246 La Joie Ave

Alamo Beach, TX 77979

$98,000F

2 bd · 1.0 ba · 840 sqft · Built 1960 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $752/mo
• Mortgage (P&I): −$514
• Tax + insurance: −$230
• HOA: −$0
• Vac / Maint / Mgmt: −$158
• Net cashflow: $-149/mo
• Annual: $-1,792/yr
• Cap rate: 5.28%
• Cash-on-cash: -3.63%
• DSCR: 0.84
• 1% rule: 0.77%
• Cash to close: $27,440

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $98k. Condition is rated fair.
• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $76k (22.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $75k (23.2% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $75k (23.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Calhoun County ISD (town): math 44% / reading 43% proficiency, ranked #293 of 826 in TX (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jackson/Roosevelt El (math 51% / reading 49%, grade D+, #849 of 4,322 statewide, top 20%, 852 students, 68% FRL); Travis Middle (math 26% / reading 34%, grade F, #1,056 of 1,662 statewide, top 65%, 702 students, 74% FRL); Calhoun H S (math 53% / reading 38%, grade D-, #634 of 1,632 statewide, top 39%, 987 students, 51% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 284 active listings in the ZIP; 95 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding shows signs of wear and discoloration.
• Major: flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major: interior walls/paint — The interior walls and paint show signs of wear and discoloration.
• Major: HVAC system — The HVAC system appears to be old and may need replacement.