1103 Maple

Jourdanton, TX 78026

$348,500D-

6 bd · 4.0 ba · 2,670 sqft · Built 2012 · MultiFamily · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,636/mo
• Mortgage (P&I): −$1,828
• Tax + insurance: −$628
• HOA: −$0
• Vac / Maint / Mgmt: −$554
• Net cashflow: $-373/mo
• Annual: $-4,473/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• 1% rule: 0.76%
• Cash to close: $97,580

Investor read

• This is a 2 × 3-bed/2-bath units multifamily listed at $348k.
• At list price, monthly cash flow is $-373 ($-4k/yr) — negative. Per door: $-186/mo.
• To cash-flow at today's rent, offer at most $283k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $264k (24.4% below list).
• It's been on market 158 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (24.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#474 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Jourdanton ISD (town): math 46% / reading 44% proficiency, ranked #258 of 826 in TX (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jourdanton El (math 46% / reading 38%, grade F, #1,335 of 4,322 statewide, top 33%, 468 students, 60% FRL); Jourdanton J H (math 41% / reading 45%, grade D-, #540 of 1,662 statewide, top 33%, 377 students, 56% FRL); Jourdanton H S (math 62% / reading 57%, grade C+, #275 of 1,632 statewide, top 19%, 442 students, 50% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: 170 active listings in the ZIP; 224 units permitted in Atascosa County in 2024 (0 in 5+ unit buildings).
• Atascosa County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.5% in Jourdanton — 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 158 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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.