2109 Viviana St

Edinburg, TX 78504

$535,000D+

None bd · None ba · 4,214 sqft · Built 2025 · MultiFamily · Pending · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,516/mo
• Mortgage (P&I): −$2,806
• Tax + insurance: −$892
• HOA: −$63
• Vac / Maint / Mgmt: −$1,158
• Net cashflow: $597/mo
• Annual: $7,169/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• 1% rule: 1.03%
• Cash to close: $149,800

Investor read

• This is a 2×3bd/2ba + 2×2bd/2ba units multifamily listed at $535k. Condition is rated excellent.
• At list price, monthly cash flow is $597 ($7k/yr) — positive. Per door: $149/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $535k).
• It's been on market 53 days — a 3% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $519k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#784 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Edinburg CISD (urban): math 20% / reading 34% proficiency, ranked #699 of 826 in TX (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.6%/yr); 888 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• Cap rate 7.6% vs local median 2.4% in Edinburg — 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.
• At $5,516/mo this rent would consume 81% of the median local household income ($82k/yr) (locally 1468% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.