138 S Houston · Aransas Pass, TX None

$119,900

4 bd · 2.0 ba · 1,848 sqft · MultiFamily public records · 17 Days on market

Built 1920 5,600 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

Key facts

• 5,600 sq ft lot
• Built 1920
• Listed 16 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 4.6% in Aransas Pass — 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 72/100 on livability (#253 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Aransas Pass ISD (town): math 28% / reading 35% proficiency, ranked #597 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 2 comparable units currently listed for rent nearby; 344 units permitted in San Patricio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($829 loan paydown + $4k appreciation (3.0% local appreciation)).
• San Patricio County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 29y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.41% ✓
• Cap rate: 19.95%
• Cash-on-cash: 48.77%
• DSCR: 3.17
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 51.7%
• Equity multiple: 3.90×
• Total profit: $97,257
• Equity at exit: $53,912

10-year hold

• IRR: 51.4%
• Equity multiple: 7.87×
• Total profit: $230,566
• Equity at exit: $83,085

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Monthly cashflow live

• Estimated rent: $2,885 high
• Mortgage (P&I): −$629
• Tax from tax record: −$236 /mo · $2,830/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $1,298

Break-even live

Break-even rent $1,242

Max offer price $119,900

Occupancy floor 50%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,886
Total (2 units)			$2,885

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 S Lamont St Aransas Pass, TX	5.0	2.5	2364	$1,650	$0.70	43d	1	0.79mi
1131 S 8th St Unit 1268400P Aransas Pass, TX	3.0	2.0	1280	$4,105	$3.21	43d	1	1.09mi

Listing history 50 events

1. 2026-06-19
   days on market $119,900 Active 17 DOM
2. 2026-06-18
   days on market $119,900 Active 16 DOM
3. 2026-06-17
   days on market $119,900 Active 15 DOM
4. 2026-06-16
   days on market $119,900 Active 14 DOM
5. 2026-06-15
   days on market $119,900 Active 13 DOM
6. 2026-06-14
   days on market $119,900 Active 11 DOM
7. 2026-06-12
   days on market $119,900 Active 10 DOM
8. 2026-06-09
   days on market $119,900 Active 7 DOM
9. 2026-06-08
   days on market $119,900 Active 6 DOM
10. 2026-06-07
    days on market $119,900 Active 5 DOM
11. 2026-06-07
    pricedays on market $119,900 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    days on marketlisting id $134,900 Active 1 DOM
14. 2026-06-01
    days on market $134,900 Active 18 DOM
15. 2026-05-31
    days on market $134,900 Active 17 DOM
16. 2026-05-31
    days on market $134,900 Active 16 DOM
17. 2026-05-14
    price $134,900 1018-char remark

    Show marketing remark (997 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you're close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you're looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

18. 2026-05-14
    listed $134,900 Active 997-char remark

    Show marketing remark (997 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you're close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you're looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

19. 2026-04-17
    price $139,900 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

20. 2026-04-16
    status Active 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

21. 2026-01-29
    status Pending 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

22. 2026-01-21
    historical 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

23. 2026-01-13
    price $144,900 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

24. 2025-12-09
    price $154,900 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

25. 2025-11-12
    price $164,900 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

26. 2025-09-23
    listed $174,900 Active 1018-char remark

    Show marketing remark (1018 chars)

    Investment Opportunity in Aransas Pass! Discover this spacious duplex in the heart of Aransas Pass, Texas, offering over 1,800 sq. ft. of living space. Each unit features 2 bedrooms and 1 bathroom with over 900 sq. ft. per unit. One unit is located upstairs and the other downstairs, making it ideal for versatility—live in one and rent the other, or add a strong income-producing property to your portfolio. The property sits on a generous lot with a large backyard, perfect for outdoor gatherings, pets, or future enhancements. With its central location, you’re close to schools, shopping, dining, and just a short drive to the water and fishing hotspots Aransas Pass is known for. Whether you’re looking for a homestead with rental income or a long-term investment in a growing coastal community, this duplex is ready for you. Come view today! To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

27. 2025-05-13
    historical
28. 2025-03-09
    price $148,850
29. 2025-01-31
    listed $150,000 Active
30. 2023-04-12
    soldstatus
31. 2023-04-12
    soldstatus Closed
32. 2023-01-28
    status Pending
33. 2023-01-19
    historical Active Under Contract
34. 2022-12-06
    price $199,000
35. 2022-11-01
    price $225,000
36. 2022-07-29
    price $259,000
37. 2022-07-25
    status Active
38. 2022-07-25
    historical
39. 2022-07-24
    listed $199,000
40. 2022-07-24
    listed $279,000 Active
41. 2018-05-16
    historical
42. 2017-11-21
    status Active
43. 2017-11-16
    historical
44. 2017-05-09
    status Active
45. 2017-05-01
    historical
46. 2016-10-31
    status Active
47. 2016-10-28
    historical
48. 2016-08-07
    price $150,000
49. 2015-10-28
    listed $185,000 Active
50. 2009-08-11
    listed $149,000

ⓘ 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: $2,830 · $236/mo
• Projected year-2 tax: $2,830 · $236/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 (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 29 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,620
• − Mortgage interest: −$6,716
• − Property taxes: −$2,830
• − Insurance: −$1,397
• − Repairs & maintenance: −$2,770
• − Management: −$2,770
• − Depreciation: −$3,488
• Taxable income: $14,649
• Est. tax owed @ 24.0%: −$3,516
• After-tax cash flow: $12,061/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: Aransas Pass ISD
• NCES district ID: 4808580
• Math proficiency: 28% ▼ -16.00%
• Reading proficiency: 35% ▼ -4.00%
• Median HH income: $40,869
• Composite: 26.55/100
• National rank: #7191
• State rank: #597 of 826 in TX

Livability — Aransas Pass

• Score: 72/100
• State rank: #253
• US rank: #5980

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aransas Pass, TX

Population outlook (San Patricio County) Hauer SSP2

• Today (2025): 75,538 people
• By 2030: 79,575 · +5.3%
• By 2040: 87,670 · +16.1%
• By 2050: 96,107 · +27.2%
• By 2075: 117,984 · +56.2%
• By 2100: 130,010 · +72.1%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+259.7% since first listed

38 events — show timeline

• 2026-05-14 Price Changed $134,900 CBMLS
• 2026-05-14 Listed $134,900 RAAR
• 2026-04-17 Price Changed $139,900 CBMLS
• 2026-04-16 Relisted — CBMLS
• 2026-01-29 Pending — CBMLS
• 2026-01-21 Delisted — CBMLS
• 2026-01-13 Price Changed $144,900 CBMLS
• 2025-12-09 Price Changed $154,900 CBMLS
• 2025-11-12 Price Changed $164,900 CBMLS
• 2025-09-23 Listed $174,900 CBMLS
• 2025-05-13 Listing Removed — HARMLS
• 2025-03-09 Price Changed $148,850 HARMLS
• 2025-01-31 Listed $150,000 HARMLS
• 2023-04-12 Sold (MLS) — CBMLS
• 2023-04-12 Sold (MLS) — RAAR
• 2023-01-28 Pending — CBMLS
• 2023-01-19 Contingent — CBMLS
• 2022-12-06 Price Changed $199,000 CBMLS
• 2022-11-01 Price Changed $225,000 CBMLS
• 2022-07-29 Price Changed $259,000 CBMLS
• 2022-07-25 Relisted — CBMLS
• 2022-07-25 Delisted — CBMLS
• 2022-07-24 Listed $279,000 CBMLS
• 2022-07-24 Listed $199,000 RAAR
• 2018-05-16 Delisted — CBMLS
• 2017-11-21 Relisted — CBMLS
• 2017-11-16 Delisted — CBMLS
• 2017-05-09 Relisted — CBMLS
• 2017-05-01 Delisted — CBMLS
• 2016-10-31 Relisted — CBMLS
• 2016-10-28 Delisted — CBMLS
• 2016-08-07 Price Changed $150,000 CBMLS
• 2015-10-28 Listed $185,000 CBMLS
• 2009-08-11 Listed $149,000 CBMLS
• 2003-01-15 Sold (MLS) — CBMLS
• 2002-04-22 Listed $29,900 CBMLS
• 1997-09-15 Sold (MLS) — CBMLS
• 1997-09-01 Listed $37,500 CBMLS

Property tax history

+27.3%/yr

Latest (2019): $2,830 · +76.4% YoY. Source: county tax records.