Creede Plan

Santa Fe, TX 77510

$289,990F

3 bd · 2.0 ba · 2,009 sqft · Built — · SingleFamily · Active · 446 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,218/mo
• Mortgage (P&I): −$1,855
• Tax + insurance: −$589
• HOA: −$0
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-692/mo
• Annual: $-8,299/yr
• Cap rate: 3.95%
• Cash-on-cash: -8.38%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $99,022

Investor read

• This is a 3-bed/2.0-bath single-family listed at $290k.
• At list price, monthly cash flow is $-692 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (23.5% below list).
• It's been on market 446 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (23.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#550 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Santa Fe ISD (suburban): math 38% / reading 39% proficiency, ranked #385 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 236 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 446 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.