3285 Broad Oak Dr

Bandera, TX 78003

$210,000F

3 bd · 2.0 ba · 1,648 sqft · Built 2000 · Manufactured · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,577/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$362
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $-217/mo
• Annual: $-2,608/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.44%
• DSCR: 0.80
• 1% rule: 0.75%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $210k.
• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (24.9% below list).
• It's been on market 51 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (24.9% below list) — sets the bar for 1% rule.
• 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.
• Location reads 73/100 on livability (#209 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: schools D-, commute F, employment D-.
• Bandera ISD (rural): math 30% / reading 41% proficiency, ranked #500 of 826 in TX (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 531 active listings in the ZIP; 6 units permitted in Bandera County in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 1.4% in Bandera — 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.

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 51 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 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.