7846 Thor Dr

Corpus Christi, TX 78414

$319,999F

4 bd · 3.0 ba · 2,015 sqft · Built 2026 · Land · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,485/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$533
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $-248/mo
• Annual: $-2,981/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.33%
• DSCR: 0.85
• 1% rule: 0.78%
• Cash to close: $89,600

Investor read

• This is a 4-bed/3.0-bath land listed at $320k.
• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (11.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (22.3% below list).
• It's been on market 20 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $248k (22.3% 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 $10k 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.
• Corpus Christi ISD (urban): math 31% / reading 35% proficiency, ranked #562 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kolda El (math 51% / reading 59%, grade C, #602 of 4,322 statewide, top 14%, 879 students, 36% FRL); Adkins Middle (math 40% / reading 39%, grade F, #660 of 1,662 statewide, top 41%, 956 students, 48% FRL); Veterans Memorial H S (math 50% / reading 57%, grade C-, #428 of 1,632 statewide, top 27%, 1,949 students, 36% FRL) — zoned schools average 40% FRL vs 63% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 49% at this address vs 33% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Corpus Christi ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.9%/yr); 623 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 5.4% 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.
• This rent runs 30% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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?
• 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.