628 San Mario Ct

College Station, TX 77845

$187,000B+

3 bd · 2.0 ba · 1,014 sqft · Built 1983 · MultiFamily · Active · 304 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,593/mo
• Mortgage (P&I): −$981
• Tax + insurance: −$339
• HOA: −$0
• Vac / Maint / Mgmt: −$545
• Net cashflow: $729/mo
• Annual: $8,749/yr
• Cap rate: 11.40%
• Cash-on-cash: 18.23%
• DSCR: 1.81
• 1% rule: 1.39%
• Cash to close: $52,360

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $187k. Condition is rated fair.
• At list price, monthly cash flow is $729 ($9k/yr) — positive. Per door: $365/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $187k).
• It's been on market 304 days — a 12% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 83/100 on livability (#11 in TX, #994 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, crime A-; Watch: employment C-.
• College Station ISD (urban): math 58% / reading 54% proficiency, ranked #113 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rock Prairie El (math 52% / reading 52%, grade C-, #742 of 4,322 statewide, top 19%, 607 students, 58% FRL); Oakwood Int (math 55% / reading 47%, grade C, #326 of 1,662 statewide, top 20%, 719 students, 48% FRL); A & M Cons H S (math 65% / reading 66%, grade B, #193 of 1,632 statewide, top 12%, 2,139 students, 32% FRL) — zoned schools average 46% FRL vs 24% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+3.1%/yr); 1946 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,211 units permitted in Brazos County in 2024 (768 in 5+ unit buildings).
• Brazos County population projected at +55% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $52k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.4% vs local median 3.2% in College Station — 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.
• This rent per unit is only 18% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 304 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Paint — Peeling paint indicates significant wear and tear.
• Moderate: Kitchen cabinets — Worn countertops and dated cabinets suggest a need for replacement.
• Minor: Bathroom fixtures — Functional but outdated fixtures can be replaced for a fresh look.