9535 Maneado Rd

San Perlita, TX 78569

$39,900B+

3 bd · 2.0 ba · 952 sqft · Built 1999 · Manufactured · Pending · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $934/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $444/mo
• Annual: $5,329/yr
• Cap rate: 19.65%
• Cash-on-cash: 47.70%
• DSCR: 3.12
• 1% rule: 2.34%
• Cash to close: $11,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $40k.
• 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 ($934 rent vs $40k).
• It's been on market 49 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($276 loan paydown + $3k appreciation (8.3% local appreciation)).
• Location reads 54/100 on livability (#1,413 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime F, amenities F.
• Lyford CISD (town): math 17% / reading 31% proficiency, ranked #750 of 826 in TX (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 29 active listings in the ZIP; 36 units permitted in Willacy County in 2024 (0 in 5+ unit buildings).
• Willacy County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.