15217 Leeward Dr Unit 3A · Corpus Christi, TX 78418

$135,000

1 bd · 1.5 ba · 525 sqft · Townhouse public records · 124 Days on market

Built 1983 1,673 sqft lot $257/sqft · 42% below area Est $232k · 42% under $450/mo HOA · 28% 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).

• ARV discount +15.0/15.0
• 1% rule +6.8/10.0
• Cash flow +5.5/30.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

Key facts

• Boat dock
• Waterfront complex
• Soaring ceilings

Tags

• WATERFRONT COMPLEX
• BEACH ACCESS
• PRIVATE BACK PATIO
• BOAT DOCK
• OPEN-CONCEPT LIVING AREA
• SOARING CEILINGS

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath townhouse listed at $135k.

Deal economics

• At list price, monthly cash flow is $-288 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (37.6% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $84k (37.6% below list) — sets the bar for cash-flow.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.6%/yr); 686 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.
• Current owner paid $44k; list at $135k implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; HOA is 28% of rent.

Recommended offer $84,173 (37.6% 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 124 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 3.74%
• Cash-on-cash: -9.13%
• DSCR: 0.59
• GRM: 7.1

CMA / ARV

• ARV (median comp): $232,059
• List price: $135,000
• Delta: -41.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14721 Whitecap Blvd #112	0.27mi	1/1.0	520 (-1%)	15mo	$219,900	$423	71
15034 Aruba Dr #202	0.21mi	1/1.0	495 (-6%)	11mo	$175,000	$354	70
14721 Whitecap Blvd #215	0.27mi	1/1.0	520 (-1%)	18mo	$224,000	$431	69
15034 Aruba Dr #110	0.21mi	1/1.0	495 (-6%)	13mo	$219,900	$444	68
15034 Aruba Drive #112	0.21mi	1/1.0	495 (-6%)	16mo	$234,900	$475	65
14721 Whitecap Blvd #235	0.29mi	1/1.0	520 (-1%)	23mo	$224,900	$433	63

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: -38.7%
• Equity multiple: -0.18×
• Total profit: $-44,467
• Equity at exit: $20,129

10-year hold

• IRR: —
• Equity multiple: -1.08×
• Total profit: $-78,727
• Equity at exit: $11,672

Cash invested: $37,800 (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 78418

• Rents YoY: -0.6%
• Active inventory: 686
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$708
• Tax from tax record: −$332 /mo · $3,979/yr
• Insurance: −$56
• HOA: −$450
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-288

Break-even live

Break-even rent $1,957

Max offer price $84,173

Occupancy floor —

Sensitivity live

Price	-10% $-211	-5% $-250	+0% $-288	+5% $-326	+10% $-364
Rent	-10% $-414	-5% $-351	+0% $-288	+5% $-225	+10% $-162
Rate	-1.0pp $-220	-0.5pp $-253	base $-288	+0.5pp $-323	+1.0pp $-358

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14721 Whitecap Blvd #323 Corpus Christi, TX	1.0	1.0	565	$1,800	$3.19	22d	1	0.25mi
14873 Granada Dr #13 Corpus Christi, TX	1.0	1.0	390	$950	$2.44	15d	1	0.47mi
14898 Granada Dr Unit 1268412P Corpus Christi, TX	1.0	1.0	441	$1,984	$4.50	45d	1	0.51mi
13997 Fortuna Bay Dr #203 Corpus Christi, TX	1.0	1.0	634	$1,500	$2.37	22d	1	1.28mi
13958 Fortuna Bay Dr Unit J Corpus Christi, TX	1.0	1.0	505	$1,350	$2.67	45d	1	1.41mi

HOA detail

• Monthly dues: $450 · $5,400/yr
• Likely covers: waterpool

Listing history 26 events

1. 2026-06-18
   days on market $135,000 Active 124 DOM
2. 2026-06-17
   days on market $135,000 Active 123 DOM
3. 2026-06-16
   days on market $135,000 Active 122 DOM
4. 2026-06-15
   days on market $135,000 Active 121 DOM
5. 2026-06-14
   days on market $135,000 Active 119 DOM
6. 2026-06-13
   days on market $135,000 Active 118 DOM
7. 2026-06-10
   days on market $135,000 Active 116 DOM
8. 2026-06-09
   days on market $135,000 Active 115 DOM
9. 2026-06-08
   days on market $135,000 Active 114 DOM
10. 2026-06-07
    days on market $135,000 Active 113 DOM
11. 2026-06-03
    days on market $135,000 Active 109 DOM
12. 2026-06-02
    days on market $135,000 Active 108 DOM
13. 2026-06-01
    days on market $135,000 Active 107 DOM
14. 2026-05-31
    days on market $135,000 Active 106 DOM
15. 2026-05-30
    days on market $135,000 Active 105 DOM
16. 2026-04-15
    price $135,000 1866-char remark

    Show marketing remark (1866 chars)

    PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

17. 2026-02-10
    listed $139,500 Active 1866-char remark

    Show marketing remark (1866 chars)

    PRICE IMPROVEMENT! WATERFRONT SHORT-TERM RENTAL OPPORTUNITY – Steps from the Beach! Welcome to Lorimar Place — a 10-unit waterfront complex on Lake Padre with the beach just one block away. This is the kind of property savvy investors look for: prime location, strong vacation rental appeal, and value-add potential. This 1-bedroom loft-style unit offers the coastal experience today’s travelers are searching for. Guests will love the sparkling water views upon arrival and the private back patio and boat dock — perfect for morning coffee or sunset drinks. Inside, the open-concept living area features soaring ceilings that enhance the sense of space and picture windows to brighten the room, a cozy wood-burning fireplace (a rare bonus feature for winter Texans), Loft-style bedroom layout for added charm and flexibility. The kitchen includes a courtyard-facing window that brings in extra natural light — an easy opportunity to elevate finishes and increase nightly rates with cosmetic updates. Why This Works as a Vacation Rental: Waterfront location on Lake Padre Beach access just one block away Pool steps from the front door Private dock for fishing & relaxing Small 10-unit complex = boutique feel Ideal size for weekenders & winter Texans Strong appeal for short-term rental platforms The unit is a blank slate — giving investors the opportunity to modernize finishes and significantly increase rental income potential. With the right updates and furnishings, this could easily become a top-performing coastal Short-Term Rental. Whether you're expanding your STR portfolio or looking for a dual-purpose personal getaway + income property, this one checks the boxes. Invest in location. Elevate the design. Maximize the returns. .. .Come Coast Awhile. .. Serious Buyers and CASH ONLY. As-is sale.

18. 2013-07-23
    soldstatus
19. 2013-07-19
    soldstatus 485-char remark

    Show marketing remark (485 chars)

    Recently updated two-story waterfront condo on Padre Island. Kitchen sports beautiful granite countertops with custom wood cabintry. Living/dining area features laminate flooring with access to a fenced patio. Custom shower with body jets in the bathroom downstairs. Upstairs master has two closets, half bath, balcony and view of the beach. Exit the front door to walk down the path to enjoy a dip in the resident's pool. Enjoy the veiw of the waterfront and easy access to the beach.

20. 2013-05-20
    listed $129,900 485-char remark

    Show marketing remark (485 chars)

    Recently updated two-story waterfront condo on Padre Island. Kitchen sports beautiful granite countertops with custom wood cabintry. Living/dining area features laminate flooring with access to a fenced patio. Custom shower with body jets in the bathroom downstairs. Upstairs master has two closets, half bath, balcony and view of the beach. Exit the front door to walk down the path to enjoy a dip in the resident's pool. Enjoy the veiw of the waterfront and easy access to the beach.

21. 2009-07-29
    soldstatus
22. 2009-07-29
    soldstatus
23. 2008-10-19
    listed $74,900
24. 2005-05-11
    soldstatus
25. 2005-04-05
    listed $88,900
26. 2002-08-30
    soldstatus $44,000

ⓘ 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: $3,979 · $332/mo
• Projected year-2 tax: $3,979 · $332/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $19,110
• − Mortgage interest: −$7,562
• − Property taxes: −$3,979
• − Insurance: −$675
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − HOA: −$5,400
• − Depreciation: −$3,927
• Taxable loss: −$5,491
• Est. tax savings @ 24.0%: +$1,318
• After-tax cash flow: $-2,135/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)

No district data.

Livability — Corpus Christi

• Score: 78/100
• State rank: #66
• US rank: #2404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corpus Christi, TX
• County: Nueces County · 296,836 people
• City population: 296,836
• Metro: Corpus Christi, TX
• Population (ZIP): 29,790
• Household income: $92,445
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 808.0

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 29% Two or more races 19% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 83% English-only · Spanish 14% Tagalog/Filipino 2%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -168.81%
• Current HPI: 193.902
• Rent YoY: ▼ -0.57%
• Metro: Corpus Christi, 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

+206.8% since first listed

11 events — show timeline

• 2026-04-15 Price Changed $135,000 CBMLS
• 2026-02-10 Listed $139,500 CBMLS
• 2013-07-23 Sold (Public Records) — Public Records
• 2013-07-19 Sold (MLS) — CBMLS
• 2013-05-20 Listed $129,900 CBMLS
• 2009-07-29 Sold (Public Records) — Public Records
• 2009-07-29 Sold (MLS) — CBMLS
• 2008-10-19 Listed $74,900 CBMLS
• 2005-05-11 Sold (MLS) — CBMLS
• 2005-04-05 Listed $88,900 CBMLS
• 2002-08-30 Sold (Public Records) $44,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $3,979 · +9.2% YoY. Source: county tax records.