545 A&b Bensdale

Pleasanton, TX 78064

$149,000C+

4 bd · 4.0 ba · 1,320 sqft · Built 1958 · MultiFamily · Active · 358 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,877/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $453/mo
• Annual: $5,437/yr
• Cap rate: 9.94%
• Cash-on-cash: 13.03%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $41,720

Investor read

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $149k. Condition is rated fair.
• At list price, monthly cash flow is $453 ($5k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 358 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#679 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety F.
• Pleasanton ISD (town): math 36% / reading 37% proficiency, ranked #470 of 826 in TX (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasanton El (math 35% / reading 35%, grade F, #1,965 of 4,322 statewide, top 46%, 958 students, 70% FRL); Pleasanton J H (math 30% / reading 34%, grade F, #971 of 1,662 statewide, top 60%, 772 students, 66% FRL); Pleasanton H S (math 59% / reading 51%, grade C, #373 of 1,632 statewide, top 23%, 944 students, 60% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 244 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; 224 units permitted in Atascosa County in 2024 (0 in 5+ unit buildings).
• Atascosa County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 3.3% in Pleasanton — 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.

Questions for listing agent

• It's been on market 358 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Exposed structural issues
• Major: Foundation repair — Exposed structural issues
• Minor: Landscaping — Untended yard