512 Citrus Cir

San Juan, TX 78589

$90,000B-

2 bd · 1.0 ba · 896 sqft · Built 1987 · Manufactured · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,084/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$161
• HOA: −$11
• Vac / Maint / Mgmt: −$228
• Net cashflow: $213/mo
• Annual: $2,554/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• 1% rule: 1.20%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 103 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#294 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Pharr-San Juan-Alamo ISD (suburban): math 18% / reading 30% proficiency, ranked #740 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alfred Sorensen El (math 22% / reading 32%, grade F, #2,791 of 4,322 statewide, top 68%, 616 students, 83% FRL); Austin Middle (math 14% / reading 18%, grade F, #1,543 of 1,662 statewide, top 94%, 951 students, 85% FRL); Psja Early College H S (math 33% / reading 65%, grade D, #553 of 1,632 statewide, top 34%, 2,459 students, 93% FRL) — zoned schools average 87% FRL vs 72% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 363 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.1% vs local median 3.4% in San Juan — 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.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.