200 W 4th St

Bishop, TX 78343

$12,000C-

2 bd · 1.0 ba · 516 sqft · Built 1900 · SingleFamily · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $907/mo
• Mortgage (P&I): −$63
• Tax + insurance: −$447
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $207/mo
• Annual: $2,489/yr
• Cap rate: 69.69%
• Cash-on-cash: 226.40%
• DSCR: 11.07
• 1% rule: 7.56%
• Cash to close: $3,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $12k.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($907 rent vs $12k).
• It's been on market 130 days — a 12% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $11k (12.0% below list) — sets the bar for market timing.
• In year one you build about $781 of equity ($83 loan paydown + $698 appreciation (5.8% local appreciation)).
• Location reads 74/100 on livability (#189 in TX, #4,857 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Bishop CISD (town): math 31% / reading 42% proficiency, ranked #486 of 826 in TX (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 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.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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 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.