1398 Harbor Island Dr · Port Isabel, TX 78578

$489,000

4 bd · 3.0 ba · 2,261 sqft · SingleFamily public records · 127 Days on market

Built 2002 1,982 sqft lot $216/sqft · 40% below area Est $867k · 44% under ↓ 7% since listing

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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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.6/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover coastal living at its finest in Port Isabel! Perfectly positioned at the entrance to the coveted Fingers of the Laguna Madre, this property offers the ideal blend of bayfront charm and island convenience. Enjoy quick access to open waters, breathtaking sunrises, and peaceful coastal breezes—all just minutes from the beaches, dining, and entertainment of South Padre Island. Whether you're looking for a weekend retreat, investment opportunity, or full-time waterfront lifestyle, this location delivers the ultimate Texas Gulf Coast experience. Coastal convenience. Prime location. Endless potential.

Key facts

• Coastal convenience
• Waterfront lifestyle
• Bayfront charm

Tags

• BAYFRONT CHARM
• QUICK ACCESS TO OPEN WATERS
• MINUTES FROM THE BEACHES
• WATERFRONT LIFESTYLE
• TEXAS GULF COAST EXPERIENCE
• COASTAL CONVENIENCE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $489k.

Deal economics

• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $489k).
• Recommended offer: $430k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.4% in Port Isabel — 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 75/100 on livability (#157 in TX, #4,282 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, crime F.
• Market conditions: 254 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 127 days — a 12% lower offer ($430k) is reasonable based on typical stale-listing flexibility.

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 5→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $430,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.97%
• DSCR: 1.49
• GRM: 6.6

CMA / ARV

• ARV (median comp): $866,537
• List price: $489,000
• Delta: -43.57%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-26,167
• Equity at exit: $72,911

10-year hold

• IRR: 4.7%
• Equity multiple: 1.34×
• Total profit: $46,922
• Equity at exit: $42,280

Cash invested: $136,920 (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 78578

• Home prices YoY: -21.7%
• Active inventory: 254
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $6,147 medium
• Mortgage (P&I): −$2,564
• Tax from tax record: −$836 /mo · $10,030/yr
• Insurance: −$204
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,291
• Net cashflow: $826

Break-even live

Break-even rent $5,102

Max offer price $489,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,102	-5% $964	+0% $826	+5% $687	+10% $549
Rent	-10% $340	-5% $583	+0% $826	+5% $1,068	+10% $1,311
Rate	-1.0pp $1,072	-0.5pp $950	base $826	+0.5pp $699	+1.0pp $570

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: $122,250
• Closing costs: $14,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Pompano Ave Unit 1515052P Port Isabel, TX	3.0	2.0	1991	$7,195	$3.61	14d	1	0.16mi
602 N Shore Dr Port Isabel, TX	4.0	4.5	2536	$5,000	$1.97	44d	1	0.54mi
602 N Shore Dr Port Isabel, TX	4.0	4.5	2536	$5,000	$1.97	21d	1	0.54mi
219 Las Joyas Blvd Port Isabel, TX	3.0	2.5	1742	$3,200	$1.84	44d	1	1.09mi

Listing history 18 events

1. 2026-06-18
   days on market $489,000 Active 127 DOM
2. 2026-06-17
   days on market $489,000 Active 126 DOM
3. 2026-06-16
   days on market $489,000 Active 125 DOM
4. 2026-06-15
   days on market $489,000 Active 124 DOM
5. 2026-06-14
   days on market $489,000 Active 122 DOM
6. 2026-06-13
   days on market $489,000 Active 121 DOM
7. 2026-06-10
   days on market $489,000 Active 119 DOM
8. 2026-06-09
   days on market $489,000 Active 118 DOM
9. 2026-06-09
   days on market $489,000 Active 117 DOM
10. 2026-06-07
    days on market $489,000 Active 116 DOM
11. 2026-06-03
    days on market $489,000 Active 112 DOM
12. 2026-06-02
    days on market $489,000 Active 111 DOM
13. 2026-06-01
    days on market $489,000 Active 110 DOM
14. 2026-05-31
    days on market $489,000 Active 109 DOM
15. 2026-05-30
    days on market $489,000 Active 108 DOM
16. 2026-04-23
    price $489,000 616-char remark

    Show marketing remark (616 chars)

    Discover coastal living at its finest in Port Isabel! Perfectly positioned at the entrance to the coveted Fingers of the Laguna Madre, this property offers the ideal blend of bayfront charm and island convenience. Enjoy quick access to open waters, breathtaking sunrises, and peaceful coastal breezes—all just minutes from the beaches, dining, and entertainment of South Padre Island. Whether you're looking for a weekend retreat, investment opportunity, or full-time waterfront lifestyle, this location delivers the ultimate Texas Gulf Coast experience. Coastal convenience. Prime location. Endless potential.

17. 2026-02-11
    listed $525,000 Active 616-char remark

    Show marketing remark (616 chars)

    Discover coastal living at its finest in Port Isabel! Perfectly positioned at the entrance to the coveted Fingers of the Laguna Madre, this property offers the ideal blend of bayfront charm and island convenience. Enjoy quick access to open waters, breathtaking sunrises, and peaceful coastal breezes—all just minutes from the beaches, dining, and entertainment of South Padre Island. Whether you're looking for a weekend retreat, investment opportunity, or full-time waterfront lifestyle, this location delivers the ultimate Texas Gulf Coast experience. Coastal convenience. Prime location. Endless potential.

18. 1996-03-18
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $10,030 · $836/mo
• Projected year-2 tax: $10,030 · $836/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 5 d/yr ≥106°F today · 20 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: $73,762
• − Mortgage interest: −$27,392
• − Property taxes: −$10,030
• − Insurance: −$7,564
• − Repairs & maintenance: −$5,901
• − Management: −$5,901
• − Depreciation: −$14,225
• Taxable income: $2,750
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $9,247/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)

No district data.

Livability — Port Isabel

• Score: 75/100
• State rank: #157
• US rank: #4282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Isabel, TX
• Population (ZIP): 10,231

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% White 35% Two or more races 19%
• Hispanic origin (detail): Mexican 59%
• Common ancestry: Lithuanian 2% Romanian 1% Slovak 1%
• Foreign-born: 18% · Canada
• Languages at home: 57% English-only · Spanish 42%

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: ▼ -61.69%
• Current HPI: 222.9501
• 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

-6.9% since first listed

3 events — show timeline

• 2026-04-23 Price Changed $489,000 RGVMLS
• 2026-02-11 Listed $525,000 RGVMLS
• 1996-03-18 Sold (Public Records) — Public Records

Property tax history

+8.0%/yr

Latest (2025): $10,030 · +14.7% YoY. Source: county tax records.