2312 Sailing Way Dr Unit D · Kerrville, TX 78028

$235,900

3 bd · 2.0 ba · 1,280 sqft · Condo · 171 Days on market

Built 2014 Good condition 2-car garage $184/sqft · 20% below area Est $297k · 20% under $115/mo HOA · 6% of rent ↓ 23% since listing

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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 +7.3/30.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0
• 1% rule +2.7/10.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained two-story attached townhome offering approximately 1,280 SF with three bedrooms and two bathrooms in a desirable Kerrville location. The open-concept main level features living, kitchen, and dining areas with tile flooring, granite countertops, and neutral finishes designed for comfortable everyday living. A full appliance package conveys including refrigerator, range, built-in microwave, dishwasher, washer, and dryer. The primary suite includes a private bath with dual vanity sinks, while the additional bedrooms share a full bathroom. Exterior features include a covered side porch, attractive rock-veneered columns, HardiBoard siding, composite roof, xeriscaped landscaping, and a two-car attached garage. HOA covers trash, water, sewer, and lawn maintenance for easy, low-maintenance living. Ideally located near parks, walking trails, and the Olympic pool and just minutes from Tom Daniels Elementary School, Hal Peterson Middle School, and Tivy High School. Currently tenant occupied, making this an appealing opportunity for investors or future owner-occupants.

Key facts

• $115 HOA
• 2 garage spots
• Built 2014

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $236k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-311 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (23.0% below list).
• Recommended offer: $182k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 2.5% in Kerrville — 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 81/100 on livability (#25 in TX, #1,483 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Kerrville ISD (town): math 45% / reading 51% proficiency, ranked #220 of 826 in TX (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Daniels El (math 56% / reading 50%, grade C, #705 of 4,322 statewide, top 17%, 548 students, 66% FRL); Peterson Middle (math 39% / reading 50%, grade D, #491 of 1,662 statewide, top 31%, 1,075 students, 52% FRL); Tivy H S (math 42% / reading 60%, grade D+, #482 of 1,632 statewide, top 30%, 1,468 students, 47% FRL).
• Market conditions: Rents rising (+3.0%/yr); 997 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 422 units permitted in Kerr County in 2024 (322 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/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 $7k of value loss. Plan a longer hold.
• Kerr County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $436k (65%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 51% 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 $181,557 (23.0% 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 171 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 0.77% ✗
• Cap rate: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• GRM: 10.8

CMA / ARV

• ARV (median comp): $296,662
• List price: $235,900
• Delta: -20.48%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2205 Singing Wind Dr	0.16mi	3/2.0	1,312 (+2%)	4mo	$1	—	85
104 Amelia Ct	0.19mi	3/2.0	1,166 (-9%)	6mo	$264,900	$227	71
100 Jasper Ln	0.12mi	2/2.0 (-1)	1,417 (+11%)	4mo	$314,900	$222	68
2312 Sailing Way Dr Unit C	0.00mi	2/2.0 (-1)	1,088 (-15%)	4mo	$199,900	$184	67
1072 Shutter Way	0.60mi	3/2.0	1,217 (-5%)	2mo	$259,900	$214	62
3615 Riverside Dr	1.23mi	3/2.5	1,204 (-6%)	4mo	$699,000	$581	50
1052 Shutter Way	0.60mi	3/2.0	1,474 (+15%)	2mo	$239,900	$163	45
220 Riverhill Club Ln #4	1.31mi	2/2.0 (-1)	1,165 (-9%)	3mo	$269,900	$232	43
3312 Glacier	0.67mi	3/2.0	1,474 (+15%)	2mo	$258,000	$175	42
3230 Glacier Blf	0.70mi	3/2.0	1,474 (+15%)	4mo	$274,999	$187	39
430 c	1.04mi	3/2.0	1,558 (+22%)	4mo	$345,000	$221	37
405 N Goss St	0.72mi	3/2.0	1,003 (-22%)	7mo	$255,000	$254	36

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 · 3.03% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.12×
• Total profit: $-57,878
• Equity at exit: $35,173

10-year hold

• IRR: -22.2%
• Equity multiple: -0.14×
• Total profit: $-75,277
• Equity at exit: $20,396

Cash invested: $66,052 (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 78028

• Rents YoY: 3.0%
• Active inventory: 997
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,816 high
• Mortgage (P&I): −$1,237
• Tax est. 1.5%: −$295 /mo · $3,538/yr
• Insurance: −$98
• HOA: −$115
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $-311

Break-even live

Break-even rent $2,209

Max offer price $190,905

Occupancy floor —

Sensitivity live

Price	-10% $-148	-5% $-229	+0% $-311	+5% $-392	+10% $-474
Rent	-10% $-454	-5% $-383	+0% $-311	+5% $-239	+10% $-168
Rate	-1.0pp $-192	-0.5pp $-251	base $-311	+0.5pp $-372	+1.0pp $-434

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: $58,975
• Closing costs: $7,077
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2318 Sailing Way N Kerrville, TX	2.0	1.5	1084	$1,500	$1.38	6d	1	0.08mi
486 Bridal Path Kerrville, TX	4.0	2.0	1450	$2,000	$1.38	139d	1	0.13mi
486 Bridal Path Kerrville, TX	4.0	2.0	1450	$2,000	$1.38	6d	1	0.13mi
2105 Singing Wind Dr Kerrville, TX	1.0–3.0	1.0–1.5	822	$1,425	$1.73	0d	8	0.18mi
2105 Singing Wind Dr Kerrville, TX	1.0–3.0	1.0–1.5	822	$1,375	$1.67	139d	1	0.18mi
2601 Singing Wind Dr Kerrville, TX	2.0	2.0	1060	$1,465	$1.38	2d	1	0.26mi
121 Amelia Ct Kerrville, TX	3.0	2.0	1059	$1,800	$1.70	6d	1	0.27mi
125 Amelia Ct Kerrville, TX	3.0	2.0	1091	$1,650	$1.51	139d	1	0.29mi
516 Tomahawk Trl Kerrville, TX	2.0	1.0	950	$1,295	$1.36	6d	1	0.62mi
2408 Birkdale Ln Kerrville, TX	3.0	2.0	1847	$3,000	$1.62	139d	1	0.89mi
324 Lytle St Kerrville, TX	3.0	1.0	1200	$2,095	$1.75	6d	1	0.96mi
3414 Riverside Dr Kerrville, TX	2.0	1.0	988	$1,200	$1.21	2d	1	1.17mi
1316 Carol Ann Dr Kerrville, TX	3.0	2.0	1400	$1,950	$1.39	119d	1	1.17mi
1004 3rd St Kerrville, TX	3.0	1.0	1178	$1,500	$1.27	6d	1	1.33mi
909 Tivy St Kerrville, TX	2.0	1.0	1000	$1,300	$1.30	139d	1	1.37mi
101 Ranchero Rd Kerrville, TX	2.0	2.0	1015	$1,300	$1.28	6d	1	1.50mi

Property features AI

Finance

• Financial info: Currently offered for salePossession at closing/funding or subject to current lease agreementLease in place through December 31, 2026
• HOA & community: Mandatory HOA with monthly fee of $345

Exterior

• Parking: Attached 2-car garage
• Utilities: City sewerCity water
• Home design: Pre-owned propertyApproximate age: 12 years
• Construction: Slab foundationComposition roof
• Exterior features: Covered patioDouble-pane windowsOther exterior building finish (see remarks)

Interior

• Kitchen: MicrowaveStove/RangeRefrigeratorDisposalDishwasherKitchen approx. 12 x 7
• Bedrooms: Master bedroom on upper level with ceiling fan and full bath (approx. 17 x 12)Bedroom 2 (approx. 16 x 9)Bedroom 3 (approx. 16 x 9)Bedroom 4 (approx. 14 x 17)Bedroom 5 (approx. 14 x 15)
• Flooring: CarpetingOther flooring (see remarks)
• Bathrooms: Six full bathrooms totalMaster bath with tub/shower combination and double vanity (approx. 12 x 5)
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Ceiling fans throughoutSmoke alarmCity garbage service1 living areaUtility room insideGround-level entry with no stepsAll bedrooms located on the upper levelLaundry located in a closet and on the upper level
• Laundry & utility: Washer and dryer includedWasher and dryer connectionsUtility room approx. 2 x 5

HOA detail $115/mo · $1,380/yr condo

• Likely covers: watersewertrashlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $235,900 Active 171 DOM
2. 2026-09-23
   days on market $235,900 Active 170 DOM
3. 2026-09-21
   days on market $235,900 Active 168 DOM
4. 2026-09-20
   days on market $235,900 Active 167 DOM
5. 2026-09-18
   days on market $235,900 Active 165 DOM
6. 2026-09-17
   days on market $235,900 Active 164 DOM
7. 2026-09-16
   days on market $235,900 Active 163 DOM
8. 2026-09-15
   days on market $235,900 Active 162 DOM
9. 2026-09-15
   days on market $235,900 Active 161 DOM
10. 2026-09-13
    days on market $235,900 Active 160 DOM
11. 2026-09-12
    days on market $235,900 Active 159 DOM
12. 2026-09-11
    days on market $235,900 Active 158 DOM
13. 2026-09-05
    days on market $235,900 Active 152 DOM
14. 2026-09-04
    days on market $235,900 Active 151 DOM
15. 2026-09-03
    days on market $235,900 Active 150 DOM
16. 2026-09-02
    days on market $235,900 Active 149 DOM
17. 2026-08-30
    days on market $235,900 Active 146 DOM
18. 2026-08-29
    statusdays on market $235,900 Active 145 DOM
19. 2026-08-28
    days on market $235,900 Price Change 144 DOM
20. 2026-08-27
    days on market $235,900 Price Change 143 DOM
21. 2026-08-26
    days on market $235,900 Price Change 142 DOM
22. 2026-08-25
    days on market $235,900 Price Change 141 DOM
23. 2026-08-24
    days on market $235,900 Price Change 140 DOM
24. 2026-08-23
    days on market $235,900 Price Change 139 DOM
25. 2026-08-22
    days on market $235,900 Price Change 138 DOM
26. 2026-08-21
    days on market $235,900 Price Change 137 DOM
27. 2026-08-20
    days on market $235,900 Price Change 136 DOM
28. 2026-08-19
    days on market $235,900 Price Change 135 DOM
29. 2026-08-18
    price $235,900 Price Change 134 DOM
30. 2026-08-18
    days on market $229,900 Price Change 134 DOM
31. 2026-08-17
    days on market $229,900 Price Change 133 DOM
32. 2026-08-16
    days on market $229,900 Price Change 132 DOM
33. 2026-08-15
    days on market $229,900 Price Change 131 DOM
34. 2026-08-14
    days on market $229,900 Price Change 130 DOM
35. 2026-08-13
    pricestatusdays on marketlisting id $229,900 Price Change 129 DOM
36. 2026-08-12
    days on market $671,700 Active 58 DOM
37. 2026-08-11
    days on market $671,700 Active 57 DOM
38. 2026-08-10
    days on market $671,700 Active 56 DOM
39. 2026-08-09
    days on market $671,700 Active 55 DOM
40. 2026-08-08
    days on market $671,700 Active 54 DOM
41. 2026-08-07
    days on market $671,700 Active 53 DOM
42. 2026-08-06
    days on market $671,700 Active 52 DOM
43. 2026-08-05
    days on market $671,700 Active 51 DOM
44. 2026-08-04
    days on market $671,700 Active 50 DOM
45. 2026-08-03
    days on market $671,700 Active 49 DOM
46. 2026-07-31
    days on market $671,700 Active 46 DOM
47. 2026-07-30
    days on market $671,700 Active 45 DOM
48. 2026-07-29
    days on market $671,700 Active 44 DOM
49. 2026-07-27
    days on market $671,700 Active 42 DOM
50. 2026-07-25
    days on market $671,700 Active 40 DOM

ⓘ 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 ≥103°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% 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: $21,787
• − Mortgage interest: −$13,214
• − Property taxes: −$3,538
• − Insurance: −$1,180
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − HOA: −$1,380
• − Depreciation: −$6,863
• Taxable loss: −$7,874
• Est. tax savings @ 24.0%: +$1,890
• After-tax cash flow: $-1,842/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 Est. rehab $6,400–$19,200 screening

A well-maintained two-story townhome with good condition and potential for cosmetic updates to enhance its curb appeal and resale value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value ↑
• Both update countertops — modernizes the space and improves resale value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 50/100

Zoned Schools

Elementary Daniels El C TX #705/4,322 Nat'l #10,986/41,679 Middle Peterson Middle D TX #491/1,662 Nat'l #4,747/14,009 High Tivy H S D+ TX #482/1,632 Nat'l #5,320/17,239

Schools (NCES district)

• District: Kerrville ISD
• NCES district ID: 4825590
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 51% ▼ -1.00%
• Median HH income: $44,050
• Composite: 40.54/100
• National rank: #3702
• State rank: #220 of 826 in TX

A Composite livability gradescore 81/100

Livability — Kerrville

• Score: 81/100
• State rank: #25
• US rank: #1483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kerrville, TX
• County: Kerr County · 54,010 people
• City population: 41,206
• Metro: Kerrville, TX
• Population (ZIP): 41,206
• Household income: $66,991
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 10% of renters

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Population outlook (Kerr County) Hauer SSP2

• Today (2025): 54,010 people
• By 2030: 55,651 · +3.0%
• By 2040: 58,923 · +9.1%
• By 2050: 62,117 · +15.0%
• By 2075: 71,809 · +33.0%
• By 2100: 77,004 · +42.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 12% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 3% Slovak 3% Portuguese 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 10%

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Political lean MEDSL · Kerr

• 2024 margin: Solid R (+54.3) · D 22.4% · R 76.8%
• 2008→2024 swing: -4.8pp toward R · 2008: -49.6pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+51.7 2016: R+56.3 2012: R+59.1 2008: R+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.97%
• Current HPI: 213.3663
• Rent YoY: ▲ 3.03%
• Metro: Kerrville, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

Property features AI

Finance

• Financial info: Currently offered for salePossession at closing/funding or subject to current lease agreementLease in place through December 31, 2026
• HOA & community: Mandatory HOA with monthly fee of $345

Exterior

• Parking: Attached 2-car garage
• Utilities: City sewerCity water
• Home design: Pre-owned propertyApproximate age: 12 years
• Construction: Slab foundationComposition roof
• Exterior features: Covered patioDouble-pane windowsOther exterior building finish (see remarks)

Interior

• Kitchen: MicrowaveStove/RangeRefrigeratorDisposalDishwasherKitchen approx. 12 x 7
• Bedrooms: Master bedroom on upper level with ceiling fan and full bath (approx. 17 x 12)Bedroom 2 (approx. 16 x 9)Bedroom 3 (approx. 16 x 9)Bedroom 4 (approx. 14 x 17)Bedroom 5 (approx. 14 x 15)
• Flooring: CarpetingOther flooring (see remarks)
• Bathrooms: Six full bathrooms totalMaster bath with tub/shower combination and double vanity (approx. 12 x 5)
• Heating & cooling: Central heating (electric)Central air conditioning
• Interior features: Ceiling fans throughoutSmoke alarmCity garbage service1 living areaUtility room insideGround-level entry with no stepsAll bedrooms located on the upper levelLaundry located in a closet and on the upper level
• Laundry & utility: Washer and dryer includedWasher and dryer connectionsUtility room approx. 2 x 5

Price history

-22.9% since first listed

7 events — show timeline

• 2026-06-15 Listed $671,700 LERA
• 2026-06-11 Listing Removed — LERA
• 2026-04-06 Listed $235,900 KVMLS
• 2026-04-06 Listed $235,900 KVMLS
• 2026-04-06 Listed $235,900 CHCMLS
• 2026-04-06 Listed $235,900 LERA
• 2026-04-06 Listed $871,600 LERA