14300 S Padre Island Dr #199

Corpus Christi, TX 78418

$218,000B-

3 bd · 2.0 ba · 1,080 sqft · Built 1974 · Condo · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,562/mo
• Mortgage (P&I): −$1,143
• Tax + insurance: −$363
• HOA: −$73
• Vac / Maint / Mgmt: −$538
• Net cashflow: $444/mo
• Annual: $5,333/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• 1% rule: 1.18%
• Cash to close: $61,040

Investor read

• This is a 3-bed/2.0-bath condo listed at $218k. Condition is rated poor.
• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $218k).
• It's been on market 122 days — a 12% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#66 in TX, #2,404 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Market conditions: Rents soft (-0.6%/yr); 686 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 28y ago; this cycle's ask is 12357% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 8.7% vs local median 3.6% in Corpus Christi — 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.
• This rent runs 33% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering
• Major: exterior paint — Peeling paint
• Major: interior walls — Visible wear
• Major: flooring — Worn carpet
• Major: landscaping — Overgrown vegetation