230 Cut Off Rd #123 · Port Aransas, TX 78373

$235,000

2 bd · 1.0 ba · 939 sqft · Townhouse public records · 108 Days on market

Built 1983 $250/sqft · 31% below area Est $343k · 31% under $487/mo HOA · 22% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +6.5/30.0
• Schools +5.1/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Aransas Harbors, a well established and desirable condo community in Port Aransas. Ideally located on Mustang Beach and golf cart accessible, this beautifully updated 2-bedroom, 1-bath condo offers easy island living with everyday convenience. Positioned on the first floor for effortless access, keeps you close to parking and community amenities. The open layout is comfortable, with natural flow between the living, dining and kitchen area; making it ideal for relaxing after a beach day or hosting friends and family. Durable tile flooring throughout enhances both style and practicality. Being offered unfurnished, this unit presents a rare opportunity to design and furnish your own custom beach retreat exactly to your vision. Located just minutes from shopping, dining, and everything Port A has to offer, the convenience factor is hard to beat. Whether you’re searching for a primary residence, weekend getaway, or long-term investment within a well-established complex, #123 delivers location, reputation, and long-term value. Don't Miss The Boat!

Key facts

• Updated condo
• Golf cart accessible
• First floor access

Tags

• GOLF CART ACCESSIBLE
• FIRST FLOOR ACCESS
• DURABLE TILE FLOORING
• UPDATED CONDO
• WELL ESTABLISHED COMMUNITY
• MINUTES FROM SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $-395 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (29.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (4.7% below list).
• Recommended offer: $165k (29.7% below list) — sets the bar for cash-flow.
• Cap rate 4.3% vs local median 1.1% in Port Aransas — 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 67/100 on livability (#525 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, schools A-; Watch: commute C-, crime F, amenities F.
• Port Aransas ISD (rural): math 57% / reading 63% proficiency, ranked #68 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1012 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 108 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $165,257 (29.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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?
9. 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.
10. 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.
11. 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: 0.95% ✗
• Cap rate: 4.28%
• Cash-on-cash: -7.20%
• DSCR: 0.68
• GRM: 8.7

CMA / ARV

• ARV (median comp): $342,916
• List price: $235,000
• Delta: -31.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 Cut Off Rd, Aransas Hbrs #122	0.00mi	2/1.0	939 (0%)	11mo	$239,000	$255	91

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -28.6%
• Equity multiple: 0.04×
• Total profit: $-62,859
• Equity at exit: $35,039

10-year hold

• IRR: -27.2%
• Equity multiple: -0.30×
• Total profit: $-85,627
• Equity at exit: $20,319

Cash invested: $65,800 (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 78373

• Active inventory: 1012
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,240 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$347 /mo · $4,169/yr
• Insurance: −$98
• HOA: −$487
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $-395

Break-even live

Break-even rent $2,740

Max offer price $165,257

Occupancy floor —

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $487 · $5,844/yr

Listing history 30 events

1. 2026-06-18
   days on market $235,000 Active 108 DOM
2. 2026-06-17
   days on market $235,000 Active 107 DOM
3. 2026-06-16
   days on market $235,000 Active 106 DOM
4. 2026-06-15
   days on market $235,000 Active 105 DOM
5. 2026-06-14
   days on market $235,000 Active 103 DOM
6. 2026-06-13
   days on market $235,000 Active 102 DOM
7. 2026-06-10
   days on market $235,000 Active 100 DOM
8. 2026-06-09
   days on market $235,000 Active 99 DOM
9. 2026-06-08
   days on market $235,000 Active 98 DOM
10. 2026-06-07
    days on market $235,000 Active 97 DOM
11. 2026-06-03
    days on market $235,000 Active 93 DOM
12. 2026-06-02
    days on market $235,000 Active 92 DOM
13. 2026-06-01
    days on market $235,000 Active 91 DOM
14. 2026-05-31
    days on market $235,000 Active 90 DOM
15. 2026-05-30
    days on market $235,000 Active 89 DOM
16. 2026-03-02
    listed $255,000 Active 1074-char remark

    Show marketing remark (1074 chars)

    Welcome to Aransas Harbors, a well established and desirable condo community in Port Aransas. Ideally located on Mustang Beach and golf cart accessible, this beautifully updated 2-bedroom, 1-bath condo offers easy island living with everyday convenience. Positioned on the first floor for effortless access, keeps you close to parking and community amenities. The open layout is comfortable, with natural flow between the living, dining and kitchen area; making it ideal for relaxing after a beach day or hosting friends and family. Durable tile flooring throughout enhances both style and practicality. Being offered unfurnished, this unit presents a rare opportunity to design and furnish your own custom beach retreat exactly to your vision. Located just minutes from shopping, dining, and everything Port A has to offer, the convenience factor is hard to beat. Whether you’re searching for a primary residence, weekend getaway, or long-term investment within a well-established complex, #123 delivers location, reputation, and long-term value. Don't Miss The Boat!

17. 2017-03-21
    historical 674-char remark

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

18. 2017-03-21
    soldstatus Closed 674-char remark

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

19. 2017-03-15
    soldstatus

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

20. 2017-03-15
    status Pending 674-char remark

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

21. 2017-03-03
    historical Option Period 674-char remark

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

22. 2017-02-10
    listed $149,000 Active 674-char remark

    Show marketing remark (674 chars)

    What a steal! 123 Aransas Harbors is a 2 bedroom 1 bath ground floor unit priced to sell. It faces the ship channel and open space, so you are not looking directly out at another condo. It is close to the pool and hot tub. It has hardwood flooring and a washer and dryer. This condo is a blank canvas just waiting for a new owner. Aransas Harbors is located in Port A very close to the ferry, marina, boat launch and Roberts Point park. The complex has several amenities to include a large pool, a hot tub and several BBQ areas. HOA fees are only $436/ month and that includes exterior insurance, water, trash, sewer, pest, basic phone, basic cable, WIFI and grounds upkeep.

23. 2016-07-12
    historical
24. 2016-06-30
    soldstatus Closed
25. 2016-06-30
    soldstatus
26. 2016-06-13
    status Pending
27. 2016-06-07
    historical Option Period
28. 2016-06-04
    listed $149,900 Active
29. 2007-03-16
    soldstatus
30. 1998-04-02
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $4,169 · $347/mo
• Projected year-2 tax: $4,300 · $358/mo
• Expected delta: +$132/yr (+$11/mo · 3.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,884
• − Mortgage interest: −$13,164
• − Property taxes: −$4,169
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − HOA: −$5,844
• − Depreciation: −$6,836
• Taxable loss: −$8,605
• Est. tax savings @ 24.0%: +$2,065
• After-tax cash flow: $-2,672/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: Port Aransas ISD
• NCES district ID: 4835370
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $47,528
• Composite: 50.82/100
• National rank: #1803
• State rank: #68 of 826 in TX

Livability — Port Aransas

• Score: 67/100
• State rank: #525
• US rank: #10286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Aransas, TX
• Population (ZIP): 3,314

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 White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 4%
• Common ancestry: Serbian 2% Slovak 2% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Other Indo-European 4% Spanish 3%

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: ▼ -205.54%
• Current HPI: 268.699
• 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

+70.1% since first listed

15 events — show timeline

• 2026-03-02 Listed $255,000 CBMLS
• 2017-03-21 Delisted — CBMLS
• 2017-03-21 Sold (MLS) — CBMLS
• 2017-03-15 Sold (Public Records) — Public Records
• 2017-03-15 Pending — CBMLS
• 2017-03-03 Contingent — CBMLS
• 2017-02-10 Listed $149,000 CBMLS
• 2016-07-12 Delisted — CBMLS
• 2016-06-30 Sold (Public Records) — Public Records
• 2016-06-30 Sold (MLS) — CBMLS
• 2016-06-13 Pending — CBMLS
• 2016-06-07 Contingent — CBMLS
• 2016-06-04 Listed $149,900 CBMLS
• 2007-03-16 Sold (Public Records) — Public Records
• 1998-04-02 Sold (Public Records) — Public Records

Property tax history

+5.0%/yr

Latest (2025): $4,169 · -1.0% YoY. Source: county tax records.