88 Townhouse #88 · Corpus Christi, TX 78412

$119,900

3 bd · 2.5 ba · 1,755 sqft · Townhouse · 71 Days on market

Built 1971 Fair condition 4,774 sqft lot Est $205k · 42% under $350/mo HOA · 17% of rent ↓ 20% since listing

---

Why this score? — see what drove the B+ 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 +29.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.2/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom, 2.5 bath 2 story townhome with 2 car garage located in Carrige Park Town House. This property has now been entered into an online auction. The first online event will begin on 4-5-26 thru 4-7-26.

Key facts

• $350 HOA
• 2 garage spots
• Built 1971

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.6% in Corpus Christi — 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 78/100 on livability (#66 in TX, #2,404 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Corpus Christi ISD (urban): math 31% / reading 35% proficiency, ranked #562 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Windsor Park G/T (math 85% / reading 90%, grade A+, #6 of 4,322 statewide, top 0%, 609 students, 29% FRL); Adkins Middle (math 40% / reading 39%, grade F, #660 of 1,662 statewide, top 41%, 956 students, 48% FRL); King H S (math 35% / reading 36%, grade F, #941 of 1,632 statewide, top 58%, 1,400 students, 63% FRL) — zoned schools average 47% FRL vs 63% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 54% at this address vs 33% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Corpus Christi ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-1.5%/yr); 212 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• This rent runs 39% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.68% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.67%
• DSCR: 1.65
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $205,335
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Townhouse #88	0.00mi	3/2.5	1,755 (0%)	1mo	$119,900	$68	99
88 Townhouse Ln Unit L88	0.00mi	3/2.5	1,755 (0%)	1mo	$119,900	$68	99
27 Townhouse	0.08mi	3/2.5	1,746 (-0%)	11mo	$229,900	$132	86
42 Townhouse	0.03mi	3/2.5	1,751 (-0%)	15mo	$198,000	$113	86
47 Townhouse	0.02mi	2/2.5 (-1)	1,728 (-2%)	7mo	$249,000	$144	85
20 Townhouse	0.03mi	2/2.5 (-1)	1,712 (-2%)	8mo	$200,000	$117	82
41 Townhouse	0.03mi	2/2.5 (-1)	1,663 (-5%)	3mo	$159,000	$96	82
44 Rock Creek Dr #44	0.22mi	2/2.5 (-1)	1,614 (-8%)	3mo	$230,000	$143	69
73 Townhouse	0.10mi	3/2.5	2,015 (+15%)	9mo	$244,000	$121	63
22 Townhouse Ln	0.06mi	3/3.0	1,977 (+13%)	15mo	$189,000	$96	62
15 Rock Creek Dr	0.17mi	3/3.0	1,997 (+14%)	8mo	$299,000	$150	61
91 Townhouse Ln	0.11mi	2/2.0 (-1)	1,496 (-15%)	9mo	$149,000	$100	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $1,068
• Equity at exit: $17,877

10-year hold

• IRR: 6.2%
• Equity multiple: 1.38×
• Total profit: $12,813
• Equity at exit: $10,367

Cash invested: $33,572 (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 78412

• Rents YoY: -1.5%
• Active inventory: 212
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,012 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$350
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $411

Break-even live

Break-even rent $1,492

Max offer price $119,900

Occupancy floor 75%

Sensitivity live

Price	-10% $493	-5% $452	+0% $411	+5% $369	+10% $328
Rent	-10% $252	-5% $331	+0% $411	+5% $490	+10% $569
Rate	-1.0pp $471	-0.5pp $441	base $411	+0.5pp $379	+1.0pp $348

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Rock Creek Dr Corpus Christi, TX	3.0	2.5	2450	$1,950	$0.80	24d	1	0.14mi
16 Rock Creek Dr #16 Corpus Christi, TX	3.0	3.0	2450	$1,955	$0.80	24d	1	0.14mi
1701 Ennis Joslin Rd Corpus Christi, TX	1.0–3.0	1.0–2.0	1035	$2,259	$2.18	17d	25	0.42mi
1514 Ennis Joslin Rd Corpus Christi, TX	1.0–3.0	1.0–2.0	1164	$2,285	$1.96	17d	1	0.48mi
1802 Ennis Joslin Rd Corpus Christi, TX	1.0–3.0	1.0–2.0	1030	$1,962	$1.90	17d	36	0.80mi
6845 Rhine Dr Corpus Christi, TX	3.0	1.5	1518	$1,695	$1.12	47d	1	0.86mi
6629 Rhine Dr Unit A Corpus Christi, TX	3.0	2.0	1350	$1,695	$1.26	17d	1	0.98mi
7430 Cessna Dr Corpus Christi, TX	3.0	2.0	1370	$2,000	$1.46	47d	1	1.00mi
6433 Aspenwood Dr Corpus Christi, TX	3.0	2.0	1465	$1,750	$1.19	47d	1	1.04mi
6530 Ample Arbor Ct Corpus Christi, TX	3.0	2.5	2256	$2,400	$1.06	47d	1	1.12mi
7454 Seal Beach Ct Corpus Christi, TX	3.0	2.0	1571	$2,250	$1.43	17d	1	1.14mi
7454 Seal Beach Ct Corpus Christi, TX	3.0	2.0	1571	$2,250	$1.43	24d	1	1.14mi
7610 Quartz Dr Corpus Christi, TX	3.0	2.0	1538	$2,195	$1.43	47d	1	1.24mi
2221 Crystal Bay Dr Corpus Christi, TX	4.0	2.0	1705	$2,200	$1.29	17d	1	1.28mi
2001 Woodbend Dr Corpus Christi, TX	2.0–3.0	2.0	1267	$2,204	$1.74	17d	17	1.31mi
7617 Diamond Dr Corpus Christi, TX	4.0	3.0	2312	$2,795	$1.21	17d	1	1.34mi
7325 Clapton Dr Corpus Christi, TX	4.0	3.0	1900	$2,900	$1.53	47d	1	1.42mi
6617 Meadowbreeze Pkwy Corpus Christi, TX	3.0	2.0	1284	$1,800	$1.40	47d	1	1.43mi
6606 Riding Wind Dr Corpus Christi, TX	3.0	2.0	1325	$1,950	$1.47	47d	1	1.49mi

HOA detail

• Monthly dues: $350 · $4,200/yr

Listing history 6 events

1. 2026-04-17
   status Pending
2. 2026-03-20
   price $119,900
3. 2026-03-16
   price $124,900
4. 2026-03-06
   price $129,900
5. 2026-02-11
   price $139,900
6. 2026-02-05
   listed $149,900 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: $24,139
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − HOA: −$4,200
• − Depreciation: −$3,488
• Taxable income: $3,474
• Est. tax owed @ 24.0%: −$834
• After-tax cash flow: $4,092/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 · 14 photos

Fair 45/100 Moderate rehab

This townhouse requires moderate renovations, focusing on updating the kitchen and bathrooms, and improving the landscaping to increase its resale and rental value.

Repairs flagged

• Major Kitchen cabinets — Older cabinets and dated countertops need replacement.
• Major Bathroom fixtures — Older fixtures and dated tile need updating.
• Major Landscaping — Sparse landscaping and a lack of curb appeal need improvement.

Value-add opportunities

• Resale New kitchen cabinets and countertops — Modernizing the kitchen will attract more buyers.
• Resale New bathroom fixtures and tile — Updating the bathrooms will improve the home's appeal.
• Both Landscaping improvements — Enhancing the landscaping will increase curb appeal and attract more renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Older cabinets and dated countertops need replacement.	Major	$15,000–50,000
Bathroom fixtures · Older fixtures and dated tile need updating.	Major	$15,000–50,000
Landscaping · Sparse landscaping and a lack of curb appeal need improvement.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale New kitchen cabinets and countertops — Modernizing the kitchen will attract more buyers. ↑
• Resale New bathroom fixtures and tile — Updating the bathrooms will improve the home's appeal. ↑
• Both Landscaping improvements — Enhancing the landscaping will increase curb appeal and attract more renters. ↑

ⓘ 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: Corpus Christi ISD
• NCES district ID: 4815270
• Math proficiency: 31% ▼ -18.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $45,672
• Composite: 28.27/100
• National rank: #6793
• State rank: #562 of 826 in TX

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• County: Nueces County · 296,836 people
• City population: 296,836
• Metro: Corpus Christi, TX
• Population (ZIP): 38,631
• Household income: $61,215
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 1932.0

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 57% White 34% Two or more races 29% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 52%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 22% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -255.29%
• Current HPI: 177.36
• Rent YoY: ▼ -1.53%
• Metro: Corpus Christi, TX
• 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

-20.0% since first listed

6 events — show timeline

• 2026-04-17 Pending — CBMLS
• 2026-03-20 Price Changed $119,900 CBMLS
• 2026-03-16 Price Changed $124,900 CBMLS
• 2026-03-06 Price Changed $129,900 CBMLS
• 2026-02-11 Price Changed $139,900 CBMLS
• 2026-02-05 Listed $149,900 CBMLS