2095 Las Palmas Dr · San Benito, TX 78576

$1,975,000

None bd · None ba · 23,816 sqft · MultiFamily · 386 Days on market

Built 1994 Poor condition 1.20 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 36 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime 36-Unit Apartment Complex. Strong Income & Value-Add Potential. Multifamily investment opportunity. This 36-unit apartment complex features a mix of 34 two-bedroom units and 2 one-bedroom units, offering a solid foundation of stable rental income with room for upside through continued renovations and management efficiencies. Units feature semi-updated interiors. All electrical is individually metered, providing utility cost transparency for tenants, while water is serviced by two master meters. Key property features include: On-site laundry facilities for additional revenue, ample parking, office space (may be convertible into additional units or other income-generating use), and strategic location. The complex enjoys strong occupancy and presents a clear opportunity to increase NOI through rental growth, operational efficiencies, and selective capital improvements. Financial packet, pro forma, and rent roll available upon request.

Key facts

• Office space
• Ample parking
• Strategic location

Tags

• 36 UNIT APARTMENT COMPLEX
• ON SITE LAUNDRY FACILITIES
• AMPLE PARKING
• OFFICE SPACE
• STRATEGIC LOCATION
• STRONG OCCUPANCY

What this means for you Summary

Snapshot

• This is a 34×2bd/1ba + 2×1bd/1ba units multifamily listed at $1.98M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.98M).
• Recommended offer: $1.74M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.7% in San Benito — 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 66/100 on livability (#621 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools D-, amenities F.
• San Benito CISD (suburban): math 14% / reading 27% proficiency, ranked #782 of 826 in TX (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 52 active listings in the ZIP; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).

Forward outlook

• In year one you build about $139k of equity ($14k loan paydown + $125k appreciation (6.3% local appreciation)).
• Cameron County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $553k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$222k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 386 days — a 12% lower offer ($1.74M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,738,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 386 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.36% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.50%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 2.98×
• Total profit: $1,095,538
• Equity at exit: $1,284,880

10-year hold

• IRR: 27.6%
• Equity multiple: 6.13×
• Total profit: $2,834,197
• Equity at exit: $2,368,400

Cash invested: $553,000 (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 78576

• Home prices YoY: 2.7%
• Active inventory: 52
• Price-to-rent: 220.3×

Monthly cashflow live

• Estimated rent: $26,900 high
• Mortgage (P&I): −$10,357
• Tax est. 1.5%: −$2,469 /mo · $29,625/yr
• Insurance: −$823
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,649
• Net cashflow: $7,602

Break-even live

Break-even rent $17,277

Max offer price $1,975,000

Occupancy floor 67%

Sensitivity live

Price	-10% $8,967	-5% $8,285	+0% $7,602	+5% $6,920	+10% $6,237
Rent	-10% $5,477	-5% $6,540	+0% $7,602	+5% $8,665	+10% $9,727
Rate	-1.0pp $8,597	-0.5pp $8,105	base $7,602	+0.5pp $7,090	+1.0pp $6,570

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

Units	Beds	Baths	Est. rent
▸ 34× units	2	1	$25,398
▸ 2× units	1	1	$1,494
Total (36 units)			$26,900

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: $493,750
• Closing costs: $59,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,975,000 Active 386 DOM
2. 2026-06-17
   days on market $1,975,000 Active 385 DOM
3. 2026-06-16
   days on market $1,975,000 Active 384 DOM
4. 2026-06-15
   days on market $1,975,000 Active 383 DOM
5. 2026-06-14
   days on market $1,975,000 Active 381 DOM
6. 2026-06-10
   days on market $1,975,000 Active 378 DOM
7. 2026-06-09
   days on market $1,975,000 Active 377 DOM
8. 2026-06-08
   days on market $1,975,000 Active 376 DOM
9. 2026-06-07
   days on market $1,975,000 Active 375 DOM
10. 2026-06-03
    days on market $1,975,000 Active 371 DOM
11. 2026-06-02
    days on market $1,975,000 Active 370 DOM
12. 2026-06-01
    days on market $1,975,000 Active 369 DOM
13. 2026-05-31
    days on market $1,975,000 Active 368 DOM
14. 2026-05-30
    days on market $1,975,000 Active 367 DOM
15. 2025-05-28
    listed $1,975,000 Active 957-char remark

    Show marketing remark (957 chars)

    Prime 36-Unit Apartment Complex. Strong Income & Value-Add Potential. Multifamily investment opportunity. This 36-unit apartment complex features a mix of 34 two-bedroom units and 2 one-bedroom units, offering a solid foundation of stable rental income with room for upside through continued renovations and management efficiencies. Units feature semi-updated interiors. All electrical is individually metered, providing utility cost transparency for tenants, while water is serviced by two master meters. Key property features include: On-site laundry facilities for additional revenue, ample parking, office space (may be convertible into additional units or other income-generating use), and strategic location. The complex enjoys strong occupancy and presents a clear opportunity to increase NOI through rental growth, operational efficiencies, and selective capital improvements. Financial packet, pro forma, and rent roll available upon request.

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

Taxation est. · year 1

• Rental income: $322,800
• − Mortgage interest: −$110,631
• − Property taxes: −$29,625
• − Insurance: −$9,875
• − Repairs & maintenance: −$25,824
• − Management: −$25,824
• − Depreciation: −$57,455
• Taxable income: $63,567
• Est. tax owed @ 24.0%: −$15,256
• After-tax cash flow: $75,971/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

Poor 20/100 Extensive rehab

This 36-unit apartment complex requires extensive renovations to bring it up to modern standards, significantly increasing its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major bathroom fixtures — basic and outdated
• Major roof — visible wear and tear
• Major exterior siding — weathered and in need of replacement
• Major flooring — dated carpet
• Major interior walls — bare walls, no trim
• Major HVAC — basic appliances, no visible system

Value-add opportunities

• Both extensive kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value
• Both bathroom renovation — updating the bathrooms would also boost both resale and rental value
• Both extensive exterior renovation — a fresh coat of paint and new siding would greatly enhance curb appeal and value
• Both HVAC upgrade — modernizing the HVAC system would improve comfort and energy efficiency, increasing both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and worn	Major	$15,000–50,000
bathroom fixtures · basic and outdated	Major	$15,000–50,000
roof · visible wear and tear	Major	$15,000–50,000
exterior siding · weathered and in need of replacement	Major	$15,000–50,000
flooring · dated carpet	Major	$15,000–50,000
interior walls · bare walls, no trim	Major	$15,000–50,000
HVAC · basic appliances, no visible system	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both extensive kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value ↑
• Both bathroom renovation — updating the bathrooms would also boost both resale and rental value ↑
• Both extensive exterior renovation — a fresh coat of paint and new siding would greatly enhance curb appeal and value ↑
• Both HVAC upgrade — modernizing the HVAC system would improve comfort and energy efficiency, increasing both resale 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: San Benito CISD
• NCES district ID: 4838790
• Math proficiency: 14% ▼ -31.00%
• Reading proficiency: 27% ▼ -10.00%
• Median HH income: $29,403
• Composite: 16.31/100
• National rank: #9212
• State rank: #782 of 826 in TX

Livability — San Benito

• Score: 66/100
• State rank: #621
• US rank: #11846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Benito, TX
• Population (ZIP): 13,902

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 Hispanic (99%)
• Race & ethnicity: Hispanic / Latino 99% Two or more races 71%
• Hispanic origin (detail): Mexican 97%
• Foreign-born: 31% · Canada
• Languages at home: 4% English-only · Spanish 96%

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: ▲ 6.35%
• Current HPI: 238.1571
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2025-05-28 Listed $1,975,000 RGVMLS