Shared Top Border
sdcia_head3.jpg (14795 bytes)
SDCIA Message Board
Register Latest Topics
 
 
 


Reply
  Author   Comment  
DustyOC

Member
Registered:
Posts: 6
Reply with quote  #1 

Is anyone investing in Corpus Christi? How's the rental market? Can I get positive or break even cashflow with 10% down on a new construction house/condo/multifamily? How's the appreciation? Vacancy rate? Any helpful web links? Many thanks!

kevink

Senior Member
Registered:
Posts: 842
Reply with quote  #2 
Quote:
Originally Posted by DustyOC

Is anyone investing in Corpus Christi? How's the rental market? Can I get positive or break even cashflow with 10% down on a new construction house/condo/multifamily? How's the appreciation? Vacancy rate? Any helpful web links? Many thanks!



Dusty,
I bought a house there in December 04 in the 78414 zip code.
It's a nice house built in 1996, 4br/2ba around 2100 sq ft, 2 stories. My purchase price was 151k.
It took me about 3 months but I found a tenant/buyer who gave me $4k down and pay $1385/month for a 2 year lease option. I cashflow around $75 a month, and they're the best tenants I could have asked for.

Based on comps I'd say the house appreciated around 9% the first year. However, I think Corpus has slowed a bit this year. Unless you bought something on Padre Island, most of the area is slow going. Unemployment is low in the area but there really isn't much money around there at all. Vacancy rates were pretty low but they have been building like crazy so that may have changed now.

Overall I'm not crazy about Corpus mainland, but I definitely like Padre Island and regret not buying there instead. Padre consists of both residents who commute to the mainland and vacation homes. I believe the Packery Channel was completed recently, which provides a waterway for boats to cut right through the island and into the Gulf.

Good luck!
Kevin
kevink

Senior Member
Registered:
Posts: 842
Reply with quote  #3 
I forgot to add I did 100% LTV, but this is back when rates were lower.
taddyangle

Avatar / Picture

Senior Member
Registered:
Posts: 2,065
Reply with quote  #4 

When I was out there in Jan, I made an offer on a duplex about 1/2-1 mile from the gulf.  Nice neighborhood, but the insurance rates made it break even with 20% down.  Aftert the inspection report we turned it down do to all the deffered maintenance that would be needed (about $20k).  I looked at other property in the same area (just south of downtown) and it seemed to break even.

We ended up buying a 8 year old water front unit in Port Aransas (just north  of Padre Island, about 10 miles) and have been real happy with the nightly rents for this unit.  Hard to say if we have seen an increase, but the only comparable units  where built last year and in the same complex are listed for $400k to $525k, which is a fair amount above what we paid.


__________________
------
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Policy