2024 Clayton Homestead 16602A Plan · Converse, TX 78109

$79,900

2 bd · 2.0 ba · 960 sqft · Manufactured · 520 Days on market

Good condition

---

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
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• Schools +2.4/10.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Converse Meadows is an exciting and evolving manufactured home community in Converse, Texas. Our community features a range of affordable homes and is undergoing a significant transformation with the addition of new amenities. Residents will enjoy a modern clubhouse, a refreshing pool, a welcoming sales center, a charming gazebo, and a lively BBQ area, all contributing to a vibrant and enjoyable living environment. Come explore Converse Meadows and find your new home.

Key facts

• Listed 520 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 4.4% in Converse — 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 66/100 on livability (#649 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools C-, crime C-, amenities F.
• Judson ISD (suburban): math 21% / reading 33% proficiency, ranked #660 of 826 in TX (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-1.1%/yr); 1152 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• This rent is only 17% of the median local income ($91k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 520 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 520 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.58% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.84%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.52×
• Total profit: $11,682
• Equity at exit: $11,913

10-year hold

• IRR: 20.0%
• Equity multiple: 2.45×
• Total profit: $32,412
• Equity at exit: $6,908

Cash invested: $22,372 (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 78109

• Home prices YoY: -17.8%
• Rents YoY: -1.1%
• Active inventory: 1152
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,262 high
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $444

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 60%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9060 FM 78 Converse, TX	1.0–2.0	1.0	769	$1,150	$1.50	1d	11	0.46mi
305 Jeanette Dr Converse, TX	3.0	2.0	1084	$1,600	$1.48	24d	1	0.47mi
209 Royal Dr Converse, TX	3.0	2.0	952	$1,500	$1.58	15d	1	0.53mi
8355 Crestway Dr Unit 610 Converse, TX	1.0	1.0	556	$747	$1.34	3d	1	0.64mi
8355 Crestway Dr Unit 710 Converse, TX	2.0	2.0	865	$947	$1.09	3d	1	0.64mi
812 Station St Converse, TX	2.0	1.0	1100	$975	$0.89	24d	1	0.67mi
202 Ash Dr Unit 103 Converse, TX	2.0	2.0	900	$995	$1.11	24d	1	0.69mi
810 Station St Apt 3 Converse, TX	2.0	2.0	1088	$825	$0.76	4d	1	0.69mi
810 Station St Unit 1 Converse, TX	2.0	2.0	1088	$899	$0.83	24d	1	0.69mi
517 Oak Dr Converse, TX	3.0	1.5	894	$1,500	$1.68	24d	1	0.73mi
301 Converse Center St Converse, TX	1.0–3.0	1.0–2.0	975	$1,184	$1.21	43d	1	0.94mi
320 Station St Unit 101 Converse, TX	2.0	2.0	877	$825	$0.94	12d	1	0.97mi
9180 Shadow Creek Ln Unit 710 Converse, TX	2.0	2.0	848	$1,169	$1.38	3d	1	1.02mi
9205 Farm to Market Road 78 Unit 710 Converse, TX	2.0	2.0	896	$1,051	$1.17	3d	1	1.32mi
9205 Farm to Market Road 78 Unit 610 Converse, TX	1.0	1.0	597	$941	$1.58	3d	1	1.32mi
8406 Forest Ridge Dr San Antonio, TX	3.0	2.0	1121	$1,500	$1.34	43d	1	1.40mi
531 Erna Dr Converse, TX	3.0	2.0	1002	$1,350	$1.35	11d	1	1.40mi
7128 Elm Cv San Antonio, TX	2.0	2.0	661	$1,097	$1.66	4d	1	1.41mi
8416 Dixon Ridge Dr San Antonio, TX	3.0	2.0	1104	$1,225	$1.11	3d	1	1.42mi
7037 Elm Cv San Antonio, TX	2.0	2.0	661	$1,203	$1.82	4d	1	1.43mi
7125 Elm Cv San Antonio, TX	2.0	2.0	664	$1,150	$1.73	11d	1	1.44mi

Listing history 16 events

1. 2026-06-18
   days on market $79,900 Active 520 DOM
2. 2026-06-17
   days on market $79,900 Active 519 DOM
3. 2026-06-16
   days on market $79,900 Active 518 DOM
4. 2026-06-15
   days on market $79,900 Active 517 DOM
5. 2026-06-13
   days on market $79,900 Active 515 DOM
6. 2026-06-09
   days on market $79,900 Active 511 DOM
7. 2026-06-08
   days on market $79,900 Active 510 DOM
8. 2026-06-07
   days on market $79,900 Active 509 DOM
9. 2026-06-04
   days on market $79,900 Active 506 DOM
10. 2026-06-03
    days on market $79,900 Active 505 DOM
11. 2026-06-02
    days on market $79,900 Active 504 DOM
12. 2026-06-01
    days on market $79,900 Active 503 DOM
13. 2026-05-31
    days on market $79,900 Active 502 DOM
14. 2025-05-01
    status Active 472-char remark

    Show marketing remark (472 chars)

    Converse Meadows is an exciting and evolving manufactured home community in Converse, Texas. Our community features a range of affordable homes and is undergoing a significant transformation with the addition of new amenities. Residents will enjoy a modern clubhouse, a refreshing pool, a welcoming sales center, a charming gazebo, and a lively BBQ area, all contributing to a vibrant and enjoyable living environment. Come explore Converse Meadows and find your new home.

15. 2025-05-01
    historical 472-char remark

    Show marketing remark (472 chars)

    Converse Meadows is an exciting and evolving manufactured home community in Converse, Texas. Our community features a range of affordable homes and is undergoing a significant transformation with the addition of new amenities. Residents will enjoy a modern clubhouse, a refreshing pool, a welcoming sales center, a charming gazebo, and a lively BBQ area, all contributing to a vibrant and enjoyable living environment. Come explore Converse Meadows and find your new home.

16. 2025-01-15
    listed $79,900 Active 472-char remark

    Show marketing remark (472 chars)

    Converse Meadows is an exciting and evolving manufactured home community in Converse, Texas. Our community features a range of affordable homes and is undergoing a significant transformation with the addition of new amenities. Residents will enjoy a modern clubhouse, a refreshing pool, a welcoming sales center, a charming gazebo, and a lively BBQ area, all contributing to a vibrant and enjoyable living environment. Come explore Converse Meadows and find your new home.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $15,138
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$2,324
• Taxable income: $4,318
• Est. tax owed @ 24.0%: −$1,036
• After-tax cash flow: $4,297/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a modern and well-maintained interior. It is ready for a fresh coat of paint and some minor landscaping improvements to further enhance its appeal.

Value-add opportunities

• Both Paint touch-ups — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Lighting upgrades — Upgrading lighting fixtures can improve the home's ambiance and increase its appeal.
• Both Landscaping enhancements — Enhancing the landscaping can improve the home's curb appeal and attract more potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Lighting upgrades — Upgrading lighting fixtures can improve the home's ambiance and increase its appeal. ↑
• Both Landscaping enhancements — Enhancing the landscaping can improve the home's curb appeal and attract more potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Judson ISD
• NCES district ID: 4824990
• Math proficiency: 21% ▼ -21.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $57,542
• Composite: 24.39/100
• National rank: #7689
• State rank: #660 of 826 in TX

Livability — Converse

• Score: 66/100
• State rank: #649
• US rank: #12250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Converse, TX
• County: Bexar County · 1,990,555 people
• City population: 63,067
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 63,067
• Household income: $91,320
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 1732.0

Population outlook (Bexar County) Hauer SSP2

• Today (2025): 2,336,851 people
• By 2030: 2,560,728 · +9.6%
• By 2040: 3,020,569 · +29.3%
• By 2050: 3,493,522 · +49.5%
• By 2075: 4,668,459 · +99.8%
• By 2100: 5,533,242 · +136.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 27% Two or more races 21% Black 21% Asian 3%
• Hispanic origin (detail): Mexican 29% Puerto Rican 4%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 11% · Canada, Vietnam, South Korea
• Languages at home: 71% English-only · Spanish 23% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Bexar

• 2024 margin: Lean D (+9.8) · D 54.3% · R 44.6% · Other 1.1%
• 2008→2024 swing: +4.2pp toward D · 2008: 5.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.2 2016: D+13.5 2012: D+4.6 2008: D+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.02%
• Current HPI: 236.4923
• Rent YoY: ▼ -1.08%
• Metro: San Antonio-New Braunfels, TX
• 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

3 events — show timeline

• 2025-05-01 Relisted — Zillow
• 2025-05-01 Delisted — Zillow
• 2025-01-15 Listed $79,900 Zillow