15217 Leeward Dr Unit 4B

Corpus Christi, TX 78418

$132,000D

1 bd · 1.5 ba · 525 sqft · Built 1983 · Townhouse · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,593/mo
• Mortgage (P&I): −$692
• Tax + insurance: −$387
• HOA: −$450
• Vac / Maint / Mgmt: −$334
• Net cashflow: $-271/mo
• Annual: $-3,249/yr
• Cap rate: 3.83%
• Cash-on-cash: -8.79%
• DSCR: 0.61
• 1% rule: 1.21%
• Cash to close: $36,960

Investor read

• This is a 1-bed/1.5-bath townhouse listed at $132k.
• 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).
• It's been on market 127 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (36.2% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Watch-outs: property tax is 3.0% of price; HOA is 28% of rent.
• 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).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

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 127 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?