405 E Main St · Bishop, TX 78343

$109,900

3 bd · 2.0 ba · 1,376 sqft · SingleFamily public records · 160 Days on market

Built 1980 0.47 ac lot $80/sqft · 25% below area Est $147k · 25% under ↓ 19% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.7/30.0
• ARV discount +15.0/15.0
• Appreciation +7.9/10.0
• DSCR +7.6/10.0
• 1% rule +7.0/10.0
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 405 E. Main Street in Bishop, TX where space and opportunity meet. This 3-bedroom, 2-bath home offers 1,376 square feet of functional living space on an expansive lot just under half an acre. Enjoy the freedom of a large yard while being centrally located in town. Whether you’re looking for a primary residence, a rental property, or an investment opportunity, this home provides flexibility to fit your goals.

Key facts

• Expansive lot
• Centrally located
• Large yard

Tags

• LARGE YARD
• EXPANSIVE LOT
• CENTRALLY LOCATED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: 39 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($760 loan paydown + $6k appreciation (5.8% local appreciation)).
• 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 $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.16%
• DSCR: 1.36
• GRM: 6.9

CMA / ARV

• ARV (median comp): $146,902
• List price: $109,900
• Delta: -25.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 Hickory Ct	0.31mi	3/2.0	1,388 (+1%)	4mo	$180,000	$130	81
502 East Main	0.07mi	3/2.0	1,470 (+7%)	13mo	$218,800	$149	74
106 W 6th St	0.38mi	2/1.0 (-1)	1,338 (-3%)	6mo	$110,000	$82	64
112 E 6th St	0.30mi	3/2.0	1,545 (+12%)	7mo	$199,900	$129	60
620 E Ninth	0.53mi	3/2.0	1,264 (-8%)	6mo	$199,950	$158	56
607 E Tubbs St	0.41mi	3/1.0	1,524 (+11%)	12mo	$115,000	$75	49
1003 E Henderson St	0.58mi	2/2.5 (-1)	1,478 (+7%)	8mo	$185,500	$126	47
309 Lime St	0.67mi	3/2.0	1,294 (-6%)	20mo	$269,000	$208	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.7%
• Equity multiple: 2.43×
• Total profit: $43,948
• Equity at exit: $67,833

10-year hold

• IRR: 20.9%
• Equity multiple: 4.88×
• Total profit: $119,290
• Equity at exit: $121,942

Cash invested: $30,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78343

• Home prices YoY: 5.5%
• Active inventory: 39
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,323 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$214 /mo · $2,566/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $209

Break-even live

Break-even rent $1,058

Max offer price $109,900

Occupancy floor 79%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-05-31
   days on market $109,900 Active 160 DOM
2. 2026-05-30
   days on market $109,900 Active 159 DOM
3. 2026-02-02
   price $109,900 428-char remark

   Show marketing remark (428 chars)

   Welcome to 405 E. Main Street in Bishop, TX where space and opportunity meet. This 3-bedroom, 2-bath home offers 1,376 square feet of functional living space on an expansive lot just under half an acre. Enjoy the freedom of a large yard while being centrally located in town. Whether you’re looking for a primary residence, a rental property, or an investment opportunity, this home provides flexibility to fit your goals.

4. 2025-12-22
   listed $129,900 Active 428-char remark

   Show marketing remark (428 chars)

   Welcome to 405 E. Main Street in Bishop, TX where space and opportunity meet. This 3-bedroom, 2-bath home offers 1,376 square feet of functional living space on an expansive lot just under half an acre. Enjoy the freedom of a large yard while being centrally located in town. Whether you’re looking for a primary residence, a rental property, or an investment opportunity, this home provides flexibility to fit your goals.

5. 2025-07-29
   historical
6. 2025-07-08
   price $85,000
7. 2025-05-27
   price $100,000
8. 2025-05-07
   price $114,000
9. 2025-04-18
   price $124,000
10. 2025-04-03
    listed $129,000 Active
11. 2023-08-24
    price $120,000
12. 2023-08-09
    price $125,000
13. 2023-07-21
    price $130,000
14. 2023-07-01
    listed $135,000 Active
15. 2016-02-10
    soldstatus
16. 2007-11-01
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $2,566 · $214/mo
• Projected year-2 tax: $2,566 · $214/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,878
• − Mortgage interest: −$6,156
• − Property taxes: −$2,566
• − Insurance: −$550
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − Depreciation: −$3,197
• Taxable income: $868
• Est. tax owed @ 24.0%: −$208
• After-tax cash flow: $2,303/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bishop CISD
• NCES district ID: 4810260
• Math proficiency: 31% ▼ -33.00%
• Reading proficiency: 42% ▼ -12.00%
• Median HH income: $46,296
• Composite: 31.2/100
• National rank: #6044
• State rank: #486 of 826 in TX

Livability — Bishop

• Score: 74/100
• State rank: #189
• US rank: #4857

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bishop, TX
• Population (ZIP): 4,565

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 28% White 22% Black 7%
• Hispanic origin (detail): Mexican 66%
• Common ancestry: Iranian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 60% English-only · Spanish 40%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.82%
• Current HPI: 111.5556
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-18.6% since first listed

14 events — show timeline

• 2026-02-02 Price Changed $109,900 CBMLS
• 2025-12-22 Listed $129,900 CBMLS
• 2025-07-29 Listing Removed — HARMLS
• 2025-07-08 Price Changed $85,000 HARMLS
• 2025-05-27 Price Changed $100,000 HARMLS
• 2025-05-07 Price Changed $114,000 HARMLS
• 2025-04-18 Price Changed $124,000 HARMLS
• 2025-04-03 Listed $129,000 HARMLS
• 2023-08-24 Price Changed $120,000 CBMLS
• 2023-08-09 Price Changed $125,000 CBMLS
• 2023-07-21 Price Changed $130,000 CBMLS
• 2023-07-01 Listed $135,000 CBMLS
• 2016-02-10 Sold (Public Records) — Public Records
• 2007-11-01 Sold (Public Records) — Public Records

Property tax history

+0.6%/yr

Latest (2025): $2,566 · -0.7% YoY. Source: county tax records.