4702 Molina Dr

Corpus Christi, TX 78416

$117,900A-

4 bd · 2.0 ba · 1,373 sqft · Built 1978 · SingleFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,849/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$698
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $145/mo
• Annual: $1,734/yr
• Cap rate: 12.11%
• Cash-on-cash: 20.76%
• DSCR: 1.92
• 1% rule: 1.57%
• Cash to close: $33,012

Investor read

• This is a 4-bed/2.0-bath single-family listed at $118k.
• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• It's been on market 93 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($815 loan paydown + $5k appreciation (4.4% local appreciation)).
• 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.
• West Oso ISD (urban): math 20% / reading 32% proficiency, ranked #712 of 826 in TX (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 44 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 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.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $7k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.1% 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 $1,849/mo this rent would consume 51% of the median local household income ($43k/yr) (locally 386% 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 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.