Value-add opportunities

• Resale paint interior walls — enhances curb appeal
• Resale replace flooring — improves living space
• Resale repair roof — fixes major issue
• Resale repair windows — fixes major issue

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible wear	Major	$15,000–50,000
exterior siding · visible wear	Major	$15,000–50,000
windows · visible wear	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale paint interior walls — enhances curb appeal ↑
• Resale replace flooring — improves living space ↑
• Resale repair roof — fixes major issue ↑
• Resale repair windows — fixes major issue ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Felipe-Del Rio CISD
• NCES district ID: 4838900
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $40,582
• Composite: 24.04/100
• National rank: #7766
• State rank: #667 of 826 in TX

Livability — Lake View

• Score: 41/100
• State rank: #1586
• US rank: #27132

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment F Housing F Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Val Verde County · 47,256 people
• Metro: Del Rio, TX
• Population (ZIP): 47,256
• Household income: $66,084
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1111.0

Population outlook (Val Verde County) Hauer SSP2

• Today (2025): 48,073 people
• By 2030: 47,468 · -1.3%
• By 2040: 45,930 · -4.5%
• By 2050: 43,904 · -8.7%
• By 2075: 38,126 · -20.7%
• By 2100: 26,217 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (82%)
• Race & ethnicity: Hispanic / Latino 82% Two or more races 24% White 15% Black 1%
• Hispanic origin (detail): Mexican 75%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 19% · Canada
• Languages at home: 36% English-only · Spanish 63%

Political lean MEDSL · Val Verde

• 2024 margin: Strong R (+26.6) · D 36.2% · R 62.9%
• 2008→2024 swing: -36.2pp toward R · 2008: 9.6pp · 2024: -26.6pp
• All cycles: 2024: R+26.6 2020: R+9.9 2016: D+7.9 2012: D+5.4 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.95%
• Current HPI: 161.762
• Rent YoY: ▲ 1.55%
• Metro: Del Rio, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

+25.9% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $99,500 DRBORMLS
• 2026-03-30 Listed $109,500 DRBORMLS
• 2017-09-29 Sold (MLS) — DRBORMLS
• 2016-08-17 Listed $79,000 DRBORMLS