5973 Hwy. 361 #107 · Port Aransas, TX 78373

$169,000

3 bd · 2.0 ba · 1,250 sqft · Condo · 65 Days on market

Built 1984 $135/sqft · 37% below area Est $268k · 37% under $1640/mo HOA · 56% of rent ↓ 11% since listing

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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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Schools +5.1/10.0
• Cash flow +3.5/30.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic price for this updated 3 bedroom, 2 bath condo at La Mirage! Open living, dining and kitchen with granite countertops, tile backsplash and stainless appliances. Luxury vinyl plank flooring throughout with tasteful and comfortable furnishings that will convey. Impact slider opens to a huge deck with all weather furniture. There is a king bed in master with queen and bunk beds in guest bedrooms. AC was replaced less than 2 years ago. Amenities include 2 pools, 1 heated, hot tubs, private beach access, outdoor grills, recreation room, sport courts and on site rental management. HOA dues of $1632 cover all utilities except electric. Exterior insurance is billed separately and was $5,550 in 2025. Taxes in 2025 were $4,456. All rentals must go through La Mirage management. Rental split is 70% to owners, 30% to La Mirage. Enjoy the comforts of resort life with rental income as an option to offset expenses.

Key facts

• Stainless appliances
• Private beach access
• Huge deck

Tags

• GRANITE COUNTERTOPS
• TILE BACKSPLASH
• STAINLESS APPLIANCES
• LUXURY VINYL PLANK FLOORING
• HUGE DECK
• PRIVATE BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $169k.

Deal economics

• At list price, monthly cash flow is $-514 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $95k (44.0% below list).
• Meets the 1% rule at list price ($3k rent vs $169k).
• Recommended offer: $95k (44.0% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 1.1% in Port Aransas — 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 67/100 on livability (#525 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A; Watch: commute C-, crime F, amenities F.
• Port Aransas ISD (rural): math 57% / reading 63% proficiency, ranked #68 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Olsen El (math 47% / reading 57%, grade C-, #742 of 4,322 statewide, top 19%, 227 students, 35% FRL); Brundrett Middle (math 57% / reading 67%, grade B+, #134 of 1,662 statewide, top 8%, 115 students, 31% FRL); Port Aransas H S (math 74% / reading 74%, grade B+, #82 of 1,632 statewide, top 6%, 204 students, 19% FRL).
• Market conditions: 1024 active listings in the ZIP; 1,397 units permitted in Nueces County in 2024 (47 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Nueces County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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: HOA is 56% of rent.

Recommended offer $94,667 (44.0% 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 65 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.72% ✓
• Cap rate: 2.65%
• Cash-on-cash: -13.03%
• DSCR: 0.42
• GRM: 4.8

CMA / ARV

• ARV (median comp): $268,084
• List price: $169,000
• Delta: -36.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -39.3%
• Equity multiple: -0.25×
• Total profit: $-59,051
• Equity at exit: $25,198

10-year hold

• IRR: -53.4%
• Equity multiple: -0.89×
• Total profit: $-89,278
• Equity at exit: $14,612

Cash invested: $47,320 (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 78373

• Active inventory: 1024
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,904 medium
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$1,640
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $-514

Break-even live

Break-even rent $3,554

Max offer price $94,667

Occupancy floor —

Sensitivity live

Price	-10% $-397	-5% $-455	+0% $-514	+5% $-572	+10% $-630
Rent	-10% $-743	-5% $-628	+0% $-514	+5% $-399	+10% $-284
Rate	-1.0pp $-429	-0.5pp $-471	base $-514	+0.5pp $-557	+1.0pp $-602

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $1,640 · $19,680/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $169,000 Active 65 DOM
2. 2026-06-18
   days on market $169,000 Active 62 DOM
3. 2026-06-17
   days on market $169,000 Active 61 DOM
4. 2026-06-16
   days on market $169,000 Active 60 DOM
5. 2026-06-15
   days on market $169,000 Active 59 DOM
6. 2026-06-14
   days on market $169,000 Active 57 DOM
7. 2026-06-13
   days on market $169,000 Active 56 DOM
8. 2026-06-10
   days on market $169,000 Active 54 DOM
9. 2026-06-09
   days on market $169,000 Active 53 DOM
10. 2026-06-08
    days on market $169,000 Active 52 DOM
11. 2026-06-07
    days on market $169,000 Active 51 DOM
12. 2026-06-03
    days on market $169,000 Active 47 DOM
13. 2026-06-02
    days on market $169,000 Active 46 DOM
14. 2026-06-01
    days on market $169,000 Active 45 DOM
15. 2026-05-31
    days on market $169,000 Active 44 DOM
16. 2026-05-30
    days on market $169,000 Active 43 DOM
17. 2026-04-15
    listed $169,000 Active 922-char remark

    Show marketing remark (922 chars)

    Fantastic price for this updated 3 bedroom, 2 bath condo at La Mirage! Open living, dining and kitchen with granite countertops, tile backsplash and stainless appliances. Luxury vinyl plank flooring throughout with tasteful and comfortable furnishings that will convey. Impact slider opens to a huge deck with all weather furniture. There is a king bed in master with queen and bunk beds in guest bedrooms. AC was replaced less than 2 years ago. Amenities include 2 pools, 1 heated, hot tubs, private beach access, outdoor grills, recreation room, sport courts and on site rental management. HOA dues of $1632 cover all utilities except electric. Exterior insurance is billed separately and was $5,550 in 2025. Taxes in 2025 were $4,456. All rentals must go through La Mirage management. Rental split is 70% to owners, 30% to La Mirage. Enjoy the comforts of resort life with rental income as an option to offset expenses.

18. 2018-11-20
    historical 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

19. 2018-11-19
    soldstatus Closed 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

20. 2018-11-02
    status Pending 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

21. 2018-10-23
    historical Option Period 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

22. 2018-08-31
    price $175,000 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

23. 2018-08-07
    price $185,000 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

24. 2018-07-21
    listed $189,900 Active 1002-char remark

    Show marketing remark (1002 chars)

    Reduced for a quick sale! La Mirage 3/2 with big balcony and side ocean views. Kitchen has been completely remodeled with granite counters, tile backsplash, and stainless steel appliances. The kitchen wall was taken out, and counter open to dining and living areas. Vinyl wood look flooring throughout the condo. Partially furnished, refrigerator, washer/dryer, and beachy décor. There are 2 hurricane glass doors going to the balcony. La Mirage has 2 swimming pools, one heated, hot tubs, beach walkover with showers, playground, sports court, club room, and on site rental management. Owner self rented. HOA dues 803 per mo. that includes all utilities except electric. 2018 exterior ins. is 2355. 2018 estimated taxes 3033. Condo had minimal damage from Hurricane Harvey. La Mirage is still undergoing some repairs from hurricane, but owners are allowed to stay there. La Mirage is planning to allow rentals later after repairs. Interior pictures post Harvey. Great tropical vacation condo!

ⓘ 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: $34,849
• − Mortgage interest: −$9,467
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$2,788
• − Management: −$2,788
• − HOA: −$19,680
• − Depreciation: −$4,916
• Taxable loss: −$8,170
• Est. tax savings @ 24.0%: +$1,961
• After-tax cash flow: $-4,204/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.

Schools (NCES district)

• District: Port Aransas ISD
• NCES district ID: 4835370
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $47,528
• Composite: 50.82/100
• National rank: #1803
• State rank: #68 of 826 in TX

Livability — Port Aransas

• Score: 67/100
• State rank: #525
• US rank: #10286

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Aransas, TX
• Population (ZIP): 3,314

Population outlook (Nueces County) Hauer SSP2

• Today (2025): 418,037 people
• By 2030: 447,123 · +7.0%
• By 2040: 505,911 · +21.0%
• By 2050: 567,522 · +35.8%
• By 2075: 729,686 · +74.6%
• By 2100: 847,087 · +102.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 4%
• Common ancestry: Serbian 2% Slovak 2% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Other Indo-European 4% Spanish 3%

Political lean MEDSL · Nueces

• 2024 margin: R (+11.5) · D 43.8% · R 55.3%
• 2008→2024 swing: -7.1pp toward R · 2008: -4.4pp · 2024: -11.5pp
• All cycles: 2024: R+11.5 2020: R+2.9 2016: R+1.5 2012: R+3.2 2008: R+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.54%
• Current HPI: 268.699
• 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

-11.0% since first listed

8 events — show timeline

• 2026-04-15 Listed $169,000 CBMLS
• 2018-11-20 Delisted — CBMLS
• 2018-11-19 Sold (MLS) — CBMLS
• 2018-11-02 Pending — CBMLS
• 2018-10-23 Contingent — CBMLS
• 2018-08-31 Price Changed $175,000 CBMLS
• 2018-08-07 Price Changed $185,000 CBMLS
• 2018-07-21 Listed $189,900 CBMLS