1347 Grey Worm Dr · Corpus Christi, TX 78415

$271,999

4 bd · 2.0 ba · 1,850 sqft · SingleFamily · 51 Days on market

Built 2026 4,791 sqft lot Est $298k · 9% under ↓ 4% since listing

---

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 +15.0/30.0
• ARV discount +11.4/15.0
• Schools +6.1/10.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The Dowing - This new four-bedroom home offers convenient single-story living. A bedroom is secluded near the front of the home, leading to an inviting and spacious open-concept layout shared between the kitchen, dining room and family room. Three additional bedrooms are tucked away to the side for improved comfort and privacy, including the lavish owner's suite at the back of the home with a full bathroom and walk-in closet. Estimated Completion May 2026. The completion date, prices and features may vary and are subject to change. Please verify with Lennar directly. Photos are for illustrative purposes only.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Financial info: Down payment resources available
• HOA & community: Subdivision: Kings Landing

Exterior

• Parking: 2-car garage
• Utilities: City water; City sewer; City gas supplier; NEC electric supplier; City garbage service; Water and sewer system connections
• Home design: New construction by Lennar Homes; Slab foundation; Composition roof
• Construction: Built by Lennar Homes; New home
• Exterior features: Brick, siding, and cement fiber exterior

Interior

• Kitchen: Stove/Range; Dishwasher; Breakfast bar
• Bedrooms: Primary bedroom on lower level with walk-in closet and full bath; Bedroom 2: 10 x 11; Bedroom 3: 10 x 13; Bedroom 4: 12 x 11; Primary bedroom dimensions: 16 x 13
• Flooring: Carpeting; Vinyl flooring
• Bathrooms: 2 full bathrooms; Primary bathroom with shower-only and single vanity
• Heating & cooling: Central heating; Electric and natural gas heating options; Central air conditioning
• Interior features: Open floor plan; Breakfast bar; 1 living area; Utility room inside; Laundry room; Walk-in closets; All bedrooms downstairs; Laundry on main level
• Laundry & utility: Laundry room on main level; Utility room inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $272k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 (8.6% below list).
• Recommended offer: $249k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+2.3%/yr); 417 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); 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• At $2,486/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.

Forward outlook

• 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.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Recommended offer $248,591 (8.6% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.91% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.33%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $297,850
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1339 Grey Worm Dr	0.00mi	4/2.0	1,850 (0%)	1mo	$268,999	$145	99
2753 Excelsior Blvd	0.22mi	4/2.0	1,863 (+1%)	1mo	$320,000	$172	88
2705 Eltonne Gardens Dr	0.31mi	4/2.0	1,855 (+0%)	1mo	$280,000	$151	84
2749 Eltonne Gardens Dr	0.27mi	4/2.0	1,894 (+2%)	1mo	$285,100	$151	83
2717 Eltonne Gardens Dr	0.30mi	4/2.0	1,761 (-5%)	1mo	$265,100	$151	77
1314 Lady Yoli St	0.12mi	4/2.0	1,667 (-10%)	1mo	$254,999	$153	77
1309 Connie Scott Dr	0.38mi	4/2.0	1,783 (-4%)	1mo	$331,065	$186	75
2766 Westeros St	0.17mi	4/2.0	1,667 (-10%)	1mo	$267,999	$161	75
2817 Westeros St	0.15mi	4/3.0	2,015 (+9%)	1mo	$317,999	$158	73
2618 Westeros St	0.45mi	3/2.0 (-1)	1,829 (-1%)	1mo	$360,000	$197	72
1325 Connie Scott Dr	0.38mi	4/2.0	1,612 (-13%)	1mo	$319,565	$198	60
2606 Westeros St	0.48mi	3/2.0 (-1)	1,595 (-14%)	1mo	$329,990	$207	49

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-40,368
• Equity at exit: $40,556

10-year hold

• IRR: -7.5%
• Equity multiple: 0.54×
• Total profit: $-34,937
• Equity at exit: $23,518

Cash invested: $76,160 (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 78415

• Rents YoY: 2.3%
• Active inventory: 417
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,486 high
• Mortgage (P&I): −$1,426
• Tax est. 1.5%: −$340 /mo · $4,080/yr
• Insurance: −$113
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $84

Break-even live

Break-even rent $2,379

Max offer price $271,999

Occupancy floor 92%

Sensitivity live

Price	-10% $272	-5% $178	+0% $84	+5% $-10	+10% $-104
Rent	-10% $-112	-5% $-14	+0% $84	+5% $182	+10% $281
Rate	-1.0pp $221	-0.5pp $153	base $84	+0.5pp $14	+1.0pp $-58

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: $68,000
• Closing costs: $8,160
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2826 Westeros St Corpus Christi, TX	4.0	3.0	2016	$2,550	$1.26	14d	1	0.17mi
2678 Lady Andrea Dr Corpus Christi, TX	4.0	2.0	1780	$3,000	$1.69	14d	1	0.28mi
2749 Eltonne Gardens Dr Corpus Christi, TX	4.0	2.0	1894	$2,295	$1.21	14d	1	0.29mi
2741 Eltonne Gardens Dr Corpus Christi, TX	4.0	2.0	1893	$2,500	$1.32	44d	1	0.29mi
1341 Trent Park Ln Corpus Christi, TX	5.0	2.0	2074	$2,750	$1.33	14d	1	0.35mi
1405 Irigoyen Ct Corpus Christi, TX	4.0	2.0	2065	$2,800	$1.36	14d	1	0.39mi
1269 Thames Chase Dr Corpus Christi, TX	3.0	2.0	1585	$2,350	$1.48	14d	1	0.64mi
1258 Breebry Dr Corpus Christi, TX	3.0	2.0	1484	$2,195	$1.48	14d	1	0.69mi
1205 Carnaby St Corpus Christi, TX	4.0	2.0	1689	$2,600	$1.54	44d	1	0.81mi

Listing history 12 events

1. 2026-04-18
   status Pending
2. 2026-04-14
   price $271,999
3. 2026-04-10
   price $273,999
4. 2026-04-09
   price $272,999
5. 2026-04-03
   price $273,999
6. 2026-04-02
   price $277,999
7. 2026-03-28
   price $283,999
8. 2026-03-20
   price $285,999
9. 2026-03-18
   price $282,999
10. 2026-03-17
    price $281,999
11. 2026-03-14
    price $284,999
12. 2026-02-26
    listed $281,999 New

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

Taxation est. · year 1

• Rental income: $29,831
• − Mortgage interest: −$15,236
• − Property taxes: −$4,080
• − Insurance: −$1,360
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − Depreciation: −$7,913
• Taxable loss: −$3,531
• Est. tax savings @ 24.0%: +$847
• After-tax cash flow: $1,857/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: London ISD
• NCES district ID: 4827990
• Math proficiency: 65% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $123,503
• Composite: 61.03/100
• National rank: #796
• State rank: #13 of 826 in TX

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• County: Nueces County · 296,836 people
• City population: 296,836
• Metro: Corpus Christi, TX
• Population (ZIP): 43,080
• Household income: $54,990
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1730.0

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 41% White 12% Black 3%
• Hispanic origin (detail): Mexican 75%
• Foreign-born: 9% · Canada
• Languages at home: 59% English-only · Spanish 40%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.20%
• Current HPI: 158.011
• Rent YoY: ▲ 2.32%
• 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

-3.5% since first listed

12 events — show timeline

• 2026-04-18 Pending — LERA
• 2026-04-14 Price Changed $271,999 LERA
• 2026-04-10 Price Changed $273,999 LERA
• 2026-04-09 Price Changed $272,999 LERA
• 2026-04-03 Price Changed $273,999 LERA
• 2026-04-02 Price Changed $277,999 LERA
• 2026-03-28 Price Changed $283,999 LERA
• 2026-03-20 Price Changed $285,999 LERA
• 2026-03-18 Price Changed $282,999 LERA
• 2026-03-17 Price Changed $281,999 LERA
• 2026-03-14 Price Changed $284,999 LERA
• 2026-02-26 Listed $281,999 LERA