4023 Oak Bay #e Dr #5 · Corpus Christi, TX 78413

$120,000

2 bd · 2.5 ba · 1,218 sqft · Townhouse public records · 124 Days on market

Built 1982 2,444 sqft lot $99/sqft · 23% below area Est $149k · 20% under

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Why this score? — see what drove the C 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 +18.0/30.0
• ARV discount +15.0/15.0
• 1% rule +6.3/10.0
• DSCR +5.6/10.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +1.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming and well-kept 2-bedroom, 2.5-bath townhome with great curb appeal and practical upgrades. This home features an open floor concept downstairs, ideal for entertaining, with laminate flooring throughout the entire first floor for a clean and modern look. Upstairs, you’ll find two spacious bedrooms, each with its own full bathroom, offering both comfort and privacy. A convenient half bath is located downstairs for guests. The HVAC system was replaced in 2019, providing energy efficiency and peace of mind for years to come. This townhome also features an attached 2-car garage with alley access, a highly desirable feature for secure and private parking. The front exterior boasts a welcoming cement pathway leading to the front door, adding to the property’s curb appeal. Whether you’re a first-time homebuyer, looking to downsize, or seeking a great investment opportunity, this property offers flexibility and value in a great location. Don’t miss your chance—schedule a showing today! Note: Some photos are Virtually Enhanced/Staged.

Key facts

• 2 garage spots
• Built 1982
• Listed 124 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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: Rents falling (-4.5%/yr); 220 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 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 124 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y ago; this cycle's ask is 7642% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.13% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.68%
• DSCR: 1.16
• GRM: 7.4

CMA / ARV

• ARV (median comp): $149,312
• List price: $120,000
• Delta: -19.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4023 Oak Bay Dr Unit J	0.00mi	2/2.5	1,165 (-4%)	18mo	$149,900	$129	77
4010 Oak Bay Dr	0.08mi	2/2.5	1,161 (-5%)	14mo	$165,000	$142	76
4023 Oak Bay Dr Unit N	0.00mi	2/2.0	1,165 (-4%)	24mo	$150,000	$129	71
4010 Oak Bay Dr Unit B	0.07mi	2/2.5	1,161 (-5%)	22mo	$102,900	$89	70
4053 Ogrady Dr	0.46mi	2/2.0	1,200 (-2%)	8mo	$169,900	$142	67
4021 O'grady Dr	0.46mi	2/1.5	1,199 (-2%)	11mo	$109,900	$92	63
4034 Ogrady Dr #3	0.48mi	2/2.5	1,281 (+5%)	8mo	$157,900	$123	62
4025 Ogrady Dr	0.45mi	2/2.0	1,255 (+3%)	20mo	$125,000	$100	55
4047 Killarmet Dr	0.50mi	3/2.0 (+1)	1,399 (+15%)	13mo	$149,900	$107	34
4017 Killarmet Dr	0.50mi	3/2.0 (+1)	1,340 (+10%)	23mo	$204,999	$153	34

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: -14.4%
• Equity multiple: 0.50×
• Total profit: $-16,743
• Equity at exit: $17,892

10-year hold

• IRR: -12.6%
• Equity multiple: 0.37×
• Total profit: $-21,017
• Equity at exit: $10,375

Cash invested: $33,600 (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 78413

• Rents YoY: -4.5%
• Active inventory: 220
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$629
• Tax from tax record: −$285 /mo · $3,423/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $103

Break-even live

Break-even rent $1,221

Max offer price $120,000

Occupancy floor 87%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4011 Oak Bay Dr Unit 3 Corpus Christi, TX	2.0	1.5	1100	$1,395	$1.27	21d	1	0.03mi
4011 Oak Bay Dr Corpus Christi, TX	2.0	1.5	1100	$1,395	$1.27	44d	1	0.03mi
4226 Walnut Hills Dr Corpus Christi, TX	2.0	2.5	1400	$1,550	$1.11	44d	1	0.28mi
4226 Walnut Hills Dr Unit 4 Corpus Christi, TX	2.0	2.5	1250	$1,550	$1.24	21d	1	0.30mi
3802 Saratoga Blvd Corpus Christi, TX	1.0–3.0	1.0–2.0	1258	$1,804	$1.43	14d	1	0.43mi
6701 Everhart Rd Corpus Christi, TX	1.0–2.0	1.0–2.0	691	$1,117	$1.62	14d	37	0.81mi
4114 Cork Dr Corpus Christi, TX	3.0	2.0	1296	$1,595	$1.23	14d	1	0.91mi
6602 Everhart Rd Corpus Christi, TX	1.0–2.0	1.0–2.0	780	$1,284	$1.65	14d	100	0.98mi
3803 Caravelle Pkwy Corpus Christi, TX	2.0	1.0–2.0	816	$1,040	$1.27	14d	57	1.01mi
4406 Donegal Dr Corpus Christi, TX	3.0	2.0	1338	$1,800	$1.35	14d	1	1.01mi
6730 Everhart Rd Corpus Christi, TX	2.0	1.0–2.0	760	$1,000	$1.32	14d	3	1.03mi
4805 Shadowbend Dr Corpus Christi, TX	2.0	1.0	1098	$1,350	$1.23	44d	1	1.06mi
4805 Shadowbend Dr Unit A Corpus Christi, TX	2.0	1.0	1098	$1,350	$1.23	21d	1	1.06mi
4040 Schanen Blvd Corpus Christi, TX	1.0–2.0	1.0–2.0	772	$774	$1.00	44d	15	1.11mi
5001 Middlecoff Cir Apt 1A Corpus Christi, TX	2.0	1.5	1000	$1,300	$1.30	44d	1	1.14mi
4802 Delwood St #5 Corpus Christi, TX	2.0	1.5	1065	$1,450	$1.36	14d	1	1.23mi
4018 Holly Rd Unit 08 Corpus Christi, TX	2.0	1.0	1070	$895	$0.84	44d	1	1.25mi
4014 Holly Rd Unit 02 Corpus Christi, TX	2.0	1.0	1070	$895	$0.84	44d	1	1.25mi
4820 Delwood St Corpus Christi, TX	2.0	1.5	1033	$1,500	$1.45	21d	1	1.28mi
3942 Holly Rd Corpus Christi, TX	1.0–2.0	1.0–2.0	870	$1,112	$1.28	14d	11	1.28mi
7201 Kress Cir Unit F1 Corpus Christi, TX	2.0	2.0	1125	$1,400	$1.24	21d	1	1.29mi
4717 S Shea Pkwy Corpus Christi, TX	3.0	2.0	1284	$1,695	$1.32	44d	1	1.30mi
3715 La Paz Dr Corpus Christi, TX	2.0	1.0	906	$1,295	$1.43	14d	1	1.32mi
4022 Montego Dr Corpus Christi, TX	2.0	1.0	1070	$850	$0.79	44d	1	1.32mi
3619 La Paz Dr Corpus Christi, TX	2.0	1.0	903	$1,195	$1.32	21d	1	1.36mi
5133 Middlecoff Cir Unit B Corpus Christi, TX	3.0	2.5	1360	$1,650	$1.21	44d	1	1.36mi
7225 Owen Ct Unit C Corpus Christi, TX	2.0	1.5	1010	$1,175	$1.16	14d	1	1.38mi
3620 La Paz Dr Corpus Christi, TX	2.0	1.0	875	$1,195	$1.37	14d	1	1.38mi
5623 Carroll Ln Corpus Christi, TX	2.0	1.0	750	$825	$1.10	44d	1	1.46mi
4013 Kingston Dr Corpus Christi, TX	3.0	2.0	1451	$2,500	$1.72	44d	1	1.47mi

Listing history 29 events

1. 2026-06-14
   days on market $120,000 Active 124 DOM
2. 2026-06-10
   days on market $120,000 Active 121 DOM
3. 2026-06-09
   days on market $120,000 Active 120 DOM
4. 2026-06-08
   days on market $120,000 Active 119 DOM
5. 2026-06-07
   days on market $120,000 Active 118 DOM
6. 2026-06-05
   days on market $120,000 Active 115 DOM
7. 2026-06-03
   days on market $120,000 Active 114 DOM
8. 2026-06-02
   days on market $120,000 Active 113 DOM
9. 2026-06-01
   days on market $120,000 Active 112 DOM
10. 2026-05-31
    days on market $120,000 Active 111 DOM
11. 2026-05-30
    days on market $120,000 Active 110 DOM
12. 2026-05-13
    listed $1,550
13. 2026-04-06
    historical $1,250
14. 2026-03-14
    listed $1,250
15. 2026-03-13
    price $120,000 1094-char remark

    Show marketing remark (1094 chars)

    Welcome to this charming and well-kept 2-bedroom, 2.5-bath townhome with great curb appeal and practical upgrades. This home features an open floor concept downstairs, ideal for entertaining, with laminate flooring throughout the entire first floor for a clean and modern look. Upstairs, you’ll find two spacious bedrooms, each with its own full bathroom, offering both comfort and privacy. A convenient half bath is located downstairs for guests. The HVAC system was replaced in 2019, providing energy efficiency and peace of mind for years to come. This townhome also features an attached 2-car garage with alley access, a highly desirable feature for secure and private parking. The front exterior boasts a welcoming cement pathway leading to the front door, adding to the property’s curb appeal. Whether you’re a first-time homebuyer, looking to downsize, or seeking a great investment opportunity, this property offers flexibility and value in a great location. Don’t miss your chance—schedule a showing today! Note: Some photos are Virtually Enhanced/Staged.

16. 2026-02-09
    listed $135,000 Active 1094-char remark

    Show marketing remark (1094 chars)

    Welcome to this charming and well-kept 2-bedroom, 2.5-bath townhome with great curb appeal and practical upgrades. This home features an open floor concept downstairs, ideal for entertaining, with laminate flooring throughout the entire first floor for a clean and modern look. Upstairs, you’ll find two spacious bedrooms, each with its own full bathroom, offering both comfort and privacy. A convenient half bath is located downstairs for guests. The HVAC system was replaced in 2019, providing energy efficiency and peace of mind for years to come. This townhome also features an attached 2-car garage with alley access, a highly desirable feature for secure and private parking. The front exterior boasts a welcoming cement pathway leading to the front door, adding to the property’s curb appeal. Whether you’re a first-time homebuyer, looking to downsize, or seeking a great investment opportunity, this property offers flexibility and value in a great location. Don’t miss your chance—schedule a showing today! Note: Some photos are Virtually Enhanced/Staged.

17. 2026-01-01
    historical $1,250
18. 2025-11-29
    listed $1,250
19. 2024-12-17
    soldstatus
20. 2024-07-11
    soldstatus
21. 2024-03-29
    historical $1,495
22. 2024-03-13
    listed $1,495
23. 2020-03-27
    soldstatus
24. 2018-03-29
    soldstatus
25. 2017-01-30
    soldstatus
26. 2014-04-30
    soldstatus 358-char remark

    Show marketing remark (358 chars)

    Adorable two story townhome with updates. Decor style colors throughout. Black on black appliances. New low profile energy efficient toilets in every bathroom. Solar screens, storm glass door, feaux wood blinds, ceiling fans add energy efficency to his home. Large master suite has a patio deck. Each bathroom has its own full bath. Half bathroom downstairs.

27. 2014-02-19
    listed $99,500 358-char remark

    Show marketing remark (358 chars)

    Adorable two story townhome with updates. Decor style colors throughout. Black on black appliances. New low profile energy efficient toilets in every bathroom. Solar screens, storm glass door, feaux wood blinds, ceiling fans add energy efficency to his home. Large master suite has a patio deck. Each bathroom has its own full bath. Half bathroom downstairs.

28. 2005-03-07
    soldstatus
29. 2002-08-28
    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: $3,423 · $285/mo
• Projected year-2 tax: $3,423 · $285/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $16,216
• − Mortgage interest: −$6,722
• − Property taxes: −$3,423
• − Insurance: −$600
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$3,491
• Taxable loss: −$615
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $1,383/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): 34,289
• Household income: $72,815
• Rent vs Own: 42.8% rent · 57.2% own
• Severe rent burden: 1280.0

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: Majority Hispanic (60%)
• Race & ethnicity: Hispanic / Latino 60% White 31% Two or more races 29% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Lithuanian 1% Serbian 1% Slovak 1%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 74% English-only · Spanish 22% Tagalog/Filipino 1% Other Indo-European 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: ▼ -215.69%
• Current HPI: 173.8376
• Rent YoY: ▼ -4.46%
• 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

-98.4% since first listed

18 events — show timeline

• 2026-05-13 Listed for Rent $1,550 RENTALBEAST
• 2026-04-06 Rental Removed $1,250 SHOWMOJO
• 2026-03-14 Listed for Rent $1,250 SHOWMOJO
• 2026-03-13 Price Changed $120,000 CBMLS
• 2026-02-09 Listed $135,000 CBMLS
• 2026-01-01 Rental Removed $1,250 SHOWMOJO
• 2025-11-29 Listed for Rent $1,250 SHOWMOJO
• 2024-12-17 Sold (Public Records) — Public Records
• 2024-07-11 Sold (Public Records) — Public Records
• 2024-03-29 Rental Removed $1,495 APPFOLIO
• 2024-03-13 Listed for Rent $1,495 APPFOLIO
• 2020-03-27 Sold (Public Records) — Public Records
• 2018-03-29 Sold (Public Records) — Public Records
• 2017-01-30 Sold (Public Records) — Public Records
• 2014-04-30 Sold (MLS) — CBMLS
• 2014-02-19 Listed $99,500 CBMLS
• 2005-03-07 Sold (Public Records) — Public Records
• 2002-08-28 Sold (Public Records) — Public Records

Property tax history

+4.4%/yr

Latest (2025): $3,423 · +2.5% YoY. Source: county tax records.