3938 Surfside Blvd #2345 · Corpus Christi, TX 78402

$60,000

1 bd · 1.0 ba · 420 sqft · Townhouse public records · 335 Days on market

Built 1981 928 sqft lot $143/sqft · 45% below area Est $109k · 45% under $581/mo HOA · 50% of rent

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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
• 1% rule +10.0/10.0
• Cash flow +4.9/30.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

Key facts

• Private balcony
• Turn key ready
• $581 HOA

Tags

• PRIVATE BALCONY
• TURN KEY READY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $60k.

Deal economics

• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $35k (41.0% below list).
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $35k (41.0% below list) — sets the bar for cash-flow.

Location & tenants

• 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.
• Corpus Christi ISD (urban): math 31% / reading 35% proficiency, ranked #562 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Windsor Park G/T (math 85% / reading 90%, grade A+, #6 of 4,322 statewide, top 0%, 609 students, 29% FRL); Adkins Middle (math 40% / reading 39%, grade F, #660 of 1,662 statewide, top 41%, 956 students, 48% FRL); Roy Miller H S And Metro School of Design (math 24% / reading 32%, grade F, #1,170 of 1,632 statewide, top 72%, 1,538 students, 88% FRL).
• Zoned-school proficiency averages 52% at this address vs 33% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Corpus Christi ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 76 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $15k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $60k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; HOA is 50% of rent.

Recommended offer $35,412 (41.0% 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 335 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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 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: 1.95% ✓
• Cap rate: 3.40%
• Cash-on-cash: -10.34%
• DSCR: 0.54
• GRM: 4.3

CMA / ARV

• ARV (median comp): $109,452
• List price: $60,000
• Delta: -45.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3938 Surfside Blvd #2327	0.03mi	1/1.0	420 (0%)	1mo	$58,000	$138	98
3938 Surfside Blvd #3114	0.03mi	1/1.0	420 (0%)	2mo	$45,000	$107	97
3938 Surfside Blvd #3225	0.04mi	1/1.0	420 (0%)	1mo	$39,900	$95	97
3938 Surfside Blvd #3224	0.04mi	1/1.0	420 (0%)	1mo	$55,000	$131	97
3938 Surfside Blvd #2332	0.02mi	1/1.0	420 (0%)	2mo	$48,000	$114	97
3938 Surfside Blvd #3342	0.04mi	1/1.0	420 (0%)	2mo	$62,000	$148	97
3938 Surfside Blvd #1219	0.06mi	1/1.0	420 (0%)	1mo	$44,900	$107	96
3938 Surfside Blvd #1316	0.07mi	1/1.0	420 (0%)	1mo	$64,500	$154	96
3938 Surfside Blvd #1225	0.06mi	1/1.0	420 (0%)	2mo	$50,000	$119	96
3938 Surfside Blvd #1327	0.05mi	1/1.0	420 (0%)	2mo	$50,000	$119	95
3938 Surfside Blvd #1207	0.07mi	1/1.0	420 (0%)	2mo	$50,000	$119	95
3938 Surfside Blvd #2305	0.06mi	1/1.0	418 (-0%)	3mo	$100,000	$239	94

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -33.7%
• Equity multiple: -0.10×
• Total profit: $-18,521
• Equity at exit: $8,946

10-year hold

• IRR: -35.7%
• Equity multiple: -0.57×
• Total profit: $-26,293
• Equity at exit: $5,188

Cash invested: $16,800 (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 78402

• Home prices YoY: -8.8%
• Active inventory: 76
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,169 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$148 /mo · $1,771/yr
• Insurance: −$25
• HOA: −$581
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $-145

Break-even live

Break-even rent $1,352

Max offer price $35,412

Occupancy floor —

Sensitivity live

Price	-10% $-111	-5% $-128	+0% $-145	+5% $-162	+10% $-179
Rent	-10% $-237	-5% $-191	+0% $-145	+5% $-99	+10% $-52
Rate	-1.0pp $-115	-0.5pp $-129	base $-145	+0.5pp $-160	+1.0pp $-176

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $581 · $6,972/yr

Listing history 39 events

1. 2026-06-21
   days on market $60,000 Active 335 DOM
2. 2026-06-18
   days on market $60,000 Active 332 DOM
3. 2026-06-17
   days on market $60,000 Active 331 DOM
4. 2026-06-16
   days on market $60,000 Active 330 DOM
5. 2026-06-15
   days on market $60,000 Active 329 DOM
6. 2026-06-14
   days on market $60,000 Active 327 DOM
7. 2026-06-10
   days on market $60,000 Active 324 DOM
8. 2026-06-09
   days on market $60,000 Active 323 DOM
9. 2026-06-08
   days on market $60,000 Active 322 DOM
10. 2026-06-07
    days on market $60,000 Active 321 DOM
11. 2026-06-05
    days on market $60,000 Active 318 DOM
12. 2026-06-03
    days on market $60,000 Active 317 DOM
13. 2026-06-02
    days on market $60,000 Active 316 DOM
14. 2026-06-01
    days on market $60,000 Active 315 DOM
15. 2026-05-31
    days on market $60,000 Active 314 DOM
16. 2026-05-30
    days on market $60,000 Active 313 DOM
17. 2026-02-01
    price $60,000 313-char remark

    Show marketing remark (313 chars)

    Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

18. 2026-01-26
    price $63,000 313-char remark

    Show marketing remark (313 chars)

    Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

19. 2026-01-14
    price $65,000 313-char remark

    Show marketing remark (313 chars)

    Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

20. 2025-09-08
    price $70,000 313-char remark

    Show marketing remark (313 chars)

    Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

21. 2025-07-21
    listed $75,000 Active 313-char remark

    Show marketing remark (313 chars)

    Its a Pirates Life!!! Use this property as your primary residence, vacation home or investment property. Comes furnished and turn key ready. Beach/ocean views from your private balcony this 1 bed 1 bath has been perfectly maintained and ready for its new owners. New flooring installed in bathroom September 2025.

22. 2024-05-06
    price $100,000
23. 2024-04-24
    price $110,000
24. 2024-04-08
    price $115,000
25. 2024-01-09
    listed $118,000 Active
26. 2023-10-29
    price $119,500
27. 2023-08-06
    price $123,000
28. 2023-06-23
    listed $130,000 Active
29. 2021-09-22
    soldstatus
30. 2021-09-21
    historical
31. 2021-09-20
    soldstatus Closed
32. 2021-07-26
    status Pending
33. 2021-07-16
    historical Active Under Contract
34. 2021-05-18
    listed $99,750 Active
35. 2020-10-02
    soldstatus
36. 2001-09-12
    soldstatus
37. 2001-09-12
    soldstatus $26,000
38. 2001-03-02
    listed $26,500
39. 1996-03-18
    listed $23,900

ⓘ 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: $1,771 · $148/mo
• Projected year-2 tax: $1,771 · $148/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $14,028
• − Mortgage interest: −$3,361
• − Property taxes: −$1,771
• − Insurance: −$300
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − HOA: −$6,972
• − Depreciation: −$1,745
• Taxable loss: −$2,366
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $-1,169/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: Corpus Christi ISD
• NCES district ID: 4815270
• Math proficiency: 31% ▼ -18.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $45,672
• Composite: 28.27/100
• National rank: #6793
• State rank: #562 of 826 in TX

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• City population: 296,836
• Population (ZIP): 392

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Hispanic / Latino 19% Two or more races 17% Black 9%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% German/W. Germanic 2%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.74%
• Current HPI: 101.5421
• Rent YoY: —
• Metro: —
• 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

+151.0% since first listed

23 events — show timeline

• 2026-02-01 Price Changed $60,000 CBMLS
• 2026-01-26 Price Changed $63,000 CBMLS
• 2026-01-14 Price Changed $65,000 CBMLS
• 2025-09-08 Price Changed $70,000 CBMLS
• 2025-07-21 Listed $75,000 CBMLS
• 2024-05-06 Price Changed $100,000 CBMLS
• 2024-04-24 Price Changed $110,000 CBMLS
• 2024-04-08 Price Changed $115,000 CBMLS
• 2024-01-09 Listed $118,000 CBMLS
• 2023-10-29 Price Changed $119,500 CBMLS
• 2023-08-06 Price Changed $123,000 CBMLS
• 2023-06-23 Listed $130,000 CBMLS
• 2021-09-22 Sold (Public Records) — Public Records
• 2021-09-21 Delisted — CBMLS
• 2021-09-20 Sold (MLS) — CBMLS
• 2021-07-26 Pending — CBMLS
• 2021-07-16 Contingent — CBMLS
• 2021-05-18 Listed $99,750 CBMLS
• 2020-10-02 Sold (Public Records) — Public Records
• 2001-09-12 Sold (Public Records) $26,000 Public Records
• 2001-09-12 Sold (MLS) — CBMLS
• 2001-03-02 Listed $26,500 CBMLS
• 1996-03-18 Listed $23,900 CBMLS

Property tax history

+7.2%/yr

Latest (2025): $1,771 · -25.6% YoY. Source: county tax records.