140 Kendall Ln

Maxwell, TX 78656

$218,500C-

3 bd · 2.5 ba · 1,130 sqft · Built 2025 · SingleFamily · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,256/mo
• Mortgage (P&I): −$1,146
• Tax + insurance: −$364
• HOA: −$77
• Vac / Maint / Mgmt: −$474
• Net cashflow: $195/mo
• Annual: $2,341/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• 1% rule: 1.03%
• Cash to close: $61,180

Investor read

• This is a 3-bed/2.5-bath single-family listed at $218k. Condition is rated good.
• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $218k).
• It's been on market 135 days — a 12% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Boerne ISD (town): math 59% / reading 61% proficiency, ranked #42 of 826 in TX (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kendall El (math 57% / reading 57%, grade C+, #505 of 4,322 statewide, top 13%, 816 students, 23% FRL); Boerne Middle South (math 62% / reading 57%, grade B, #166 of 1,662 statewide, top 11%, 911 students, 18% FRL); Boerne - Samuel V Champion H S (math 59% / reading 83%, grade B+, #114 of 1,632 statewide, top 7%, 2,014 students, 12% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: Rents falling (-5.4%/yr); 399 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 517 units permitted in Kendall County in 2024 (0 in 5+ unit buildings).
• Kendall County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.4% vs local median 4.6% in Maxwell — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.