2829 Westeros St

Corpus Christi, TX 78416

$280,999D+

3 bd · 2.0 ba · 1,634 sqft · Built 2024 · SingleFamily · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,301/mo
• Mortgage (P&I): −$1,474
• Tax + insurance: −$468
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $-124/mo
• Annual: $-1,490/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• 1% rule: 0.82%
• Cash to close: $78,680

Investor read

• This is a 3-bed/2.0-bath single-family listed at $281k.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (18.1% below list).
• It's been on market 89 days — a 6% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (18.1% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (4.4% 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.
• London ISD (rural): math 65% / reading 62% proficiency, ranked #13 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 45 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.8% 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.
• At $2,301/mo this rent would consume 64% of the median local household income ($43k/yr) (locally 386% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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?
• 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.