2112 Merriman St · Port Neches, TX 77651

$185,000

2 bd · 2.0 ba · 1,364 sqft · Condo public records · 124 Days on market

Built 1988 $136/sqft · at area comps Est $188k · at est. ↓ 7% since listing

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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).

• Cash flow +13.5/30.0
• ARV discount +8.2/15.0
• 1% rule +4.4/10.0
• DSCR +4.1/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this inviting two-bedroom condo located in the sought-after PNG school district! Upstairs, you'll find a cleverly designed Jack-and-Jill bathroom, giving each bedroom its own private vanity and toilet, with a shared shower space in between. Downstairs, a convenient half bath ensures ease for guests. The home is tastefully updated and features an attached two-car garage. With schools, shopping, the library, and parks just moments away, this condo blends comfort, convenience, and a prime location! * * * Possible owner financing, call for details!! 409-365-4078 * * *

Key facts

• Convenient half bath
• 3,485 sq ft lot
• 2 garage spots

Tags

• JACK-AND-JILL BATHROOM
• ATTACHED TWO-CAR GARAGE
• CONVENIENT HALF BATH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-59 ($-707/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (5.7% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 4.7% in Port Neches — 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 75/100 on livability (#139 in TX, #3,996 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Port Neches-Groves ISD (suburban): math 42% / reading 47% proficiency, ranked #260 of 826 in TX (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 96 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 343 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $162,800 (12.0% 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 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• GRM: 8.8

CMA / ARV

• ARV (median comp): $188,007
• List price: $185,000
• Delta: -1.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-33,605
• Equity at exit: $27,584

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-33,589
• Equity at exit: $15,995

Cash invested: $51,800 (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 77651

• Active inventory: 96
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,744 high
• Mortgage (P&I): −$970
• Tax from tax record: −$323 /mo · $3,878/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-59

Break-even live

Break-even rent $1,819

Max offer price $174,598

Occupancy floor 98%

Sensitivity live

Price	-10% $46	-5% $-7	+0% $-59	+5% $-111	+10% $-164
Rent	-10% $-197	-5% $-128	+0% $-59	+5% $10	+10% $79
Rate	-1.0pp $34	-0.5pp $-12	base $-59	+0.5pp $-107	+1.0pp $-156

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 Avenue E Port Neches, TX	3.0	2.0	875	$1,550	$1.77	15d	1	0.87mi
3148 Sandalwood Dr Port Neches, TX	3.0	2.0	1724	$2,100	$1.22	22d	1	1.12mi
608 S 2nd St Nederland, TX	3.0	1.0	936	$1,600	$1.71	15d	1	1.23mi
304 Avenue E Nederland, TX	3.0	2.0	1511	$1,900	$1.26	15d	1	1.32mi
812 S 6th St Nederland, TX	3.0	1.0	996	$1,500	$1.51	15d	1	1.33mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $185,000 Active 124 DOM
2. 2026-06-18
   status $185,000 Active 121 DOM
3. 2026-06-07
   statusdays on market $185,000 Pending 121 DOM
4. 2026-06-03
   days on market $185,000 Active 119 DOM
5. 2026-06-02
   days on market $185,000 Active 118 DOM
6. 2026-06-01
   days on market $185,000 Active 117 DOM
7. 2026-05-31
   days on market $185,000 Active 116 DOM
8. 2026-05-30
   days on market $185,000 Active 115 DOM
9. 2026-03-24
   price $185,000 586-char remark

   Show marketing remark (586 chars)

   Step into this inviting two-bedroom condo located in the sought-after PNG school district! Upstairs, you'll find a cleverly designed Jack-and-Jill bathroom, giving each bedroom its own private vanity and toilet, with a shared shower space in between. Downstairs, a convenient half bath ensures ease for guests. The home is tastefully updated and features an attached two-car garage. With schools, shopping, the library, and parks just moments away, this condo blends comfort, convenience, and a prime location! * * * Possible owner financing, call for details!! 409-365-4078 * * *

10. 2026-02-05
    listed $199,900 Active 586-char remark

    Show marketing remark (586 chars)

    Step into this inviting two-bedroom condo located in the sought-after PNG school district! Upstairs, you'll find a cleverly designed Jack-and-Jill bathroom, giving each bedroom its own private vanity and toilet, with a shared shower space in between. Downstairs, a convenient half bath ensures ease for guests. The home is tastefully updated and features an attached two-car garage. With schools, shopping, the library, and parks just moments away, this condo blends comfort, convenience, and a prime location! * * * Possible owner financing, call for details!! 409-365-4078 * * *

11. 2023-03-10
    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: $3,878 · $323/mo
• Projected year-2 tax: $3,878 · $323/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 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 26 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,931
• − Mortgage interest: −$10,363
• − Property taxes: −$3,878
• − Insurance: −$1,722
• − Repairs & maintenance: −$1,674
• − Management: −$1,674
• − Depreciation: −$5,382
• Taxable loss: −$3,763
• Est. tax savings @ 24.0%: +$903
• After-tax cash flow: $196/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 Neches-Groves ISD
• NCES district ID: 4835430
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $54,661
• Composite: 38.65/100
• National rank: #4152
• State rank: #260 of 826 in TX

Livability — Port Neches

• Score: 75/100
• State rank: #139
• US rank: #3996

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Neches, TX
• Population (ZIP): 13,627

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 259,015 people
• By 2030: 260,685 · +0.6%
• By 2040: 263,309 · +1.7%
• By 2050: 265,237 · +2.4%
• By 2075: 270,193 · +4.3%
• By 2100: 255,628 · -1.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 15% Romanian 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 4% Vietnamese 2% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: Lean R (+8.9) · D 45.1% · R 54.0%
• 2008→2024 swing: -11.1pp toward R · 2008: 2.2pp · 2024: -8.9pp
• All cycles: 2024: R+8.9 2020: R+1.6 2016: R+0.5 2012: D+1.6 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.68%
• Current HPI: 186.228
• 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

-7.5% since first listed

3 events — show timeline

• 2026-03-24 Price Changed $185,000 BBOR
• 2026-02-05 Listed $199,900 BBOR
• 2023-03-10 Sold (Public Records) — Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,878 · +18.9% YoY. Source: county tax records.