605 Oak Park #605 · Boerne, TX 78006

$199,975

3 bd · 2.0 ba · 1,225 sqft · Condo · 126 Days on market

Built 1976 Good condition $163/sqft · 37% below area Est $319k · 37% under $145/mo HOA · 8% of rent

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Why this score? — see what drove the C- 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 +12.6/30.0
• Schools +5.4/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Condition / age +3.8/5.0
• Rent growth +3.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Location in the heart of Boerne! Incredible condominium opportunity walking distance to downtown Boerne. This unit has just received a fresh renovation and brand new appliances! This adorable home is ready for a new owner to move in and make it their own. Designer inspired wall accents and fresh paint throughout make this unit an inviting opportunity for the owner occupant or investor alike. One covered parking spot and another open parking spot in security gated parking round out the amenities. Minutes to downtown Boerne, shopping or to I10 for commuting, this is everywhere you want to be. Owner occupants can get financed with preferred lender! Come see it today!

Key facts

• Brand new appliances
• Fresh renovation
• $145 HOA

Tags

• FRESH RENOVATION
• BRAND NEW APPLIANCES
• DESIGNER INSPIRED WALL ACCENTS
• SECURITY GATED PARKING
• MINUTES TO DOWNTOWN BOERNE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-25 ($-295/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (4.9% below list).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 2.2% in Boerne — 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 77/100 on livability (#87 in TX, #3,046 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living C-, amenities D+, commute F.
• Boerne ISD (town): math 59% / reading 61% proficiency, ranked #42 of 826 in TX (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+4.0%/yr); 1090 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 517 units permitted in Kendall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• Kendall County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,978 (12.0% 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 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 0.95% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 8.8

CMA / ARV

• ARV (median comp): $319,120
• List price: $199,975
• Delta: -37.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.99% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.43×
• Total profit: $-31,940
• Equity at exit: $29,817

10-year hold

• IRR: -5.6%
• Equity multiple: 0.62×
• Total profit: $-21,340
• Equity at exit: $17,290

Cash invested: $55,993 (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 78006

• Home prices YoY: -28.5%
• Rents YoY: 4.0%
• Active inventory: 1090
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,902 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$145
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $-25

Break-even live

Break-even rent $1,933

Max offer price $196,418

Occupancy floor 96%

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: $49,994
• Closing costs: $5,999
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2150 Paniolo Dr Boerne, TX	2.0	2.5	1421	$2,200	$1.55	15d	1	0.08mi
515 Oak Park Dr #515 Boerne, TX	2.0	2.0	1116	$1,950	$1.75	4d	1	0.09mi
701 Oak Park Dr Unit 2213 Boerne, TX	2.0	2.0	1086	$1,322	$1.22	3d	1	0.24mi
701 Oak Park Dr Unit 3213 Boerne, TX	3.0	2.0	1261	$2,102	$1.67	3d	1	0.24mi
224 Frey St Boerne, TX	3.0	2.0	1413	$2,300	$1.63	3d	1	0.25mi
130 Gallant Fox Ln Boerne, TX	1.0–3.0	1.0–2.0	1003	$2,462	$2.45	1d	22	0.35mi
711 River Rd Boerne, TX	1.0–3.0	1.0–2.0	884	$2,157	$2.44	1d	13	0.46mi
718 River Rd Boerne, TX	2.0	1.0	950	$1,650	$1.74	44d	1	0.50mi
114 Aransas Pass Boerne, TX	3.0	1.0	1252	$1,775	$1.42	15d	1	0.51mi
143 County Rd 290 Boerne, TX	2.0	2.0	966	$2,050	$2.12	44d	1	0.51mi
1218 S Main St Boerne, TX	1.0–2.0	1.0–2.0	700	$1,000	$1.43	24d	1	0.68mi
728 Rosewood Ave Boerne, TX	2.0	1.0	891	$1,300	$1.46	2d	1	0.77mi
400 Rosewood Ave Boerne, TX	2.0	1.0	830	$1,185	$1.43	2d	3	0.88mi
216 Ivy Ln Boerne, TX	2.0	1.0–2.0	912	$1,199	$1.31	2d	5	0.95mi
116 Bentwood Dr Unit 0132 Boerne, TX	2.0	1.5	1200	$1,379	$1.15	44d	1	1.06mi
1681 River Rd Unit 710 Boerne, TX	2.0	2.0	997	$1,213	$1.22	11d	1	1.15mi
1681 River Rd Boerne, TX	1.0–3.0	1.0–2.0	995	$2,013	$2.02	2d	13	1.15mi
150 Medical Dr Boerne, TX	1.0–2.0	1.0–2.0	817	$1,276	$1.56	2d	12	1.18mi
111 N Brackenridge Boerne, TX	2.0	2.0	1075	$1,750	$1.63	44d	1	1.21mi
1687 River Rd Boerne, TX	2.0	2.0	997	$1,700	$1.71	44d	1	1.22mi
102 N School St Boerne, TX	2.0	1.0	980	$2,600	$2.65	4d	1	1.26mi
143 Oak Grove Dr Boerne, TX	3.0	2.0	1197	$1,995	$1.67	44d	1	1.47mi

HOA detail condo

• Monthly dues: $145 · $1,740/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $199,975 Active 126 DOM
2. 2026-06-17
   days on market $199,975 Active 125 DOM
3. 2026-06-16
   days on market $199,975 Active 124 DOM
4. 2026-06-15
   days on market $199,975 Active 123 DOM
5. 2026-06-13
   days on market $199,975 Active 121 DOM
6. 2026-06-13
   days on market $199,975 Active 120 DOM
7. 2026-06-09
   days on market $199,975 Active 117 DOM
8. 2026-06-08
   days on market $199,975 Active 116 DOM
9. 2026-06-07
   days on market $199,975 Active 115 DOM
10. 2026-06-04
    days on market $199,975 Active 112 DOM
11. 2026-06-03
    days on market $199,975 Active 111 DOM
12. 2026-06-02
    days on market $199,975 Active 110 DOM
13. 2026-06-01
    days on market $199,975 Active 109 DOM
14. 2026-05-31
    days on market $199,975 Active 108 DOM
15. 2026-02-12
    listed $199,975 New 682-char remark

    Show marketing remark (682 chars)

    Excellent Location in the heart of Boerne! Incredible condominium opportunity walking distance to downtown Boerne. This unit has just received a fresh renovation and brand new appliances! This adorable home is ready for a new owner to move in and make it their own. Designer inspired wall accents and fresh paint throughout make this unit an inviting opportunity for the owner occupant or investor alike. One covered parking spot and another open parking spot in security gated parking round out the amenities. Minutes to downtown Boerne, shopping or to I10 for commuting, this is everywhere you want to be. Owner occupants can get financed with preferred lender! Come see it today!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,821
• − Mortgage interest: −$11,202
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − HOA: −$1,740
• − Depreciation: −$5,817
• Taxable loss: −$3,589
• Est. tax savings @ 24.0%: +$861
• After-tax cash flow: $566/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained and recently renovated condo is in excellent condition and ready for a new owner to move in and make it their own. The fresh paint and designer-inspired wall accents make it an inviting opportunity for the owner occupant or investor alike.

Value-add opportunities

• Both Painting the exterior and adding landscaping — Fresh paint and landscaping would enhance curb appeal and attract more buyers.
• Both Upgrading the flooring — Upgrading the flooring would improve the overall look and feel of the home.
• Both Adding smart home features — Adding smart home features would appeal to tech-savvy buyers and renters.
• Both Upgrading the kitchen appliances — Upgrading the kitchen appliances would make the home more appealing to buyers and renters.
• Both Upgrading the bathroom fixtures — Upgrading the bathroom fixtures would make the home more appealing to buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and adding landscaping — Fresh paint and landscaping would enhance curb appeal and attract more buyers. ↑
• Both Upgrading the flooring — Upgrading the flooring would improve the overall look and feel of the home. ↑
• Both Adding smart home features — Adding smart home features would appeal to tech-savvy buyers and renters. ↑
• Both Upgrading the kitchen appliances — Upgrading the kitchen appliances would make the home more appealing to buyers and renters. ↑
• Both Upgrading the bathroom fixtures — Upgrading the bathroom fixtures would make the home more appealing to buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Boerne ISD
• NCES district ID: 4810710
• Math proficiency: 59% ▼ -9.00%
• Reading proficiency: 61% ▼ -6.00%
• Median HH income: $85,478
• Composite: 54.47/100
• National rank: #1350
• State rank: #42 of 826 in TX

Livability — Boerne

• Score: 77/100
• State rank: #87
• US rank: #3046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boerne, TX
• County: Kendall County · 44,560 people
• City population: 44,560
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 44,560
• Household income: $116,156
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 1446.0

Population outlook (Kendall County) Hauer SSP2

• Today (2025): 56,273 people
• By 2030: 64,578 · +14.8%
• By 2040: 81,624 · +45.1%
• By 2050: 99,180 · +76.2%
• By 2075: 144,012 · +155.9%
• By 2100: 177,185 · +214.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 22% Two or more races 14% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Jamaica, China
• Languages at home: 86% English-only · Spanish 11%

Political lean MEDSL · Kendall

• 2024 margin: Solid R (+55.7) · D 21.7% · R 77.4%
• 2008→2024 swing: +0.3pp no change · 2008: -56.0pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+53.2 2016: R+60.4 2012: R+64.5 2008: R+56.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.83%
• Current HPI: 273.2929
• Rent YoY: ▲ 3.99%
• 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

• 2026-02-12 Listed $199,975 LERA