1525 Lorelei · New Braunfels, TX 78130

$289,900

4 bd · 2.0 ba · 830 sqft · MultiFamily public records · 91 Days on market

Built 1985 10,149 sqft lot $349/sqft · 67% above area Est $348k · 17% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +12.8/30.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Well priced duplex just steps from Goodwin Frazier Elementary. One unit is month to month, but both have below market rents, offering clear upside for increased income. Each has a functional 2-bedroom floorplan and strong long term rental demand. Additional, similar duplexes available nearby for buyers seeking multiple units. Listing agent has an ownership interest in the property. Do not disturb tenants.

Key facts

• 0.23 acre lot
• 4 parking spots
• Built 1985

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $-25 ($-298/yr) — negative. Per door: $-12/mo.
• To cash-flow at today's rent, offer at most $286k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (15.3% below list).
• Recommended offer: $246k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.4% in New Braunfels — 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.

Location & tenants

• Location reads 83/100 on livability (#9 in TX, #925 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.0%/yr); 1896 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
• This rent runs 35% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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.

Recommended offer $245,500 (15.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 9.8

CMA / ARV

• ARV (median comp): $347,887
• List price: $289,900
• Delta: -16.67%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.3%
• Equity multiple: 0.31×
• Total profit: $-55,738
• Equity at exit: $43,225

10-year hold

• IRR: -21.6%
• Equity multiple: 0.04×
• Total profit: $-78,322
• Equity at exit: $25,065

Cash invested: $81,172 (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 78130

• Rents YoY: -2.0%
• Active inventory: 1896
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $2,455 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$323 /mo · $3,878/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $-25

Break-even live

Break-even rent $2,486

Max offer price $285,518

Occupancy floor 96%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,454
Total (2 units)			$2,455

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1747 FM 1101 New Braunfels, TX	1.0–3.0	1.0–2.0	877	$3,250	$3.70	3d	25	0.90mi
456 Limestone Dr New Braunfels, TX	3.0	2.0	1120	$1,800	$1.61	43d	1	0.99mi
770 Interstate 35 N New Braunfels, TX	1.0–3.0	1.0–2.0	995	$1,930	$1.94	20d	6	1.11mi
1055 Carolyn Cv New Braunfels, TX	3.0	2.0	1111	$1,500	$1.35	43d	1	1.20mi
355 Dragoon Xing New Braunfels, TX	3.0	1.0–2.0	966	$1,835	$1.90	43d	1	1.21mi
1033 Carolyn Cv New Braunfels, TX	3.0	2.0	1111	$1,495	$1.35	12d	1	1.22mi
614 Central Pkwy New Braunfels, TX	3.0	1.0–2.0	904	$2,045	$2.26	1d	66	1.41mi
1355 Ranch Pkwy New Braunfels, TX	1.0–3.0	1.0–2.0	970	$1,720	$1.77	3d	1	1.42mi

Listing history 14 events

1. 2026-06-18
   days on market $289,900 Active 91 DOM
2. 2026-06-17
   days on market $289,900 Active 90 DOM
3. 2026-06-16
   days on market $289,900 Active 89 DOM
4. 2026-06-15
   days on market $289,900 Active 88 DOM
5. 2026-06-13
   days on market $289,900 Active 86 DOM
6. 2026-06-09
   days on market $289,900 Active 82 DOM
7. 2026-06-08
   days on market $289,900 Active 81 DOM
8. 2026-06-07
   days on market $289,900 Active 80 DOM
9. 2026-06-04
   days on market $289,900 Active 77 DOM
10. 2026-06-03
    days on market $289,900 Active 76 DOM
11. 2026-06-02
    days on market $289,900 Active 75 DOM
12. 2026-06-01
    days on market $289,900 Active 74 DOM
13. 2026-05-31
    days on market $289,900 Active 73 DOM
14. 2026-03-19
    listed $289,900 New 408-char remark

    Show marketing remark (408 chars)

    Well priced duplex just steps from Goodwin Frazier Elementary. One unit is month to month, but both have below market rents, offering clear upside for increased income. Each has a functional 2-bedroom floorplan and strong long term rental demand. Additional, similar duplexes available nearby for buyers seeking multiple units. Listing agent has an ownership interest in the property. Do not disturb tenants.

ⓘ 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: $3,878 · $323/mo
• Projected year-2 tax: $5,305 · $442/mo
• Expected delta: +$1,427/yr (+$119/mo · 36.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $29,460
• − Mortgage interest: −$16,239
• − Property taxes: −$3,878
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,357
• − Management: −$2,357
• − Depreciation: −$8,433
• Taxable loss: −$5,254
• Est. tax savings @ 24.0%: +$1,261
• After-tax cash flow: $963/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: Comal ISD
• NCES district ID: 4814730
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 59% ▼ -2.00%
• Median HH income: $74,792
• Composite: 51.79/100
• National rank: #1671
• State rank: #58 of 826 in TX

Livability — New Braunfels

• Score: 83/100
• State rank: #9
• US rank: #925

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Braunfels, TX
• County: Comal County · 206,262 people
• City population: 144,962
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 104,009
• Household income: $83,064
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 2912.0

Population outlook (Comal County) Hauer SSP2

• Today (2025): 175,637 people
• By 2030: 199,911 · +13.8%
• By 2040: 249,436 · +42.0%
• By 2050: 299,430 · +70.5%
• By 2075: 423,857 · +141.3%
• By 2100: 512,048 · +191.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (58%)
• Race & ethnicity: White 58% Hispanic / Latino 37% Two or more races 19% Black 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 78% English-only · Spanish 20% German/W. Germanic 1%

Political lean MEDSL · Comal

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.2%
• 2008→2024 swing: +1.9pp toward D · 2008: -47.4pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+42.7 2016: R+50.1 2012: R+54.1 2008: R+47.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.61%
• Current HPI: 173.7128
• Rent YoY: ▼ -1.97%
• Metro: San Antonio-New Braunfels, TX
• 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

1 event — show timeline

• 2026-03-19 Listed $289,900 LERA

Property tax history

+2.3%/yr

Latest (2026): $3,878 · -11.1% YoY. Source: county tax records.