1821 S First St · Harlingen, TX 78550

$129,900

4 bd · 2.0 ba · 1,364 sqft · SingleFamily public records · 31 Days on market

Built 1933 9,801 sqft lot Est $226k · 43% under

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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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +6.3/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This home is about 85% finished and has so much potential!! Investor ready, this home sits on a corner lot and has two houses on property. There is a efficiency apt in the back as well. Seller wants to hear all offers!!

Key facts

• Efficiency apt
• Two houses
• Corner lot

Tags

• CORNER LOT
• TWO HOUSES
• EFFICIENCY APT

Property features AI

Finance

• Other: Directions: Located off Taft Rd; make right on 1st St — house is on the corner lot

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 1 story; Residential property; Located in FINWOOD HEIGHTS subdivision
• Construction: Stucco exterior; Composition roof; Slab foundation; House construction
• Exterior features: Corner lot

Interior

• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Electric water heater; Tile floors; Crawl space foundation

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.8% in Harlingen — 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 73/100 on livability (#217 in TX) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute F, employment F.
• Harlingen CISD (urban): math 25% / reading 35% proficiency, ranked #647 of 826 in TX (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Houston El (math 12% / reading 22%, grade F, #3,836 of 4,322 statewide, top 91%, 467 students, 90% FRL); Coakley Middle (math 22% / reading 33%, grade F, #1,156 of 1,662 statewide, top 71%, 660 students, 83% FRL); Harlingen H S - South (math 47% / reading 17%, grade F, #1,044 of 1,632 statewide, top 66%, 1,571 students, 75% FRL).
• Market conditions: Rents rising (+3.5%/yr); 468 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• This rent runs 36% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cameron County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.58%
• DSCR: 1.29
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $226,424
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 E Cleveland Ave	0.41mi	3/2.0 (-1)	1,336 (-2%)	4mo	$159,900	$120	69
1421 6th Dr	0.50mi	4/2.0	1,504 (+10%)	8mo	$249,900	$166	53
2906 Brushy Ct	0.60mi	3/2.0 (-1)	1,256 (-8%)	12mo	$205,000	$163	44
514 Vanessa Cir	0.61mi	3/2.0 (-1)	1,521 (+12%)	9mo	$269,000	$177	40
3001 Brushy Ct	0.63mi	3/2.0 (-1)	1,233 (-10%)	18mo	$203,120	$165	35
3001 Tree Top Ct	0.69mi	3/2.0 (-1)	1,203 (-12%)	21mo	$210,000	$175	26

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

Projected returns pro-forma

-3.0% appreciation · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.79×
• Total profit: $-7,614
• Equity at exit: $19,369

10-year hold

• IRR: 4.7%
• Equity multiple: 1.35×
• Total profit: $12,736
• Equity at exit: $11,231

Cash invested: $36,372 (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 78550

• Rents YoY: 3.5%
• Active inventory: 468
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,466 high
• Mortgage (P&I): −$681
• Tax from tax record: −$223 /mo · $2,675/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $200

Break-even live

Break-even rent $1,213

Max offer price $129,900

Occupancy floor 81%

Sensitivity live

Price	-10% $273	-5% $236	+0% $200	+5% $163	+10% $126
Rent	-10% $84	-5% $142	+0% $200	+5% $257	+10% $315
Rate	-1.0pp $265	-0.5pp $233	base $200	+0.5pp $166	+1.0pp $132

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1604 Clinton St Unit 1 Harlingen, TX	3.0	2.0	1050	$1,495	$1.42	45d	1	0.38mi
813 W Arroyo Park Ln Apt B Harlingen, TX	3.0	2.5	1200	$1,300	$1.08	45d	1	0.38mi
1600 Clinton St Unit 1 Harlingen, TX	3.0	2.0	1050	$1,495	$1.42	45d	1	0.38mi
1704 Clinton St Unit 1 Harlingen, TX	3.0	2.0	1010	$1,495	$1.48	45d	1	0.38mi
3509 N Arroyo Park Ln Unit B Harlingen, TX	3.0	2.0	1244	$1,450	$1.17	45d	1	0.44mi
606 W Taft Ave Harlingen, TX	3.0	2.0	1257	$1,200	$0.95	22d	1	0.48mi
3701 N Arroyo Park Ln Unit 2 Harlingen, TX	3.0	2.5	1400	$1,400	$1.00	15d	1	0.51mi
3701 N Arroyo Park Ln #1 Harlingen, TX	4.0	3.5	1700	$1,500	$0.88	15d	1	0.51mi
1501 Sam Houston Dr Harlingen, TX	3.0	1.5	1216	$1,004	$0.83	46d	1	0.80mi
1119 W Garfield St Harlingen, TX	3.0	2.0	1401	$1,300	$0.93	22d	1	0.97mi
818 W Buchanan St Harlingen, TX	3.0	2.0	1406	$1,350	$0.96	45d	1	1.00mi
1809 Pease St Unit B Harlingen, TX	3.0	2.0	1442	$2,500	$1.73	45d	1	1.24mi
6306 Lancelot Harlingen, TX	3.0	2.0	1363	$1,499	$1.10	45d	1	1.40mi
1902 E Tyler Ave Harlingen, TX	2.0–3.0	1.0–2.0	1007	$1,060	$1.05	15d	6	1.48mi

Listing history 22 events

1. 2026-06-22
   days on market $129,900 Active 31 DOM
2. 2026-06-18
   days on market $129,900 Active 28 DOM
3. 2026-06-17
   days on market $129,900 Active 27 DOM
4. 2026-06-16
   days on market $129,900 Active 26 DOM
5. 2026-06-16
   price $129,900 Active 25 DOM
6. 2026-06-15
   days on market $140,000 Active 25 DOM
7. 2026-06-14
   days on market $140,000 Active 23 DOM
8. 2026-06-10
   days on market $140,000 Active 20 DOM
9. 2026-06-09
   days on market $140,000 Active 19 DOM
10. 2026-06-08
    days on market $140,000 Active 18 DOM
11. 2026-06-07
    days on market $140,000 Active 17 DOM
12. 2026-06-03
    days on market $140,000 Active 13 DOM
13. 2026-06-03
    price $140,000 Active 12 DOM
14. 2026-06-02
    days on market $149,900 Active 12 DOM
15. 2026-06-01
    days on market $149,900 Active 11 DOM
16. 2026-05-31
    days on market $149,900 Active 10 DOM
17. 2026-05-30
    days on market $149,900 Active 9 DOM
18. 2026-05-21
    listed $149,900 Active
19. 2023-03-23
    soldstatus
20. 2022-11-28
    soldstatus
21. 2022-07-13
    soldstatus
22. 1998-03-30
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $2,675 · $223/mo
• Projected year-2 tax: $2,675 · $223/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $17,586
• − Mortgage interest: −$7,276
• − Property taxes: −$2,675
• − Insurance: −$650
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − Depreciation: −$3,779
• Taxable income: $393
• Est. tax owed @ 24.0%: −$94
• After-tax cash flow: $2,300/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: Harlingen CISD
• NCES district ID: 4822530
• Math proficiency: 25% ▼ -28.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $37,182
• Composite: 24.94/100
• National rank: #7566
• State rank: #647 of 826 in TX

Livability — Harlingen

• Score: 73/100
• State rank: #217
• US rank: #5347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harlingen, TX
• County: Cameron County · 310,734 people
• City population: 95,667
• Metro: Brownsville-Harlingen, TX
• Population (ZIP): 53,335
• Household income: $49,007
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 2251.0

Population outlook (Cameron County) Hauer SSP2

• Today (2025): 441,603 people
• By 2030: 448,113 · +1.5%
• By 2040: 456,385 · +3.3%
• By 2050: 456,294 · +3.3%
• By 2075: 423,851 · -4.0%
• By 2100: 342,787 · -22.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 29% White 14% Black 1%
• Hispanic origin (detail): Mexican 76%
• Common ancestry: Italian 1% Lithuanian 1%
• Foreign-born: 14% · Canada
• Languages at home: 51% English-only · Spanish 48%

Political lean MEDSL · Cameron

• 2024 margin: Lean R (+5.8) · D 46.7% · R 52.5%
• 2008→2024 swing: -34.6pp toward R · 2008: 28.8pp · 2024: -5.8pp
• All cycles: 2024: R+5.8 2020: D+13.2 2016: D+32.5 2012: D+32.4 2008: D+28.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.60%
• Current HPI: 167.7038
• Rent YoY: ▲ 3.45%
• Metro: Brownsville-Harlingen, TX
• 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

5 events — show timeline

• 2026-05-21 Listed $149,900 RGVMLS
• 2023-03-23 Sold (Public Records) — Public Records
• 2022-11-28 Sold (Public Records) — Public Records
• 2022-07-13 Sold (Public Records) — Public Records
• 1998-03-30 Sold (Public Records) — Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,675 · -3.3% YoY. Source: county tax records.