401 Barnett St · Kerrville, TX 78028

$225,000

3 bd · 1.0 ba · 952 sqft · SingleFamily public records · 60 Days on market

Built 1965 $236/sqft · 7% below area Est $243k · 7% under ↓ 6% since listing

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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 +10.8/15.0
• Cash flow +10.5/30.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• DSCR +3.0/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great things really do come in the smaller packages! This cute 3/1 cottage on a corner lot with fenced backyard and storage sheds has been shown lots of love and updates thruout it's life. Within the past 6 years, Casa Keepers leveled the foundation, and updated the kitchen and bath. All original hardwood floors have been preserved, and a new roof added about 10 years ago. Currently zoned R1A (residential with accessory dwelling) you could add a guest cottage if desired. The whole house is currently set up and monitored with an ADT alarm system that will convey. This cottage has a lot more love to give it's new owner.

Key facts

• Updated bath
• Leveled foundation
• Updated kitchen

Tags

• FENCED BACKYARD
• STORAGE SHEDS
• LEVELED FOUNDATION
• UPDATED KITCHEN
• UPDATED BATH
• ORIGINAL HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (22.6% below list).
• Recommended offer: $174k (22.6% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.0% in Kerrville — 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 81/100 on livability (#25 in TX, #1,483 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Kerrville ISD (town): math 45% / reading 51% proficiency, ranked #220 of 826 in TX (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fred H Tally El (math 59% / reading 58%, grade B-, #467 of 4,322 statewide, top 11%, 544 students, 50% FRL); Peterson Middle (math 39% / reading 50%, grade D, #491 of 1,662 statewide, top 31%, 1,075 students, 52% FRL); Tivy H S (math 42% / reading 60%, grade D+, #482 of 1,632 statewide, top 30%, 1,468 students, 47% FRL).
• Market conditions: Rents rising (+3.0%/yr); 751 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 422 units permitted in Kerr County in 2024 (322 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kerr County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,042 (22.6% 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 60 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.22%
• DSCR: 0.90
• GRM: 10.8

CMA / ARV

• ARV (median comp): $242,712
• List price: $225,000
• Delta: -7.30%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Jefferson St	0.32mi	2/1.0 (-1)	1,028 (+8%)	3mo	$150,000	$146	65
316 George Ct	0.28mi	3/1.0	980 (+3%)	23mo	$240,000	$245	63
208 Palmer	0.64mi	3/1.0	928 (-2%)	13mo	$239,500	$258	55
823 Robinson	0.61mi	2/1.0 (-1)	1,000 (+5%)	12mo	$309,000	$309	48
960 Myrta	0.64mi	2/1.0 (-1)	996 (+5%)	13mo	$265,000	$266	46
940 Prescott St	0.67mi	2/1.0 (-1)	994 (+4%)	14mo	$219,000	$220	45
925 Wheless Ave	0.58mi	2/1.0 (-1)	1,032 (+8%)	15mo	$250,000	$242	41
345 Jefferson St. West	0.68mi	2/2.0 (-1)	1,029 (+8%)	13mo	$235,000	$228	35
402 W Water St	0.75mi	2/1.0 (-1)	832 (-13%)	16mo	$299,900	$360	26

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 · 3.03% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.30×
• Total profit: $-43,831
• Equity at exit: $33,548

10-year hold

• IRR: -12.8%
• Equity multiple: 0.25×
• Total profit: $-47,547
• Equity at exit: $19,454

Cash invested: $63,000 (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 78028

• Rents YoY: 3.0%
• Active inventory: 751
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,740 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$218 /mo · $2,611/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $-116

Break-even live

Break-even rent $1,888

Max offer price $204,444

Occupancy floor —

Sensitivity live

Price	-10% $11	-5% $-53	+0% $-116	+5% $-180	+10% $-244
Rent	-10% $-254	-5% $-185	+0% $-116	+5% $-48	+10% $21
Rate	-1.0pp $-3	-0.5pp $-59	base $-116	+0.5pp $-175	+1.0pp $-234

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 W Schreiner St Kerrville, TX	2.0	1.0	1100	$1,575	$1.43	45d	1	0.30mi
909 Tivy St Kerrville, TX	2.0	1.0	1000	$1,300	$1.30	45d	1	0.69mi
1225 Cailloux Blvd N Kerrville, TX	1.0–2.0	1.0–2.0	821	$1,859	$2.26	0d	135	1.30mi
115 Plaza Dr Kerrville, TX	1.0–2.0	1.0	791	$1,255	$1.59	0d	4	1.41mi

Listing history 2 events

1. 2026-05-04
   price $225,000 625-char remark

   Show marketing remark (625 chars)

   Great things really do come in the smaller packages! This cute 3/1 cottage on a corner lot with fenced backyard and storage sheds has been shown lots of love and updates thruout it's life. Within the past 6 years, Casa Keepers leveled the foundation, and updated the kitchen and bath. All original hardwood floors have been preserved, and a new roof added about 10 years ago. Currently zoned R1A (residential with accessory dwelling) you could add a guest cottage if desired. The whole house is currently set up and monitored with an ADT alarm system that will convey. This cottage has a lot more love to give it's new owner.

2. 2026-03-30
   listed $240,000 Active 625-char remark

   Show marketing remark (625 chars)

   Great things really do come in the smaller packages! This cute 3/1 cottage on a corner lot with fenced backyard and storage sheds has been shown lots of love and updates thruout it's life. Within the past 6 years, Casa Keepers leveled the foundation, and updated the kitchen and bath. All original hardwood floors have been preserved, and a new roof added about 10 years ago. Currently zoned R1A (residential with accessory dwelling) you could add a guest cottage if desired. The whole house is currently set up and monitored with an ADT alarm system that will convey. This cottage has a lot more love to give it's new owner.

ⓘ 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: $2,611 · $218/mo
• Projected year-2 tax: $4,118 · $343/mo
• Expected delta: +$1,506/yr (+$126/mo · 57.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 52% 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: $20,885
• − Mortgage interest: −$12,603
• − Property taxes: −$2,611
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,671
• − Management: −$1,671
• − Depreciation: −$6,545
• Taxable loss: −$5,342
• Est. tax savings @ 24.0%: +$1,282
• After-tax cash flow: $-114/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: Kerrville ISD
• NCES district ID: 4825590
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 51% ▼ -1.00%
• Median HH income: $44,050
• Composite: 40.54/100
• National rank: #3702
• State rank: #220 of 826 in TX

Livability — Kerrville

• Score: 81/100
• State rank: #25
• US rank: #1483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kerrville, TX
• County: Kerr County · 41,206 people
• City population: 41,206
• Metro: Kerrville, TX
• Population (ZIP): 41,206
• Household income: $66,991
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 1092.0

Population outlook (Kerr County) Hauer SSP2

• Today (2025): 54,010 people
• By 2030: 55,651 · +3.0%
• By 2040: 58,923 · +9.1%
• By 2050: 62,117 · +15.0%
• By 2075: 71,809 · +33.0%
• By 2100: 77,004 · +42.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 12% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 3% Slovak 3% Portuguese 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 10%

Political lean MEDSL · Kerr

• 2024 margin: Solid R (+54.3) · D 22.4% · R 76.8%
• 2008→2024 swing: -4.8pp toward R · 2008: -49.6pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+51.7 2016: R+56.3 2012: R+59.1 2008: R+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.97%
• Current HPI: 213.3663
• Rent YoY: ▲ 3.03%
• Metro: Kerrville, 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

-6.2% since first listed

2 events — show timeline

• 2026-05-04 Price Changed $225,000 KVMLS
• 2026-03-30 Listed $240,000 KVMLS

Property tax history

+11.2%/yr

Latest (2025): $2,611 · +24.9% YoY. Source: county tax records.