252 County Road 302

Floresville, TX 78114-3595

$319,000D-

4 bd · 3.0 ba · 2,432 sqft · Built 2014 · Manufactured · Active · 167 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,117/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $-199/mo
• Annual: $-2,386/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• 1% rule: 0.66%
• Cash to close: $89,320

Investor read

• This is a 4-bed/3.0-bath manufactured listed at $319k.
• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (33.7% below list).
• It's been on market 167 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (33.7% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#681 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, health & safety D+, amenities F.
• Floresville ISD (town): math 32% / reading 36% proficiency, ranked #504 of 826 in TX (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 135 units permitted in Wilson County in 2024 (0 in 5+ unit buildings).
• Wilson County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $51k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 5.5% vs local median 2.0% in Floresville — 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 167 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• 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.
• 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.