101 W Joyce St

Bishop, TX 78343

$93,000C

2 bd · 1.0 ba · 816 sqft · Built 1980 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $976/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $91/mo
• Annual: $1,087/yr
• Cap rate: 7.46%
• Cash-on-cash: 4.17%
• DSCR: 1.19
• 1% rule: 1.05%
• Cash to close: $26,040

Investor read

• This is a 2-bed/1.0-bath single-family listed at $93k.
• At list price, monthly cash flow is $91 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($976 rent vs $93k).
• It's been on market 35 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($643 loan paydown + $5k appreciation (5.8% local appreciation)).
• Location reads 74/100 on livability (#189 in TX, #4,857 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Bishop CISD (town): math 31% / reading 42% proficiency, ranked #486 of 826 in TX (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 22y 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.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.