147 Waterside Rd Unit A

Buda, TX 78610

$238,000D-

4 bd · 2.5 ba · 2,098 sqft · Built 2020 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,233/mo
• Mortgage (P&I): −$1,248
• Tax + insurance: −$774
• HOA: −$315
• Vac / Maint / Mgmt: −$469
• Net cashflow: $-572/mo
• Annual: $-6,867/yr
• Cap rate: 3.41%
• Cash-on-cash: -10.30%
• DSCR: 0.54
• 1% rule: 0.94%
• Cash to close: $66,640

Investor read

• This is a 4-bed/2.5-bath condo listed at $238k. Condition is rated excellent.
• At list price, monthly cash flow is $-572 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (32.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (6.2% below list).
• It's been on market 31 days — a 3% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (32.0% below list) — sets the bar for cash-flow.
• 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.
• Location reads 70/100 on livability (#339 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Hays CISD (rural): math 35% / reading 41% proficiency, ranked #390 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Buda El (math 40% / reading 52%, grade D-, #1,097 of 4,322 statewide, top 26%, 604 students, 40% FRL); Eric Dahlstrom Middle (math 56% / reading 53%, grade B-, #256 of 1,662 statewide, top 16%, 902 students, 15% FRL); Jack C Hays H S (math 41% / reading 47%, grade F, #697 of 1,632 statewide, top 43%, 2,062 students, 36% FRL).
• Watch-outs: property tax is 3.4% of price.
• Market conditions: Rents soft (-1.8%/yr); 1513 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 43d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 5,270 units permitted in Hays County in 2024 (1,464 in 5+ unit buildings).
• Hays County population projected at +93% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 6y 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.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 31 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?