17 Fm 473 · Comfort, TX 78013

$509,500

9 bd · 2.0 ba · 1,593 sqft · MultiFamily public records · 174 Days on market

Built 1982 0.51 ac lot ↓ 7% 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).

• Cash flow +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

A fabulous opportunity to own 4 units in the up & coming Comfort, Texas. Comfort is a charming town in the center of the Hill Country with scenic small town living, restaurants and shops, and lots of nature! These well-maintained, single-story duplexes are only 15 minutes from Boerne, 20 minutes to Fredericksburg and 45 minutes from San Antonio. Each unit features a spacious layout with two-bedrooms separated by a full bathroom, ceramic tile flooring throughout, and wood-paneled walls that add a cozy feel. With no city regulations, there is plenty of space to add on in the back to this property for an additional value add. Live in one unit and get the rental income from the others or use as a great cash flowing investment.

Key facts

• Wood paneled walls
• No city regulations
• Rental income

Tags

• WELL MAINTAINED DUPLEXES
• SPACIOUS LAYOUT
• CERAMIC TILE FLOORING
• WOOD PANELED WALLS
• NO CITY REGULATIONS
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $510k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $495k (2.8% below list).
• Recommended offer: $448k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.0% in Comfort — 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 64/100 on livability (#815 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment C-, schools F, amenities F.
• Comfort ISD (town): math 28% / reading 41% proficiency, ranked #502 of 826 in TX (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 120 active listings in the ZIP; 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 $4k of loan paydown is wiped out by about $15k 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 174 days — a 12% lower offer ($448k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 55% 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 $448,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-42,609
• Equity at exit: $75,968

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $14,141
• Equity at exit: $44,052

Cash invested: $142,660 (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 78013

• Home prices YoY: -11.5%
• Active inventory: 120
• Price-to-rent: 25.7×

Monthly cashflow live

• Estimated rent: $4,950 medium
• Mortgage (P&I): −$2,672
• Tax from tax record: −$398 /mo · $4,775/yr
• Insurance: −$212
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,040
• Net cashflow: $628

Break-even live

Break-even rent $4,155

Max offer price $509,500

Occupancy floor 82%

Sensitivity live

Price	-10% $917	-5% $773	+0% $628	+5% $484	+10% $340
Rent	-10% $237	-5% $433	+0% $628	+5% $824	+10% $1,019
Rate	-1.0pp $885	-0.5pp $758	base $628	+0.5pp $496	+1.0pp $362

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,950
Total (3 units)			$4,950

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: $127,375
• Closing costs: $15,285
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $509,500 Active 174 DOM
2. 2026-06-18
   days on market $509,500 Active 171 DOM
3. 2026-06-17
   days on market $509,500 Active 170 DOM
4. 2026-06-16
   days on market $509,500 Active 169 DOM
5. 2026-06-15
   days on market $509,500 Active 168 DOM
6. 2026-06-13
   days on market $509,500 Active 166 DOM
7. 2026-06-13
   days on market $509,500 Active 165 DOM
8. 2026-06-09
   days on market $509,500 Active 162 DOM
9. 2026-06-08
   days on market $509,500 Active 161 DOM
10. 2026-06-07
    days on market $509,500 Active 160 DOM
11. 2026-06-04
    days on market $509,500 Active 157 DOM
12. 2026-06-03
    statusdays on market $509,500 Active 156 DOM
13. 2026-06-02
    days on market $509,500 Price Change 155 DOM
14. 2026-06-01
    days on market $509,500 Price Change 154 DOM
15. 2026-05-31
    days on market $509,500 Price Change 153 DOM
16. 2026-05-13
    price $512,500 739-char remark

    Show marketing remark (739 chars)

    A fabulous opportunity to own 4 units in the up & coming Comfort, Texas. Comfort is a charming town in the center of the Hill Country with scenic small town living, restaurants and shops, and lots of nature! These well-maintained, single-story duplexes are only 15 minutes from Boerne, 20 minutes to Fredericksburg and 45 minutes from San Antonio. Each unit features a spacious layout with two-bedrooms separated by a full bathroom, ceramic tile flooring throughout, and wood-paneled walls that add a cozy feel. With no city regulations, there is plenty of space to add on in the back to this property for an additional value add. Live in one unit and get the rental income from the others or use as a great cash flowing investment.

17. 2026-02-10
    price $525,000 739-char remark

    Show marketing remark (739 chars)

    A fabulous opportunity to own 4 units in the up & coming Comfort, Texas. Comfort is a charming town in the center of the Hill Country with scenic small town living, restaurants and shops, and lots of nature! These well-maintained, single-story duplexes are only 15 minutes from Boerne, 20 minutes to Fredericksburg and 45 minutes from San Antonio. Each unit features a spacious layout with two-bedrooms separated by a full bathroom, ceramic tile flooring throughout, and wood-paneled walls that add a cozy feel. With no city regulations, there is plenty of space to add on in the back to this property for an additional value add. Live in one unit and get the rental income from the others or use as a great cash flowing investment.

18. 2025-12-29
    listed $550,000 New 739-char remark

    Show marketing remark (739 chars)

    A fabulous opportunity to own 4 units in the up & coming Comfort, Texas. Comfort is a charming town in the center of the Hill Country with scenic small town living, restaurants and shops, and lots of nature! These well-maintained, single-story duplexes are only 15 minutes from Boerne, 20 minutes to Fredericksburg and 45 minutes from San Antonio. Each unit features a spacious layout with two-bedrooms separated by a full bathroom, ceramic tile flooring throughout, and wood-paneled walls that add a cozy feel. With no city regulations, there is plenty of space to add on in the back to this property for an additional value add. Live in one unit and get the rental income from the others or use as a great cash flowing investment.

19. 2025-08-25
    historical
20. 2025-04-24
    listed $550,000 New
21. 2024-06-21
    soldstatus
22. 2010-03-05
    soldstatus

ⓘ 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: $4,775 · $398/mo
• Projected year-2 tax: $9,324 · $777/mo
• Expected delta: +$4,549/yr (+$379/mo · 95.3%)

ⓘ 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 (shaded) · 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 55% 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: $59,400
• − Mortgage interest: −$28,540
• − Property taxes: −$4,775
• − Insurance: −$2,548
• − Repairs & maintenance: −$4,752
• − Management: −$4,752
• − Depreciation: −$14,822
• Taxable loss: −$788
• Est. tax savings @ 24.0%: +$189
• After-tax cash flow: $7,730/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: Comfort ISD
• NCES district ID: 4814790
• Math proficiency: 28% ▼ -20.00%
• Reading proficiency: 41% ▼ -3.00%
• Median HH income: $56,484
• Composite: 30.51/100
• National rank: #6214
• State rank: #502 of 826 in TX

Livability — Comfort

• Score: 64/100
• State rank: #815
• US rank: #14786

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Comfort, TX
• City population: 5,305
• Population (ZIP): 5,305

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 28% Two or more races 14%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Slovak 6% Lithuanian 3% Scottish 2%
• Foreign-born: 8% · Canada
• Languages at home: 84% English-only · Spanish 15% German/W. Germanic 1%

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: ▼ -30.19%
• Current HPI: 232.9018
• 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

-6.8% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $512,500 LERA
• 2026-02-10 Price Changed $525,000 LERA
• 2025-12-29 Listed $550,000 LERA
• 2025-08-25 Listing Removed — LERA
• 2025-04-24 Listed $550,000 LERA
• 2024-06-21 Sold (Public Records) — Public Records
• 2010-03-05 Sold (Public Records) — Public Records

Property tax history

+3.6%/yr

Latest (2025): $4,775 · +4.9% YoY. Source: county tax records.