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1507 7th St
Corpus Christi, TX

1507 7th St

$335,000
8 bd • 7 ba • 2,720 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$335,000

Price/Sq.Ft

$123

Year Built

1965

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 7-plex property at 1507 7th St offers exceptional value at $123.16/sqft, which is 38% below the Corpus Christi average of $199/sqft for multifamily properties. The recent renovations, including a new roof, HVAC units, and windows in the main house, add significant value (estimated $30,000+). The 2019 addition of 4 studio units demonstrates strong rental demand and increases the property's income potential. With 5 studio units, 1 one-bedroom, and 1 two-bedroom unit, the diverse unit mix caters to various tenant needs. Two units are Section 8 ready, providing steady income potential. The property's minimal flood risk (1/10) is a significant advantage in coastal Corpus Christi, potentially lowering insurance costs and increasing long-term stability.

The Bad

The property's age (built in 1965) may lead to higher maintenance costs despite recent renovations. The partial perimeter fence may need completion for enhanced security and tenant satisfaction (estimated cost: $3,000-$5,000). The third unit in the original house still needs work to be Section 8 ready, requiring additional investment (estimated $5,000-$10,000). The extreme heat risk (10/10) could lead to higher cooling costs and potential tenant discomfort during peak summer months. The property's location in an area with a median income of $30,625 may limit rental rate increases and attract a specific tenant demographic.

The Ugly

The extreme wind risk (9/10) is a significant concern, potentially leading to substantially higher insurance premiums and increased risk of storm damage. The property's history of frequent price changes (5 price reductions in 9 months) suggests potential market challenges or overpricing. The total of 8 bedrooms and 7 bathrooms across 7 units indicates small unit sizes, which may limit appeal to some tenants and potentially increase turnover rates. The property's location in a lower-income area (median $30,625) could present challenges in tenant screening and rent collection. The lack of parking information is concerning for a 7-unit property, potentially leading to tenant dissatisfaction and local ordinance issues.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for experienced real estate investors focusing on cash flow from multifamily properties. It's ideal for those comfortable with Section 8 tenants and managing multiple small units. Investors should have a household income of $150,000+ to comfortably manage potential vacancies and maintenance costs. The property suits those with a higher risk tolerance due to the extreme wind risk and market positioning. It's perfect for hands-on investors willing to complete renovations and actively manage the property to maximize returns.

Not For

This property is not suitable for first-time investors due to its complexity and potential management challenges. It's not ideal for those seeking a turnkey investment, as one unit still needs work and ongoing management will be intensive. Investors looking for appreciation in high-end areas should look elsewhere, given the lower-income neighborhood. The property isn't suitable for owner-occupants or those looking for short-term vacation rentals. Risk-averse investors concerned about natural disasters should avoid this property due to the extreme wind risk.
Demographics
Area Median Income

$30,625

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Risk Assessment

Climate Risks

heatEXTREME

7 extreme heat days per year

98th percentile: 107°F

windEXTREME

Insurance: Required

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

airMINIMAL

0 bad air quality days per year

Risk Analysis

The extreme wind risk (9/10) could lead to insurance premiums 30-50% higher than average and potential property damage during storms. The area's low median income ($30,625) may limit rent growth and increase the risk of payment issues. The property's age (1965) suggests potential for major system failures despite recent renovations. The frequent price reductions indicate possible market saturation or overpricing, which could impact future appreciation. Zoning changes or increased regulation of multifamily properties could affect the property's use or profitability. The small unit sizes may lead to higher turnover rates, increasing vacancy and marketing costs.
Insurance
Annual Cost

$1,206

$101 per month

Financials

Monthly Costs

Price History

Property Taxes

$0
2024 Tax Assessment
100.0%from previous year
Assessed Value$168,576
Tax Rate0.00%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Frequently Asked Questions

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