420 Stonewall St · Kerrville, TX 78028

$365,000

3 bd · 1.0 ba · 2,558 sqft · MultiFamily public records · 115 Days on market

Built 1984 8,542 sqft lot $143/sqft · 22% below area Est $466k · 22% under

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming cottage plus income potential in the heart of Kerrville. This property features a cute 3/1 main house and a 2/1 second unit—perfect for multi-generational living, guest quarters, or rental income. Plenty of parking and close to everything Kerrville has to offer: shopping, dining, schools, and medical. Great opportunity to live in one and rent the other or keep both as investment properties.

Key facts

• Guest quarters
• Plenty of parking
• Close to dining

Tags

• MULTI-GENERATIONAL LIVING
• GUEST QUARTERS
• RENTAL INCOME
• PLENTY OF PARKING
• CLOSE TO SHOPPING
• CLOSE TO DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $365k).
• Recommended offer: $332k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 2.1% in Kerrville — 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.

Location & tenants

• Location reads 81/100 on livability (#25 in TX, #1,483 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Kerrville ISD (town): math 45% / reading 51% proficiency, ranked #220 of 826 in TX (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 753 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 422 units permitted in Kerr County in 2024 (322 in 5+ unit buildings).
• At $6,461/mo this rent would consume 116% of the median local household income ($67k/yr) (locally 1092% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Kerr County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($332k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $332,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 14.69%
• Cash-on-cash: 29.99%
• DSCR: 2.33
• GRM: 4.7

CMA / ARV

• ARV (median comp): $465,737
• List price: $365,000
• Delta: -21.63%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.02×
• Total profit: $103,823
• Equity at exit: $54,423

10-year hold

• IRR: 32.4%
• Equity multiple: 3.95×
• Total profit: $301,124
• Equity at exit: $31,559

Cash invested: $102,200 (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 78028

• Rents YoY: 3.0%
• Active inventory: 753
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $6,461 medium
• Mortgage (P&I): −$1,914
• Tax from tax record: −$484 /mo · $5,809/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,357
• Net cashflow: $2,554

Break-even live

Break-even rent $3,228

Max offer price $365,000

Occupancy floor 55%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,890
▸ 3× units	2	1	$4,572
Total (4 units)			$6,461

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 Lee St Kerrville, TX	4.0	2.0	1781	$2,300	$1.29	43d	1	0.21mi
329 W Main St Kerrville, TX	2.0	1.0	1794	$1,995	$1.11	43d	1	0.23mi
113 Los Cedros Loop Kerrville, TX	3.0	2.0	1780	$2,300	$1.29	44d	1	0.69mi
1000 Guadalupe St Kerrville, TX	2.0	2.0	1777	$2,500	$1.41	43d	1	0.89mi
327 Roy St Kerrville, TX	3.0	2.0	1962	$1,750	$0.89	43d	1	1.49mi

Listing history 25 events

1. 2026-06-19
   days on market $365,000 Active 115 DOM
2. 2026-06-18
   days on market $365,000 Active 114 DOM
3. 2026-06-17
   days on market $365,000 Active 113 DOM
4. 2026-06-16
   days on market $365,000 Active 112 DOM
5. 2026-06-15
   days on market $365,000 Active 111 DOM
6. 2026-06-14
   days on market $365,000 Active 109 DOM
7. 2026-06-12
   days on market $365,000 Active 108 DOM
8. 2026-06-09
   days on market $365,000 Active 105 DOM
9. 2026-06-08
   days on market $365,000 Active 104 DOM
10. 2026-06-07
    days on market $365,000 Active 103 DOM
11. 2026-06-05
    days on market $365,000 Active 100 DOM
12. 2026-06-03
    days on market $365,000 Active 99 DOM
13. 2026-06-02
    days on market $365,000 Active 98 DOM
14. 2026-06-01
    days on market $365,000 Active 97 DOM
15. 2026-05-31
    days on market $365,000 Active 96 DOM
16. 2026-05-30
    days on market $365,000 Active 95 DOM
17. 2026-02-24
    listed $365,000 Active 408-char remark

    Show marketing remark (408 chars)

    Charming cottage plus income potential in the heart of Kerrville. This property features a cute 3/1 main house and a 2/1 second unit—perfect for multi-generational living, guest quarters, or rental income. Plenty of parking and close to everything Kerrville has to offer: shopping, dining, schools, and medical. Great opportunity to live in one and rent the other or keep both as investment properties.

18. 2022-09-26
    soldstatus
19. 2021-03-16
    soldstatus
20. 2021-03-12
    soldstatus 160-char remark

    Show marketing remark (160 chars)

    Investment opportunity! Income producing property. Cute 3/1 Cottage as main house and a traditional 2/1 second unit. Ample Parking. Close to all town amenities

21. 2020-09-18
    listed $282,500 160-char remark

    Show marketing remark (160 chars)

    Investment opportunity! Income producing property. Cute 3/1 Cottage as main house and a traditional 2/1 second unit. Ample Parking. Close to all town amenities

22. 2009-04-22
    soldstatus
23. 2008-09-30
    listed $129,900
24. 2004-05-05
    soldstatus
25. 2004-03-21
    listed $69,000

ⓘ 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: $5,809 · $484/mo
• Projected year-2 tax: $6,680 · $557/mo
• Expected delta: +$870/yr (+$73/mo · 15.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 52% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,532
• − Mortgage interest: −$20,446
• − Property taxes: −$5,809
• − Insurance: −$1,825
• − Repairs & maintenance: −$6,203
• − Management: −$6,203
• − Depreciation: −$10,618
• Taxable income: $26,429
• Est. tax owed @ 24.0%: −$6,343
• After-tax cash flow: $24,304/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)

• District: Kerrville ISD
• NCES district ID: 4825590
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 51% ▼ -1.00%
• Median HH income: $44,050
• Composite: 40.54/100
• National rank: #3702
• State rank: #220 of 826 in TX

Livability — Kerrville

• Score: 81/100
• State rank: #25
• US rank: #1483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kerrville, TX
• County: Kerr County · 41,206 people
• City population: 41,206
• Metro: Kerrville, TX
• Population (ZIP): 41,206
• Household income: $66,991
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 1092.0

Population outlook (Kerr County) Hauer SSP2

• Today (2025): 54,010 people
• By 2030: 55,651 · +3.0%
• By 2040: 58,923 · +9.1%
• By 2050: 62,117 · +15.0%
• By 2075: 71,809 · +33.0%
• By 2100: 77,004 · +42.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 26% Two or more races 12% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 3% Slovak 3% Portuguese 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 10%

Political lean MEDSL · Kerr

• 2024 margin: Solid R (+54.3) · D 22.4% · R 76.8%
• 2008→2024 swing: -4.8pp toward R · 2008: -49.6pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+51.7 2016: R+56.3 2012: R+59.1 2008: R+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.97%
• Current HPI: 213.3663
• Rent YoY: ▲ 3.03%
• Metro: Kerrville, 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

+429.0% since first listed

9 events — show timeline

• 2026-02-24 Listed $365,000 Unlock MLS
• 2022-09-26 Sold (Public Records) — Public Records
• 2021-03-16 Sold (Public Records) — Public Records
• 2021-03-12 Sold (MLS) — KVMLS
• 2020-09-18 Listed $282,500 KVMLS
• 2009-04-22 Sold (MLS) — KVMLS
• 2008-09-30 Listed $129,900 KVMLS
• 2004-05-05 Sold (MLS) — KVMLS
• 2004-03-21 Listed $69,000 KVMLS

Property tax history

+7.4%/yr

Latest (2025): $5,809 · -1.7% YoY. Source: county tax records.