60 Oak Villa Unit F-3

Canyon Lake, TX 78133

$165,500D-

2 bd · 2.0 ba · 965 sqft · Built 1981 · Condo · Active · 377 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,374/mo
• Mortgage (P&I): −$868
• Tax + insurance: −$276
• HOA: −$275
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-333/mo
• Annual: $-3,997/yr
• Cap rate: 3.88%
• Cash-on-cash: -8.63%
• DSCR: 0.62
• 1% rule: 0.83%
• Cash to close: $46,340

Investor read

• This is a 2-bed/2.0-bath condo listed at $166k. Condition is rated good.
• At list price, monthly cash flow is $-333 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (29.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (17.0% below list).
• It's been on market 377 days — a 12% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (29.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#534 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mt Valley El (math 45% / reading 49%, grade D-, #1,006 of 4,322 statewide, top 25%, 471 students, 52% FRL); Mt Valley Middle (math 55% / reading 51%, grade C+, #281 of 1,662 statewide, top 18%, 808 students, 49% FRL); Canyon Lake H S (math 46% / reading 56%, grade D+, #482 of 1,632 statewide, top 30%, 1,038 students, 37% FRL) — zoned schools average 46% FRL vs 31% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents soft (-1.2%/yr); 1169 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 32d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $27k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.9% vs local median 2.3% in Canyon Lake — 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

• 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?
• It's been on market 377 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: kitchen appliances — outdated and in need of replacement