1506 Crosby St · Portland, TX 78374

$169,900

4 bd · 1.0 ba · 1,221 sqft · SingleFamily public records · 57 Days on market

Built 1956 6,600 sqft lot $139/sqft · at area comps Est $173k · at est. ↓ 7% since listing

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.2/30.0
• ARV discount +8.2/15.0
• DSCR +7.8/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1506 Crosby in the growing city of Portland, TX! This recently renovated 3-bedroom, 1-bath home offers a fresh, clean feel with functional living space and tasteful updates throughout. Inside, you’ll find updated flooring, light and bright interior paint, refreshed fixtures, and an inviting layout designed for comfortable everyday living. The spacious living area provides plenty of room to relax or entertain, while the kitchen offers great workspace, updated finishes, and a practical flow into the main areas of the home. Each bedroom offers flexibility for family, guests, or even a home office setup. The bathroom has been updated to complement the home’s overall refreshed feel, making this property move-in ready for its next owner. Natural light flows throughout, helping each space feel open and welcoming. Step outside and enjoy one of the standout features of the property, the expansive backyard. Whether you envision weekend gatherings, play space, pets, a garden, or simply room to spread out, this oversized outdoor area offers endless potential. Mature trees provide shade and character, while the lot gives you the outdoor space that can be hard to find. Located in the growing community of Portland, this home offers convenient access to local schools, shopping, dining, and an easy commute to nearby employment centers. Whether you’re a first-time buyer, looking to downsize, or searching for an investment opportunity, 1506 Crosby presents a strong combination of updates, functionality, and value. Don’t miss your chance to own a recently renovated home with charm, usable space, and a large backyard in one of the Coastal Bend’s most steadily growing areas. Schedule your showing today!

Key facts

• Updated finishes
• Spacious living area
• Refreshed fixtures

Tags

• RECENTLY RENOVATED
• UPDATED FLOORING
• REFRESHED FIXTURES
• SPACIOUS LIVING AREA
• UPDATED FINISHES
• UPDATED BATHROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.2% in Portland — 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.

Location & tenants

• Location reads 80/100 on livability (#36 in TX, #1,740 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Gregory-Portland ISD (suburban): math 41% / reading 42% proficiency, ranked #314 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.8%/yr); 302 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 344 units permitted in San Patricio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• San Patricio County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• GRM: 7.0

CMA / ARV

• ARV (median comp): $172,655
• List price: $169,900
• Delta: -1.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 Driftwood Dr	0.15mi	3/2.0 (-1)	1,138 (-7%)	2mo	$187,000	$164	71
1607 Crosby St	0.08mi	3/1.5 (-1)	1,084 (-11%)	1mo	$190,000	$175	70
1608 Crosby St	0.07mi	3/2.0 (-1)	1,316 (+8%)	8mo	$199,900	$152	68
1721 Austin St	0.25mi	3/2.0 (-1)	1,151 (-6%)	3mo	$150,000	$130	68
118 Carmel Dr	0.18mi	3/2.0 (-1)	1,306 (+7%)	4mo	$239,000	$183	67
106 Westover Dr	0.33mi	3/2.0 (-1)	1,282 (+5%)	1mo	$210,000	$164	67
1226 Euclid Cir	0.21mi	3/1.5 (-1)	1,150 (-6%)	10mo	$185,000	$161	65
1403 Austin St	0.11mi	3/1.5 (-1)	1,083 (-11%)	11mo	$160,000	$148	60
1115 Orion Dr	0.43mi	3/2.0 (-1)	1,184 (-3%)	8mo	$229,500	$194	60
1014 Espana Dr	0.52mi	3/2.0 (-1)	1,333 (+9%)	3mo	$209,900	$157	49
123 Catalina	0.36mi	3/2.0 (-1)	1,384 (+13%)	6mo	$225,000	$163	47
1011 Diomede Dr	0.49mi	3/2.0 (-1)	1,134 (-7%)	11mo	$199,900	$176	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-11,742
• Equity at exit: $25,333

10-year hold

• IRR: -1.8%
• Equity multiple: 0.90×
• Total profit: $-4,920
• Equity at exit: $14,690

Cash invested: $47,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78374

• Rents YoY: -1.8%
• Active inventory: 302
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,019 high
• Mortgage (P&I): −$891
• Tax from tax record: −$294 /mo · $3,526/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $340

Break-even live

Break-even rent $1,589

Max offer price $169,900

Occupancy floor 78%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1719 Austin St Portland, TX	3.0	1.5	1127	$1,550	$1.38	44d	1	0.26mi
1028 Starlite Dr Portland, TX	3.0	1.5	984	$1,450	$1.47	21d	1	0.36mi
1012 Memorial Pkwy Portland, TX	3.0	2.0	1409	$1,850	$1.31	44d	1	0.46mi
2201 Timberline Dr Unit Na Portland, TX	4.0	2.0	1484	$2,200	$1.48	14d	1	0.48mi
1201 Moore Ave Portland, TX	3.0	1.0–2.0	844	$1,685	$2.00	13d	25	0.60mi
101 Terlingua Dr Portland, TX	3.0	2.0	1367	$1,995	$1.46	14d	1	0.64mi
1825 Billy G Webb Portland, TX	1.0–3.0	1.0–2.0	1009	$1,983	$1.97	13d	32	0.73mi
544 Olympic Portland, TX	1.0–3.0	1.0–2.5	1079	$2,825	$2.62	13d	8	0.85mi
1601 Moore Ave Portland, TX	2.0–3.0	2.0–2.5	1295	$1,899	$1.47	13d	18	0.89mi

Listing history 25 events

1. 2026-06-18
   days on market $169,900 Active 57 DOM
2. 2026-06-17
   days on market $169,900 Active 56 DOM
3. 2026-06-16
   days on market $169,900 Active 55 DOM
4. 2026-06-15
   days on market $169,900 Active 54 DOM
5. 2026-06-14
   days on market $169,900 Active 52 DOM
6. 2026-06-13
   days on market $169,900 Active 51 DOM
7. 2026-06-10
   days on market $169,900 Active 49 DOM
8. 2026-06-09
   days on market $169,900 Active 48 DOM
9. 2026-06-08
   days on market $169,900 Active 47 DOM
10. 2026-06-07
    days on market $169,900 Active 46 DOM
11. 2026-06-03
    days on market $169,900 Active 42 DOM
12. 2026-06-02
    days on market $169,900 Active 41 DOM
13. 2026-06-01
    days on market $169,900 Active 40 DOM
14. 2026-05-31
    days on market $169,900 Active 39 DOM
15. 2026-05-30
    days on market $169,900 Active 38 DOM
16. 2026-04-24
    historical $1,575
17. 2026-04-22
    listed $175,000 Active 1751-char remark

    Show marketing remark (1751 chars)

    Welcome to 1506 Crosby in the growing city of Portland, TX! This recently renovated 3-bedroom, 1-bath home offers a fresh, clean feel with functional living space and tasteful updates throughout. Inside, you’ll find updated flooring, light and bright interior paint, refreshed fixtures, and an inviting layout designed for comfortable everyday living. The spacious living area provides plenty of room to relax or entertain, while the kitchen offers great workspace, updated finishes, and a practical flow into the main areas of the home. Each bedroom offers flexibility for family, guests, or even a home office setup. The bathroom has been updated to complement the home’s overall refreshed feel, making this property move-in ready for its next owner. Natural light flows throughout, helping each space feel open and welcoming. Step outside and enjoy one of the standout features of the property, the expansive backyard. Whether you envision weekend gatherings, play space, pets, a garden, or simply room to spread out, this oversized outdoor area offers endless potential. Mature trees provide shade and character, while the lot gives you the outdoor space that can be hard to find. Located in the growing community of Portland, this home offers convenient access to local schools, shopping, dining, and an easy commute to nearby employment centers. Whether you’re a first-time buyer, looking to downsize, or searching for an investment opportunity, 1506 Crosby presents a strong combination of updates, functionality, and value. Don’t miss your chance to own a recently renovated home with charm, usable space, and a large backyard in one of the Coastal Bend’s most steadily growing areas. Schedule your showing today!

18. 2026-04-11
    price $1,575
19. 2026-03-26
    price $1,600
20. 2026-03-18
    listed $1,700
21. 2025-06-06
    soldstatus
22. 2025-06-06
    soldstatus
23. 2025-05-19
    soldstatus
24. 2015-09-18
    soldstatus
25. 1992-02-21
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $3,526 · $294/mo
• Projected year-2 tax: $3,526 · $294/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 28 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,230
• − Mortgage interest: −$9,517
• − Property taxes: −$3,526
• − Insurance: −$850
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − Depreciation: −$4,943
• Taxable income: $1,518
• Est. tax owed @ 24.0%: −$364
• After-tax cash flow: $3,710/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Gregory-Portland ISD
• NCES district ID: 4821780
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 42% ▼ -9.00%
• Median HH income: $59,135
• Composite: 36.62/100
• National rank: #4622
• State rank: #314 of 826 in TX

Livability — Portland

• Score: 80/100
• State rank: #36
• US rank: #1740

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, TX
• County: San Patricio County · 31,224 people
• City population: 20,408
• Metro: Corpus Christi, TX
• Population (ZIP): 20,408
• Household income: $83,504
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 523.0

Population outlook (San Patricio County) Hauer SSP2

• Today (2025): 75,538 people
• By 2030: 79,575 · +5.3%
• By 2040: 87,670 · +16.1%
• By 2050: 96,107 · +27.2%
• By 2075: 117,984 · +56.2%
• By 2100: 130,010 · +72.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 51% Hispanic / Latino 41% Two or more races 19% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 35% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Estonian 1%
• Foreign-born: 7% · Canada
• Languages at home: 79% English-only · Spanish 18% Other Indo-European 2% Tagalog/Filipino 0%

Political lean MEDSL · San Patricio

• 2024 margin: Solid R (+36.4) · D 31.4% · R 67.8%
• 2008→2024 swing: -19.8pp toward R · 2008: -16.6pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+29.1 2016: R+24.1 2012: R+20.6 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.28%
• Current HPI: 166.5529
• Rent YoY: ▼ -1.84%
• Metro: Corpus Christi, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-7.4% since first listed

10 events — show timeline

• 2026-04-24 Rental Removed $1,575 TENANTTURNER2
• 2026-04-22 Listed $175,000 CBMLS
• 2026-04-11 Price Changed $1,575 TENANTTURNER2
• 2026-03-26 Price Changed $1,600 TENANTTURNER2
• 2026-03-18 Listed for Rent $1,700 TENANTTURNER2
• 2025-06-06 Sold (Public Records) — Public Records
• 2025-06-06 Sold (Public Records) — Public Records
• 2025-05-19 Sold (Public Records) — Public Records
• 2015-09-18 Sold (Public Records) — Public Records
• 1992-02-21 Sold (Public Records) — Public Records

Property tax history

+6.2%/yr

Latest (2025): $3,526 · -1.2% YoY. Source: county tax records.