949 Brown Rock · New Braunfels, TX 78130

$439,000

6 bd · 2.0 ba · 1,249 sqft · MultiFamily public records · 81 Days on market

Built 2011 7,840 sqft lot Est $453k · at est. $50/mo HOA · 3% of rent

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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).

• Cash flow +10.3/30.0
• ARV discount +8.9/15.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Income-Ready Duplex! 50 PCT Leased! This well-maintained duplex is perfect for investors or owner-occupants! One side (Unit 949) is already leased at $1,495/month, helping offset your mortgage from day one. Each unit offers 3 bedrooms, 2 full baths, a kitchen with ample storage and an island, plus a spacious open family room that opens to a fully fenced backyard for privacy and outdoor enjoyment. Minutes from HWY 46, close to HEB and local restaurants, and just 15 minutes from iconic Historic Gruene Hall in charming New Braunfels.

Key facts

• Minutes from hwy 46
• Close to heb
• Ample storage

Tags

• FULLY FENCED BACKYARD
• SPACIOUS OPEN FAMILY ROOM
• AMPLE STORAGE
• MINUTES FROM HWY 46
• CLOSE TO HEB
• CLOSE TO LOCAL RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $439k.

Deal economics

• At list price, monthly cash flow is $-241 ($-3k/yr) — negative. Per door: $-121/mo.
• To cash-flow at today's rent, offer at most $396k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $398k (9.4% below list).
• Recommended offer: $396k (9.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 3.4% in New Braunfels — 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 83/100 on livability (#9 in TX, #925 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Comal ISD (rural): math 57% / reading 59% proficiency, ranked #58 of 826 in TX (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freiheit El (math 37% / reading 43%, grade F, #1,514 of 4,322 statewide, top 36%, 910 students, 55% FRL); Canyon H S (math 59% / reading 65%, grade B-, #237 of 1,632 statewide, top 16%, 2,348 students, 35% FRL).
• Market conditions: Rents soft (-2.0%/yr); 1896 active listings in the ZIP; solid renter incomes; 3,420 units permitted in Comal County in 2024 (1,164 in 5+ unit buildings).
• At $3,979/mo this rent would consume 57% of the median local household income ($83k/yr) (locally 2912% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Comal County population projected at +70% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($413k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $396,341 (9.7% 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 81 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. 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?
10. 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.
11. 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.
12. 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: 0.91% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.36%
• DSCR: 0.90
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $453,387
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 Anne Louise Dr Unit A & B	0.14mi	6/4.0	1,212 (-3%)	2mo	$440,000	$363	79

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.20×
• Total profit: $-97,902
• Equity at exit: $65,456

10-year hold

• IRR: -32.8%
• Equity multiple: -0.21×
• Total profit: $-149,000
• Equity at exit: $37,957

Cash invested: $122,920 (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 78130

• Rents YoY: -2.0%
• Active inventory: 1896
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $3,979 high
• Mortgage (P&I): −$2,302
• Tax from tax record: −$850 /mo · $10,198/yr
• Insurance: −$183
• HOA: −$50
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $-241

Break-even live

Break-even rent $4,285

Max offer price $396,341

Occupancy floor —

Sensitivity live

Price	-10% $7	-5% $-117	+0% $-241	+5% $-366	+10% $-490
Rent	-10% $-556	-5% $-399	+0% $-241	+5% $-84	+10% $73
Rate	-1.0pp $-20	-0.5pp $-130	base $-241	+0.5pp $-355	+1.0pp $-471

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,978
Total (2 units)			$3,979

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 8 events

1. 2026-04-22
   status Pending
2. 2026-03-18
   price $439,000
3. 2026-01-31
   listed $450,000 New
4. 2023-12-09
   historical $1,495
5. 2023-11-18
   price $1,495
6. 2023-10-27
   listed $1,595
7. 2016-06-20
   soldstatus
8. 2011-08-19
   soldstatus

ⓘ 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: $10,198 · $850/mo
• Projected year-2 tax: $10,198 · $850/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $47,748
• − Mortgage interest: −$24,591
• − Property taxes: −$10,198
• − Insurance: −$2,195
• − Repairs & maintenance: −$3,820
• − Management: −$3,820
• − HOA: −$600
• − Depreciation: −$12,771
• Taxable loss: −$10,246
• Est. tax savings @ 24.0%: +$2,459
• After-tax cash flow: $-439/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: Comal ISD
• NCES district ID: 4814730
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 59% ▼ -2.00%
• Median HH income: $74,792
• Composite: 51.79/100
• National rank: #1671
• State rank: #58 of 826 in TX

Livability — New Braunfels

• Score: 83/100
• State rank: #9
• US rank: #925

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Braunfels, TX
• County: Comal County · 206,262 people
• City population: 144,962
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 104,009
• Household income: $83,064
• Rent vs Own: 34.1% rent · 65.9% own
• Severe rent burden: 2912.0

Population outlook (Comal County) Hauer SSP2

• Today (2025): 175,637 people
• By 2030: 199,911 · +13.8%
• By 2040: 249,436 · +42.0%
• By 2050: 299,430 · +70.5%
• By 2075: 423,857 · +141.3%
• By 2100: 512,048 · +191.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (58%)
• Race & ethnicity: White 58% Hispanic / Latino 37% Two or more races 19% Black 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 78% English-only · Spanish 20% German/W. Germanic 1%

Political lean MEDSL · Comal

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.2%
• 2008→2024 swing: +1.9pp toward D · 2008: -47.4pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+42.7 2016: R+50.1 2012: R+54.1 2008: R+47.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.61%
• Current HPI: 173.7128
• Rent YoY: ▼ -1.97%
• 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

+27423.5% since first listed

8 events — show timeline

• 2026-04-22 Pending — LERA
• 2026-03-18 Price Changed $439,000 LERA
• 2026-01-31 Listed $450,000 LERA
• 2023-12-09 Rental Removed $1,495 CTXMLS
• 2023-11-18 Price Changed $1,495 CTXMLS
• 2023-10-27 Listed for Rent $1,595 CTXMLS
• 2016-06-20 Sold (Public Records) — Public Records
• 2011-08-19 Sold (Public Records) — Public Records

Property tax history

+17.6%/yr

Latest (2026): $10,198 · +20.0% YoY. Source: county tax records.