700 E Adobe St

Del Rio, TX 78840

$69,500B-

2 bd · 2.0 ba · 966 sqft · Built 1984 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,132/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$71
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $459/mo
• Annual: $5,510/yr
• Cap rate: 14.22%
• Cash-on-cash: 28.31%
• DSCR: 2.26
• 1% rule: 1.63%
• Cash to close: $19,460

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 30 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $481 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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+, amenities F.
• 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.
• Zoned schools: Dr Fermin Calderon El (math 15% / reading 24%, grade F, #3,583 of 4,322 statewide, top 86%, 541 students, 86% FRL) — zoned schools average 86% FRL vs 70% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 549 active listings in the ZIP; 3 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).
• Val Verde County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $19k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.