1329 Grey Worm Dr · Corpus Christi, TX 78415

$282,999

4 bd · 2.0 ba · 2,162 sqft · SingleFamily · 80 Days on market

Built 2026 Excellent condition 4,791 sqft lot $131/sqft · 9% above area Est $261k · 9% over ↓ 7% 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).

• Cash flow +13.5/30.0
• Schools +6.1/10.0
• Condition / age +5.0/5.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• ARV discount +3.7/15.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Watermill Collection offers new single-family homes for sale at a great value, now selling at the Kings Landing masterplan in Corpus Christi, TX. Located right off of Highway 286, homeowners enjoy convenient access to restaurants, shops and entertainment. It's only a short 15-minute drive to all the local offerings in downtown Corpus Christi and 30 minutes to water-borne adventures on Mustang Island. Students will attend the well-renown London Independent School District.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 2026

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $283k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $11 ($128/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (12.0% below list).
• Recommended offer: $249k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.

Location & tenants

• 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.
• Zoned schools: London El (346 students, 20% FRL); London Middle (math 70% / reading 63%, grade A-, #89 of 1,662 statewide, top 5%, 393 students, 14% FRL); London H S (math 62% / reading 77%, grade B, #119 of 1,632 statewide, top 9%, 507 students, 18% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 434 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• At $2,489/mo this rent would consume 54% of the median local household income ($55k/yr) (locally 1730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $248,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.88% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $260,817
• List price: $282,999
• Delta: 8.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1473 Irigoyen Ct	0.16mi	4/3.0	2,155 (-0%)	2mo	$463,900	$215	87
2821 Westeros St	0.15mi	4/3.0	2,210 (+2%)	1mo	$329,999	$149	84
2817 Westeros St	0.15mi	4/3.0	2,015 (-7%)	1mo	$317,999	$158	76
2833 Westeros St	0.15mi	4/3.0	2,015 (-7%)	2mo	$302,999	$150	76
1339 Grey Worm Dr	0.00mi	4/2.0	1,850 (-14%)	1mo	$268,999	$145	75
2825 Westeros St	0.15mi	4/3.0	2,378 (+10%)	1mo	$298,999	$126	71
1430 Jack Chesney St	0.42mi	4/3.0	2,260 (+4%)	1mo	$444,990	$197	68
2749 Eltonne Gardens Dr	0.27mi	4/2.0	1,894 (-12%)	1mo	$285,100	$151	66
2753 Excelsior Blvd	0.22mi	4/2.0	1,863 (-14%)	1mo	$320,000	$172	66
2741 Eltonne Gardens Dr	0.27mi	4/2.0	1,893 (-12%)	2mo	$285,000	$151	65
2705 Eltonne Gardens Dr	0.31mi	4/2.0	1,855 (-14%)	1mo	$280,000	$151	61
1438 Jack Chesney St	0.43mi	4/3.0	2,385 (+10%)	1mo	$464,990	$195	58

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-46,833
• Equity at exit: $42,196

10-year hold

• IRR: -9.9%
• Equity multiple: 0.41×
• Total profit: $-46,601
• Equity at exit: $24,469

Cash invested: $79,240 (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 78415

• Rents YoY: 2.3%
• Active inventory: 434
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,489 high
• Mortgage (P&I): −$1,484
• Tax est. 1.5%: −$354 /mo · $4,245/yr
• Insurance: −$118
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $11

Break-even live

Break-even rent $2,476

Max offer price $282,999

Occupancy floor 95%

Sensitivity live

Price	-10% $206	-5% $108	+0% $11	+5% $-87	+10% $-185
Rent	-10% $-186	-5% $-88	+0% $11	+5% $109	+10% $207
Rate	-1.0pp $153	-0.5pp $83	base $11	+0.5pp $-63	+1.0pp $-137

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: $70,750
• Closing costs: $8,490
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2826 Westeros St Corpus Christi, TX	4.0	3.0	2016	$2,550	$1.26	15d	1	0.17mi
2678 Lady Andrea Dr Corpus Christi, TX	4.0	2.0	1780	$3,000	$1.69	15d	1	0.28mi
2749 Eltonne Gardens Dr Corpus Christi, TX	4.0	2.0	1894	$2,295	$1.21	15d	1	0.29mi
2741 Eltonne Gardens Dr Corpus Christi, TX	4.0	2.0	1893	$2,500	$1.32	45d	1	0.29mi
1341 Trent Park Ln Corpus Christi, TX	5.0	2.0	2074	$2,750	$1.33	15d	1	0.35mi
1405 Irigoyen Ct Corpus Christi, TX	4.0	2.0	2065	$2,800	$1.36	15d	1	0.39mi
1269 Thames Chase Dr Corpus Christi, TX	3.0	2.0	1585	$2,350	$1.48	15d	1	0.64mi
1258 Breebry Dr Corpus Christi, TX	3.0	2.0	1484	$2,195	$1.48	15d	1	0.69mi
1205 Carnaby St Corpus Christi, TX	4.0	2.0	1689	$2,600	$1.54	45d	1	0.81mi

Listing history 20 events

1. 2026-06-21
   statusdays on market $282,999 Active 80 DOM
2. 2026-06-18
   days on market $282,999 Price Change 77 DOM
3. 2026-06-17
   days on market $282,999 Price Change 76 DOM
4. 2026-06-16
   days on market $282,999 Price Change 75 DOM
5. 2026-06-15
   days on market $282,999 Price Change 74 DOM
6. 2026-06-14
   days on market $282,999 Price Change 72 DOM
7. 2026-06-13
   days on market $282,999 Price Change 71 DOM
8. 2026-06-10
   days on market $282,999 Price Change 69 DOM
9. 2026-06-09
   days on market $282,999 Price Change 68 DOM
10. 2026-06-09
    price $282,999 Price Change 67 DOM
11. 2026-06-08
    days on market $287,999 Price Change 67 DOM
12. 2026-06-07
    days on market $287,999 Price Change 66 DOM
13. 2026-06-03
    days on market $287,999 Price Change 62 DOM
14. 2026-06-03
    pricestatus $287,999 Price Change 61 DOM
15. 2026-06-02
    days on market $292,999 Active 61 DOM
16. 2026-06-01
    statusdays on market $292,999 Active 60 DOM
17. 2026-05-31
    days on market $292,999 Price Change 59 DOM
18. 2026-05-30
    days on market $292,999 Price Change 58 DOM
19. 2026-05-17
    listed $293,999 Active 480-char remark

    Show marketing remark (480 chars)

    The Watermill Collection offers new single-family homes for sale at a great value, now selling at the Kings Landing masterplan in Corpus Christi, TX. Located right off of Highway 286, homeowners enjoy convenient access to restaurants, shops and entertainment. It's only a short 15-minute drive to all the local offerings in downtown Corpus Christi and 30 minutes to water-borne adventures on Mustang Island. Students will attend the well-renown London Independent School District.

20. 2026-04-02
    listed $314,999 New 591-char remark

    Show marketing remark (591 chars)

    The Sherman - This new two-story home features a luxurious owner's suite on the first level, offering a tranquil retreat with a full bathroom and walk-in closet. A nearby open-concept layout encourages seamless transitions and multitasking between the kitchen, living and dining areas. On the second floor, a versatile game room provides a convenient shared living area near three additional bedrooms. Estimated Completion August 2026. The completion date, prices and features may vary and are subject to change. Please verify with Lennar directly. Photos are for illustrative purposes only.

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

Taxation est. · year 1

• Rental income: $29,869
• − Mortgage interest: −$15,852
• − Property taxes: −$4,245
• − Insurance: −$1,415
• − Repairs & maintenance: −$2,390
• − Management: −$2,390
• − Depreciation: −$8,233
• Taxable loss: −$4,655
• Est. tax savings @ 24.0%: +$1,117
• After-tax cash flow: $1,245/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 · 2 photos

Excellent 100/100 None rehab

This new two-story home is move-in ready with no visible signs of wear or damage. It features a luxurious owner's suite, open-concept layout, and versatile game room, making it ideal for both resale and rental.

Schools (NCES district)

• District: London ISD
• NCES district ID: 4827990
• Math proficiency: 65% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $123,503
• Composite: 61.03/100
• National rank: #796
• State rank: #13 of 826 in TX

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• County: Nueces County · 296,836 people
• City population: 296,836
• Metro: Corpus Christi, TX
• Population (ZIP): 43,080
• Household income: $54,990
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 1730.0

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 41% White 12% Black 3%
• Hispanic origin (detail): Mexican 75%
• Foreign-born: 9% · Canada
• Languages at home: 59% English-only · Spanish 40%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.20%
• Current HPI: 158.011
• Rent YoY: ▲ 2.32%
• Metro: Corpus Christi, 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

-6.7% since first listed

2 events — show timeline

• 2026-05-17 Listed $293,999 Zillow
• 2026-04-02 Listed $314,999 LERA