2113 Red Pine St

Corpus Christi, TX 78409

$239,999C-

4 bd · 2.0 ba · 1,667 sqft · Built 2026 · Land · Pending · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,104/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $233/mo
• Annual: $2,796/yr
• Cap rate: 7.46%
• Cash-on-cash: 4.16%
• DSCR: 1.19
• 1% rule: 0.88%
• Cash to close: $67,200

Investor read

• This is a 4-bed/2.0-bath land listed at $240k.
• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (12.3% below list).
• It's been on market 91 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (12.3% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($2k loan paydown + $8k appreciation (3.1% local appreciation)).
• 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.
• Tuloso-Midway ISD (urban): math 33% / reading 46% proficiency, ranked #408 of 826 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tuloso-Midway Int (math 35% / reading 45%, grade F, #1,514 of 4,322 statewide, top 36%, 890 students, 66% FRL); Tuloso-Midway Middle (math 33% / reading 44%, grade F, #704 of 1,662 statewide, top 43%, 801 students, 64% FRL); Tuloso-Midway H S (math 23% / reading 54%, grade F, #866 of 1,632 statewide, top 54%, 1,062 students, 57% FRL).
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.5% 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.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.
• 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.