113 S Cedar Dr

Ingram, TX 78025

$259,000C-

3 bd · 2.0 ba · 1,344 sqft · Built 1994 · Manufactured · Active · 425 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,100/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$296
• HOA: −$0
• Vac / Maint / Mgmt: −$441
• Net cashflow: $5/mo
• Annual: $56/yr
• Cap rate: 6.31%
• Cash-on-cash: 0.08%
• DSCR: 1.00
• 1% rule: 0.81%
• Cash to close: $72,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $259k.
• At list price, monthly cash flow is $5 ($56/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (18.9% below list).
• It's been on market 425 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (18.9% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (9.8% local appreciation)).
• Location reads 61/100 on livability (#982 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Ingram ISD (rural): math 58% / reading 47% proficiency, ranked #145 of 826 in TX (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ingram El (math 61% / reading 44%, grade C-, #720 of 4,322 statewide, top 17%, 569 students, 75% FRL); Ingram Middle (math 52% / reading 43%, grade C-, #408 of 1,662 statewide, top 25%, 279 students, 69% FRL); Ingram Tom Moore H S (math 67% / reading 62%, grade B-, #199 of 1,632 statewide, top 14%, 392 students, 62% FRL).
• Market conditions: 37 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 422 units permitted in Kerr County in 2024 (322 in 5+ unit buildings).
• Kerr County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 26y 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.
• At projected returns (9.8% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 41% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 1.1% in Ingram — 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 425 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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 F-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.