100 Kristen Dr

Grandview, TX 76050

$233,999D+

3 bd · 2.0 ba · 1,318 sqft · Built 2025 · Land · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,825/mo
• Mortgage (P&I): −$1,227
• Tax + insurance: −$185
• HOA: −$42
• Vac / Maint / Mgmt: −$383
• Net cashflow: $-13/mo
• Annual: $-155/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 0.78%
• Cash to close: $65,520

Investor read

• This is a 3-bed/2.0-bath land listed at $234k.
• At list price, monthly cash flow is $-13 ($-155/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (22.0% below list).
• It's been on market 97 days — a 9% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (22.0% below list) — sets the bar for 1% rule.
• 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 79/100 on livability (#58 in TX, #2,227 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Grandview ISD (rural): math 62% / reading 56% proficiency, ranked #67 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grandview El (math 64% / reading 59%, grade B, #355 of 4,322 statewide, top 8%, 638 students, 41% FRL); Grandview J H (math 56% / reading 50%, grade C+, #281 of 1,662 statewide, top 18%, 324 students, 40% FRL); Grandview H S (math 77% / reading 67%, grade B+, #95 of 1,632 statewide, top 7%, 441 students, 35% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 114 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,152 units permitted in Johnson County in 2024 (76 in 5+ unit buildings).
• Johnson County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.2% vs local median 3.8% in Grandview — 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.

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 97 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.