3209 Briggs Rd

Midway South, TX 78596

$474,900C

None bd · None ba · 4,175 sqft · Built 2025 · MultiFamily · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,764/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$792
• HOA: −$21
• Vac / Maint / Mgmt: −$1,000
• Net cashflow: $461/mo
• Annual: $5,528/yr
• Cap rate: 7.46%
• Cash-on-cash: 4.16%
• DSCR: 1.18
• 1% rule: 1.00%
• Cash to close: $132,972

Investor read

• This is a 2×3bd/2ba + 2×2bd/2ba units multifamily listed at $475k. Condition is rated excellent.
• At list price, monthly cash flow is $461 ($6k/yr) — positive. Per door: $115/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• It's been on market 111 days — a 9% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $432k (9.0% below list) — sets the bar for market timing.
• In year one you build about $509 of equity ($3k loan paydown + $-3k appreciation (-0.6% local appreciation)).
• Location reads 58/100 on livability (#1,201 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Weslaco ISD (suburban): math 23% / reading 31% proficiency, ranked #705 of 826 in TX (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sam Houston El (math 22% / reading 37%, grade F, #2,525 of 4,322 statewide, top 62%, 745 students, 87% FRL); Central Middle (math 33% / reading 40%, grade F, #786 of 1,662 statewide, top 48%, 974 students, 70% FRL); Weslaco H S (math 25% / reading 33%, grade F, #1,147 of 1,632 statewide, top 71%, 2,553 students, 73% FRL) — zoned schools average 77% FRL vs 59% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1019 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• Cap rate 7.5% vs local median 5.0% in Midway South — 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.

Questions for listing agent

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.