6317 Hwy. 361 #6214

Corpus Christi, TX 78373

$167,500D

2 bd · 2.0 ba · 1,360 sqft · Built 1985 · Condo · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,467/mo
• Mortgage (P&I): −$878
• Tax + insurance: −$279
• HOA: −$2,005
• Vac / Maint / Mgmt: −$518
• Net cashflow: $-1,213/mo
• Annual: $-14,559/yr
• Cap rate: -2.40%
• Cash-on-cash: -31.04%
• DSCR: -0.38
• 1% rule: 1.47%
• Cash to close: $46,900

Investor read

• This is a 2-bed/2.0-bath condo listed at $168k. Condition is rated excellent.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($2k rent vs $168k).
• It's been on market 115 days — a 9% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (9.0% 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 $5k 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.
• Port Aransas ISD (rural): math 57% / reading 63% proficiency, ranked #68 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Olsen El (math 47% / reading 57%, grade C-, #742 of 4,322 statewide, top 19%, 227 students, 35% FRL); Brundrett Middle (math 57% / reading 67%, grade B+, #134 of 1,662 statewide, top 8%, 115 students, 31% FRL); Port Aransas H S (math 74% / reading 74%, grade B+, #82 of 1,632 statewide, top 6%, 204 students, 19% FRL).
• Watch-outs: HOA is 81% of rent.
• Market conditions: 1107 active listings in the ZIP; solid renter incomes; 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 since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate -2.4% vs local median 3.7% in Corpus Christi — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 33% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?