402 W Cortinas St · Del Rio, TX 78840

$102,000

3 bd · 1.0 ba · 872 sqft · SingleFamily public records · 93 Days on market

Built 1965 3,920 sqft lot $117/sqft · 17% below area Est $122k · 17% under ↓ 15% since listing

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Why this score? — see what drove the B- 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).

• Cash flow +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see this cute and cozy home full of charm, perfectly situated on a corner lot at 402 W Cortinas St. Just a short walk from the beautiful San Felipe Creek, this property offers both location and character. Featuring 3 bedrooms and 1 full bath, this home is ready for its next owner to bring a little TLC and make it truly shine. With its inviting feel and great potential, it’s the perfect opportunity to create a warm and charming family home. Don’t miss out on this hidden gem! Call today to set up a showing.

Key facts

• San felipe creek
• Corner lot
• 3,920 sq ft lot

Tags

• CORNER LOT
• SAN FELIPE CREEK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $102k.

Deal economics

• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (26.6% below list).
• Meets the 1% rule at list price ($1k rent vs $102k).
• Recommended offer: $75k (26.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#349 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, employment D+, schools D.
• San Felipe-Del Rio CISD (town): math 25% / reading 32% proficiency, ranked #667 of 826 in TX (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.6%/yr); 549 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 85 units permitted in Val Verde County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $705 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Val Verde County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($93k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major 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 $74,861 (26.6% 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 93 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.47%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $122,300
• List price: $102,000
• Delta: -16.60%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -29.9%
• Equity multiple: 0.03×
• Total profit: $-27,809
• Equity at exit: $15,209

10-year hold

• IRR: -44.1%
• Equity multiple: -0.50×
• Total profit: $-42,756
• Equity at exit: $8,819

Cash invested: $28,560 (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 78840

• Home prices YoY: -33.6%
• Rents YoY: 1.6%
• Active inventory: 549
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,234 high
• Mortgage (P&I): −$535
• Tax from tax record: −$125 /mo · $1,497/yr
• Insurance: −$42
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $-154

Break-even live

Break-even rent $1,429

Max offer price $74,861

Occupancy floor —

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: $25,500
• Closing costs: $3,060
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
163 Yucca St Del Rio, TX	2.0	2.0	850	$746	$0.88	43d	1	0.41mi
405 N Bedell Ave Del Rio, TX	2.0–3.0	1.0–2.0	940	$1,050	$1.12	43d	4	0.92mi
113 Long Dr Del Rio, TX	2.0	1.0	1100	$1,300	$1.18	43d	1	1.01mi
502 W Dignowity St Del Rio, TX	2.0	1.0	946	$900	$0.95	43d	1	1.04mi
1104 N Bedell Ave Unit A Del Rio, TX	2.0	1.0	997	$950	$0.95	43d	1	1.29mi
103 Summit Ave Del Rio, TX	3.0	2.0	1088	$1,250	$1.15	43d	1	1.36mi

Listing history 19 events

1. 2026-06-19
   days on market $102,000 Active 93 DOM
2. 2026-06-18
   days on market $102,000 Active 92 DOM
3. 2026-06-17
   days on market $102,000 Active 91 DOM
4. 2026-06-16
   days on market $102,000 Active 90 DOM
5. 2026-06-15
   days on market $102,000 Active 89 DOM
6. 2026-06-14
   days on market $102,000 Active 87 DOM
7. 2026-06-12
   days on market $102,000 Active 86 DOM
8. 2026-06-09
   days on market $102,000 Active 83 DOM
9. 2026-06-08
   days on market $102,000 Active 82 DOM
10. 2026-06-07
    days on market $102,000 Active 81 DOM
11. 2026-06-05
    days on market $102,000 Active 78 DOM
12. 2026-06-03
    days on market $102,000 Active 77 DOM
13. 2026-06-02
    days on market $102,000 Active 76 DOM
14. 2026-06-01
    days on market $102,000 Active 75 DOM
15. 2026-05-31
    days on market $102,000 Active 74 DOM
16. 2026-05-30
    days on market $102,000 Active 73 DOM
17. 2026-05-05
    price $102,000 527-char remark

    Show marketing remark (527 chars)

    Come see this cute and cozy home full of charm, perfectly situated on a corner lot at 402 W Cortinas St. Just a short walk from the beautiful San Felipe Creek, this property offers both location and character. Featuring 3 bedrooms and 1 full bath, this home is ready for its next owner to bring a little TLC and make it truly shine. With its inviting feel and great potential, it’s the perfect opportunity to create a warm and charming family home. Don’t miss out on this hidden gem! Call today to set up a showing.

18. 2026-04-17
    price $110,000 527-char remark

    Show marketing remark (527 chars)

    Come see this cute and cozy home full of charm, perfectly situated on a corner lot at 402 W Cortinas St. Just a short walk from the beautiful San Felipe Creek, this property offers both location and character. Featuring 3 bedrooms and 1 full bath, this home is ready for its next owner to bring a little TLC and make it truly shine. With its inviting feel and great potential, it’s the perfect opportunity to create a warm and charming family home. Don’t miss out on this hidden gem! Call today to set up a showing.

19. 2026-03-18
    listed $120,000 Active 527-char remark

    Show marketing remark (527 chars)

    Come see this cute and cozy home full of charm, perfectly situated on a corner lot at 402 W Cortinas St. Just a short walk from the beautiful San Felipe Creek, this property offers both location and character. Featuring 3 bedrooms and 1 full bath, this home is ready for its next owner to bring a little TLC and make it truly shine. With its inviting feel and great potential, it’s the perfect opportunity to create a warm and charming family home. Don’t miss out on this hidden gem! Call today to set up a showing.

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $1,497 · $125/mo
• Projected year-2 tax: $1,867 · $156/mo
• Expected delta: +$370/yr (+$31/mo · 24.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 77% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $14,811
• − Mortgage interest: −$5,714
• − Property taxes: −$1,497
• − Insurance: −$5,628
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$2,967
• Taxable loss: −$3,365
• Est. tax savings @ 24.0%: +$808
• After-tax cash flow: $-1,036/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.

Schools (NCES district)

• District: San Felipe-Del Rio CISD
• NCES district ID: 4838900
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $40,582
• Composite: 24.04/100
• National rank: #7766
• State rank: #667 of 826 in TX

Livability — Del Rio

• Score: 70/100
• State rank: #349
• US rank: #7531

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D+ Housing A+ Health & safety C- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Del Rio, TX
• County: Val Verde County · 47,256 people
• City population: 47,256
• Metro: Del Rio, TX
• Population (ZIP): 47,256
• Household income: $66,084
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1111.0

Population outlook (Val Verde County) Hauer SSP2

• Today (2025): 48,073 people
• By 2030: 47,468 · -1.3%
• By 2040: 45,930 · -4.5%
• By 2050: 43,904 · -8.7%
• By 2075: 38,126 · -20.7%
• By 2100: 26,217 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (82%)
• Race & ethnicity: Hispanic / Latino 82% Two or more races 24% White 15% Black 1%
• Hispanic origin (detail): Mexican 75%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 19% · Canada
• Languages at home: 36% English-only · Spanish 63%

Political lean MEDSL · Val Verde

• 2024 margin: Strong R (+26.6) · D 36.2% · R 62.9%
• 2008→2024 swing: -36.2pp toward R · 2008: 9.6pp · 2024: -26.6pp
• All cycles: 2024: R+26.6 2020: R+9.9 2016: D+7.9 2012: D+5.4 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.95%
• Current HPI: 161.762
• Rent YoY: ▲ 1.55%
• Metro: Del Rio, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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

Price history

-15.0% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $102,000 DRBORMLS
• 2026-04-17 Price Changed $110,000 DRBORMLS
• 2026-03-18 Listed $120,000 DRBORMLS

Property tax history

+6.5%/yr

Latest (2025): $1,497 · +0.6% YoY. Source: county tax records.