405 Hiawatha St · Corpus Christi, TX 78405

$29,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 146 Days on market

Built 1945 4,494 sqft lot $35/sqft · 72% below area ↓ 23% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great investment opportunity in Corpus Christi for those seeking a full rehab project. This 2-bedroom, 1-bath single-family home has been taken down to the studs and is ready for a complete rebuild. With 892 square feet of living space on a 4,494 square foot lot, it offers a clean slate to create value through renovation. Located in a stable neighborhood with easy access to highways, the hospital, and downtown, this property has strong potential for future resale or rental once updated. Sold as-is.

Key facts

• Strong potential
• Full rehab project
• Stable neighborhood

Tags

• INVESTMENT OPPORTUNITY
• FULL REHAB PROJECT
• STABLE NEIGHBORHOOD
• EASY ACCESS TO HIGHWAYS
• STRONG POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($974 rent vs $29k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.8% 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.
• Market conditions: 74 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• This rent runs 31% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $612 of equity ($200 loan paydown + $412 appreciation (1.4% local appreciation)).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $25,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 3.36% ✓
• Cap rate: 29.84%
• Cash-on-cash: 84.11%
• DSCR: 4.74
• GRM: 2.5

CMA / ARV

• ARV (median comp): $104,141
• List price: $29,000
• Delta: -72.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 Virginia Ave	0.11mi	3/1.0 (+1)	915 (+10%)	3mo	$135,000	$148	70
334 Osage St	0.29mi	3/2.0 (+1)	840 (+1%)	10mo	$36,000	$43	68
214 Shawnee	0.22mi	3/1.0 (+1)	922 (+11%)	12mo	$119,000	$129	56
202 Havana St	0.29mi	3/1.0 (+1)	883 (+6%)	19mo	$135,000	$153	55
1205 Hibiscus St	0.64mi	2/1.0	800 (-4%)	15mo	$25,000	$31	51
2818 Blake St	0.59mi	2/1.0	784 (-6%)	19mo	$89,900	$115	47
641 Cheyenne St	0.38mi	1/1.0 (-1)	720 (-14%)	13mo	$64,900	$90	44
615 Dolores St	0.52mi	3/2.0 (+1)	918 (+10%)	8mo	$130,400	$142	43
4049 Iturbide St	0.40mi	3/1.0 (+1)	933 (+12%)	21mo	$164,000	$176	38
3437 Southland Dr	0.58mi	3/1.0 (+1)	904 (+9%)	19mo	$99,900	$111	38
2906 Marguerite St	0.70mi	2/1.0	917 (+10%)	20mo	$159,900	$174	33
914 Dolores St	0.48mi	3/2.0 (+1)	919 (+10%)	22mo	$139,900	$152	32

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

Projected returns pro-forma

1.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 87.4%
• Equity multiple: 5.61×
• Total profit: $37,409
• Equity at exit: $10,540

10-year hold

• IRR: 87.9%
• Equity multiple: 11.53×
• Total profit: $85,512
• Equity at exit: $14,516

Cash invested: $8,120 (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 78405

• Home prices YoY: 1.3%
• Active inventory: 74
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $974 high
• Mortgage (P&I): −$152
• Tax est. 1.5%: −$36 /mo · $435/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $569

Break-even live

Break-even rent $254

Max offer price $29,000

Occupancy floor 37%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3115 Agnes St Corpus Christi, TX	2.0	1.0	428	$828	$1.93	43d	3	0.50mi
2937 Ruth St Corpus Christi, TX	2.0	1.0	676	$950	$1.41	43d	1	0.52mi
1114 25th St Corpus Christi, TX	1.0–2.0	1.0	712	$1,050	$1.47	13d	6	0.80mi
2402 Segrest St Corpus Christi, TX	2.0	1.0	1120	$825	$0.74	21d	1	0.94mi
2522 Cleo St Corpus Christi, TX	3.0	1.0	992	$1,350	$1.36	13d	1	1.00mi
3150 Elgin St Corpus Christi, TX	2.0	1.0	616	$925	$1.50	43d	1	1.01mi
3302 Up River Rd Corpus Christi, TX	2.0	1.0	710	$699	$0.98	13d	1	1.03mi
801 18th St Corpus Christi, TX	1.0	1.0	600	$895	$1.49	21d	1	1.21mi
3762 Up River Rd Corpus Christi, TX	1.0–2.0	1.0–2.0	855	$1,199	$1.40	13d	6	1.22mi
725 Villa Dr Unit 7 Corpus Christi, TX	2.0	1.0	628	$649	$1.03	43d	1	1.25mi
725 Villa Dr Corpus Christi, TX	2.0	1.0	650	$649	$1.00	13d	1	1.27mi
2245 Comanche St Unit A Corpus Christi, TX	3.0	1.0	1016	$1,350	$1.33	21d	1	1.30mi
2333 Riggan St Corpus Christi, TX	2.0	1.0	856	$1,250	$1.46	43d	1	1.31mi
3002 Antelope St Corpus Christi, TX	1.0	1.0	828	$815	$0.98	43d	1	1.32mi
3002 Antelope St Apt 112 Corpus Christi, TX	1.0	1.0	828	$825	$1.00	43d	1	1.32mi
3002 Antelope St Unit 328 Corpus Christi, TX	1.0	1.0	628	$675	$1.07	43d	1	1.32mi
616 16th St Unit A Corpus Christi, TX	3.0	1.0	1040	$1,050	$1.01	43d	1	1.37mi
4702 Old Brownsville Rd Corpus Christi, TX	1.0	1.0	700	$764	$1.09	43d	1	1.39mi
206 Spruce St Corpus Christi, TX	1.0	1.0	835	$900	$1.08	13d	1	1.40mi
1808 Morgan Ave Corpus Christi, TX	1.0	1.0	667	$975	$1.46	43d	1	1.40mi
1802 Morgan Ave Unit 1802 Corpus Christi, TX	2.0	1.0	850	$1,250	$1.47	21d	1	1.41mi
1802 Morgan Ave Unit 1804 Corpus Christi, TX	1.0	1.0	667	$695	$1.04	43d	1	1.41mi
1525 S 19th St Unit B Corpus Christi, TX	3.0	2.0	1062	$2,100	$1.98	13d	1	1.46mi

Listing history 19 events

1. 2026-06-19
   price $29,000 Active 146 DOM
2. 2026-06-18
   days on market $34,500 Active 146 DOM
3. 2026-06-17
   days on market $34,500 Active 145 DOM
4. 2026-06-16
   days on market $34,500 Active 144 DOM
5. 2026-06-15
   days on market $34,500 Active 143 DOM
6. 2026-06-14
   days on market $34,500 Active 141 DOM
7. 2026-06-10
   days on market $34,500 Active 138 DOM
8. 2026-06-09
   days on market $34,500 Active 137 DOM
9. 2026-06-08
   days on market $34,500 Active 136 DOM
10. 2026-06-07
    days on market $34,500 Active 135 DOM
11. 2026-06-05
    days on market $34,500 Active 132 DOM
12. 2026-06-03
    days on market $34,500 Active 131 DOM
13. 2026-06-02
    days on market $34,500 Active 130 DOM
14. 2026-06-01
    days on market $34,500 Active 129 DOM
15. 2026-05-31
    days on market $34,500 Active 128 DOM
16. 2026-05-30
    days on market $34,500 Active 127 DOM
17. 2026-04-28
    price $34,500 503-char remark

    Show marketing remark (503 chars)

    Great investment opportunity in Corpus Christi for those seeking a full rehab project. This 2-bedroom, 1-bath single-family home has been taken down to the studs and is ready for a complete rebuild. With 892 square feet of living space on a 4,494 square foot lot, it offers a clean slate to create value through renovation. Located in a stable neighborhood with easy access to highways, the hospital, and downtown, this property has strong potential for future resale or rental once updated. Sold as-is.

18. 2026-04-05
    price $39,000 503-char remark

    Show marketing remark (503 chars)

    Great investment opportunity in Corpus Christi for those seeking a full rehab project. This 2-bedroom, 1-bath single-family home has been taken down to the studs and is ready for a complete rebuild. With 892 square feet of living space on a 4,494 square foot lot, it offers a clean slate to create value through renovation. Located in a stable neighborhood with easy access to highways, the hospital, and downtown, this property has strong potential for future resale or rental once updated. Sold as-is.

19. 2026-01-23
    listed $45,000 Active 503-char remark

    Show marketing remark (503 chars)

    Great investment opportunity in Corpus Christi for those seeking a full rehab project. This 2-bedroom, 1-bath single-family home has been taken down to the studs and is ready for a complete rebuild. With 892 square feet of living space on a 4,494 square foot lot, it offers a clean slate to create value through renovation. Located in a stable neighborhood with easy access to highways, the hospital, and downtown, this property has strong potential for future resale or rental once updated. Sold as-is.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 26 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,690
• − Mortgage interest: −$1,624
• − Property taxes: −$435
• − Insurance: −$145
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$844
• Taxable income: $6,771
• Est. tax owed @ 24.0%: −$1,625
• After-tax cash flow: $5,205/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.

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): 14,602
• Household income: $38,294
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 867.0

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: Predominantly Hispanic (91%)
• Race & ethnicity: Hispanic / Latino 91% Two or more races 48% Black 4% White 4%
• Hispanic origin (detail): Mexican 83%
• Foreign-born: 18% · Canada
• Languages at home: 52% English-only · Spanish 48%

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: ▲ 1.42%
• Current HPI: 113.2227
• Rent YoY: —
• 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

-23.3% since first listed

3 events — show timeline

• 2026-04-28 Price Changed $34,500 MCALLENMLS
• 2026-04-05 Price Changed $39,000 MCALLENMLS
• 2026-01-23 Listed $45,000 MCALLENMLS

Property tax history

+5.2%/yr

Latest (2025): $2,028 · +2.7% YoY. Source: county tax records.