1901 S Station St #121 #121 · Port Aransas, TX 78373

$409,500

3 bd · 2.0 ba · 1,400 sqft · Townhouse public records · 183 Days on market

Built 2006 $292/sqft · 19% below area Est $507k · 19% under $188/mo HOA · 6% of rent ↓ 8% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.2/30.0
• Schools +5.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime Location! This spacious 3-bedroom, 2-bath condo boasts 1,400 sq. ft. of living space and is just three blocks from the beach. Situated on the upper floor, it features vaulted ceilings and enhanced privacy. The primary bedroom comes with a generous walk-in closet and an en-suite bath, complete with double sinks and a jetted tub. Both guest bedrooms are roomy and share access to a full bath. The main living area showcases an open floor plan that is bright and perfect for entertaining. Additional highlights include a large walk-in pantry and a designated laundry area. The intimate complex consists of only 12 units, each with two assigned parking spaces. An outdoor storage closet is allocated to the unit for beach chairs and toys. Enjoy the convenience of a zero-entry swimming pool just steps away, secured for community access. A walk-through gate provides easy access to 11th St. The unit is being sold turn - key, furnishings and most items convey. Units in the Blue Heron Complex are rarely available, don’t miss out on the opportunity to own in this small community in the perfect location.

Key facts

• $188 HOA
• Community pool
• Built 2006

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $410k.

Deal economics

• At list price, monthly cash flow is $-568 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (26.8% below list).
• Recommended offer: $300k (26.8% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 1.1% in Port Aransas — 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 67/100 on livability (#525 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, schools A-; Watch: commute C-, crime F, amenities F.
• Port Aransas ISD (rural): math 57% / reading 63% proficiency, ranked #68 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1012 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $63k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $299,861 (26.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 4.63%
• Cash-on-cash: -5.95%
• DSCR: 0.74
• GRM: 11.4

CMA / ARV

• ARV (median comp): $507,376
• List price: $409,500
• Delta: -19.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1813 S 11th St #103	0.16mi	3/3.0	1,292 (-8%)	3mo	$375,000	$290	73
2120 S 11th St #701	0.18mi	3/2.5	1,292 (-8%)	5mo	$435,000	$337	73
2000 On The Bch Unit 231,232,233	0.35mi	3/3.0	1,408 (+1%)	13mo	$699,000	$496	68
2120 Eleventh #201	0.15mi	3/2.5	1,293 (-8%)	15mo	$475,000	$367	66
732 Sandcastle Dr #8	0.29mi	3/2.0	1,291 (-8%)	9mo	$599,000	$464	66
2120 S 11th St #304	0.16mi	3/2.5	1,293 (-8%)	15mo	$489,000	$378	65
2212 State Highway 361 #119	0.31mi	3/2.0	1,232 (-12%)	1mo	$389,000	$316	65
1421 S 11th St #214	0.44mi	3/2.5	1,365 (-2%)	11mo	$425,000	$311	64
2606 S 11th St #13	0.43mi	4/3.5 (+1)	1,379 (-2%)	9mo	$499,000	$362	59
2727 S 11th St #31	0.57mi	4/3.0 (+1)	1,433 (+2%)	2mo	$690,000	$482	58
677 Morgan Cir #403	0.70mi	3/2.5	1,339 (-4%)	15mo	$520,000	$388	46
2727 S 11th St #26	0.57mi	4/3.5 (+1)	1,218 (-13%)	2mo	$699,000	$574	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -26.5%
• Equity multiple: 0.11×
• Total profit: $-102,428
• Equity at exit: $61,058

10-year hold

• IRR: -23.5%
• Equity multiple: -0.18×
• Total profit: $-135,332
• Equity at exit: $35,406

Cash invested: $114,660 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78373

• Active inventory: 1012
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,999 high
• Mortgage (P&I): −$2,147
• Tax from tax record: −$431 /mo · $5,171/yr
• Insurance: −$171
• HOA: −$188
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-568

Break-even live

Break-even rent $3,718

Max offer price $309,143

Occupancy floor —

Sensitivity live

Price	-10% $-336	-5% $-452	+0% $-568	+5% $-684	+10% $-800
Rent	-10% $-805	-5% $-687	+0% $-568	+5% $-450	+10% $-331
Rate	-1.0pp $-362	-0.5pp $-464	base $-568	+0.5pp $-674	+1.0pp $-782

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: $102,375
• Closing costs: $12,285
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
328 Sea Isle Dr Unit A Port Aransas, TX	2.0	1.0	1040	$2,200	$2.12	14d	1	0.32mi
2606 S 11th St #2 Port Aransas, TX	4.0	3.5	1480	$3,500	$2.36	14d	1	0.47mi
321 Seventh St Unit A Port Aransas, TX	2.0	1.0	1344	$2,775	$2.06	14d	1	1.02mi
519 West Avenue C Unit B Port Aransas, TX	3.0	3.0	1427	$3,500	$2.45	45d	1	1.09mi
200 W Cotter Ave Port Aransas, TX	2.0	2.0	1230	$4,000	$3.25	44d	1	1.48mi

HOA detail

• Monthly dues: $188 · $2,256/yr
• Likely covers: poolparking

Listing history 21 events

1. 2026-06-18
   days on market $409,500 Active 183 DOM
2. 2026-06-17
   statusdays on market $409,500 Active 182 DOM
3. 2026-06-16
   days on market $409,500 Price Change 181 DOM
4. 2026-06-15
   days on market $409,500 Price Change 180 DOM
5. 2026-06-14
   days on market $409,500 Price Change 178 DOM
6. 2026-06-13
   days on market $409,500 Price Change 177 DOM
7. 2026-06-10
   days on market $409,500 Price Change 175 DOM
8. 2026-06-09
   days on market $409,500 Price Change 174 DOM
9. 2026-06-08
   days on market $409,500 Price Change 173 DOM
10. 2026-06-07
    pricestatusdays on market $409,500 Price Change 172 DOM
11. 2026-06-03
    days on market $434,900 Active 168 DOM
12. 2026-06-02
    days on market $434,900 Active 167 DOM
13. 2026-06-01
    days on market $434,900 Active 166 DOM
14. 2026-05-31
    days on market $434,900 Active 165 DOM
15. 2026-05-30
    days on market $434,900 Active 164 DOM
16. 2026-04-22
    price $434,900 1114-char remark

    Show marketing remark (1114 chars)

    Prime Location! This spacious 3-bedroom, 2-bath condo boasts 1,400 sq. ft. of living space and is just three blocks from the beach. Situated on the upper floor, it features vaulted ceilings and enhanced privacy. The primary bedroom comes with a generous walk-in closet and an en-suite bath, complete with double sinks and a jetted tub. Both guest bedrooms are roomy and share access to a full bath. The main living area showcases an open floor plan that is bright and perfect for entertaining. Additional highlights include a large walk-in pantry and a designated laundry area. The intimate complex consists of only 12 units, each with two assigned parking spaces. An outdoor storage closet is allocated to the unit for beach chairs and toys. Enjoy the convenience of a zero-entry swimming pool just steps away, secured for community access. A walk-through gate provides easy access to 11th St. The unit is being sold turn - key, furnishings and most items convey. Units in the Blue Heron Complex are rarely available, don’t miss out on the opportunity to own in this small community in the perfect location.

17. 2026-04-22
    price $434,900

    Show marketing remark (1114 chars)

    Prime Location! This spacious 3-bedroom, 2-bath condo boasts 1,400 sq. ft. of living space and is just three blocks from the beach. Situated on the upper floor, it features vaulted ceilings and enhanced privacy. The primary bedroom comes with a generous walk-in closet and an en-suite bath, complete with double sinks and a jetted tub. Both guest bedrooms are roomy and share access to a full bath. The main living area showcases an open floor plan that is bright and perfect for entertaining. Additional highlights include a large walk-in pantry and a designated laundry area. The intimate complex consists of only 12 units, each with two assigned parking spaces. An outdoor storage closet is allocated to the unit for beach chairs and toys. Enjoy the convenience of a zero-entry swimming pool just steps away, secured for community access. A walk-through gate provides easy access to 11th St. The unit is being sold turn - key, furnishings and most items convey. Units in the Blue Heron Complex are rarely available, don’t miss out on the opportunity to own in this small community in the perfect location.

18. 2026-03-13
    price $439,900
19. 2026-03-12
    price $439,900 1114-char remark

    Show marketing remark (1114 chars)

    Prime Location! This spacious 3-bedroom, 2-bath condo boasts 1,400 sq. ft. of living space and is just three blocks from the beach. Situated on the upper floor, it features vaulted ceilings and enhanced privacy. The primary bedroom comes with a generous walk-in closet and an en-suite bath, complete with double sinks and a jetted tub. Both guest bedrooms are roomy and share access to a full bath. The main living area showcases an open floor plan that is bright and perfect for entertaining. Additional highlights include a large walk-in pantry and a designated laundry area. The intimate complex consists of only 12 units, each with two assigned parking spaces. An outdoor storage closet is allocated to the unit for beach chairs and toys. Enjoy the convenience of a zero-entry swimming pool just steps away, secured for community access. A walk-through gate provides easy access to 11th St. The unit is being sold turn - key, furnishings and most items convey. Units in the Blue Heron Complex are rarely available, don’t miss out on the opportunity to own in this small community in the perfect location.

20. 2025-12-17
    listed $472,500 New
21. 2025-11-21
    listed $472,500 Active 1114-char remark

    Show marketing remark (1114 chars)

    Prime Location! This spacious 3-bedroom, 2-bath condo boasts 1,400 sq. ft. of living space and is just three blocks from the beach. Situated on the upper floor, it features vaulted ceilings and enhanced privacy. The primary bedroom comes with a generous walk-in closet and an en-suite bath, complete with double sinks and a jetted tub. Both guest bedrooms are roomy and share access to a full bath. The main living area showcases an open floor plan that is bright and perfect for entertaining. Additional highlights include a large walk-in pantry and a designated laundry area. The intimate complex consists of only 12 units, each with two assigned parking spaces. An outdoor storage closet is allocated to the unit for beach chairs and toys. Enjoy the convenience of a zero-entry swimming pool just steps away, secured for community access. A walk-through gate provides easy access to 11th St. The unit is being sold turn - key, furnishings and most items convey. Units in the Blue Heron Complex are rarely available, don’t miss out on the opportunity to own in this small community in the perfect location.

ⓘ 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: $5,171 · $431/mo
• Projected year-2 tax: $7,494 · $624/mo
• Expected delta: +$2,323/yr (+$194/mo · 44.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $35,983
• − Mortgage interest: −$22,938
• − Property taxes: −$5,171
• − Insurance: −$2,048
• − Repairs & maintenance: −$2,879
• − Management: −$2,879
• − HOA: −$2,256
• − Depreciation: −$11,913
• Taxable loss: −$14,100
• Est. tax savings @ 24.0%: +$3,384
• After-tax cash flow: $-3,433/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: Port Aransas ISD
• NCES district ID: 4835370
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $47,528
• Composite: 50.82/100
• National rank: #1803
• State rank: #68 of 826 in TX

Livability — Port Aransas

• Score: 67/100
• State rank: #525
• US rank: #10286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Aransas, TX
• Population (ZIP): 3,314

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 4%
• Common ancestry: Serbian 2% Slovak 2% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Other Indo-European 4% Spanish 3%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.54%
• Current HPI: 268.699
• 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

-8.0% since first listed

6 events — show timeline

• 2026-04-22 Price Changed $434,900 CBMLS
• 2026-04-22 Price Changed $434,900 LERA
• 2026-03-13 Price Changed $439,900 LERA
• 2026-03-12 Price Changed $439,900 CBMLS
• 2025-12-17 Listed $472,500 LERA
• 2025-11-21 Listed $472,500 CBMLS

Property tax history

+3.5%/yr

Latest (2025): $5,171 · -18.0% YoY. Source: county tax records.