2900 Gabriel St #3

Mission, TX 78574

$170,000D

3 bd · 2.0 ba · 1,044 sqft · Built 2025 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$46
• Vac / Maint / Mgmt: −$327
• Net cashflow: $8/mo
• Annual: $91/yr
• Cap rate: 6.35%
• Cash-on-cash: 0.19%
• DSCR: 1.01
• 1% rule: 0.91%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath condo listed at $170k. Condition is rated good.
• At list price, monthly cash flow is $8 ($91/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (8.5% below list).
• It's been on market 16 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (8.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#148 in TX, #4,155 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Mission CISD (urban): math 15% / reading 28% proficiency, ranked #775 of 826 in TX (top 94%) — 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: Hilda C Escobar/Alicia C Rios El (math 8% / reading 22%, grade F, #4,021 of 4,322 statewide, top 94%, 373 students, 87% FRL); Alton Memorial J H (math 10% / reading 21%, grade F, #1,556 of 1,662 statewide, top 94%, 819 students, 91% FRL); Mission H S (math 18% / reading 28%, grade F, #1,348 of 1,632 statewide, top 83%, 2,218 students, 91% FRL).
• Market conditions: 477 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 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 6.3% vs local median 3.5% in Mission — 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.
• This rent runs 36% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.