33501 Fm 509 #2 · Harlingen, TX 78586

$60,000

3 bd · 2.0 ba · 1,124 sqft · SingleFamily · 321 Days on market

Built 1980 Poor condition 0.40 ac lot $53/sqft · 64% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Escape to wide open spaces with this **unique rural property** offering peace, privacy, and endless potential. Set on a spacious lot, this fixer-upper is perfect for those with a vision—whether you're looking to restore, rebuild, or start your very own self-sufficient homestead. The **main structure is in need of significant repair**, but the property comes equipped with valuable outbuildings including **multiple workshops**, **ample exterior storage**, and **several chicken coops**, ready for livestock or hobby farming. Mature trees, open sky, and surrounding farmland create the perfect backdrop for country life. Whether you’re a handyman, investor, or someone dreaming of off-grid potential, this property offers the space and flexibility to create something truly special. Utilities available at the property—bring your tools and your vision! Don’t miss the opportunity to transform this diamond in the rough into your own country retreat or income-generating property.

Key facts

• Multiple workshops
• 0.4 acre lot
• 2 parking spots

Tags

• UNIQUE RURAL PROPERTY
• MULTIPLE WORKSHOPS
• AMPLE EXTERIOR STORAGE
• SEVERAL CHICKEN COOPS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $60k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 3.8% in Harlingen — 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 73/100 on livability (#217 in TX) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute F, employment 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.
• Zoned schools: Rangerville El (math 22% / reading 17%, grade F, #3,583 of 4,322 statewide, top 86%, 217 students, 94% FRL); San Benito Riverside Middle (math 13% / reading 28%, grade F, #1,407 of 1,662 statewide, top 86%, 529 students, 90% FRL); San Benito H S (math 32% / reading 2%, grade F, #1,460 of 1,632 statewide, top 91%, 2,012 students, 80% FRL).
• Market conditions: 440 active listings in the ZIP; 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 $415 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 321 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 321 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
6. 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.
7. 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.
8. 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: 2.14% ✓
• Cap rate: 18.25%
• Cash-on-cash: 42.72%
• DSCR: 2.90
• GRM: 3.9

CMA / ARV

• ARV (median comp): $166,508
• List price: $60,000
• Delta: -63.97%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 39.5%
• Equity multiple: 2.69×
• Total profit: $28,388
• Equity at exit: $8,946

10-year hold

• IRR: 45.9%
• Equity multiple: 5.40×
• Total profit: $73,847
• Equity at exit: $5,188

Cash invested: $16,800 (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 78586

• Home prices YoY: -24.9%
• Active inventory: 440
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,282 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $598

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 48%

Sensitivity live

Price	-10% $640	-5% $619	+0% $598	+5% $577	+10% $557
Rent	-10% $497	-5% $547	+0% $598	+5% $649	+10% $699
Rate	-1.0pp $628	-0.5pp $613	base $598	+0.5pp $583	+1.0pp $567

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-22
   days on market $60,000 Active 321 DOM
2. 2026-06-18
   days on market $60,000 Active 318 DOM
3. 2026-06-17
   days on market $60,000 Active 317 DOM
4. 2026-06-16
   days on market $60,000 Active 316 DOM
5. 2026-06-15
   days on market $60,000 Active 315 DOM
6. 2026-06-14
   days on market $60,000 Active 313 DOM
7. 2026-06-10
   days on market $60,000 Active 310 DOM
8. 2026-06-09
   days on market $60,000 Active 309 DOM
9. 2026-06-08
   days on market $60,000 Active 308 DOM
10. 2026-06-07
    days on market $60,000 Active 307 DOM
11. 2026-06-03
    days on market $60,000 Active 303 DOM
12. 2026-06-02
    days on market $60,000 Active 302 DOM
13. 2026-06-01
    days on market $60,000 Active 301 DOM
14. 2026-05-31
    days on market $60,000 Active 300 DOM
15. 2026-05-30
    days on market $60,000 Active 299 DOM
16. 2025-08-04
    listed $60,000 Active 1005-char remark

    Show marketing remark (1005 chars)

    Escape to wide open spaces with this **unique rural property** offering peace, privacy, and endless potential. Set on a spacious lot, this fixer-upper is perfect for those with a vision—whether you're looking to restore, rebuild, or start your very own self-sufficient homestead. The **main structure is in need of significant repair**, but the property comes equipped with valuable outbuildings including **multiple workshops**, **ample exterior storage**, and **several chicken coops**, ready for livestock or hobby farming. Mature trees, open sky, and surrounding farmland create the perfect backdrop for country life. Whether you’re a handyman, investor, or someone dreaming of off-grid potential, this property offers the space and flexibility to create something truly special. Utilities available at the property—bring your tools and your vision! Don’t miss the opportunity to transform this diamond in the rough into your own country retreat or income-generating property.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,383
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$1,745
• Taxable income: $6,615
• Est. tax owed @ 24.0%: −$1,588
• After-tax cash flow: $5,589/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 fixer-upper property requires extensive renovations and repairs to bring it up to a livable condition. The home is in poor condition and requires a significant investment in kitchen, bathroom, roof, exterior, and interior renovations.

Repairs flagged

• Major Kitchen cabinets — Severe wear and tear.
• Major Kitchen countertops — Severe wear and tear.
• Major Kitchen appliances — Severe wear and tear.
• Major Bathroom fixtures — Severe wear and tear.
• Major Bathroom flooring — Severe wear and tear.
• Major Roof — Exposed beams and potential structural issues.
• Major Exterior siding — Damaged and overgrown vegetation.
• Major Flooring — Worn and uneven flooring throughout the home.
• Major Interior walls/paint — Peeling paint and exposed structural elements.
• Major HVAC/mechanicals — No visible signs of functioning HVAC system or mechanical issues.
• Major Landscaping — Overgrown vegetation and general disrepair of the property's exterior.

Value-add opportunities

• Resale Kitchen renovation — Modernizing the kitchen will attract buyers.
• Resale Bathroom renovation — Modernizing the bathrooms will attract buyers.
• Resale Roof repair — A new roof will improve the home's curb appeal and attract buyers.
• Resale Exterior painting — A fresh coat of paint will improve the home's curb appeal and attract buyers.
• Both Landscaping — A well-maintained landscape will improve the home's curb appeal and attract buyers.
• Both HVAC system replacement — A new HVAC system will improve the home's comfort and attract buyers.
• Resale Interior painting — A fresh coat of paint will improve the home's curb appeal and attract buyers.
• Resale Flooring replacement — New flooring will improve the home's curb appeal and attract buyers.
• Resale Kitchen appliances — Modern appliances will improve the home's curb appeal and attract buyers.
• Resale Bathroom fixtures — Modern fixtures will improve the home's curb appeal and attract buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe wear and tear.	Major	$15,000–50,000
Kitchen countertops · Severe wear and tear.	Major	$15,000–50,000
Kitchen appliances · Severe wear and tear.	Major	$15,000–50,000
Bathroom fixtures · Severe wear and tear.	Major	$15,000–50,000
Bathroom flooring · Severe wear and tear.	Major	$15,000–50,000
Roof · Exposed beams and potential structural issues.	Major	$15,000–50,000
Exterior siding · Damaged and overgrown vegetation.	Major	$15,000–50,000
Flooring · Worn and uneven flooring throughout the home.	Major	$15,000–50,000
Interior walls/paint · Peeling paint and exposed structural elements.	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of functioning HVAC system or mechanical issues.	Major	$15,000–50,000
Landscaping · Overgrown vegetation and general disrepair of the property's exterior.	Major	$15,000–50,000
Total estimated repair cost · 11 items		$165,000–550,000

Value-add ROI direction

• Resale Kitchen renovation — Modernizing the kitchen will attract buyers. ↑
• Resale Bathroom renovation — Modernizing the bathrooms will attract buyers. ↑
• Resale Roof repair — A new roof will improve the home's curb appeal and attract buyers. ↑
• Resale Exterior painting — A fresh coat of paint will improve the home's curb appeal and attract buyers. ↑
• Both Landscaping — A well-maintained landscape will improve the home's curb appeal and attract buyers. ↑
• Both HVAC system replacement — A new HVAC system will improve the home's comfort and attract buyers. ↑
• Resale Interior painting — A fresh coat of paint will improve the home's curb appeal and attract buyers. ↑
• Resale Flooring replacement — New flooring will improve the home's curb appeal and attract buyers. ↑
• Resale Kitchen appliances — Modern appliances will improve the home's curb appeal and attract buyers. ↑
• Resale Bathroom fixtures — Modern fixtures will improve the home's curb appeal and attract buyers. ↑

ⓘ 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 — Harlingen

• Score: 73/100
• State rank: #217
• US rank: #5347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 95,667
• Population (ZIP): 49,103

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 (93%)
• Race & ethnicity: Hispanic / Latino 93% Two or more races 42% White 6%
• Hispanic origin (detail): Mexican 90%
• Foreign-born: 23% · Canada
• Languages at home: 29% English-only · Spanish 70%

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: ▼ -62.37%
• Current HPI: 188.147
• 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

• 2025-08-04 Listed $60,000 MCALLENMLS