104 E Oleander Dr #1 · South Padre Island, TX 78597

$625,000

5 bd · 3.0 ba · 3,125 sqft · MultiFamily · 205 Days on market

Built 1973 Good condition 6,273 sqft lot $200/sqft · at area comps Est $637k · at est.

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Why this score? — see what drove the D+ 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).

• Cash flow +16.3/30.0
• ARV discount +8.3/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Property sits on the the gulf side of SPI.

Key facts

• 6,273 sq ft lot
• Garage
• Built 1973

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $625k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $590k (5.6% below list).
• Recommended offer: $550k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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: 524 active listings in the ZIP; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• At $5,900/mo this rent would consume 103% of the median local household income ($68k/yr) (locally 96% 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 $4k of loan paydown is wiped out by about $19k 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 205 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $550,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (median comp): $636,932
• List price: $625,000
• Delta: -1.87%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-83,613
• Equity at exit: $93,190

10-year hold

• IRR: -4.3%
• Equity multiple: 0.72×
• Total profit: $-49,702
• Equity at exit: $54,039

Cash invested: $175,000 (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 →

ZIP-level market 78597

• Home prices YoY: -13.5%
• Active inventory: 524
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $5,900 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,239
• Net cashflow: $275

Break-even live

Break-even rent $5,552

Max offer price $625,000

Occupancy floor 90%

Sensitivity live

Price	-10% $707	-5% $491	+0% $275	+5% $59	+10% $-157
Rent	-10% $-191	-5% $42	+0% $275	+5% $508	+10% $741
Rate	-1.0pp $590	-0.5pp $434	base $275	+0.5pp $113	+1.0pp $-51

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,900
Total (2 units)			$5,900

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $625,000 Active 205 DOM
2. 2026-06-18
   days on market $625,000 Active 202 DOM
3. 2026-06-17
   days on market $625,000 Active 201 DOM
4. 2026-06-16
   days on market $625,000 Active 200 DOM
5. 2026-06-15
   days on market $625,000 Active 199 DOM
6. 2026-06-14
   days on market $625,000 Active 197 DOM
7. 2026-06-13
   days on market $625,000 Active 196 DOM
8. 2026-06-10
   days on market $625,000 Active 194 DOM
9. 2026-06-09
   days on market $625,000 Active 193 DOM
10. 2026-06-09
    days on market $625,000 Active 192 DOM
11. 2026-06-07
    days on market $625,000 Active 191 DOM
12. 2026-06-03
    days on market $625,000 Active 187 DOM
13. 2026-06-02
    days on market $625,000 Active 186 DOM
14. 2026-06-01
    days on market $625,000 Active 185 DOM
15. 2026-05-31
    days on market $625,000 Active 184 DOM
16. 2026-05-30
    days on market $625,000 Active 183 DOM
17. 2026-02-10
    status Active 42-char remark

    Show marketing remark (42 chars)

    Property sits on the the gulf side of SPI.

18. 2026-02-06
    status Pending 42-char remark

    Show marketing remark (42 chars)

    Property sits on the the gulf side of SPI.

19. 2025-11-24
    listed $625,000 Active 42-char remark

    Show marketing remark (42 chars)

    Property sits on the the gulf side of SPI.

ⓘ 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 X (shaded) · 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: $70,800
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,922
• − Repairs & maintenance: −$5,664
• − Management: −$5,664
• − Depreciation: −$18,182
• Taxable loss: −$7,017
• Est. tax savings @ 24.0%: +$1,684
• After-tax cash flow: $4,988/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with cosmetic updates needed to enhance its resale and rental value. The home features a well-maintained pool and landscaping, which can be further improved with fresh paint and new flooring.

Repairs flagged

• Minor Kitchen countertops — Worn appearance
• Minor Bathroom tiles — Worn appearance
• Minor Kitchen cabinets — Worn appearance

Value-add opportunities

• Resale Paint and touch-up the kitchen cabinets and countertops — Fresh paint and updated countertops can enhance the home's appeal.
• Resale Replace worn-out bathroom tiles — Fresh tiles can improve the home's appearance and functionality.
• Both Install new flooring in the kitchen and bathrooms — New flooring can improve the home's appearance and functionality, benefiting both resale and rental value.
• Both Landscaping and pool maintenance — A well-maintained pool and landscaping can significantly increase the home's curb appeal and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Worn appearance	Minor	$500–3,000
Bathroom tiles · Worn appearance	Minor	$500–3,000
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Paint and touch-up the kitchen cabinets and countertops — Fresh paint and updated countertops can enhance the home's appeal. ↑
• Resale Replace worn-out bathroom tiles — Fresh tiles can improve the home's appearance and functionality. ↑
• Both Install new flooring in the kitchen and bathrooms — New flooring can improve the home's appearance and functionality, benefiting both resale and rental value. ↑
• Both Landscaping and pool maintenance — A well-maintained pool and landscaping can significantly increase the home's curb appeal and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 310,734 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: 96.0

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%

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%
• Common ancestry: Slovak 5% Lithuanian 4% German 2%
• Foreign-born: 13% · Canada
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

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

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

3 events — show timeline

• 2026-02-10 Relisted — SPIBOR
• 2026-02-06 Pending — SPIBOR
• 2025-11-24 Listed $625,000 SPIBOR