Is 221 T Bar M Unit B221 in New Braunfels, TX a good investment?

CashFlowRE grades it F with a 2.6% cap rate and $-739/mo modeled cash flow at a $239,999 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 221 T Bar M Unit B221?

The modeled cap rate is 2.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,729/month, from CashFlowRE's rent model.

F Composite 33.74

Why this score? — see what drove the F 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
Schools +4.9/10.0
Livability +4.2/5.0
Cash flow +3.4/30.0
1% rule +2.2/10.0
Condition / age +2.2/5.0
Rent growth +1.9/5.0
DSCR +0.0/10.0
Appreciation +0.0/10.0

$239,999

221 T Bar M Unit B221 · New Braunfels, TX 78132

2 bd · 2.0 ba · 1,307 sqft · Condo · 111 Days on market

Built 1981 Fair condition $184/sqft · 17% below area Est $288k · 17% under $447/mo HOA · 26% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

This is a ground floor unit in a great location backing up to a greenbelt. A wall of windows looks out on massive oaks that provide a shady relaxing spot to unwind. Of course, there are 2 tennis courts just a few steps away. The entry, kitchen and dining area have brick floors. The living room has a beamed ceiling and corner fireplace. Furniture is included with the sale.

Key facts

Beamed ceilings
Tennis courts
Wall of windows

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath condo listed at $240k. Condition is rated fair.

Deal economics

At list price, monthly cash flow is $-739 ($-9k/yr) — negative.
To cash-flow at today's rent, offer at most $133k (44.6% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (27.9% below list).
Recommended offer: $133k (44.6% below list) — sets the bar for cash-flow.
Cap rate 2.6% vs local median 3.3% in New Braunfels — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
New Braunfels ISD (urban): math 47% / reading 53% proficiency, ranked #157 of 826 in TX (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
Zoned schools: Veramendi El (math 61% / reading 61%, grade B, #368 of 4,322 statewide, top 9%, 910 students, 26% FRL); Oakrun Middle (math 52% / reading 54%, grade C+, #281 of 1,662 statewide, top 18%, 930 students, 31% FRL); New Braunfels H S (math 53% / reading 10%, grade F, #1,073 of 1,632 statewide, top 66%, 1,926 students, 32% FRL).
Market conditions: Rents soft (-2.3%/yr); 1528 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
This rent is only 15% of the median local income ($135k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 111 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
4 sale attempts since 10y 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

Watch-outs: HOA is 26% of rent.

Recommended offer $133,024 (44.6% below list)

Questions for the 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 111 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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.
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?
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.
How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule: 0.72% ✗
Cap rate: 2.60%
Cash-on-cash: -13.20%
DSCR: 0.41
GRM: 11.6

CMA / ARV

ARV (median comp): $288,232
List price: $239,999
Delta: -16.73%
Verdict: UNDERPRICED
Comps: 8 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 T Bar M Unit B217	0.06mi	2/2.0	1,307 (0%)	11mo	$300,000	$230	88
224 T Bar M Dr Unit B224	0.00mi	2/2.0	1,307 (0%)	18mo	$325,000	$249	85
406 T Bar M Dr	0.10mi	2/2.0	1,034 (-21%)	2mo	$220,000	$213	69
120 T Bar M Dr Unit A120	0.23mi	3/2.0 (+1)	1,340 (+2%)	16mo	$339,999	$254	66
411 T Bar M Dr	0.16mi	2/2.0	1,034 (-21%)	24mo	$272,900	$264	47
1225 Mission Valley Rd	0.85mi	2/1.0	1,138 (-13%)	29mo	$650,000	$571	19

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: -45.6%
Equity multiple: -0.35×
Total profit: $-90,743
Equity at exit: $35,785

10-year hold

IRR: —
Equity multiple: -1.35×
Total profit: $-158,013
Equity at exit: $20,751

Cash invested: $67,200 (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 78132

Rents YoY: -2.3%
Active inventory: 1528
Price-to-rent: 11.6×

Monthly cashflow live

Estimated rent: $1,729 medium interval (Pro) →
Mortgage (P&I): −$1,259
Tax est. 1.5%: −$300 /mo · $3,600/yr
Insurance: −$100
HOA: −$447
Lot rent: −$0
Vacancy / Maint / Mgmt: −$363
Net cashflow: $-739

Break-even live

Break-even rent $2,665

Max offer price $133,024

Occupancy floor —

Sensitivity live

Price	-10% $-573	-5% $-656	+0% $-739	+5% $-822	+10% $-905
Rent	-10% $-876	-5% $-808	+0% $-739	+5% $-671	+10% $-603
Rate	-1.0pp $-618	-0.5pp $-678	base $-739	+0.5pp $-801	+1.0pp $-865

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: $60,000
Closing costs: $7,200
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 T Bar M Dr Unit 1 New Braunfels, TX	2.0	2.0	1284	$2,500	$1.95	139d	1	0.03mi

Property features AI

Finance

Financial info: Currently being leased
HOA & community: Mandatory HOAMonthly HOA feeHOA covers some utilitiesAssociation transfer fee appliesCommunity amenities: Pool, Jogging Trail, BBQ/Picnic Area, Tennis CourtOff-site managementCondo name: T Bar M VillasSubdivision: T BAR M TENNIS RANCH

Exterior

Utilities: Electricity supplied by NBUWater: condo serviceSewer: condo serviceGarbage: condo service
Home design: One levelPre-ownedEntry level: 1
Construction: Approximately 45 years oldSlab foundationComposition roof
Exterior features: Covered patioStone/rock and wood exterior

Interior

Kitchen: Stove/RangeRefrigeratorDishwasherKitchen roughly 11 x 8
Bedrooms: Master bedroom on lower level with full bath (13 x 12)Second bedroom (13 x 12)
Flooring: CarpetingLaminate flooring
Bathrooms: Two full bathroomsMaster bath with tub/shower combination and single vanity (10 x 5)
Heating & cooling: Central heating (electric)Central A/C
Interior features: Ceiling fansChandelierLiving/Dining room combinationBreakfast barOpen floor planUtility area insideGround level / no stepsAll bedrooms downstairsAll window coverings remain
Laundry & utility: Washer connectionDryer connectionUtility area inside

HOA detail $447/mo · $5,364/yr condo

Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

2026-09-24

days on market $239,999 Active 111 DOM
2026-09-23

days on market $239,999 Active 110 DOM
2026-09-22

days on market $239,999 Active 109 DOM
2026-09-21

days on market $239,999 Active 108 DOM
2026-09-20

days on market $239,999 Active 107 DOM
2026-09-19

days on market $239,999 Active 106 DOM
2026-09-18

days on market $239,999 Active 105 DOM
2026-09-17

days on market $239,999 Active 104 DOM
2026-09-16

days on market $239,999 Active 103 DOM
2026-09-15

days on market $239,999 Active 102 DOM
2026-09-14

days on market $239,999 Active 101 DOM
2026-09-13

days on market $239,999 Active 100 DOM
2026-09-12

days on market $239,999 Active 99 DOM
2026-09-11

days on market $239,999 Active 98 DOM
2026-09-05

days on market $239,999 Active 92 DOM
2026-09-04

days on market $239,999 Active 91 DOM
2026-09-03

days on market $239,999 Active 90 DOM
2026-08-31

days on market $239,999 Active 87 DOM
2026-08-30

days on market $239,999 Active 86 DOM
2026-08-29

days on market $239,999 Active 85 DOM
2026-08-28

days on market $239,999 Active 84 DOM
2026-08-27

days on market $239,999 Active 83 DOM
2026-08-25

days on market $239,999 Active 81 DOM
2026-08-24

days on market $239,999 Active 80 DOM
2026-08-23

days on market $239,999 Active 79 DOM
2026-08-22

days on market $239,999 Active 78 DOM
2026-08-21

days on market $239,999 Active 77 DOM
2026-08-20

days on market $239,999 Active 76 DOM
2026-08-19

days on market $239,999 Active 75 DOM
2026-08-18

days on market $239,999 Active 74 DOM
2026-08-17

days on market $239,999 Active 73 DOM
2026-08-16

days on market $239,999 Active 72 DOM
2026-08-15

days on market $239,999 Active 71 DOM
2026-08-14

days on market $239,999 Active 70 DOM
2026-08-13

days on market $239,999 Active 69 DOM
2026-08-12

days on market $239,999 Active 68 DOM
2026-08-11

days on market $239,999 Active 67 DOM
2026-08-10

days on market $239,999 Active 66 DOM
2026-08-09

days on market $239,999 Active 65 DOM
2026-08-08

days on market $239,999 Active 64 DOM
2026-08-06

days on market $239,999 Active 62 DOM
2026-08-05

days on market $239,999 Active 61 DOM
2026-08-04

days on market $239,999 Active 60 DOM
2026-08-03

days on market $239,999 Active 59 DOM
2026-07-31

days on market $239,999 Active 56 DOM
2026-07-30

days on market $239,999 Active 55 DOM
2026-07-30

days on market $239,999 Active 54 DOM
2026-07-28

days on market $239,999 Active 53 DOM
2026-07-26

days on market $239,999 Active 51 DOM
2026-07-24

days on market $239,999 Active 49 DOM

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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income: $20,754
− Mortgage interest: −$13,444
− Property taxes: −$3,600
− Insurance: −$1,200
− Repairs & maintenance: −$1,660
− Management: −$1,660
− HOA: −$5,364
− Depreciation: −$6,982
Taxable loss: −$13,156

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$3,157
After-tax cash flow: $-5,714/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

Fair 45/100 Cosmetic rehab Est. rehab $6,535–$19,605 screening

This 2-bedroom, 2-bath condo is in fair condition with cosmetic updates needed. It offers a good location with tennis courts and community amenities.

Repairs flagged

Minor kitchen appliances — outdated and need replacement
Minor bathroom fixtures — standard and need updating

Value-add opportunities

Resale update kitchen appliances — modern appliances improve appeal ↑
Resale update bathroom fixtures — modern fixtures improve appeal ↑
Both paint interior walls — fresh paint improves appearance and value ↑
Both landscaping — improved landscaping enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Veramendi El B TX #368/4,322 Nat'l #6,943/41,679 Middle Oakrun Middle C+ TX #281/1,662 Nat'l #2,873/14,009 High New Braunfels H S F TX #1,073/1,632 Nat'l #10,753/17,239

Schools (NCES district)

District: New Braunfels ISD
NCES district ID: 4832370
Math proficiency: 47% ▼ -10.00%
Reading proficiency: 53% ▼ -2.00%
Median HH income: $60,945
Composite: 43.81/100
National rank: #2931
State rank: #157 of 826 in TX

A Composite livability gradescore 83/100

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

Census place: New Braunfels, TX
County: Comal County · 175,637 people
City population: 144,962
Metro: San Antonio-New Braunfels, TX
Population (ZIP): 40,953
Household income: $135,315
Rent vs Own: 12.5% rent · 87.5% own
Severe rent burden: 5% of renters

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: Predominantly White (71%)
Race & ethnicity: White 71% Hispanic / Latino 21% Two or more races 13% Black 2% Asian 2%
Hispanic origin (detail): Mexican 16% Puerto Rican 1%
Common ancestry: Slovak 4% Italian 3% Serbian 3%
Foreign-born: 6% · Canada
Languages at home: 89% English-only · Spanish 9% Other Indo-European 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: ▼ -139.57%
Current HPI: 202.432
Rent YoY: ▼ -2.32%
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
#8 Exxon Mobil Spring $349.6B #16 Chevron Houston $202.8B #28 Phillips 66 Houston $145.5B #34 Valero Energy San Antonio $124.0B #53 Energy Transfer Dallas $82.7B #75 ConocoPhillips Houston $57.0B #78 Enterprise Products Partners Houston $56.2B #92 Plains GP Holdings Houston $50.1B #134 HF Sinclair Dallas $29.6B #142 Occidental Petroleum Houston $26.3B #173 Targa Resources Houston $19.4B #188 Cheniere Energy Houston $17.6B #239 Kinder Morgan Houston $15.3B #419 APA Corporation Houston $8.6B #393 Cabot Oil & Gas Houston $7.9B #455 Coterra Energy Houston $5.8B
Technology	5	$198B
#44 Dell Technologies Round Rock $95.6B #87 Oracle Austin $53.0B #132 Hewlett Packard Enterprise Spring $30.1B #193 Texas Instruments Dallas $16.3B #406 Match Group Dallas $3.4B
Engineering / Construction	4	$72B
#228 Quanta Services Houston $23.7B #258 Jacobs Solutions Dallas $16.3B #318 AECOM Dallas $16.1B #279 Fluor Irving $16.1B
Energy Services	3	$60B
#136 Baker Hughes Houston $28.5B #154 Halliburton Houston $23.1B #368 Smith International Houston $8.4B
Utilities	3	$41B
#194 Vistra Irving $16.3B #211 NRG Energy Houston $15.4B #259 CenterPoint Energy Houston $9.4B
Healthcare	2	$330B
#9 McKesson Irving $309.0B #163 Tenet Healthcare Dallas $20.6B

Price history

+85.3% since first listed

12 events — show timeline

2026-06-04 Listed $239,999 LERA
2025-11-30 Listing Removed — LERA
2025-09-30 Price Changed $239,000 LERA
2025-08-17 Price Changed $245,000 LERA
2025-08-03 Listed $259,000 LERA
2016-09-23 Sold (MLS) — LERA
2016-09-23 Sold (MLS) — CTXMLS
2016-07-26 Pending — LERA
2016-07-11 Contingent — LERA
2016-06-22 Price Changed $129,500 LERA
2016-03-29 Listed $138,750 LERA
2016-03-21 Listed $129,500 CTXMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…