5973 State Highway 361 #121 · Port Aransas, TX 78373

$127,900

3 bd · 2.0 ba · 1,250 sqft · Townhouse public records · 1106 Days on market

Built 1984 5,401 sqft lot $102/sqft · 40% below area Est $214k · 40% under $1350/mo HOA · 46% of rent ↓ 60% since listing

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Why this score? — see what drove the C 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 +14.4/30.0
• 1% rule +10.0/10.0
• Schools +5.1/10.0
• DSCR +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This condo is on an assumable SBA loan at 3.3%, it's a steal at this price and this interest rate!!! Take advantage of this great deal! Large move-in ready condo, 3/2, with 1,250 sq ft of living space. Big dining and living area open directly to the large inviting balcony with views of the Gulf and beautiful sunset. A new AC and water heater installed in the past year. This condo is located on the south side of La Mirage near the middle. The kitchen features all appliances (fridge, stove, dishwasher, microwave, .. .. etc). The unit also has a washer and dryer and new water heater as of 5/24/24. All this condo needs is you and your personal touches. Short term rentals (STR's will generate

Key facts

• $1,350 HOA
• Parking
• Community pool

Property features AI

Finance

• HOA & community: Homeowners association membership required; HOA fee $1,350 monthly; HOA covers common areas, insurance, trash, and water; Community amenities include beach rights, beach access, clubhouse, and pool; Short-term rentals allowed

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Single-story; Flat roof; Concrete and stucco construction; Foundation: pillar/post/pier and slab
• Construction: Concrete construction; Stucco exterior; Flat roof
• Exterior features: Deck; Open patio; Private pool; Property has a view; Faces southeast

Interior

• Kitchen: Electric cooktop; Electric oven; Electric range; Free-standing range; Microwave; Refrigerator
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open floorplan; Cable TV; Breakfast bar
• Laundry & utility: Washer hookup; Dryer hookup; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $128k.

Deal economics

• At list price, monthly cash flow is $26 ($313/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $128k).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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, schools 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.
• Market conditions: 1012 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 $884 of loan paydown is wiped out by about $4k 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 1106 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $191k (60%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 46% of rent.

Recommended offer $112,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 1106 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 2.27% ✓
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• GRM: 3.7

CMA / ARV

• ARV (median comp): $213,888
• List price: $127,900
• Delta: -40.20%
• 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
5973 State Hwy 361 #235	0.00mi	3/2.0	1,250 (0%)	1mo	$379,000	$303	99
5973 State Highway 361 #232	0.00mi	3/2.0	1,250 (0%)	2mo	$295,000	$236	98
5973 Tx-361 #119	0.00mi	3/2.0	1,250 (0%)	4mo	$185,000	$148	96
5973 State Highway 361 #128	0.00mi	3/2.0	1,250 (0%)	5mo	$199,000	$159	96
250 Tailwind Dr Unit D	0.04mi	2/2.5 (-1)	1,218 (-3%)	1mo	$895,000	$735	86
6109 State Hwy 361 #1503	0.30mi	2/2.0 (-1)	1,138 (-9%)	3mo	$399,000	$351	64
6317 State Highway 361 #3212	0.67mi	2/2.0 (-1)	1,360 (+9%)	1mo	$119,000	$88	49
6317 State Highway 361 #6223	0.67mi	2/2.0 (-1)	1,360 (+9%)	2mo	$115,000	$85	47
6317 State Highway 361 #3312	0.67mi	2/2.0 (-1)	1,360 (+9%)	5mo	$100,000	$74	45
6317 State Highway 361 #3105	0.67mi	2/2.0 (-1)	1,360 (+9%)	6mo	$90,000	$66	44
6317 Hwy. 361 #3313	0.67mi	2/2.0 (-1)	1,360 (+9%)	8mo	$114,500	$84	42
6275 State Highway 361 #208	0.58mi	2/2.0 (-1)	1,078 (-14%)	8mo	$259,995	$241	38

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: -14.1%
• Equity multiple: 0.49×
• Total profit: $-18,169
• Equity at exit: $19,070

10-year hold

• IRR: -4.1%
• Equity multiple: 0.72×
• Total profit: $-10,048
• Equity at exit: $11,058

Cash invested: $35,812 (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: 1012
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,904 medium
• Mortgage (P&I): −$671
• Tax from tax record: −$194 /mo · $2,329/yr
• Insurance: −$53
• HOA: −$1,350
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $26

Break-even live

Break-even rent $2,871

Max offer price $127,900

Occupancy floor 94%

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: $31,975
• Closing costs: $3,837
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,350 · $16,200/yr
• Likely covers: water

Listing history 50 events

1. 2026-06-18
   days on market $127,900 Active 1106 DOM
2. 2026-06-17
   days on market $127,900 Active 1105 DOM
3. 2026-06-16
   days on market $127,900 Active 1104 DOM
4. 2026-06-15
   days on market $127,900 Active 1103 DOM
5. 2026-06-14
   days on market $127,900 Active 1101 DOM
6. 2026-06-13
   days on market $127,900 Active 1100 DOM
7. 2026-06-10
   days on market $127,900 Active 1098 DOM
8. 2026-06-09
   days on market $127,900 Active 1097 DOM
9. 2026-06-08
   days on market $127,900 Active 1096 DOM
10. 2026-06-07
    days on market $127,900 Active 1095 DOM
11. 2026-06-03
    pricedays on market $127,900 Active 1091 DOM
12. 2026-06-02
    days on market $128,500 Active 1090 DOM
13. 2026-06-01
    days on market $128,500 Active 1089 DOM
14. 2026-05-31
    days on market $128,500 Active 1088 DOM
15. 2026-05-30
    days on market $128,500 Active 1087 DOM
16. 2026-04-15
    price $128,500
17. 2026-03-14
    price $129,889
18. 2025-12-29
    price $131,888
19. 2025-08-20
    price $130,000
20. 2025-08-01
    price $150,999
21. 2025-07-08
    price $151,500
22. 2025-05-16
    price $151,900
23. 2025-03-31
    price $152,900
24. 2025-03-10
    price $153,500
25. 2025-03-07
    price $158,500
26. 2025-01-21
    price $158,888
27. 2024-12-22
    price $159,000
28. 2024-11-19
    price $159,500
29. 2024-10-30
    price $159,900
30. 2024-10-23
    price $159,000
31. 2024-10-14
    price $163,900
32. 2024-10-07
    price $164,900
33. 2024-09-24
    price $168,000
34. 2024-09-19
    price $169,000
35. 2024-09-13
    price $179,500
36. 2024-08-28
    price $179,400
37. 2024-07-31
    price $179,900
38. 2024-07-30
    price $187,900
39. 2024-07-17
    price $188,900
40. 2024-05-25
    price $189,000
41. 2024-03-17
    price $196,500
42. 2024-03-03
    price $197,000
43. 2024-02-19
    price $197,900
44. 2024-02-01
    price $198,900
45. 2024-01-03
    price $199,900
46. 2023-10-10
    price $209,000
47. 2023-09-26
    status Active
48. 2023-08-30
    status Pending
49. 2023-08-26
    historical Active Under Contract
50. 2023-08-17
    price $239,000

ⓘ 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: $2,329 · $194/mo
• Projected year-2 tax: $2,341 · $195/mo
• Expected delta: +$11/yr (+$1/mo · 0.5%)

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

Taxation est. · year 1

• Rental income: $34,849
• − Mortgage interest: −$7,164
• − Property taxes: −$2,329
• − Insurance: −$640
• − Repairs & maintenance: −$2,788
• − Management: −$2,788
• − HOA: −$16,200
• − Depreciation: −$3,721
• Taxable loss: −$781
• Est. tax savings @ 24.0%: +$187
• After-tax cash flow: $500/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

-59.9% since first listed

40 events — show timeline

• 2026-06-03 Price Changed $127,900 CBMLS
• 2026-04-15 Price Changed $128,500 CBMLS
• 2026-03-14 Price Changed $129,889 CBMLS
• 2025-12-29 Price Changed $131,888 CBMLS
• 2025-08-20 Price Changed $130,000 CBMLS
• 2025-08-01 Price Changed $150,999 CBMLS
• 2025-07-08 Price Changed $151,500 CBMLS
• 2025-05-16 Price Changed $151,900 CBMLS
• 2025-03-31 Price Changed $152,900 CBMLS
• 2025-03-10 Price Changed $153,500 CBMLS
• 2025-03-07 Price Changed $158,500 CBMLS
• 2025-01-21 Price Changed $158,888 CBMLS
• 2024-12-22 Price Changed $159,000 CBMLS
• 2024-11-19 Price Changed $159,500 CBMLS
• 2024-10-30 Price Changed $159,900 CBMLS
• 2024-10-23 Price Changed $159,000 CBMLS
• 2024-10-14 Price Changed $163,900 CBMLS
• 2024-10-07 Price Changed $164,900 CBMLS
• 2024-09-24 Price Changed $168,000 CBMLS
• 2024-09-19 Price Changed $169,000 CBMLS
• 2024-09-13 Price Changed $179,500 CBMLS
• 2024-08-28 Price Changed $179,400 CBMLS
• 2024-07-31 Price Changed $179,900 CBMLS
• 2024-07-30 Price Changed $187,900 CBMLS
• 2024-07-17 Price Changed $188,900 CBMLS
• 2024-05-25 Price Changed $189,000 CBMLS
• 2024-03-17 Price Changed $196,500 CBMLS
• 2024-03-03 Price Changed $197,000 CBMLS
• 2024-02-19 Price Changed $197,900 CBMLS
• 2024-02-01 Price Changed $198,900 CBMLS
• 2024-01-03 Price Changed $199,900 CBMLS
• 2023-10-10 Price Changed $209,000 CBMLS
• 2023-09-26 Relisted — CBMLS
• 2023-08-30 Pending — CBMLS
• 2023-08-26 Contingent — CBMLS
• 2023-08-17 Price Changed $239,000 CBMLS
• 2023-07-21 Price Changed $259,000 CBMLS
• 2023-07-02 Price Changed $279,000 CBMLS
• 2023-06-01 Price Changed $299,000 CBMLS
• 2023-05-11 Listed $319,000 CBMLS

Property tax history

-2.8%/yr

Latest (2025): $2,329 · -25.4% YoY. Source: county tax records.