1002 Starr St · Mercedes, TX 78570

$439,000

8 bd · 8.0 ba · — sqft · MultiFamily · 196 Days on market

Built 2023 Good condition Est $449k · at est. ↓ 4% 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 +16.5/30.0
• ARV discount +8.5/15.0
• Appreciation +7.3/10.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0

Multi-family units

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

Listing remarks MLS

FULLY LEASED INVESTMENT OPPORTUNITY! This modern fourplex is perfectly located just seconds from the Expressway and only minutes from the Rio Grande Valley Premium Outlets, offering unbeatable convenience and steady income! Each unit showcases a modern open-concept floor plan with elegant wood-look tile flooring throughout. The kitchen features custom ceiling-height cabinetry, quartz countertops, and a large island with ample storage-ideal for today's renters who value both style and function. Spacious bedrooms come with large closets, and each primary suite offers a generous bathroom and walk-in closet. Every unit enjoys its own private fenced backyard. Appliances include a refrigerator, stove, microwave, washer, and dryer in every unit. The property also offers 8 covered parking spaces, and tenants are responsible for their own utilities. Whether you're a seasoned investor or just starting your portfolio, this turnkey property provides immediate cash flow and long-term stability.

Key facts

• Quartz countertops
• Large island
• 8 parking spots

Tags

• OPEN-CONCEPT FLOOR PLAN
• WOOD-LOOK TILE FLOORING
• QUARTZ COUNTERTOPS
• LARGE ISLAND
• PRIVATE FENCED BACKYARD
• COVERED PARKING SPACES

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2.0-bath units multifamily listed at $439k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive. Per door: $65/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $417k (5.0% below list).
• Recommended offer: $386k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.3% 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: schools D+, crime F, amenities 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.
• Market conditions: 390 active listings in the ZIP; 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($3k loan paydown + $20k 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 $123k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($386k) is reasonable based on typical stale-listing flexibility.

Recommended offer $386,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 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: 0.95% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.54%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (median comp): $449,034
• List price: $439,000
• Delta: -2.23%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.9%
• Equity multiple: 1.86×
• Total profit: $105,987
• Equity at exit: $236,224

10-year hold

• IRR: 14.8%
• Equity multiple: 3.54×
• Total profit: $312,197
• Equity at exit: $397,673

Cash invested: $122,920 (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 78570

• Home prices YoY: 1.9%
• Active inventory: 390
• Price-to-rent: 35.1×

Monthly cashflow live

• Estimated rent: $4,169 high
• Mortgage (P&I): −$2,302
• Tax est. 1.5%: −$549 /mo · $6,585/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$875
• Net cashflow: $260

Break-even live

Break-even rent $3,840

Max offer price $439,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$4,168
Total (4 units)			$4,169

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $439,000 Active 196 DOM
2. 2026-06-17
   days on market $439,000 Active 195 DOM
3. 2026-06-16
   days on market $439,000 Active 194 DOM
4. 2026-06-15
   days on market $439,000 Active 193 DOM
5. 2026-06-15
   days on market $439,000 Active 192 DOM
6. 2026-06-13
   days on market $439,000 Active 191 DOM
7. 2026-06-12
   days on market $439,000 Active 190 DOM
8. 2026-06-10
   days on market $439,000 Active 187 DOM
9. 2026-06-08
   days on market $439,000 Active 186 DOM
10. 2026-06-08
    days on market $439,000 Active 185 DOM
11. 2026-06-07
    days on market $439,000 Active 184 DOM
12. 2026-06-03
    days on market $439,000 Active 181 DOM
13. 2026-06-02
    days on market $439,000 Active 180 DOM
14. 2026-06-01
    days on market $439,000 Active 179 DOM
15. 2026-05-31
    days on market $439,000 Active 178 DOM
16. 2025-12-06
    price $439,000 996-char remark

    Show marketing remark (996 chars)

    FULLY LEASED INVESTMENT OPPORTUNITY! This modern fourplex is perfectly located just seconds from the Expressway and only minutes from the Rio Grande Valley Premium Outlets, offering unbeatable convenience and steady income! Each unit showcases a modern open-concept floor plan with elegant wood-look tile flooring throughout. The kitchen features custom ceiling-height cabinetry, quartz countertops, and a large island with ample storage-ideal for today's renters who value both style and function. Spacious bedrooms come with large closets, and each primary suite offers a generous bathroom and walk-in closet. Every unit enjoys its own private fenced backyard. Appliances include a refrigerator, stove, microwave, washer, and dryer in every unit. The property also offers 8 covered parking spaces, and tenants are responsible for their own utilities. Whether you're a seasoned investor or just starting your portfolio, this turnkey property provides immediate cash flow and long-term stability.

17. 2025-12-04
    listed $455,000 New 996-char remark

    Show marketing remark (996 chars)

    FULLY LEASED INVESTMENT OPPORTUNITY! This modern fourplex is perfectly located just seconds from the Expressway and only minutes from the Rio Grande Valley Premium Outlets, offering unbeatable convenience and steady income! Each unit showcases a modern open-concept floor plan with elegant wood-look tile flooring throughout. The kitchen features custom ceiling-height cabinetry, quartz countertops, and a large island with ample storage-ideal for today's renters who value both style and function. Spacious bedrooms come with large closets, and each primary suite offers a generous bathroom and walk-in closet. Every unit enjoys its own private fenced backyard. Appliances include a refrigerator, stove, microwave, washer, and dryer in every unit. The property also offers 8 covered parking spaces, and tenants are responsible for their own utilities. Whether you're a seasoned investor or just starting your portfolio, this turnkey property provides immediate cash flow and long-term stability.

ⓘ 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: $50,028
• − Mortgage interest: −$24,591
• − Property taxes: −$6,585
• − Insurance: −$2,195
• − Repairs & maintenance: −$4,002
• − Management: −$4,002
• − Depreciation: −$12,771
• Taxable loss: −$4,118
• Est. tax savings @ 24.0%: +$988
• After-tax cash flow: $4,105/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 · 6 photos

Good 80/100 Cosmetic rehab

This modern fourplex is in good condition with no visible repairs needed. It offers a good investment opportunity with a well-maintained exterior and interior, and is located in a convenient location near the Expressway and Rio Grande Valley Premium Outlets.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters.
• Both Landscaping improvements — Well-maintained landscaping can improve the property's curb appeal and add value to both the resale and rental markets.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to both buyers and renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can improve the property's curb appeal and add value to both the resale and rental markets. ↑

ⓘ 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: 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

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
• City population: 33,596
• Population (ZIP): 33,596

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%

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%

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

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

-3.5% since first listed

2 events — show timeline

• 2025-12-06 Price Changed $439,000 LERA
• 2025-12-04 Listed $455,000 LERA