109 W Cora Lee Dr #9 · South Padre Island, TX 78597

$359,000

3 bd · 3.0 ba · 1,415 sqft · Condo · 825 Days on market

Built 2006 Good condition $254/sqft · 25% below area Est $478k · 25% under $431/mo HOA · 16% of rent ↓ 2% since listing

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +5.3/30.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 1% rule +2.4/10.0
• Schools +1.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Introducing a stunning condominium at South Padre Island, perfectly situated within a short walking distance to the beach. This exquisite property boasts 3 spacious bedrooms and 3 bathrooms, providing ample space for relaxation and comfort. Immerse yourself in the coastal charm and enjoy the convenience of being just steps away from the pristine sandy shores. With its prime location and luxurious features, this condominium offers the perfect blend of coastal living and upscale amenities.

Key facts

• Luxurious features
• Coastal charm
• $431 HOA

Tags

• COASTAL CHARM
• LUXURIOUS FEATURES

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $359k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (49.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $267k (25.6% below list).
• Recommended offer: $181k (49.5% below list) — sets the bar for cash-flow.
• Cap rate 3.6% vs local median 1.8% in South Padre Island — 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 60/100 on livability (#1,077 in TX) — a middle-class / working-renter tenant base. Strengths: housing B; Watch: amenities C-, crime F, commute F.
• Point Isabel ISD (town): math 14% / reading 31% proficiency, ranked #756 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Port Isabel J H (math 10% / reading 29%, grade F, #1,445 of 1,662 statewide, top 88%, 425 students, 84% FRL) — zoned schools average 84% FRL vs 35% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 688 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 34d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• At $2,671/mo this rent would consume 47% of the median local household income ($68k/yr) (locally 20% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Cameron County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 825 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $181,285 (49.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 825 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.74% ✗
• Cap rate: 3.61%
• Cash-on-cash: -9.57%
• DSCR: 0.57
• GRM: 11.2

CMA / ARV

• ARV (median comp): $478,475
• List price: $359,000
• Delta: -24.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 Laguna Blvd #202	0.19mi	3/2.0	1,464 (+4%)	5mo	$720,000	$492	78
109 E Parade Dr Unit D	0.23mi	2/2.5 (-1)	1,521 (+8%)	4mo	$515,000	$339	66
109 E Parade Dr Unit I	0.23mi	2/2.5 (-1)	1,521 (+8%)	4mo	$500,000	$329	66
3900 Gulf Blvd #503	0.93mi	3/3.0	1,431 (+1%)	4mo	$715,000	$500	59
131 E Campeche St Unit B	1.27mi	3/3.0	1,500 (+6%)	1mo	$550,000	$367	54
117B E Mezquite St	1.04mi	3/2.0	1,334 (-6%)	1mo	$429,500	$322	51
111 E Venus Ln #3	0.59mi	3/2.0	1,109 (-22%)	4mo	$355,000	$320	40
107 W Acapulco St #3	1.31mi	2/2.5 (-1)	1,553 (+10%)	2mo	$635,000	$409	40
107 W Acapulco St #5	1.31mi	2/2.5 (-1)	1,553 (+10%)	2mo	$635,000	$409	40
115 E Mesquite St Unit A	1.04mi	2/2.0 (-1)	1,090 (-23%)	1mo	$395,000	$362	30
201 W Oleander St #6	0.85mi	2/2.0 (-1)	1,166 (-18%)	2mo	$270,000	$232	30
130 E Retama St #3	1.07mi	2/2.0 (-1)	1,169 (-17%)	2mo	$325,000	$278	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -44.0%
• Equity multiple: -0.35×
• Total profit: $-135,828
• Equity at exit: $53,528

10-year hold

• IRR: -75.9%
• Equity multiple: -1.16×
• Total profit: $-216,694
• Equity at exit: $31,040

Cash invested: $100,520 (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 →

Active competition Active MLS

• For sale now: 1 active · 2 under contract
• Median asking: $325,000 ($256/sqft)
• Median days on market: 169 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +32.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78597

• Home prices YoY: -13.5%
• Active inventory: 688
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,671 high
• Mortgage (P&I): −$1,883
• Tax est. 1.5%: −$449 /mo · $5,385/yr
• Insurance: −$150
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$431
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $-1,228

Break-even live

Break-even rent $4,226

Max offer price $181,285

Occupancy floor —

Sensitivity live

Price	-10% $-980	-5% $-1,104	+0% $-1,228	+5% $-1,352	+10% $-1,476
Rent	-10% $-1,439	-5% $-1,334	+0% $-1,228	+5% $-1,123	+10% $-1,017
Rate	-1.0pp $-1,047	-0.5pp $-1,137	base $-1,228	+0.5pp $-1,321	+1.0pp $-1,416

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: $89,750
• Closing costs: $10,770
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 E Parade Dr #19 South Padre Island, TX	2.0	2.5	1100	$2,200	$2.00	22d	1	0.22mi
130 E Cora Lee Dr Unit West South Padre Island, TX	2.0	2.0	1008	$2,200	$2.18	10d	1	0.25mi
102 W Aries Dr Unit A South Padre Island, TX	2.0	2.0	1084	$2,150	$1.98	12d	1	0.26mi
122 E Verna Jean Dr South Padre Island, TX	3.0	3.5	1800	$4,500	$2.50	184d	1	0.26mi
111 E Polaris Dr #7 South Padre Island, TX	2.0	2.0	882	$1,800	$2.04	184d	1	0.28mi
106 W Capricorn Dr South Padre Island, TX	2.0	2.0	1084	$2,200	$2.03	184d	1	0.31mi
4901 Laguna Blvd #304 South Padre Island, TX	2.0	2.0	979	$1,990	$2.03	33d	1	0.32mi
103 E Aries Dr #3 South Padre Island, TX	2.0	2.0	1021	$2,200	$2.15	184d	1	0.32mi
5909 Padre Blvd #303 South Padre Island, TX	2.0	2.0	1252	$3,000	$2.40	0d	1	0.33mi
201 W Capricorn Dr Unit N603 South Padre Island, TX	2.0	2.5	1643	$3,200	$1.95	0d	1	0.35mi
201 W Capricorn Dr Unit N102 South Padre Island, TX	2.0	2.5	1800	$3,300	$1.83	0d	1	0.35mi
101 E Capricorn Dr Unit B South Padre Island, TX	2.0	2.0	1600	$2,100	$1.31	14d	1	0.37mi
101 E Capricorn Dr Unit B South Padre Island, TX	2.0	2.0	1600	$2,100	$1.31	10d	1	0.37mi
4908 Gulf Blvd #301 South Padre Island, TX	2.0	1.0	925	$3,300	$3.57	10d	1	0.43mi
6201 Padre Blvd Unit 102 South Padre Island, TX	2.0	2.0	980	$2,200	$2.24	0d	1	0.56mi
6201 Padre Blvd Unit 102 South Padre Island, TX	2.0	2.0	980	$2,200	$2.24	154d	1	0.56mi
6410 Padre Blvd South Padre Island, TX	2.0–3.0	2.0	1304	$2,700	$2.07	185d	3	0.57mi
6410 Padre Blvd South Padre Island, TX	2.0–3.0	2.0	1310	$2,700	$2.06	184d	2	0.57mi
6410 Padre Blvd South Padre Island, TX	3.0	2.0	1402	$2,700	$1.93	162d	1	0.57mi
128 E Venus Ln South Padre Island, TX	2.0	2.0	1200	$2,650	$2.21	29d	1	0.59mi
6516 Padre Blvd Unit 2 South Padre Island, TX	3.0	3.0	1800	$2,500	$1.39	0d	1	0.67mi
102 E Gardenia St #8 South Padre Island, TX	3.0	2.0	1355	$2,595	$1.92	10d	1	0.78mi
132 E Gardenia St Unit 1515054P South Padre Island, TX	2.0	2.0	1162	$4,746	$4.08	154d	1	0.81mi
115 E Lantana St South Padre Island, TX	2.0	2.0	1168	$2,500	$2.14	10d	1	0.93mi
115 E Lantana St South Padre Island, TX	2.0	2.0	1168	$2,500	$2.14	29d	1	0.93mi
117 E Lantana St Unit 1515053P South Padre Island, TX	2.0	2.0	1108	$3,332	$3.01	154d	1	0.93mi
3900 Gulf Blvd #602 South Padre Island, TX	2.0	2.0	1167	$2,600	$2.23	184d	1	0.94mi
134 E Huisache St Unit 1391810P South Padre Island, TX	3.0	3.0	1582	$7,410	$4.68	162d	1	0.97mi
200 W Mesquite St #3 South Padre Island, TX	2.0	2.5	1106	$2,500	$2.26	10d	1	1.00mi
200 W Retama St Unit A South Padre Island, TX	2.0	2.0	1150	$2,800	$2.43	0d	1	1.06mi
110 E Retama St Unit 1 South Padre Island, TX	3.0	3.0	1500	$2,000	$1.33	184d	1	1.07mi
110 E Retama St Unit 4 South Padre Island, TX	3.0	4.0	1261	$2,200	$1.74	184d	1	1.07mi
109 E Retama St #7 South Padre Island, TX	2.0	2.0	885	$2,100	$2.37	1d	1	1.10mi
109 E Retama St #7 South Padre Island, TX	2.0	2.0	885	$2,100	$2.37	10d	1	1.10mi
127 E Atol St Unit A South Padre Island, TX	3.0	2.0	1600	$4,900	$3.06	51d	1	1.16mi
206 W Bahama St South Padre Island, TX	2.0	1.0	1200	$2,799	$2.33	184d	1	1.17mi
107 E Bahama St #7 South Padre Island, TX	2.0	2.0	992	$2,200	$2.22	51d	1	1.21mi
107 E Bahama St #7 South Padre Island, TX	2.0	2.0	992	$2,200	$2.22	10d	1	1.21mi
118 E Campeche St Unit 1515050P South Padre Island, TX	2.0	2.0	990	$4,170	$4.21	162d	1	1.24mi
117 E Campeche St Unit 1470134P South Padre Island, TX	2.0	2.0	1194	$3,682	$3.08	162d	1	1.27mi

HOA detail $431/mo · $5,172/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $359,000 Active 825 DOM
2. 2026-11-07
   days on market $359,000 Active 824 DOM
3. 2026-11-06
   days on market $359,000 Active 823 DOM
4. 2026-11-05
   days on market $359,000 Active 822 DOM
5. 2026-11-04
   days on market $359,000 Active 821 DOM
6. 2026-11-02
   days on market $359,000 Active 819 DOM
7. 2026-11-01
   days on market $359,000 Active 818 DOM
8. 2026-10-31
   days on market $359,000 Active 817 DOM
9. 2026-10-30
   days on market $359,000 Active 816 DOM
10. 2026-10-29
    days on market $359,000 Active 815 DOM
11. 2026-10-28
    days on market $359,000 Active 814 DOM
12. 2026-10-27
    days on market $359,000 Active 813 DOM
13. 2026-10-26
    days on market $359,000 Active 812 DOM
14. 2026-10-25
    days on market $359,000 Active 811 DOM
15. 2026-10-24
    days on market $359,000 Active 810 DOM
16. 2026-10-23
    days on market $359,000 Active 809 DOM
17. 2026-10-22
    days on market $359,000 Active 808 DOM
18. 2026-10-21
    days on market $359,000 Active 807 DOM
19. 2026-10-20
    days on market $359,000 Active 806 DOM
20. 2026-10-19
    days on market $359,000 Active 805 DOM
21. 2026-10-18
    days on market $359,000 Active 804 DOM
22. 2026-10-17
    days on market $359,000 Active 803 DOM
23. 2026-10-16
    days on market $359,000 Active 802 DOM
24. 2026-10-15
    days on market $359,000 Active 801 DOM
25. 2026-10-14
    days on market $359,000 Active 800 DOM
26. 2026-10-13
    days on market $359,000 Active 799 DOM
27. 2026-10-12
    days on market $359,000 Active 798 DOM
28. 2026-10-11
    days on market $359,000 Active 797 DOM
29. 2026-10-10
    days on market $359,000 Active 796 DOM
30. 2026-10-09
    days on market $359,000 Active 795 DOM
31. 2026-10-08
    days on market $359,000 Active 794 DOM
32. 2026-10-07
    days on market $359,000 Active 793 DOM
33. 2026-10-06
    days on market $359,000 Active 792 DOM
34. 2026-10-05
    days on market $359,000 Active 791 DOM
35. 2026-10-04
    days on market $359,000 Active 790 DOM
36. 2026-10-04
    days on market $359,000 Active 789 DOM
37. 2026-10-02
    days on market $359,000 Active 788 DOM
38. 2026-10-01
    days on market $359,000 Active 787 DOM
39. 2026-09-30
    days on market $359,000 Active 786 DOM
40. 2026-09-29
    days on market $359,000 Active 785 DOM
41. 2026-09-28
    days on market $359,000 Active 784 DOM
42. 2026-09-27
    days on market $359,000 Active 783 DOM
43. 2026-09-26
    days on market $359,000 Active 782 DOM
44. 2026-09-25
    days on market $359,000 Active 781 DOM
45. 2026-09-24
    days on market $359,000 Active 780 DOM
46. 2026-09-23
    days on market $359,000 Active 779 DOM
47. 2026-09-22
    days on market $359,000 Active 778 DOM
48. 2026-09-21
    days on market $359,000 Active 777 DOM
49. 2026-09-20
    days on market $359,000 Active 776 DOM
50. 2026-09-18
    days on market $359,000 Active 774 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 30 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,056
• − Mortgage interest: −$20,110
• − Property taxes: −$5,385
• − Insurance: −$6,914
• − Repairs & maintenance: −$2,564
• − Management: −$2,564
• − HOA: −$5,172
• − Depreciation: −$10,444
• Taxable loss: −$21,097
• Est. tax savings @ 24.0%: +$5,063
• After-tax cash flow: $-9,675/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $7,075–$21,225 screening

This well-maintained and updated condo is in good condition with a good ROI potential for both resale and rental markets.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Updating the flooring in the kitchen and bathrooms — Modern flooring can improve the overall look and feel of the home ↑
• Both Upgrading the kitchen appliances — New appliances can increase the home's appeal and functionality ↑
• Both Installing smart home technology — Smart home features can enhance convenience and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Schools (NCES district)

• District: Point Isabel ISD
• NCES district ID: 4835250
• Math proficiency: 14% ▼ -24.00%
• Reading proficiency: 31% ▼ -10.00%
• Median HH income: $38,115
• Composite: 18.78/100
• National rank: #8871
• State rank: #756 of 826 in TX

C Composite livability gradescore 60/100

Livability — South Padre Island

• Score: 60/100
• State rank: #1077
• US rank: #19107

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Padre Island, TX
• County: Cameron County · 441,603 people
• Metro: Brownsville-Harlingen, TX
• Population (ZIP): 2,935
• Household income: $68,421
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 20% of renters

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Population outlook (Cameron County) Hauer SSP2

• Today (2025): 441,603 people
• By 2030: 448,113 · +1.5%
• By 2040: 456,385 · +3.3%
• By 2050: 456,294 · +3.3%
• By 2075: 423,851 · -4.0%
• By 2100: 342,787 · -22.4%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 7% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

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Political lean MEDSL · Cameron

• 2024 margin: Lean R (+5.8) · D 46.7% · R 52.5%
• 2008→2024 swing: -34.6pp toward R · 2008: 28.8pp · 2024: -5.8pp
• All cycles: 2024: R+5.8 2020: D+13.2 2016: D+32.5 2012: D+32.4 2008: D+28.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.59%
• Current HPI: 425.29
• Rent YoY: —
• Metro: Brownsville-Harlingen, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

-1.6% since first listed

3 events — show timeline

• 2026-04-29 Price Changed $359,000 MCALLENMLS
• 2024-08-02 Listed $365,000 MCALLENMLS
• 2024-03-29 Listed $365,000 MCALLENMLS