3618 & 3622 & 3625 Crestbrook Ct

Corpus Christi, TX 78415

$1,250,000F

None bd · None ba · 4,006 sqft · Built 1979 · Townhouse · Active · 933 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,111/mo
• Mortgage (P&I): −$6,555
• Tax + insurance: −$1,213
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $-6,891/mo
• Annual: $-82,688/yr
• Cap rate: -0.32%
• Cash-on-cash: -23.63%
• DSCR: -0.05
• 1% rule: 0.09%
• Cash to close: $350,000

Investor read

• This is a townhouse listed at $1.25M.
• At list price, monthly cash flow is $-7k ($-83k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (89.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (91.1% below list).
• It's been on market 933 days — a 12% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (91.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.
• 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: Rents rising (+2.3%/yr); 417 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 10 sale attempts since 24y 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.
• Current owner paid $150k; list at $1.25M implies a 733% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -0.3% vs local median 3.6% in Corpus Christi — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 933 days. Have you received any prior offers? Is the seller open to a 91% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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?
• 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.