206 Burge

Val Verde Park, TX 78840

$110,000B-

3 bd · 2.0 ba · 1,216 sqft · Built 1988 · Manufactured · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,473/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $486/mo
• Annual: $5,830/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.93%
• DSCR: 1.84
• 1% rule: 1.34%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 63 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#572 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• San Felipe-Del Rio CISD (town): math 25% / reading 32% proficiency, ranked #667 of 826 in TX (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dr Fermin Calderon El (math 15% / reading 24%, grade F, #3,583 of 4,322 statewide, top 86%, 541 students, 86% FRL); Del Rio Middle (math 26% / reading 43%, grade F, #858 of 1,662 statewide, top 54%, 1,478 students, 74% FRL); Del Rio H S (math 27% / reading 30%, grade F, #1,157 of 1,632 statewide, top 72%, 2,470 students, 65% FRL) — zoned schools at 75% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 555 active listings in the ZIP; 85 units permitted in Val Verde County in 2024 (0 in 5+ unit buildings).
• Val Verde County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: 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.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.