28535 Waterview · Scenic Oaks, TX 78006

$255,000

3 bd · 2.0 ba · 1,792 sqft · Land public records · 122 Days on market

Built 1984 0.61 ac lot

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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).

• Cash flow +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Schools +5.4/10.0
• 1% rule +4.1/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

Key facts

• Minutes to i-10
• Fully usable land
• Ample space

Tags

• FULLY USABLE LAND
• NO HOA OR RESTRICTIONS
• HIGHLY RATED SCHOOL DISTRICT
• MINUTES TO I-10
• BEAUTIFUL BACKYARD DECK
• AMPLE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $255k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (9.5% below list).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.0% in Scenic Oaks — 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 67/100 on livability (#580 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Kendall El (math 57% / reading 57%, grade C+, #505 of 4,322 statewide, top 13%, 816 students, 23% FRL); Boerne - Samuel V Champion H S (math 59% / reading 83%, grade B+, #114 of 1,632 statewide, top 7%, 2,014 students, 12% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: Rents rising (+4.0%/yr); 1119 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,400 (12.0% below list)

Questions for the listing agent

1. 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?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.8%
• Equity multiple: 0.67×
• Total profit: $-23,365
• Equity at exit: $38,021

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $9,291
• Equity at exit: $22,048

Cash invested: $71,400 (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: 1119
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,309 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$134 /mo · $1,605/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $247

Break-even live

Break-even rent $1,996

Max offer price $255,000

Occupancy floor 84%

Sensitivity live

Price	-10% $391	-5% $319	+0% $247	+5% $175	+10% $102
Rent	-10% $64	-5% $156	+0% $247	+5% $338	+10% $429
Rate	-1.0pp $375	-0.5pp $312	base $247	+0.5pp $181	+1.0pp $113

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9193 Dietz Elkhorn Rd Boerne, TX	3.0	2.5	1380	$2,137	$1.55	3d	2	0.80mi
8965 Napa Lndg Boerne, TX	1.0–2.0	1.0–2.0	1005	$2,040	$2.03	2d	39	0.82mi
9193 Dietz Elkhorn Rd Apt 36 Boerne, TX	3.0	2.5	1380	$2,149	$1.56	21d	1	0.90mi
9512 Lemon Creek Blvd Boerne, TX	1.0–2.0	1.0–2.0	961	$3,760	$3.91	3d	19	0.90mi
9838 Kremmen Pl Boerne, TX	4.0	3.0	2545	$2,950	$1.16	44d	1	0.91mi
9815 Catell Boerne, TX	3.0	2.0	2020	$2,700	$1.34	44d	1	0.96mi
9926 Jon Boat Way Boerne, TX	3.0	3.0	2138	$3,000	$1.40	44d	1	0.97mi
9135 Dietz Elkhorn Rd Boerne, TX	1.0–3.0	1.0–2.0	939	$1,895	$2.02	13d	21	0.99mi
8614 Carmel Rose Boerne, TX	3.0	3.0	1933	$3,000	$1.55	44d	1	1.08mi

Listing history 21 events

1. 2026-03-06
   status Pending
2. 2026-01-30
   historical Active Option
3. 2026-01-26
   status Back on Market
4. 2026-01-15
   historical Active Option
5. 2025-11-04
   listed $255,000 New
6. 2024-12-29
   historical
7. 2024-11-24
   listed $289,900 New
8. 2020-11-30
   soldstatus
9. 2020-11-25
   soldstatus Sold 734-char remark

   Show marketing remark (734 chars)

   Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

10. 2020-09-20
    status Pending SB 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

11. 2020-09-12
    historical Active Option 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

12. 2020-07-17
    status Pending 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

13. 2020-07-03
    historical Active Option 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

14. 2020-06-13
    price $219,000 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

15. 2020-05-28
    price $228,900 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

16. 2020-05-05
    listed $229,900 New 734-char remark

    Show marketing remark (734 chars)

    Dramatic Price Drop! Come see this spacious, updated manufactured home in Boerne ISD! 3/2. split bedrooms, 1820 sq. ft.(BCAD) with 2-sided fireplace, wet bar, fridge, separate dining area and huge master bedroom! Nice private backyard with some tall privacy fencing, and newer back covered deck. Enjoy .69 acre, lots of elbow room to raise your chickens or even 1 horse! Newer a/c and metal roof. RV and/or boat parking allowed and has space in the backyard for them. VERY close to Flagstop Cafe and new construction QT convenience store. Also just a couple miles away from new Alamo College. Would make a great rental for your college-age child + tenants. Short commute to Boerne or San Antonio. Come see now! Won't last long!

17. 2017-04-20
    soldstatus
18. 2017-04-19
    soldstatus Sold
19. 2017-04-13
    status Pending
20. 2017-03-11
    historical Active RFR
21. 2017-03-08
    listed $149,900 New

ⓘ 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: $1,605 · $134/mo
• Projected year-2 tax: $4,666 · $389/mo
• Expected delta: +$3,062/yr (+$255/mo · 190.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,705
• − Mortgage interest: −$14,284
• − Property taxes: −$1,605
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,216
• − Management: −$2,216
• − Depreciation: −$7,418
• Taxable loss: −$1,309
• Est. tax savings @ 24.0%: +$314
• After-tax cash flow: $3,275/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: 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 — Scenic Oaks

• Score: 67/100
• State rank: #580
• US rank: #11092

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Scenic Oaks, TX
• County: Kendall County · 44,560 people
• 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 (Bexar County) Hauer SSP2

• Today (2025): 2,336,851 people
• By 2030: 2,560,728 · +9.6%
• By 2040: 3,020,569 · +29.3%
• By 2050: 3,493,522 · +49.5%
• By 2075: 4,668,459 · +99.8%
• By 2100: 5,533,242 · +136.8%

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 · Bexar

• 2024 margin: Lean D (+9.8) · D 54.3% · R 44.6% · Other 1.1%
• 2008→2024 swing: +4.2pp toward D · 2008: 5.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.2 2016: D+13.5 2012: D+4.6 2008: D+5.6

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

+70.1% since first listed

21 events — show timeline

• 2026-03-06 Pending — LERA
• 2026-01-30 Contingent — LERA
• 2026-01-26 Relisted — LERA
• 2026-01-15 Contingent — LERA
• 2025-11-04 Listed $255,000 LERA
• 2024-12-29 Listing Removed — LERA
• 2024-11-24 Listed $289,900 LERA
• 2020-11-30 Sold (Public Records) — Public Records
• 2020-11-25 Sold (MLS) — LERA
• 2020-09-20 Pending — LERA
• 2020-09-12 Contingent — LERA
• 2020-07-17 Pending — LERA
• 2020-07-03 Contingent — LERA
• 2020-06-13 Price Changed $219,000 LERA
• 2020-05-28 Price Changed $228,900 LERA
• 2020-05-05 Listed $229,900 LERA
• 2017-04-20 Sold (Public Records) — Public Records
• 2017-04-19 Sold (MLS) — LERA
• 2017-04-13 Pending — LERA
• 2017-03-11 Contingent — LERA
• 2017-03-08 Listed $149,900 LERA

Property tax history

+9.5%/yr

Latest (2025): $1,605 · -56.6% YoY. Source: county tax records.