1213 Breebry Dr

Corpus Christi, TX 78415

$265,000D

3 bd · 2.0 ba · 1,374 sqft · Built 2023 · SingleFamily · Pending · 183 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,214/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$676
• HOA: −$20
• Vac / Maint / Mgmt: −$465
• Net cashflow: $-336/mo
• Annual: $-4,032/yr
• Cap rate: 4.77%
• Cash-on-cash: -5.43%
• DSCR: 0.76
• 1% rule: 0.84%
• Cash to close: $74,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $265k. Condition is rated good.
• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (16.4% below list).
• It's been on market 183 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (22.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• London ISD (rural): math 65% / reading 62% proficiency, ranked #13 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: London El (346 students, 20% FRL); London Middle (math 70% / reading 63%, grade A-, #89 of 1,662 statewide, top 5%, 393 students, 14% FRL); London H S (math 62% / reading 77%, grade B, #119 of 1,632 statewide, top 9%, 507 students, 18% FRL) — zoned schools at 17% FRL track the district average.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents rising (+2.3%/yr); 434 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 4.8% 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.
• At $2,214/mo this rent would consume 48% of the median local household income ($55k/yr) (locally 1730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 183 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?