1123 Thea Cv · New Braunfels, TX 78130

$205,000

4 bd · 2.0 ba · 1,396 sqft · SingleFamily public records · 86 Days on market

Built 2021 Good condition 4,791 sqft lot $147/sqft · 25% below area Est $272k · 25% under $34/mo HOA · 2% of rent ↓ 30% since listing

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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 +12.0/30.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• DSCR +3.5/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3.5 interest rate assumable loan by anyone, not just VA military! 2021 build investors dream! Priced $53k below market value for a fast sale! This 2021 build, turnkey investment is currently occupied by a tenant on a lease until 6/30/27. Showings after 5 PM Mon-Fri only allowed. Current Rent: $1,287/mo. Market Rent: ~$1,750/mo (RentRange). $1,660 (Rent Zestimate) (as of 3/2026). Value Estimates: Zestimate $262,400 | House Canary $261,712 (as of 3/2026). RentRange and House Canary documents are attached to the MLS listing. Located on a quiet street in the New Braunfels community, this modern residence offers comfort and style. Upon entering, you'll find an open-concept design with vinyl flooring throughout, a contemporary kitchen with ample cabinetry, quality finishes, generous counter space, a large pantry, and a seamless connection to the dining and living areas. The spacious master suite includes a private bathroom and a walk-in closet. Includes a refrigerator, washer, dryer, oven/stove, dishwasher, microwave, private fenced backyard, and automatic garage door. The home is situated in a quiet, family-friendly neighborhood within the prestigious Comal Independent School District (Comal ISD), which boasts top-rated schools and a strong sense of community.

Key facts

• Open-concept design
• Contemporary kitchen
• Large pantry

Tags

• OPEN-CONCEPT DESIGN
• CONTEMPORARY KITCHEN
• LARGE PANTRY
• PRIVATE FENCED BACKYARD
• TOP-RATED SCHOOLS

🏷️ Possibly a rental listed for sale. The $205,000 price doesn't fit this home's estimated sale value (~$272,120) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $205k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-49 ($-592/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (10.6% below list).
• Recommended offer: $183k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.4% in New Braunfels — 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 83/100 on livability (#9 in TX, #925 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.0%/yr); 1896 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago 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: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,296 (10.6% 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 86 days. Have you received any prior offers? Is the seller open to a 11% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.89% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• GRM: 9.3

CMA / ARV

• ARV (median comp): $272,120
• List price: $205,000
• Delta: -24.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
750 Jennifer Way	0.19mi	3/2.0 (-1)	1,434 (+3%)	3mo	$316,990	$221	79
750 Jennifer Way	0.19mi	3/2.0 (-1)	1,434 (+3%)	3mo	$285,000	$199	79
1220 Thea Cv	0.14mi	3/2.0 (-1)	1,248 (-11%)	2mo	$233,900	$187	69
535 Wind Murmur	0.23mi	3/2.0 (-1)	1,272 (-9%)	2mo	$227,900	$179	68
1238 Stone Br	0.19mi	3/2.0 (-1)	1,551 (+11%)	0mo	$199,000	$128	67
496 Magnolia Wind	0.35mi	3/2.0 (-1)	1,267 (-9%)	2mo	$220,000	$174	62
754 Jennifer Way	0.26mi	3/2.0 (-1)	1,573 (+13%)	2mo	$314,990	$200	60
1085 Stone Holw	0.64mi	3/2.0 (-1)	1,479 (+6%)	2mo	$244,999	$166	54
484 Copper Hill Dr	0.40mi	3/2.0 (-1)	1,580 (+13%)	1mo	$272,000	$172	54
248 Kinsley Way	0.53mi	3/2.0 (-1)	1,532 (+10%)	1mo	$240,000	$157	53
1082 Stone Holw	0.67mi	3/2.0 (-1)	1,489 (+7%)	1mo	$245,000	$165	52
1250 Lennea Gdn	0.66mi	3/2.0 (-1)	1,507 (+8%)	1mo	$244,500	$162	50

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.27×
• Total profit: $-41,654
• Equity at exit: $30,566

10-year hold

• IRR: -25.4%
• Equity multiple: -0.06×
• Total profit: $-60,762
• Equity at exit: $17,725

Cash invested: $57,400 (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 78130

• Rents YoY: -2.0%
• Active inventory: 1896
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,833 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$303 /mo · $3,635/yr
• Insurance: −$85
• HOA: −$34
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $-49

Break-even live

Break-even rent $1,895

Max offer price $196,288

Occupancy floor 98%

Sensitivity live

Price	-10% $67	-5% $9	+0% $-49	+5% $-107	+10% $-165
Rent	-10% $-194	-5% $-122	+0% $-49	+5% $23	+10% $95
Rate	-1.0pp $54	-0.5pp $3	base $-49	+0.5pp $-102	+1.0pp $-156

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 Thea Cv New Braunfels, TX	3.0	2.0	1411	$1,625	$1.15	15d	1	0.01mi
1121 Gracie Way New Braunfels, TX	3.0	3.5	1554	$1,875	$1.21	5d	1	0.05mi
621 Jennifer Cv New Braunfels, TX	4.0	2.0	1396	$1,795	$1.29	4d	1	0.05mi
1137 Gracie Way New Braunfels, TX	3.0	2.0	1325	$1,695	$1.28	24d	1	0.06mi
461 Wind Gust New Braunfels, TX	3.0	2.5	1596	$1,800	$1.13	24d	1	0.23mi
461 Wind Gust New Braunfels, TX	3.0	2.5	1596	$1,800	$1.13	44d	1	0.23mi
518 Melody Wind New Braunfels, TX	3.0	2.0	1272	$1,725	$1.36	18d	1	0.27mi
475 Willow Arch New Braunfels, TX	4.0	2.0	1625	$1,995	$1.23	20d	1	0.28mi
524 Willow Valley St New Braunfels, TX	3.0	2.0	1310	$1,785	$1.36	18d	1	0.33mi
1391 Rios Bend Dr New Braunfels, TX	3.0	2.5	1639	$1,747	$1.07	24d	1	0.44mi
378 Stone Pt New Braunfels, TX	3.0	2.0	1491	$1,350	$0.91	24d	1	0.47mi
570 Creekside Cir New Braunfels, TX	3.0	2.5	1373	$1,595	$1.16	24d	1	0.50mi
569 Creekside Cir Unit 569 New Braunfels, TX	3.0	2.0	1250	$1,495	$1.20	44d	1	0.51mi
565 Creekside Cir New Braunfels, TX	3.0	2.0	1250	$1,595	$1.28	44d	1	0.52mi
534 Creekside Cir New Braunfels, TX	3.0	2.0	1268	$1,495	$1.18	44d	1	0.53mi
1038 Mellow Breeze New Braunfels, TX	3.0	2.0	1313	$1,795	$1.37	11d	1	0.53mi
538 Creekside Cir New Braunfels, TX	3.0	2.0	1268	$1,495	$1.18	17d	1	0.53mi
553 Creekside Cir Unit 553 New Braunfels, TX	3.0	2.5	1400	$1,595	$1.14	17d	1	0.53mi
1009 Mellow Breeze New Braunfels, TX	3.0	2.0	1445	$1,800	$1.25	24d	1	0.54mi
248 Kinsley Way New Braunfels, TX	3.0	2.0	1532	$1,750	$1.14	24d	1	0.55mi
660 Creekside Cir New Braunfels, TX	3.0	2.0	1252	$1,495	$1.19	24d	1	0.56mi
220 Kinsley Way New Braunfels, TX	4.0	2.0	1602	$1,650	$1.03	44d	1	0.56mi
1163 Creekside Orch Unit 1 New Braunfels, TX	3.0	2.0	1334	$1,495	$1.12	24d	1	0.59mi
546 Creekside Frst New Braunfels, TX	3.0	2.0	1265	$1,595	$1.26	44d	1	0.61mi
1143 Creekside Orch New Braunfels, TX	3.0	2.0	1252	$1,675	$1.34	24d	1	0.61mi
1143 Creekside Orch New Braunfels, TX	3.0	2.0	1252	$1,675	$1.34	4d	1	0.61mi
561 Creekside Frst New Braunfels, TX	3.0	2.5	1430	$1,650	$1.15	24d	1	0.62mi
561 Creekside Frst New Braunfels, TX	3.0	2.5	1430	$1,650	$1.15	44d	1	0.62mi
712 Creekside Cir New Braunfels, TX	3.0	2.0	1252	$1,495	$1.19	44d	1	0.62mi
1078 Stone Trl New Braunfels, TX	3.0	2.0	1532	$1,645	$1.07	44d	1	0.62mi
549 Creekside Frst New Braunfels, TX	3.0	2.0	1256	$1,595	$1.27	17d	1	0.62mi
541 Creekside Frst New Braunfels, TX	3.0	2.0	1255	$1,595	$1.27	44d	1	0.63mi
1941 Colonial Ave New Braunfels, TX	4.0	2.0	1746	$2,300	$1.32	24d	1	0.64mi
1119 Creekside Orch New Braunfels, TX	3.0	2.0	1265	$1,495	$1.18	4d	1	0.64mi
506 Creekside Frst New Braunfels, TX	3.0	2.0	1252	$1,495	$1.19	11d	1	0.65mi
1250 Lennea Gdn New Braunfels, TX	3.0	2.0	1507	$1,749	$1.16	2d	1	0.65mi
382 Creekside Curv New Braunfels, TX	4.0	2.5	1731	$1,595	$0.92	44d	1	0.65mi
314 Rosalie Dr New Braunfels, TX	3.0	2.5	1409	$1,595	$1.13	24d	1	0.65mi
414 Creekside Curv New Braunfels, TX	3.0	2.5	1377	$1,600	$1.16	18d	1	0.65mi
367 Creekside Curv New Braunfels, TX	3.0	2.0	1265	$1,595	$1.26	4d	1	0.69mi

HOA detail

• Monthly dues: $34 · $408/yr

Listing history 21 events

1. 2026-06-18
   days on market $205,000 Active 86 DOM
2. 2026-06-17
   days on market $205,000 Active 85 DOM
3. 2026-06-16
   days on market $205,000 Active 84 DOM
4. 2026-06-15
   days on market $205,000 Active 83 DOM
5. 2026-06-13
   statusdays on market $205,000 Active 81 DOM
6. 2026-06-09
   days on market $205,000 Price Change 77 DOM
7. 2026-06-08
   days on market $205,000 Price Change 76 DOM
8. 2026-06-07
   days on market $205,000 Price Change 75 DOM
9. 2026-06-04
   days on market $205,000 Price Change 72 DOM
10. 2026-06-03
    days on market $205,000 Price Change 71 DOM
11. 2026-06-02
    pricestatusdays on market $205,000 Price Change 70 DOM
12. 2026-06-01
    days on market $207,997 Active 69 DOM
13. 2026-05-31
    days on market $207,997 Active 68 DOM
14. 2026-03-24
    listed $207,997 New 1289-char remark

    Show marketing remark (1289 chars)

    3.5 interest rate assumable loan by anyone, not just VA military! 2021 build investors dream! Priced $53k below market value for a fast sale! This 2021 build, turnkey investment is currently occupied by a tenant on a lease until 6/30/27. Showings after 5 PM Mon-Fri only allowed. Current Rent: $1,287/mo. Market Rent: ~$1,750/mo (RentRange). $1,660 (Rent Zestimate) (as of 3/2026). Value Estimates: Zestimate $262,400 | House Canary $261,712 (as of 3/2026). RentRange and House Canary documents are attached to the MLS listing. Located on a quiet street in the New Braunfels community, this modern residence offers comfort and style. Upon entering, you'll find an open-concept design with vinyl flooring throughout, a contemporary kitchen with ample cabinetry, quality finishes, generous counter space, a large pantry, and a seamless connection to the dining and living areas. The spacious master suite includes a private bathroom and a walk-in closet. Includes a refrigerator, washer, dryer, oven/stove, dishwasher, microwave, private fenced backyard, and automatic garage door. The home is situated in a quiet, family-friendly neighborhood within the prestigious Comal Independent School District (Comal ISD), which boasts top-rated schools and a strong sense of community.

15. 2025-11-29
    historical $1,287
16. 2025-11-26
    listed $1,287
17. 2025-02-28
    soldstatus
18. 2023-12-24
    historical
19. 2023-10-01
    status Back on Market
20. 2023-09-30
    historical
21. 2023-06-12
    listed $299,000 New

ⓘ 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: $3,635 · $303/mo
• Projected year-2 tax: $3,752 · $313/mo
• Expected delta: +$117/yr (+$10/mo · 3.2%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $21,996
• − Mortgage interest: −$11,483
• − Property taxes: −$3,635
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,760
• − Management: −$1,760
• − HOA: −$408
• − Depreciation: −$5,964
• Taxable loss: −$4,038
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $377/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 80/100 Cosmetic rehab

This 2021-built home is in excellent condition with a good curb appeal and a modern interior. It's currently occupied by a tenant and priced below market value, making it a great investment opportunity.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can boost both resale and rental value.
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more appealing and energy-efficient.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can boost both resale and rental value. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value by making the home more appealing and energy-efficient. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Comal ISD
• NCES district ID: 4814730
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 59% ▼ -2.00%
• Median HH income: $74,792
• Composite: 51.79/100
• National rank: #1671
• State rank: #58 of 826 in TX

Livability — New Braunfels

• Score: 83/100
• State rank: #9
• US rank: #925

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Comal County · 206,262 people
• City population: 144,962
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 104,009
• Household income: $83,064
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 2912.0

Population outlook (Comal County) Hauer SSP2

• Today (2025): 175,637 people
• By 2030: 199,911 · +13.8%
• By 2040: 249,436 · +42.0%
• By 2050: 299,430 · +70.5%
• By 2075: 423,857 · +141.3%
• By 2100: 512,048 · +191.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (58%)
• Race & ethnicity: White 58% Hispanic / Latino 37% Two or more races 19% Black 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 78% English-only · Spanish 20% German/W. Germanic 1%

Political lean MEDSL · Comal

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.2%
• 2008→2024 swing: +1.9pp toward D · 2008: -47.4pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+42.7 2016: R+50.1 2012: R+54.1 2008: R+47.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.61%
• Current HPI: 173.7128
• Rent YoY: ▼ -1.97%
• Metro: San Antonio-New Braunfels, 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

-30.4% since first listed

8 events — show timeline

• 2026-03-24 Listed $207,997 LERA
• 2025-11-29 Rental Removed $1,287 TENANTTURNER2
• 2025-11-26 Listed for Rent $1,287 TENANTTURNER2
• 2025-02-28 Sold (Public Records) — Public Records
• 2023-12-24 Listing Removed — LERA
• 2023-10-01 Relisted — LERA
• 2023-09-30 Listing Removed — LERA
• 2023-06-12 Listed $299,000 LERA

Property tax history

-2.4%/yr

Latest (2026): $3,635 · -7.8% YoY. Source: county tax records.