17 Fm 473

Comfort, TX 78013

$509,500D+

9 bd · 2.0 ba · 1,593 sqft · Built 1982 · MultiFamily · Active · 174 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,950/mo
• Mortgage (P&I): −$2,672
• Tax + insurance: −$610
• HOA: −$0
• Vac / Maint / Mgmt: −$1,040
• Net cashflow: $628/mo
• Annual: $7,541/yr
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• 1% rule: 0.97%
• Cash to close: $142,660

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $510k.
• 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).
• It's been on market 174 days — a 12% lower offer ($448k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $448k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Kendall County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.