15217 Leeward Dr Unit 4B · Corpus Christi, TX 78418

$132,000

1 bd · 1.5 ba · 525 sqft · Townhouse public records · 127 Days on market

Built 1983 1,673 sqft lot $251/sqft · 43% below area Est $232k · 43% under $450/mo HOA · 28% of rent

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• 1% rule +7.1/10.0
• Cash flow +5.7/30.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

Key facts

• Boat dock
• Waterfront complex
• Soaring ceilings

Tags

• WATERFRONT COMPLEX
• BEACH ACCESS
• PRIVATE BACK PATIO
• BOAT DOCK
• OPEN-CONCEPT LIVING AREA
• SOARING CEILINGS

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath townhouse listed at $132k.

Deal economics

• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (36.2% below list).
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $84k (36.2% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Flour Bluff El (math 40% / reading 42%, grade F, #1,462 of 4,322 statewide, top 34%, 759 students, 53% FRL); Flour Bluff J H (math 45% / reading 53%, grade C-, #378 of 1,662 statewide, top 23%, 919 students, 46% FRL); Flour Bluff H S (math 33% / reading 62%, grade D, #583 of 1,632 statewide, top 36%, 1,958 students, 40% FRL).
• Market conditions: Rents soft (-0.6%/yr); 703 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k 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 127 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 31y 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.
• Current owner paid $45k; list at $132k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; HOA is 28% of rent.

Recommended offer $84,173 (36.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.21% ✓
• Cap rate: 3.83%
• Cash-on-cash: -8.79%
• DSCR: 0.61
• GRM: 6.9

CMA / ARV

• ARV (median comp): $232,138
• List price: $132,000
• Delta: -43.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14721 Whitecap Blvd #112	0.27mi	1/1.0	520 (-1%)	15mo	$219,900	$423	71
15034 Aruba Dr #202	0.21mi	1/1.0	495 (-6%)	11mo	$175,000	$354	70
14721 Whitecap Blvd #215	0.27mi	1/1.0	520 (-1%)	18mo	$224,000	$431	69
15034 Aruba Dr #110	0.21mi	1/1.0	495 (-6%)	13mo	$219,900	$444	68
15034 Aruba Drive #112	0.21mi	1/1.0	495 (-6%)	16mo	$234,900	$475	65
14721 Whitecap Blvd #235	0.29mi	1/1.0	520 (-1%)	23mo	$224,900	$433	63

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: -38.1%
• Equity multiple: -0.16×
• Total profit: $-42,897
• Equity at exit: $19,682

10-year hold

• IRR: —
• Equity multiple: -1.06×
• Total profit: $-75,957
• Equity at exit: $11,413

Cash invested: $36,960 (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 78418

• Rents YoY: -0.6%
• Active inventory: 703
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$692
• Tax from tax record: −$332 /mo · $3,979/yr
• Insurance: −$55
• HOA: −$450
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-271

Break-even live

Break-even rent $1,935

Max offer price $84,173

Occupancy floor —

Sensitivity live

Price	-10% $-196	-5% $-233	+0% $-271	+5% $-308	+10% $-345
Rent	-10% $-397	-5% $-334	+0% $-271	+5% $-208	+10% $-145
Rate	-1.0pp $-204	-0.5pp $-237	base $-271	+0.5pp $-305	+1.0pp $-340

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14721 Whitecap Blvd #323 Corpus Christi, TX	1.0	1.0	565	$1,800	$3.19	23d	1	0.25mi
14873 Granada Dr #13 Corpus Christi, TX	1.0	1.0	390	$950	$2.44	15d	1	0.47mi
14898 Granada Dr Unit 1268412P Corpus Christi, TX	1.0	1.0	441	$1,984	$4.50	45d	1	0.51mi
13997 Fortuna Bay Dr #203 Corpus Christi, TX	1.0	1.0	634	$1,500	$2.37	23d	1	1.28mi
13958 Fortuna Bay Dr Unit J Corpus Christi, TX	1.0	1.0	505	$1,350	$2.67	45d	1	1.41mi

HOA detail

• Monthly dues: $450 · $5,400/yr
• Likely covers: waterpool

Listing history 23 events

1. 2026-06-22
   days on market $132,000 Active 127 DOM
2. 2026-06-18
   days on market $132,000 Active 124 DOM
3. 2026-06-17
   days on market $132,000 Active 123 DOM
4. 2026-06-16
   days on market $132,000 Active 122 DOM
5. 2026-06-15
   days on market $132,000 Active 121 DOM
6. 2026-06-14
   days on market $132,000 Active 119 DOM
7. 2026-06-13
   days on market $132,000 Active 118 DOM
8. 2026-06-10
   days on market $132,000 Active 116 DOM
9. 2026-06-09
   days on market $132,000 Active 115 DOM
10. 2026-06-08
    days on market $132,000 Active 114 DOM
11. 2026-06-07
    days on market $132,000 Active 113 DOM
12. 2026-06-03
    days on market $132,000 Active 109 DOM
13. 2026-06-02
    days on market $132,000 Active 108 DOM
14. 2026-06-01
    days on market $132,000 Active 107 DOM
15. 2026-05-31
    days on market $132,000 Active 106 DOM
16. 2026-05-30
    days on market $132,000 Active 105 DOM
17. 2026-04-15
    price $132,000 1866-char remark

    Show marketing remark (1866 chars)

    PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

18. 2026-02-10
    listed $135,500 Active 1866-char remark

    Show marketing remark (1866 chars)

    PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

19. 2014-07-18
    soldstatus
20. 2006-05-15
    soldstatus
21. 2000-02-29
    soldstatus $45,000
22. 1995-08-11
    soldstatus 129-char remark

    Show marketing remark (129 chars)

    LARGE TOWNHOUSE STYLE CONDOMINIUM. WALK TO BEACH. PRIVATE FENCED PATIO, POOL, DECK, DOCKS. FURNISHED TO INCLUDE WASHER AND DRYER.

23. 1995-01-09
    listed $38,900 129-char remark

    Show marketing remark (129 chars)

    LARGE TOWNHOUSE STYLE CONDOMINIUM. WALK TO BEACH. PRIVATE FENCED PATIO, POOL, DECK, DOCKS. FURNISHED TO INCLUDE WASHER AND DRYER.

ⓘ 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: $3,979 · $332/mo
• Projected year-2 tax: $3,979 · $332/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $19,110
• − Mortgage interest: −$7,394
• − Property taxes: −$3,979
• − Insurance: −$660
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − HOA: −$5,400
• − Depreciation: −$3,840
• Taxable loss: −$5,221
• Est. tax savings @ 24.0%: +$1,253
• After-tax cash flow: $-1,996/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)

No district data.

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): 29,790
• Household income: $92,445
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 808.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 29% Two or more races 19% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 14% Tagalog/Filipino 2%

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: ▼ -168.81%
• Current HPI: 193.902
• Rent YoY: ▼ -0.57%
• 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

+239.3% since first listed

7 events — show timeline

• 2026-04-15 Price Changed $132,000 CBMLS
• 2026-02-10 Listed $135,500 CBMLS
• 2014-07-18 Sold (Public Records) — Public Records
• 2006-05-15 Sold (Public Records) — Public Records
• 2000-02-29 Sold (Public Records) $45,000 Public Records
• 1995-08-11 Sold (MLS) — CBMLS
• 1995-01-09 Listed $38,900 CBMLS

Property tax history

+3.9%/yr

Latest (2025): $3,979 · +9.2% YoY. Source: county tax records.