221 T Bar M Unit B221

New Braunfels, TX 78132

$239,999F

2 bd · 2.0 ba · 1,307 sqft · Built 1981 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$400
• HOA: −$447
• Vac / Maint / Mgmt: −$363
• Net cashflow: $-739/mo
• Annual: $-8,871/yr
• Cap rate: 2.60%
• Cash-on-cash: -13.20%
• DSCR: 0.41
• 1% rule: 0.72%
• Cash to close: $67,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $240k. Condition is rated fair.
• 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).
• It's been on market 111 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (44.6% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Watch-outs: HOA is 26% of rent.
• 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).
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

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 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen appliances — outdated and need replacement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