7714 Whartons Dock Rd

Lake Medina Shores, TX 78003

$87,000C+

3 bd · 2.0 ba · 1,120 sqft · Built 1989 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $963/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$68
• HOA: −$8
• Vac / Maint / Mgmt: −$202
• Net cashflow: $229/mo
• Annual: $2,743/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.26%
• DSCR: 1.50
• 1% rule: 1.11%
• Cash to close: $24,360

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $87k. Condition is rated fair.
• At list price, monthly cash flow is $229 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $87k).
• It's been on market 40 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,318 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Bandera ISD (rural): math 30% / reading 41% proficiency, ranked #500 of 826 in TX (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hill Country El (math 47% / reading 46%, grade D-, #1,080 of 4,322 statewide, top 25%, 483 students, 62% FRL); Bandera Middle (math 26% / reading 40%, grade F, #930 of 1,662 statewide, top 57%, 555 students, 56% FRL); Bandera H S (math 22% / reading 46%, grade F, #1,002 of 1,632 statewide, top 62%, 713 students, 48% FRL).
• Market conditions: 735 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 148d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 6 units permitted in Bandera County in 2024 (0 in 5+ unit buildings).
• 6 sale attempts since 20y 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 (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 4.5% in Lake Medina Shores — 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

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — The exterior siding appears weathered and faded, with visible discoloration and peeling paint.
• Major: Roof — The roof appears to be in fair condition, but the independent satellite image shows a potential issue with the roofline, which may need further inspection.
• Major: Landscaping — The landscaping appears to be in poor condition, with overgrown grass and weeds.