Check it:
https://www.spotrac.com/nfl/player/_/id/91593/cody-schrader
Definitely not your typical UDF deal, which included a 12k signing bonus. Unless he unexpectedly craps the bed, he will at worst be on their practice squad. If they do put him on waivers though, someone else could swoop in (KC would be stupid not to grab him if that happens).
I think he'd have to really regress to get put on waivers though. 232k isn't a lot for the 49rs to lose if they were to cut him, but why even sign that deal when you didn't need to? He'd most likely get snapped up quickly by someone else before they could grab him back.
Cody fits their running-scheme & I think they'd be willing to spend the time to craft him into something effective for them. Various 49rs podcasters I've watched during OTAs have really liked what they've seen from him.
I think he's got a shot