107 Starview Ct

Boerne, TX 78006

$350,000D-

4 bd · 2.0 ba · 2,016 sqft · Built 1999 · Manufactured · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,141/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$450
• Net cashflow: $-560/mo
• Annual: $-6,723/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.86%
• DSCR: 0.69
• 1% rule: 0.61%
• Cash to close: $98,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $350k.
• At list price, monthly cash flow is $-560 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (38.8% below list).
• It's been on market 28 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (38.8% 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 77/100 on livability (#87 in TX, #3,046 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living C-, amenities D+, commute F.
• Boerne ISD (town): math 59% / reading 61% proficiency, ranked #42 of 826 in TX (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Boerne H S (math 42% / reading 68%, grade C, #373 of 1,632 statewide, top 23%, 1,356 students, 21% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising (+4.0%/yr); 1090 active listings in the ZIP; high-income renter base; 517 units permitted in Kendall County in 2024 (0 in 5+ unit buildings).
• Kendall County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; moderate 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 4.4% vs local median 2.2% in Boerne — 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?
• 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 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.