15034 Aruba Dr #113

Corpus Christi, TX 78418

$189,000F

1 bd · 1.0 ba · 495 sqft · Built 2019 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,192/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$821
• HOA: −$563
• Vac / Maint / Mgmt: −$250
• Net cashflow: $-1,434/mo
• Annual: $-17,207/yr
• Cap rate: -0.10%
• Cash-on-cash: -22.84%
• DSCR: -0.02
• 1% rule: 0.63%
• Cash to close: $52,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $189k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (36.9% below list).
• It's been on market 16 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (36.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Flour Bluff El (math 40% / reading 42%, grade F, #1,462 of 4,322 statewide, top 34%, 759 students, 53% FRL); Flour Bluff J H (math 45% / reading 53%, grade C-, #378 of 1,662 statewide, top 23%, 919 students, 46% FRL); Flour Bluff H S (math 33% / reading 62%, grade D, #583 of 1,632 statewide, top 36%, 1,958 students, 40% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 47% of rent.
• Market conditions: Rents soft (-0.6%/yr); 991 active listings in the ZIP; solid renter incomes; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→33/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -0.1% vs local median 3.9% in Corpus Christi — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 15% of the median local income ($92k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.