2134 Shady Oak St

Corpus Christi, TX 78409

$230,999B+

3 bd · 2.0 ba · 2,978 sqft · Built 2024 · SingleFamily · Active · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,910/mo
• Mortgage (P&I): −$1,211
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$611
• Net cashflow: $702/mo
• Annual: $8,426/yr
• Cap rate: 9.94%
• Cash-on-cash: 13.03%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $64,680

Investor read

• This is a 3-bed/2.0-bath single-family listed at $231k.
• At list price, monthly cash flow is $702 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $231k).
• It's been on market 143 days — a 12% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.1% local appreciation)).
• 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.
• Flour Bluff ISD (urban): math 43% / reading 51% proficiency, ranked #209 of 826 in TX (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• 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) — zoned schools at 47% FRL track the district average.
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts; this cycle's ask has dropped $22k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $65k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.9% 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.

Questions for listing agent

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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?
• 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.