2312 Sailing Way Dr Unit A · Kerrville, TX 78028

$235,900

3 bd · 2.0 ba · 1,280 sqft · Condo · 124 Days on market

Built 2014 Good condition 2-car garage $184/sqft · 21% below area Est $298k · 21% under $115/mo HOA · 6% of rent

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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 +15.0/15.0
• Cash flow +8.6/30.0
• Schools +4.9/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +3.3/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

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

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $236k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-201 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (17.2% below list).
• Recommended offer: $195k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.4% 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); 896 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 35% 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 124 days — a 12% lower offer ($208k) 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 $195,414 (17.2% 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 124 days. Have you received any prior offers? Is the seller open to a 17% 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: 0.83% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.66%
• DSCR: 0.84
• GRM: 10.1

CMA / ARV

• ARV (median comp): $298,479
• List price: $235,900
• Delta: -20.97%
• 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%)	3mo	$1	—	86
104 Amelia Ct	0.19mi	3/2.0	1,166 (-9%)	4mo	$264,900	$227	73
100 Jasper Ln	0.12mi	2/2.0 (-1)	1,417 (+11%)	3mo	$314,900	$222	69
2312 Sailing Way Dr Unit C	0.00mi	2/2.0 (-1)	1,088 (-15%)	2mo	$199,900	$184	68
1072 Shutter Way	0.60mi	3/2.0	1,217 (-5%)	1mo	$259,900	$214	63
3615 Riverside Dr	1.23mi	3/2.5	1,204 (-6%)	3mo	$699,000	$581	51
1052 Shutter Way	0.60mi	3/2.0	1,474 (+15%)	1mo	$239,900	$163	46
220 Riverhill Club Ln #4	1.31mi	2/2.0 (-1)	1,165 (-9%)	1mo	$269,900	$232	44
3312 Glacier	0.67mi	3/2.0	1,474 (+15%)	1mo	$258,000	$175	43
3230 Glacier Blf	0.70mi	3/2.0	1,474 (+15%)	2mo	$274,999	$187	40
430 c	1.04mi	3/2.0	1,558 (+22%)	2mo	$345,000	$221	38
405 N Goss St	0.72mi	3/2.0	1,003 (-22%)	5mo	$255,000	$254	37

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: -22.3%
• Equity multiple: 0.23×
• Total profit: $-50,899
• Equity at exit: $35,173

10-year hold

• IRR: -16.3%
• Equity multiple: 0.09×
• Total profit: $-60,197
• Equity at exit: $20,396

Cash invested: $66,052 (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: 896
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$1,237
• Tax est. 1.5%: −$295 /mo · $3,538/yr
• Insurance: −$98
• HOA: −$115
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-201

Break-even live

Break-even rent $2,209

Max offer price $206,745

Occupancy floor —

Sensitivity live

Price	-10% $-38	-5% $-120	+0% $-201	+5% $-283	+10% $-365
Rent	-10% $-356	-5% $-279	+0% $-201	+5% $-124	+10% $-47
Rate	-1.0pp $-83	-0.5pp $-141	base $-201	+0.5pp $-263	+1.0pp $-325

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: $58,975
• Closing costs: $7,077
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
486 Bridal Path Kerrville, TX	4.0	2.0	1450	$2,000	$1.38	93d	1	0.13mi
2105 Singing Wind Dr Kerrville, TX	1.0–3.0	1.0–1.5	822	$1,375	$1.67	93d	1	0.18mi
125 Amelia Ct Kerrville, TX	3.0	2.0	1091	$1,650	$1.51	93d	1	0.29mi
2408 Birkdale Ln Kerrville, TX	3.0	2.0	1847	$3,000	$1.62	93d	1	0.89mi
1316 Carol Ann Dr Kerrville, TX	3.0	2.0	1400	$1,950	$1.39	73d	1	1.17mi
909 Tivy St Kerrville, TX	2.0	1.0	1000	$1,300	$1.30	93d	1	1.37mi

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. 2026-08-08
   days on market $235,900 Active 124 DOM
2. 2026-08-07
   days on market $235,900 Active 123 DOM
3. 2026-08-06
   days on market $235,900 Active 122 DOM
4. 2026-08-05
   days on market $235,900 Active 121 DOM
5. 2026-08-04
   days on market $235,900 Active 120 DOM
6. 2026-08-03
   days on market $235,900 Active 119 DOM
7. 2026-07-31
   days on market $235,900 Active 116 DOM
8. 2026-07-30
   days on market $235,900 Active 115 DOM
9. 2026-07-29
   days on market $235,900 Active 114 DOM
10. 2026-07-27
    days on market $235,900 Active 112 DOM
11. 2026-07-25
    days on market $235,900 Active 110 DOM
12. 2026-07-24
    days on market $235,900 Active 109 DOM
13. 2026-07-23
    days on market $235,900 Active 108 DOM
14. 2026-07-22
    days on market $235,900 Active 107 DOM
15. 2026-07-21
    days on market $235,900 Active 106 DOM
16. 2026-07-18
    days on market $235,900 Active 103 DOM
17. 2026-07-16
    days on market $235,900 Active 101 DOM
18. 2026-07-16
    days on market $235,900 Active 100 DOM
19. 2026-07-14
    days on market $235,900 Active 99 DOM
20. 2026-07-13
    days on market $235,900 Active 98 DOM
21. 2026-07-12
    days on market $235,900 Active 97 DOM
22. 2026-07-11
    days on market $235,900 Active 96 DOM
23. 2026-07-10
    days on market $235,900 Active 95 DOM
24. 2026-07-09
    days on market $235,900 Active 94 DOM
25. 2026-07-08
    days on market $235,900 Active 93 DOM
26. 2026-07-07
    days on market $235,900 Active 92 DOM
27. 2026-07-06
    days on market $235,900 Active 91 DOM
28. 2026-07-05
    days on market $235,900 Active 90 DOM
29. 2026-07-04
    days on market $235,900 Active 89 DOM
30. 2026-07-03
    days on market $235,900 Active 88 DOM
31. 2026-07-02
    days on market $235,900 Active 87 DOM
32. 2026-07-01
    days on market $235,900 Active 86 DOM
33. 2026-06-30
    days on market $235,900 Active 85 DOM
34. 2026-06-29
    days on market $235,900 Active 84 DOM
35. 2026-06-28
    days on market $235,900 Active 83 DOM
36. 2026-06-27
    days on market $235,900 Active 82 DOM
37. 2026-06-26
    days on market $235,900 Active 80 DOM
38. 2026-06-22
    days on market $235,900 Active 77 DOM
39. 2026-06-19
    days on market $235,900 Active 74 DOM
40. 2026-06-18
    days on market $235,900 Active 73 DOM
41. 2026-06-17
    days on market $235,900 Active 72 DOM
42. 2026-06-16
    days on market $235,900 Active 71 DOM
43. 2026-06-15
    days on market $235,900 Active 70 DOM
44. 2026-06-14
    days on market $235,900 Active 68 DOM
45. 2026-06-12
    days on market $235,900 Active 67 DOM
46. 2026-06-09
    days on market $235,900 Active 64 DOM
47. 2026-06-08
    days on market $235,900 Active 63 DOM
48. 2026-06-07
    days on market $235,900 Active 62 DOM
49. 2026-06-05
    days on market $235,900 Active 59 DOM
50. 2026-06-03
    days on market $235,900 Active 58 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

Taxation est. · year 1

• Rental income: $23,450
• − Mortgage interest: −$13,214
• − Property taxes: −$3,538
• − Insurance: −$1,180
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − HOA: −$1,380
• − Depreciation: −$6,863
• Taxable loss: −$6,477
• Est. tax savings @ 24.0%: +$1,554
• After-tax cash flow: $-863/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

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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%

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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%

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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

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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

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

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