1802 Morgan Ave · Corpus Christi, TX 78404

$525,000

None bd · None ba · 3,232 sqft · MultiFamily · 157 Days on market

Built 2017 Good condition 7,392 sqft lot $162/sqft · 128% above area

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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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Schools +2.8/10.0
• Appreciation +0.0/10.0

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

Excellent value-add opportunity in a CG-2 (General Commercial) zoning district. This income-producing property is currently configured with five residential units plus a downstairs commercial/storage space, all fully leased and generating $3,800 per month in stable income. The CG-2 zoning allows for a wide range of commercial uses, offering strong upside potential through repositioning the residential units to commercial tenants and increasing rents over time. Investors can enjoy immediate cash flow while exploring redevelopment or re-tenanting strategies to maximize returns. Well-suited for a first-time investor or a buyer looking to add a flexible, mixed-use asset to their portfolio with both income stability and long-term growth potential.

Key facts

• Fully leased
• 7,392 sq ft lot
• Built 2017

Tags

• GENERAL COMMERCIAL ZONING
• INCOME-PRODUCING PROPERTY
• FIVE RESIDENTIAL UNITS
• FULLY LEASED
• WIDE RANGE OF COMMERCIAL USES
• FLEXIBLE MIXED-USE ASSET

What this means for you Summary

Snapshot

• This is a multifamily listed at $525k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $462k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.

Location & tenants

• 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.
• Corpus Christi ISD (urban): math 31% / reading 35% proficiency, ranked #562 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.9%/yr); 141 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% 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).
• At $6,618/mo this rent would consume 130% of the median local household income ($61k/yr) (locally 596% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $147k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $462,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 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. 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?
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: 1.26% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.06%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $230,363
• List price: $525,000
• Delta: 127.90%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2509 2513 Ruth St	0.56mi	—/—	3,592 (+11%)	13mo	$99,000	$28	45
916 Furman Ave	0.63mi	—/—	3,604 (+12%)	18mo	$234,873	$65	36

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 · 1.87% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.06×
• Total profit: $9,495
• Equity at exit: $78,279

10-year hold

• IRR: 10.2%
• Equity multiple: 1.75×
• Total profit: $110,051
• Equity at exit: $45,392

Cash invested: $147,000 (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 78404

• Rents YoY: 1.9%
• Active inventory: 141
• Price-to-rent: 39.7×

Monthly cashflow live

• Estimated rent: $6,618 high
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,390
• Net cashflow: $1,600

Break-even live

Break-even rent $4,593

Max offer price $525,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$6,618
Total (6 units)			$6,618

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1513 10th St #1 Corpus Christi, TX	2.0	1.0	2780	$950	$0.34	44d	1	0.33mi
1117 Ocean Dr Unit D Corpus Christi, TX	1.0	1.0	3086	$2,000	$0.65	21d	1	0.85mi
1117 Ocean Dr Unit A Corpus Christi, TX	2.0	1.0	3086	$3,500	$1.13	44d	1	0.85mi
1117 Ocean Dr Corpus Christi, TX	1.0	1.0	3086	$2,000	$0.65	44d	1	0.85mi
465 Texas Ave Corpus Christi, TX	2.0	1.0	4048	$895	$0.22	44d	1	1.25mi
2901 S Staples St Unit B Corpus Christi, TX	2.0	1.0	2236	$900	$0.40	44d	1	1.42mi

Listing history 16 events

1. 2026-06-18
   days on market $525,000 Active 157 DOM
2. 2026-06-17
   days on market $525,000 Active 156 DOM
3. 2026-06-16
   days on market $525,000 Active 155 DOM
4. 2026-06-15
   days on market $525,000 Active 154 DOM
5. 2026-06-14
   days on market $525,000 Active 152 DOM
6. 2026-06-10
   days on market $525,000 Active 149 DOM
7. 2026-06-09
   days on market $525,000 Active 148 DOM
8. 2026-06-08
   days on market $525,000 Active 147 DOM
9. 2026-06-07
   days on market $525,000 Active 146 DOM
10. 2026-06-05
    days on market $525,000 Active 143 DOM
11. 2026-06-03
    days on market $525,000 Active 142 DOM
12. 2026-06-02
    days on market $525,000 Active 141 DOM
13. 2026-06-01
    days on market $525,000 Active 140 DOM
14. 2026-05-31
    days on market $525,000 Active 139 DOM
15. 2026-05-30
    days on market $525,000 Active 138 DOM
16. 2026-01-12
    listed $525,000 Active 752-char remark

    Show marketing remark (752 chars)

    Excellent value-add opportunity in a CG-2 (General Commercial) zoning district. This income-producing property is currently configured with five residential units plus a downstairs commercial/storage space, all fully leased and generating $3,800 per month in stable income. The CG-2 zoning allows for a wide range of commercial uses, offering strong upside potential through repositioning the residential units to commercial tenants and increasing rents over time. Investors can enjoy immediate cash flow while exploring redevelopment or re-tenanting strategies to maximize returns. Well-suited for a first-time investor or a buyer looking to add a flexible, mixed-use asset to their portfolio with both income stability and long-term growth potential.

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 26 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: $79,416
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,353
• − Management: −$6,353
• − Depreciation: −$15,273
• Taxable income: $11,529
• Est. tax owed @ 24.0%: −$2,767
• After-tax cash flow: $16,434/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 · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a good condition score of 80. It is currently configured with five residential units and a commercial/storage space, all fully leased and generating stable income. The property is well-suited for a first-time investor or a buyer looking to add a flexible, mixed-use asset to their portfolio with strong upside potential through repositioning the residential units to commercial tenants and increasing rents over time.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Upgrade kitchen appliances — Modernizes the kitchen and can attract more tenants or buyers.
• Both Install smart home features — Improves convenience and can increase both resale and rental value.
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Upgrade kitchen appliances — Modernizes the kitchen and can attract more tenants or buyers. ↑
• Both Install smart home features — Improves convenience and can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value. ↑

ⓘ 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: Corpus Christi ISD
• NCES district ID: 4815270
• Math proficiency: 31% ▼ -18.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $45,672
• Composite: 28.27/100
• National rank: #6793
• State rank: #562 of 826 in TX

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• County: Nueces County · 296,836 people
• City population: 296,836
• Metro: Corpus Christi, TX
• Population (ZIP): 12,635
• Household income: $61,280
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 596.0

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: Majority Hispanic (62%)
• Race & ethnicity: Hispanic / Latino 62% White 32% Two or more races 29% Black 4%
• Hispanic origin (detail): Mexican 56%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 61% English-only · Spanish 39%

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: ▼ -211.10%
• Current HPI: 177.4759
• Rent YoY: ▲ 1.87%
• Metro: Corpus Christi, 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

1 event — show timeline

• 2026-01-12 Listed $525,000 CBMLS