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2312 Sailing Way Dr Unit A
D Composite 42.26
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 +15.0/15.0
  • Cash flow +7.2/30.0
  • Schools +4.9/10.0
  • Livability +4.0/5.0
  • Condition / age +3.8/5.0
  • Rent growth +3.3/5.0
  • 1% rule +2.7/10.0
  • DSCR +1.4/10.0
  • Appreciation +0.0/10.0

$229,900

2312 Sailing Way Dr Unit A · Kerrville, TX 78028
3 bd · 2.0 ba · 1,280 sqft · Condo · 216 Days on market
Built 2014 Good condition 2-car garage $180/sqft · 22% below area Est $296k · 22% under $115/mo HOA · 7% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Well-maintained two-story attached townhome offering approximately 1,280 SF with three bedrooms and two bathrooms in a desirable Kerrville location. The open-concept main level features living, kitchen, and dining areas with tile flooring, granite countertops, and neutral finishes designed for comfortable everyday living. A full appliance package conveys including refrigerator, range, built-in microwave, dishwasher, washer, and dryer. The primary suite includes a private bath with dual vanity sinks, while the additional bedrooms share a full bathroom. Exterior features include a covered side porch, attractive rock-veneered columns, HardiBoard siding, composite roof, xeriscaped landscaping, and a two-car attached garage. HOA covers trash, water, sewer, and lawn maintenance for easy, low-maintenance living. Ideally located near parks, walking trails, and the Olympic pool and just minutes from Tom Daniels Elementary School, Hal Peterson Middle School, and Tivy High School. Currently tenant occupied, making this an appealing opportunity for investors or future owner-occupants.

Key facts

  • $115 HOA
  • 2 garage spots
  • Built 2014

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 3-bed/2.0-bath condo listed at $230k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
  • To cash-flow at today's rent, offer at most $185k (19.6% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (23.4% below list).
  • Recommended offer: $176k (23.4% below list) — sets the bar for 1% rule.
  • Cap rate 4.7% vs local median 2.8% 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: Daniels El (math 56% / reading 50%, grade C, #705 of 4,322 statewide, top 17%, 548 students, 66% FRL); Peterson Middle (math 39% / reading 50%, grade D, #491 of 1,662 statewide, top 31%, 1,075 students, 52% FRL) — zoned schools average 59% FRL vs 41% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising (+3.0%/yr); 1107 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals lingering (median 37d 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 32% 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 216 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
  • 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

  • Climate carrying-cost: major wind risk, 51% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $176,180 (23.4% 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 216 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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?
  9. 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.
  10. 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.
  11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
0.77% ✗
Cap rate
4.66%
Cash-on-cash
-5.82%
DSCR
0.74
GRM
10.9

CMA / ARV

ARV (median comp)
$295,677
List price
$229,900
Delta
-22.25%
Verdict
UNDERPRICED
Comps
7 within 2.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
2205 Singing Wind Dr 0.16mi 3/2.0 1,312 (+2%) 6mo $1 — 84
100 Jasper Ln 0.12mi 2/2.0 (-1) 1,417 (+11%) 6mo $314,900 $222 67
2312 Sailing Way Dr Unit C 0.00mi 2/2.0 (-1) 1,088 (-15%) 5mo $199,900 $184 66
1072 Shutter Way 0.60mi 3/2.0 1,217 (-5%) 4mo $259,900 $214 61
3615 Riverside Dr 1.23mi 3/2.5 1,204 (-6%) 6mo $699,000 $581 48
1052 Shutter Way 0.60mi 3/2.0 1,474 (+15%) 4mo $239,900 $163 44
220 Riverhill Club Ln #4 1.31mi 2/2.0 (-1) 1,165 (-9%) 4mo $269,900 $232 41
3312 Glacier 0.67mi 3/2.0 1,474 (+15%) 4mo $258,000 $175 40
1212 Pollard Dr 1.11mi 3/2.0 1,474 (+15%) 2mo $295,999 $201 39
3230 Glacier Blf 0.70mi 3/2.0 1,474 (+15%) 5mo $274,999 $187 38
430 c 1.04mi 3/2.0 1,558 (+22%) 5mo $345,000 $221 36
500 Robinson Ave 1.39mi 2/2.0 (-1) 1,478 (+16%) 0mo $210,000 $142 35

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
-26.2%
Equity multiple
0.11×
Total profit
$-56,972
Equity at exit
$34,279
10-year hold
IRR
-22.8%
Equity multiple
-0.16×
Total profit
$-74,582
Equity at exit
$19,878

Cash invested: $64,372 (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.

ZIP-level market 78028

Rents YoY
3.0%
Active inventory
1107
Price-to-rent
10.9×

Monthly cashflow live

Estimated rent
$1,762 high interval (Pro) →
Mortgage (P&I)
−$1,206
Tax est. 1.5%
−$287 /mo · $3,448/yr
Insurance
−$96
HOA
−$115
Vacancy / Maint / Mgmt
−$370
Net cashflow
$-312

Break-even live

Break-even rent $2,157
Max offer price $184,758
Occupancy floor —

Sensitivity live

Price -10% $-153 -5% $-233 +0% $-312 +5% $-391 +10% $-471
Rent -10% $-451 -5% $-382 +0% $-312 +5% $-242 +10% $-173
Rate -1.0pp $-196 -0.5pp $-253 base $-312 +0.5pp $-372 +1.0pp $-432

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
$57,475
Closing costs
$6,897
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 28 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
2314 D Sailing Way Kerrville, TX 3.0 2.5 1280 $1,600 $1.25 36d 1 0.04mi
2318 Sailing Way N Kerrville, TX 2.0 1.5 1084 $1,450 $1.34 10d 1 0.08mi
2318 Sailing Way N Kerrville, TX 2.0 2.0 1088 $1,450 $1.33 19d 1 0.08mi
486 Bridal Path Kerrville, TX 4.0 2.0 1450 $1,900 $1.31 38d 1 0.13mi
486 Bridal Path Kerrville, TX 4.0 2.0 1450 $2,000 $1.38 184d 1 0.13mi
2105 Singing Wind Dr Kerrville, TX 1.0–3.0 1.0–1.5 822 $1,375 $1.67 184d 1 0.18mi
2105 Singing Wind Dr Kerrville, TX 1.0–3.0 1.0–1.5 822 $1,375 $1.67 0d 10 0.18mi
2601 Singing Wind Dr Kerrville, TX 2.0 2.0 956 $1,350 $1.41 44d 1 0.26mi
2601 Singing Wind Dr Kerrville, TX 2.0 2.0 1060 $1,465 $1.38 47d 1 0.26mi
2601 Singing Wind Dr Kerrville, TX 2.0 2.0 956 $1,350 $1.41 23d 1 0.26mi
2601 Singing Wind Dr Kerrville, TX 2.0 2.0 956 $1,350 $1.41 5d 1 0.26mi
121 Amelia Ct Kerrville, TX 3.0 2.0 1059 $1,800 $1.70 51d 1 0.27mi
125 Amelia Ct Kerrville, TX 3.0 2.0 1091 $1,650 $1.51 184d 1 0.29mi
516 Tomahawk Trl Kerrville, TX 2.0 1.0 950 $1,295 $1.36 51d 1 0.62mi
1725 1st St Kerrville, TX 3.0 2.0 1400 $2,100 $1.50 2d 1 0.64mi
702 Smokey Mountain Dr Kerrville, TX 3.0 2.0 1618 $2,300 $1.42 0d 1 0.70mi
2905 Nichols St Kerrville, TX 3.0 1.0 1348 $1,550 $1.15 10d 1 0.76mi
2408 Birkdale Ln Kerrville, TX 3.0 2.0 1847 $3,000 $1.62 184d 1 0.89mi
801 Everett St Kerrville, TX 3.0 2.0 1680 $1,795 $1.07 2d 1 0.94mi
1117 Leicht Dr Kerrville, TX 3.0 2.0 1354 $2,300 $1.70 21d 1 0.95mi
324 Lytle St Kerrville, TX 3.0 1.0 1200 $1,995 $1.66 10d 1 0.96mi
3414 Riverside Dr Kerrville, TX 2.0 1.0 988 $1,200 $1.21 5d 1 1.17mi
1316 Carol Ann Dr Kerrville, TX 3.0 2.0 1400 $1,950 $1.39 164d 1 1.17mi
320 A St Kerrville, TX 2.0 1.0 1048 $1,350 $1.29 0d 1 1.23mi
1004 3rd St Kerrville, TX 3.0 1.0 1178 $1,500 $1.27 51d 1 1.33mi
909 Tivy St Kerrville, TX 2.0 1.0 1000 $1,300 $1.30 184d 1 1.37mi
620 Robinson Ave Kerrville, TX 3.0 1.0 1286 $2,550 $1.98 36d 1 1.38mi
101 Ranchero Rd Kerrville, TX 2.0 2.0 1015 $1,300 $1.28 10d 1 1.50mi

Property features AI

Finance

Financial info
Currently leased (lease through December 31, 2026)Down payment resource available
HOA & community
Mandatory HOA with monthly fee of $115

Exterior

Parking
Attached 2-car garage
Utilities
City water and sewer
Home design
Pre-owned propertyAppoximately 12 years oldOther building exterior (see remarks)Entry on primary level
Construction
Composition roofSlab foundation
Exterior features
Double-pane windowsCity viewLevel yardSidewalks and asphalt city street access

Interior

Kitchen
Stove/RangeMicrowaveRefrigeratorDishwasherDisposalKitchen dimensions approximately 12 x 7Dining area approximately 8 x 8
Bedrooms
Master bedroom (upper level) with ceiling fan and full bathBedroom 2Bedroom 3Master bedroom dimensions approximately 17 x 12Bedroom 2 dimensions approximately 16 x 9Bedroom 3 dimensions approximately 16 x 9
Flooring
CarpetingOther flooring (see remarks)
Bathrooms
2 full bathroomsMaster bath with tub/shower combination and double vanityMaster bath dimensions approximately 12 x 5
Heating & cooling
Central heating (electric)Central air conditioning
Interior features
Ceiling fansSmoke alarmGarage door openerCable TV availableAll window coverings remainCity garbage serviceAttic: none
Laundry & utility
Washer and dryer includedWasher connectionDryer connectionLaundry located in closet on upper level

HOA detail $115/mo · $1,380/yr condo

Likely covers
watersewertrashlandscapingpool
Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-11-08
    days on market $229,900 Active 216 DOM
  2. 2026-11-07
    days on market $229,900 Active 215 DOM
  3. 2026-11-06
    days on market $229,900 Active 214 DOM
  4. 2026-11-05
    days on market $229,900 Active 213 DOM
  5. 2026-11-04
    days on market $229,900 Active 212 DOM
  6. 2026-11-02
    days on market $229,900 Active 210 DOM
  7. 2026-11-01
    statusdays on market $229,900 Active 209 DOM
  8. 2026-10-31
    days on market $229,900 Price Change 208 DOM
  9. 2026-10-30
    days on market $229,900 Price Change 207 DOM
  10. 2026-10-29
    days on market $229,900 Price Change 206 DOM
  11. 2026-10-28
    days on market $229,900 Price Change 205 DOM
  12. 2026-10-27
    days on market $229,900 Price Change 204 DOM
  13. 2026-10-26
    days on market $229,900 Price Change 203 DOM
  14. 2026-10-25
    days on market $229,900 Price Change 202 DOM
  15. 2026-10-24
    days on market $229,900 Price Change 201 DOM
  16. 2026-10-23
    days on market $229,900 Price Change 200 DOM
  17. 2026-10-22
    days on market $229,900 Price Change 199 DOM
  18. 2026-10-22
    pricestatus $229,900 Price Change 198 DOM
  19. 2026-10-21
    days on market $235,900 Active 198 DOM
  20. 2026-10-20
    days on market $235,900 Active 197 DOM
  21. 2026-10-19
    days on market $235,900 Active 196 DOM
  22. 2026-10-18
    days on market $235,900 Active 195 DOM
  23. 2026-10-17
    days on market $235,900 Active 194 DOM
  24. 2026-10-16
    days on market $235,900 Active 193 DOM
  25. 2026-10-15
    days on market $235,900 Active 192 DOM
  26. 2026-10-14
    days on market $235,900 Active 191 DOM
  27. 2026-10-13
    days on market $235,900 Active 190 DOM
  28. 2026-10-12
    days on market $235,900 Active 189 DOM
  29. 2026-10-11
    days on market $235,900 Active 188 DOM
  30. 2026-10-10
    days on market $235,900 Active 187 DOM
  31. 2026-10-09
    days on market $235,900 Active 186 DOM
  32. 2026-10-08
    days on market $235,900 Active 185 DOM
  33. 2026-10-07
    days on market $235,900 Active 184 DOM
  34. 2026-10-06
    days on market $235,900 Active 183 DOM
  35. 2026-10-05
    days on market $235,900 Active 182 DOM
  36. 2026-10-04
    days on market $235,900 Active 181 DOM
  37. 2026-10-03
    days on market $235,900 Active 180 DOM
  38. 2026-10-02
    days on market $235,900 Active 179 DOM
  39. 2026-10-01
    days on market $235,900 Active 178 DOM
  40. 2026-09-30
    days on market $235,900 Active 177 DOM
  41. 2026-09-29
    days on market $235,900 Active 176 DOM
  42. 2026-09-28
    days on market $235,900 Active 175 DOM
  43. 2026-09-27
    days on market $235,900 Active 174 DOM
  44. 2026-09-26
    days on market $235,900 Active 173 DOM
  45. 2026-09-25
    days on market $235,900 Active 172 DOM
  46. 2026-09-24
    days on market $235,900 Active 171 DOM
  47. 2026-09-23
    days on market $235,900 Active 170 DOM
  48. 2026-09-21
    days on market $235,900 Active 168 DOM
  49. 2026-09-20
    days on market $235,900 Active 167 DOM
  50. 2026-09-18
    days on market $235,900 Active 165 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

  • 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
  • 🔥 Wildfire 5/10 Major
  • 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 23 d/yr by 30 yrs out
  • 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
  • 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$21,142
− Mortgage interest
−$12,878
− Property taxes
−$3,448
− Insurance
−$1,150
− Repairs & maintenance
−$1,691
− Management
−$1,691
− HOA
−$1,380
− Depreciation
−$6,688
Taxable loss
−$7,785
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$1,868
After-tax cash flow
$-1,875/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $6,400–$19,200 screening

This well-maintained two-story attached townhome is in good condition with minimal repairs needed. It offers a good return on investment with updates that can significantly increase its value.

Value-add opportunities

  • Both Paint exterior siding — Enhances curb appeal and value ↑
  • Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to maintain ↑
  • Both Install smart home devices — Enhances convenience and adds modern appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Daniels El C TX #705/4,322 Nat'l #10,986/41,679 Middle Peterson Middle D TX #491/1,662 Nat'l #4,747/14,009 High Kerrville Disciplinary Alternative School

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
A Composite livability gradescore 81/100

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 · 54,010 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
10% of renters

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%
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
—

Price history

+0.0% since first listed
4 events — show timeline
  • 2026-04-06 Listed $235,900 KVMLS
  • 2026-04-06 Listed $235,900 KVMLS
  • 2026-04-06 Listed $235,900 CHCMLS
  • 2026-04-06 Listed $235,900 LERA

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…