1177 County Road 402 · Flatonia, TX 78941

$230,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 97 Days on market

Built 1990 Good condition 2.50 ac lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Owner Financing available with 10% down! Welcome to this beautifully remodeled manufactured home in the heart of Flatonia. This property features brand-new utilities and modern updates throughout, making it completely move-in ready. The location is ideal, with convenient access to I-10 and an easy drive to San Antonio, Houston, or Austin. Flatonia offers the perfect blend of small-town charm and big-city accessibility, with a historic downtown, local museums, a golf course, and seasonal festivals to enjoy. Whether you’re looking for a primary residence, a weekend retreat, or an investment opportunity, this home is perfectly situated for your needs. Schedule your showing today!

Key facts

• Brand-new utilities
• Historic downtown
• Modern updates

Tags

• REMODELED MANUFACTURED HOME
• BRAND-NEW UTILITIES
• MODERN UPDATES
• CONVENIENT ACCESS TO I-10
• HISTORIC DOWNTOWN
• LOCAL MUSEUMS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $73 ($877/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (8.5% below list).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.7% in Flatonia — 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 66/100 on livability (#599 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools D+, amenities F, commute F.
• Waelder ISD (rural): math 20% / reading 25% proficiency, ranked #1,095 of 1,141 in TX (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 79 active listings in the ZIP; 11 units permitted in Gonzales County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (2.8% local appreciation)).
• Gonzales County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $209,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.47×
• Total profit: $30,134
• Equity at exit: $101,013

10-year hold

• IRR: 11.0%
• Equity multiple: 2.61×
• Total profit: $103,658
• Equity at exit: $153,828

Cash invested: $64,400 (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 78941

• Home prices YoY: 1.2%
• Active inventory: 79
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,105 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $73

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 92%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-01
   days on market $230,000 Active 97 DOM
2. 2026-05-31
   days on market $230,000 Active 96 DOM
3. 2026-02-24
   listed $230,000 Active 691-char remark

   Show marketing remark (691 chars)

   Owner Financing available with 10% down! Welcome to this beautifully remodeled manufactured home in the heart of Flatonia. This property features brand-new utilities and modern updates throughout, making it completely move-in ready. The location is ideal, with convenient access to I-10 and an easy drive to San Antonio, Houston, or Austin. Flatonia offers the perfect blend of small-town charm and big-city accessibility, with a historic downtown, local museums, a golf course, and seasonal festivals to enjoy. Whether you’re looking for a primary residence, a weekend retreat, or an investment opportunity, this home is perfectly situated for your needs. Schedule your showing today!

4. 2025-10-24
   price
5. 2025-09-03
   listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,254
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − Depreciation: −$6,691
• Taxable loss: −$2,961
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $1,588/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 80/100 Cosmetic rehab

This beautifully remodeled manufactured home is move-in ready with modern updates and a great location. It offers a good investment opportunity with potential for further value enhancement.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances curb appeal and resale value
• Both Add a small garden or flower bed — Improves curb appeal and rental value
• Both Install a small shed or storage unit — Provides additional storage and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances curb appeal and resale value ↑
• Both Add a small garden or flower bed — Improves curb appeal and rental value ↑
• Both Install a small shed or storage unit — Provides additional storage and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waelder ISD
• NCES district ID: 4844310
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 25% ▬ 0.00%
• Median HH income: $40,836
• Composite: 22.24/100
• National rank: #13507
• State rank: #1095 of 1141 in TX

Livability — Flatonia

• Score: 66/100
• State rank: #599
• US rank: #11419

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,334

Population outlook (Gonzales County) Hauer SSP2

• Today (2025): 22,246 people
• By 2030: 23,060 · +3.7%
• By 2040: 24,661 · +10.9%
• By 2050: 26,046 · +17.1%
• By 2075: 29,289 · +31.7%
• By 2100: 30,112 · +35.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 50% Hispanic / Latino 43% Two or more races 14% Black 3%
• Hispanic origin (detail): Mexican 43%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 66% English-only · Spanish 32% Russian/Polish/Slavic 1% Chinese 1%

Political lean MEDSL · Gonzales

• 2024 margin: Solid R (+54.8) · D 22.3% · R 77.1%
• 2008→2024 swing: -24.5pp toward R · 2008: -30.4pp · 2024: -54.8pp
• All cycles: 2024: R+54.8 2020: R+48.1 2016: R+47.8 2012: R+40.4 2008: R+30.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.81%
• Current HPI: 228.938
• 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

3 events — show timeline

• 2026-02-24 Listed $230,000 Unlock MLS
• 2025-10-24 Price Changed — Unlock MLS
• 2025-09-03 Listed — Unlock MLS