306 Dietert Ln #103

Canyon Lake, TX 78133

$200,000C-

3 bd · 3.5 ba · 1,384 sqft · Built 1984 · SingleFamily · Active · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,175/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$325
• Vac / Maint / Mgmt: −$457
• Net cashflow: $11/mo
• Annual: $129/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• 1% rule: 1.09%
• Cash to close: $56,000

Investor read

• This is a 3-bed/3.5-bath single-family listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $11 ($129/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 187 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#534 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: schools C-, amenities F, commute F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-1.2%/yr); 1029 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $29k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.4% vs local median 2.2% in Canyon Lake — 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 31% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 187 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Worn appearance suggests minor wear and tear.
• Minor: kitchen backsplash — Visible signs of wear and tear.
• Minor: kitchen appliances — No major issues, but some wear is visible.