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College Station, TX 77840

$195,000D

4 bd · 4.0 ba · 1,236 sqft · Built 1999 · Condo · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,039/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$406
• HOA: −$310
• Vac / Maint / Mgmt: −$428
• Net cashflow: $-128/mo
• Annual: $-1,531/yr
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• 1% rule: 1.05%
• Cash to close: $54,600

Investor read

• This is a 4-bed/4.0-bath condo listed at $195k.
• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (11.6% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 114 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (11.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#11 in TX, #994 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, crime A-; Watch: employment C-.
• College Station ISD (urban): math 58% / reading 54% proficiency, ranked #113 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Forest Ridge (math 78% / reading 77%, grade A, #52 of 4,322 statewide, top 1%, 514 students, 25% FRL); Oakwood Int (math 55% / reading 47%, grade C, #326 of 1,662 statewide, top 20%, 719 students, 48% FRL); A & M Cons H S (math 65% / reading 66%, grade B, #193 of 1,632 statewide, top 12%, 2,139 students, 32% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 307 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,211 units permitted in Brazos County in 2024 (768 in 5+ unit buildings).
• Brazos County population projected at +55% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 5.5% vs local median 3.3% in College Station — 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.
• At $2,039/mo this rent would consume 81% of the median local household income ($30k/yr) (locally 8224% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 114 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?