1502 Diamond Ave · Penitas, TX 78576

$599,000

None bd · None ba · 10,164 sqft · MultiFamily · 23 Days on market

Built 2003 1.00 ac lot ↓ 39% since listing

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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
• Appreciation +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Attention All Investors! Incredible investment opportunity to own a fully occupied/rented 8-plex listed at $59 per sqft. ! Located just north of U. S. 83 (I-2), is a well maintained 8-plex in the thriving area of Penitas, TX, with a proven rental history and steady income generation. This property features seven spacious 2-bedroom/2-bath units and one 3-bedroom/2-bath unit, which are all currently occupied (leased), ensuring immediate cash flow. Conveniently located near major roadways, shopping centers, and dining options, this 8-plex offers both a prime location and exceptional value. Whether you're looking to expand your portfolio or make a solid investment, this property is a growi

Key facts

• Fully occupied
• Prime location
• 1 acre lot

Tags

• INVESTMENT OPPORTUNITY
• FULLY OCCUPIED
• PROVEN RENTAL HISTORY
• STEADY INCOME GENERATION
• PRIME LOCATION

Property features AI

Finance

• HOA & community: No homeowners association; Community contains 8 units

Exterior

• Parking: Two covered parking spaces; Two-car carport; No garage
• Security: Smoke detectors
• Utilities: Public water; City sewer; Eight separate water meters
• Home design: Brick construction; Shingle roof; Seller-measured living area
• Construction: Slab foundation
• Exterior features: Chain link fencing; Paved road access; Outbuilding

Interior

• Kitchen: Refrigerator; Stove/Range; Electric water heater
• Flooring: Tile
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fan(s); Double-pane energy-efficient windows
• Laundry & utility: Dedicated laundry area

What this means for you Summary

Snapshot

• This is a multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $599k).
• Recommended offer: $590k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 3.2% in Penitas — 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 64/100 on livability (#820 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D, amenities F, commute F.
• La Joya ISD (suburban): math 18% / reading 29% proficiency, ranked #759 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cesar Chavez Middle (math 25% / reading 35%, grade F, #1,056 of 1,662 statewide, top 65%, 666 students, 90% FRL); La Joya H S (math 16% / reading 32%, grade F, #1,333 of 1,632 statewide, top 82%, 2,775 students, 92% FRL) — zoned schools average 91% FRL vs 54% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 52 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 $42k of equity ($4k loan paydown + $38k appreciation (6.3% local appreciation)).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($590k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 94% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $590,015 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 2.07% ✓
• Cap rate: 17.62%
• Cash-on-cash: 40.47%
• DSCR: 2.80
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.6%
• Equity multiple: 4.25×
• Total profit: $545,743
• Equity at exit: $389,693

10-year hold

• IRR: 47.2%
• Equity multiple: 8.87×
• Total profit: $1,320,539
• Equity at exit: $718,315

Cash invested: $167,720 (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 78576

• Home prices YoY: 2.7%
• Active inventory: 52
• Price-to-rent: 32.2×

Monthly cashflow live

• Estimated rent: $12,400 medium
• Mortgage (P&I): −$3,141
• Tax est. 1.5%: −$749 /mo · $8,985/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,604
• Net cashflow: $5,656

Break-even live

Break-even rent $5,240

Max offer price $599,000

Occupancy floor 49%

Sensitivity live

Price	-10% $6,070	-5% $5,863	+0% $5,656	+5% $5,449	+10% $5,242
Rent	-10% $4,677	-5% $5,167	+0% $5,656	+5% $6,146	+10% $6,636
Rate	-1.0pp $5,958	-0.5pp $5,809	base $5,656	+0.5pp $5,501	+1.0pp $5,343

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	2	$10,850
1× unit	3	2	$1,550
Total (8 units)			$12,400

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $599,000 Active 23 DOM
2. 2026-06-17
   days on market $599,000 Active 22 DOM
3. 2026-06-16
   days on market $599,000 Active 21 DOM
4. 2026-06-15
   days on market $599,000 Active 20 DOM
5. 2026-06-14
   days on market $599,000 Active 18 DOM
6. 2026-06-13
   days on market $599,000 Active 17 DOM
7. 2026-06-10
   days on market $599,000 Active 15 DOM
8. 2026-06-09
   days on market $599,000 Active 14 DOM
9. 2026-06-08
   days on market $599,000 Active 13 DOM
10. 2026-06-07
    days on market $599,000 Active 12 DOM
11. 2026-06-05
    days on market $599,000 Active 9 DOM
12. 2026-06-03
    days on market $599,000 Active 8 DOM
13. 2026-06-02
    days on market $599,000 Active 7 DOM
14. 2026-06-01
    days on market $599,000 Active 6 DOM
15. 2026-05-31
    days on market $599,000 Active 5 DOM
16. 2026-05-31
    days on market $599,000 Active 4 DOM
17. 2026-01-17
    listed $620,000 Active
18. 2025-07-09
    price $699,000
19. 2025-01-17
    listed $799,000 Active
20. 2024-08-20
    status Active
21. 2024-08-13
    historical Option
22. 2024-05-13
    listed $975,000 Active

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥112°F today · 21 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% 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: $148,800
• − Mortgage interest: −$33,553
• − Property taxes: −$8,985
• − Insurance: −$2,995
• − Repairs & maintenance: −$11,904
• − Management: −$11,904
• − Depreciation: −$17,425
• Taxable income: $62,033
• Est. tax owed @ 24.0%: −$14,888
• After-tax cash flow: $52,989/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: La Joya ISD
• NCES district ID: 4826130
• Math proficiency: 18% ▼ -35.00%
• Reading proficiency: 29% ▼ -10.00%
• Median HH income: $27,845
• Composite: 18.65/100
• National rank: #8891
• State rank: #759 of 826 in TX

Livability — Penitas

• Score: 64/100
• State rank: #820
• US rank: #14866

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Penitas, TX
• Population (ZIP): 13,902

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 (99%)
• Race & ethnicity: Hispanic / Latino 99% Two or more races 71%
• Hispanic origin (detail): Mexican 97%
• Foreign-born: 31% · Canada
• Languages at home: 4% English-only · Spanish 96%

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: ▲ 6.35%
• Current HPI: 238.1571
• 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

-38.6% since first listed

7 events — show timeline

• 2026-05-23 Listed $599,000 MCALLENMLS
• 2026-01-17 Listed $620,000 MCALLENMLS
• 2025-07-09 Price Changed $699,000 MCALLENMLS
• 2025-01-17 Listed $799,000 MCALLENMLS
• 2024-08-20 Relisted — MCALLENMLS
• 2024-08-13 Contingent — MCALLENMLS
• 2024-05-13 Listed $975,000 MCALLENMLS