802 E Starr St · Mercedes, TX 78570

$420,000

None bd · None ba · 4,050 sqft · MultiFamily · 214 Days on market

Built 2024 Excellent condition 10,000 sqft lot $104/sqft · at area comps Est $432k · at est. ↓ 23% 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).

• Cash flow +20.1/30.0
• ARV discount +8.8/15.0
• Appreciation +7.3/10.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Condition / age +4.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Discover a brand-new fourplex ideally situated mere seconds from the Expressway and just minutes away from the Rio Grande Valley Premium Outlets! Step into modernity with an open-concept floorplan boasting wood-like tile flooring throughout. The kitchen is a chef's dream, featuring custom ceiling-high cabinets crafted from modern quartz, an island offering abundant cabinet space. Generously sized bedrooms adorned with ample closets await, including a grand master bedroom complete with an expansive bathroom and walk-in closet. Enjoy the luxury of your own private fenced backyard in each unit. Convenience is key with every unit equipped with new appliances, including a refrigerator, stove, microwave, washer, and dryer. With eight carport spaces available, parking is never a hassle. Future tenants will manage their own utilities, making this an exceptional investment opportunity with immediate cash flow potential!

Key facts

• New appliances
• Modern quartz
• 0.23 acre lot

Tags

• OPEN-CONCEPT FLOORPLAN
• WOOD-LIKE TILE FLOORING
• CUSTOM CEILING-HIGH CABINETS
• MODERN QUARTZ
• PRIVATE FENCED BACKYARD
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $420k. Condition is rated excellent.
• This rent per unit runs 33% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive. Per door: $131/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $420k).
• Recommended offer: $370k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.4% in Mercedes — 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 (#547 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Mercedes ISD (suburban): math 12% / reading 21% proficiency, ranked #811 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ruben Hinojosa El (math 12% / reading 27%, grade F, #3,583 of 4,322 statewide, top 86%, 492 students, 92% FRL); Sgt William G Harrell Middle (math 6% / reading 18%, grade F, #1,623 of 1,662 statewide, top 98%, 451 students, 95% FRL); Mercedes H S (math 8% / reading 12%, grade F, #1,591 of 1,632 statewide, top 98%, 974 students, 91% FRL).
• Market conditions: 433 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($3k loan paydown + $19k appreciation (4.5% local appreciation)).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $118k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $49k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $369,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.03% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (median comp): $432,242
• List price: $420,000
• Delta: -2.83%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
802 E Starr St	0.00mi	—/—	4,050 (0%)	2mo	$420,000	$104	98
806 E Starr St	0.00mi	—/—	4,050 (0%)	8mo	$439,000	$108	94
1014 Starr St	0.69mi	—/—	4,050 (0%)	10mo	$470,000	$116	59
1010 Starr St	0.98mi	—/—	4,260 (+5%)	9mo	$470,000	$110	49
302 Rio Rico Rd	0.50mi	4/4.5	3,841 (-5%)	33mo	$395,000	$103	48
3808 Cenizo St	1.02mi	4/2.0	3,856 (-5%)	34mo	$285,000	$74	37
3820 Lantana St	1.09mi	5/4.0	3,227 (-20%)	24mo	$256,000	$79	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.53% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 2.01×
• Total profit: $118,987
• Equity at exit: $226,000

10-year hold

• IRR: 16.9%
• Equity multiple: 3.86×
• Total profit: $336,661
• Equity at exit: $380,461

Cash invested: $117,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active
• Months of supply: 30.0 mo (3%/mo absorbed)
• Median asking: $439,000 ($108/sqft)
• Median days on market: 174 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: -1.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78570

• Home prices YoY: 1.9%
• Active inventory: 433
• Price-to-rent: 32.3×

Monthly cashflow live

• Estimated rent: $4,338 high
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$911
• Net cashflow: $524

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,336
Total (4 units)			$4,338

Break-even live

Break-even rent $3,674

Max offer price $420,000

Occupancy floor 83%

Sensitivity live

Price	-10% $815	-5% $670	+0% $524	+5% $379	+10% $234
Rent	-10% $182	-5% $353	+0% $524	+5% $696	+10% $867
Rate	-1.0pp $736	-0.5pp $631	base $524	+0.5pp $416	+1.0pp $305

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: $105,000
• Closing costs: $12,600
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
906 E Starr Rd Unit B Mercedes, TX	3.0	2.0	1078	$1,100	$1.02	93d	1	0.04mi
907 E Starr Rd Unit D Mercedes, TX	3.0	2.0	1078	$1,050	$0.97	93d	1	0.05mi
1003 E Starr Rd Unit C Mercedes, TX	2.0	2.0	950	$995	$1.05	93d	1	0.08mi
1011 E Starr Rd Unit D Mercedes, TX	3.0	2.0	1078	$1,095	$1.02	93d	1	0.12mi
203 E Royal Palm Dr Unit D Mercedes, TX	3.0	2.0	1022	$1,325	$1.30	93d	1	0.58mi
203 E Royal Palm Dr Unit A Mercedes, TX	3.0	2.0	1100	$1,300	$1.18	93d	1	0.58mi
203 E Royal Palm Dr Unit C Mercedes, TX	3.0	2.0	1022	$1,275	$1.25	93d	1	0.58mi
1202 N Mile 1 E Unit 203 Mercedes, TX	2.0	2.0	864	$885	$1.02	93d	1	0.78mi
1202 N Mile 1 E Unit 608 Mercedes, TX	1.0	1.0	604	$749	$1.24	93d	1	0.78mi
1809 Unity Dr Unity DR Mercedes, TX	3.0	2.0	1142	$1,650	$1.44	93d	1	0.87mi
1204 N Mile 1 E Mercedes, TX	2.0	2.0	864	$885	$1.02	93d	1	0.87mi
1205 N Mile 1 E Mercedes, TX	2.0	2.0	864	$885	$1.02	93d	1	0.92mi
1207 N Mile 1 E Mercedes, TX	1.0	1.0	604	$749	$1.24	93d	1	0.92mi
555 S Ohio Ave Apt 202 Mercedes, TX	1.0	1.0	—	$525	—	93d	1	0.98mi
555 S Ohio Ave Unit 201 Mercedes, TX	2.0	1.0	—	$695	—	93d	1	0.98mi
1025 Rio Rico Rd Unit F Mercedes, TX	2.0	1.0	—	$695	—	93d	1	1.00mi
1202 North St Mercedes, TX	2.0	2.0	864	$885	$1.02	93d	1	1.32mi
210 Michigan Ave Mercedes, TX	3.0	2.0	—	$1,400	—	93d	1	1.39mi
941 S Indiana Ave Unit A Mercedes, TX	2.0	2.0	1834	$925	$0.50	93d	1	1.49mi

Listing history 17 events

1. 2026-06-08
   days on market $420,000 Active 214 DOM
2. 2026-06-08
   days on market $420,000 Active 213 DOM
3. 2026-06-07
   days on market $420,000 Active 212 DOM
4. 2026-06-03
   days on market $420,000 Active 209 DOM
5. 2026-06-02
   days on market $420,000 Active 208 DOM
6. 2026-06-01
   days on market $420,000 Active 207 DOM
7. 2026-05-31
   days on market $420,000 Active 206 DOM
8. 2026-03-02
   price $420,000 924-char remark

   Show marketing remark (924 chars)

   Discover a brand-new fourplex ideally situated mere seconds from the Expressway and just minutes away from the Rio Grande Valley Premium Outlets! Step into modernity with an open-concept floorplan boasting wood-like tile flooring throughout. The kitchen is a chef's dream, featuring custom ceiling-high cabinets crafted from modern quartz, an island offering abundant cabinet space. Generously sized bedrooms adorned with ample closets await, including a grand master bedroom complete with an expansive bathroom and walk-in closet. Enjoy the luxury of your own private fenced backyard in each unit. Convenience is key with every unit equipped with new appliances, including a refrigerator, stove, microwave, washer, and dryer. With eight carport spaces available, parking is never a hassle. Future tenants will manage their own utilities, making this an exceptional investment opportunity with immediate cash flow potential!

9. 2025-11-24
   price $439,000 924-char remark

   Show marketing remark (924 chars)

   Discover a brand-new fourplex ideally situated mere seconds from the Expressway and just minutes away from the Rio Grande Valley Premium Outlets! Step into modernity with an open-concept floorplan boasting wood-like tile flooring throughout. The kitchen is a chef's dream, featuring custom ceiling-high cabinets crafted from modern quartz, an island offering abundant cabinet space. Generously sized bedrooms adorned with ample closets await, including a grand master bedroom complete with an expansive bathroom and walk-in closet. Enjoy the luxury of your own private fenced backyard in each unit. Convenience is key with every unit equipped with new appliances, including a refrigerator, stove, microwave, washer, and dryer. With eight carport spaces available, parking is never a hassle. Future tenants will manage their own utilities, making this an exceptional investment opportunity with immediate cash flow potential!

10. 2025-11-05
    listed $469,000 Active 924-char remark

    Show marketing remark (924 chars)

    Discover a brand-new fourplex ideally situated mere seconds from the Expressway and just minutes away from the Rio Grande Valley Premium Outlets! Step into modernity with an open-concept floorplan boasting wood-like tile flooring throughout. The kitchen is a chef's dream, featuring custom ceiling-high cabinets crafted from modern quartz, an island offering abundant cabinet space. Generously sized bedrooms adorned with ample closets await, including a grand master bedroom complete with an expansive bathroom and walk-in closet. Enjoy the luxury of your own private fenced backyard in each unit. Convenience is key with every unit equipped with new appliances, including a refrigerator, stove, microwave, washer, and dryer. With eight carport spaces available, parking is never a hassle. Future tenants will manage their own utilities, making this an exceptional investment opportunity with immediate cash flow potential!

11. 2024-09-16
    price $495,000
12. 2024-07-17
    price $489,000
13. 2024-06-05
    price $509,000
14. 2024-06-05
    listed $50,900 Active
15. 2024-03-28
    historical $1,250
16. 2024-03-13
    listed $1,250
17. 2024-01-25
    listed $549,000 Active

ⓘ 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: $52,056
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$4,164
• − Management: −$4,164
• − Depreciation: −$12,218
• Taxable loss: −$418
• Est. tax savings @ 24.0%: +$100
• After-tax cash flow: $6,394/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

Excellent 95/100 None rehab

This fourplex is in excellent condition with modern amenities and a prime location. It is move-in ready and offers high ROI potential.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Smart home integration — Improves convenience and marketability ↑
• Both Energy-efficient upgrades — Reduces utility costs and enhances sustainability ↑

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary Ruben Hinojosa El F TX #3,583/4,322 Nat'l #33,738/41,679 Middle Sgt Manuel Chacon Middle F TX #1,387/1,662 Nat'l #11,464/14,009 High Triumph Public High Schools-Mercedes F TX #1,539/1,632 Nat'l #15,707/17,239

Schools (NCES district)

• District: Mercedes ISD
• NCES district ID: 4830250
• Math proficiency: 12% ▼ -26.00%
• Reading proficiency: 21% ▼ -10.00%
• Median HH income: $27,606
• Composite: 12.84/100
• National rank: #9596
• State rank: #811 of 826 in TX

C Composite livability gradescore 67/100

Livability — Mercedes

• Score: 67/100
• State rank: #547
• US rank: #10619

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mercedes, TX
• County: Hidalgo · 955,232 people
• City population: 33,596
• Metro: McAllen-Edinburg-Mission, TX
• Population (ZIP): 33,596
• Household income: $39,890
• Rent vs Own: 26.2% rent · 73.8% own
• Severe rent burden: 12% of renters

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Population outlook (Hidalgo County) Hauer SSP2

• Today (2025): 955,232 people
• By 2030: 1,009,774 · +5.7%
• By 2040: 1,120,332 · +17.3%
• By 2050: 1,225,036 · +28.2%
• By 2075: 1,439,189 · +50.7%
• By 2100: 1,533,429 · +60.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (96%)
• Race & ethnicity: Hispanic / Latino 96% Two or more races 44% White 4%
• Hispanic origin (detail): Mexican 91%
• Foreign-born: 20% · Canada
• Languages at home: 18% English-only · Spanish 82%

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Political lean MEDSL · Hidalgo

• 2024 margin: Toss-up / Even · D 48.1% · R 51.0%
• 2008→2024 swing: -41.6pp toward R · 2008: 38.7pp · 2024: -2.9pp
• All cycles: 2024: R+2.9 2020: D+17.1 2016: D+40.5 2012: D+41.8 2008: D+38.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.53%
• Current HPI: 238.8386
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

-23.5% since first listed

10 events — show timeline

• 2026-03-02 Price Changed $420,000 MCALLENMLS
• 2025-11-24 Price Changed $439,000 MCALLENMLS
• 2025-11-05 Listed $469,000 MCALLENMLS
• 2024-09-16 Price Changed $495,000 MCALLENMLS
• 2024-07-17 Price Changed $489,000 MCALLENMLS
• 2024-06-05 Price Changed $509,000 MCALLENMLS
• 2024-06-05 Listed $50,900 MCALLENMLS
• 2024-03-28 Rental Removed $1,250 APPFOLIO
• 2024-03-13 Listed for Rent $1,250 APPFOLIO
• 2024-01-25 Listed $549,000 MCALLENMLS