1337 Grey Worm Dr

Corpus Christi, TX 78415

$282,999D

4 bd · 2.0 ba · 2,162 sqft · Built 2026 · SingleFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,489/mo
• Mortgage (P&I): −$1,484
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$523
• Net cashflow: $11/mo
• Annual: $128/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $79,240

Investor read

• This is a 4-bed/2.0-bath single-family listed at $283k. Condition is rated excellent.
• At list price, monthly cash flow is $11 ($128/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (12.0% below list).
• It's been on market 104 days — a 9% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (12.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#66 in TX, #2,404 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• London ISD (rural): math 65% / reading 62% proficiency, ranked #13 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: London El (346 students, 20% FRL); London Middle (math 70% / reading 63%, grade A-, #89 of 1,662 statewide, top 5%, 393 students, 14% FRL); London H S (math 62% / reading 77%, grade B, #119 of 1,632 statewide, top 9%, 507 students, 18% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 434 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.3% vs local median 3.6% in Corpus Christi — 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.
• At $2,489/mo this rent would consume 54% of the median local household income ($55k/yr) (locally 1730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.