1408 E Iris Ave · McAllen, TX 78501

$565,000

None bd · None ba · 4,500 sqft · MultiFamily · 125 Days on market

Built 2023 Good condition 10,288 sqft lot $126/sqft · at area comps Est $543k · at est. $42/mo HOA · 3% of rent ↓ 9% since listing

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +5.7/15.0
• DSCR +4.3/10.0
• 1% rule +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Modern fourplex in a gated community with controlled access. The property consists of two 3-bedroom, 2-bath units and two 2-bedroom, 2-bath units, providing an ideal mix for strong rental demand. Each unit features a modern design and comes fully equipped with washer, dryer, microwave, stove, and refrigerator. Contemporary finishes, functional layouts, and quality construction make this a low-maintenance asset built for long-term performance. Located in an amazing area close to the expressway, shopping centers, restaurants, hospitals, and schools, this property offers convenience and strong tenant appeal. Situated within a gated community, it provides added privacy and security. Whether you're an investor seeking a turnkey, cash-flowing asset or a first-time buyer looking to offset your mortgage with rental income, this fourplex presents a rare opportunity in one of McAllen’s most desirable locations.

Key facts

• Gated community
• Controlled access
• Quality construction

Tags

• GATED COMMUNITY
• CONTROLLED ACCESS
• MODERN DESIGN
• FULLY EQUIPPED
• QUALITY CONSTRUCTION
• LOW MAINTENANCE

What this means for you Summary

Snapshot

• This is a 2×3bd/2ba + 2×2bd/2ba units multifamily listed at $565k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive. Per door: $24/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 $512k (9.4% below list).
• Recommended offer: $497k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.7% in McAllen — 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 76/100 on livability (#119 in TX, #3,771 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Pharr-San Juan-Alamo ISD (suburban): math 18% / reading 30% proficiency, ranked #740 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Allen & William Arnold El (math 8% / reading 22%, grade F, #4,021 of 4,322 statewide, top 94%, 586 students, 83% FRL); Lyndon B Johnson Middle (math 15% / reading 19%, grade F, #1,520 of 1,662 statewide, top 92%, 1,003 students, 90% FRL); Psja North Early College H S (math 32% / reading 46%, grade F, #859 of 1,632 statewide, top 53%, 2,176 students, 88% FRL) — zoned schools average 87% FRL vs 72% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 390 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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).
• At $5,119/mo this rent would consume 128% of the median local household income ($48k/yr) (locally 3043% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($497k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $497,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 9.2

CMA / ARV

• ARV (median comp): $543,372
• List price: $565,000
• Delta: 3.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1412 E Iris Ave	0.01mi	—/—	4,500 (0%)	3mo	$560,000	$124	97
1416 E Iris Ave	0.02mi	—/—	4,500 (0%)	3mo	$560,000	$124	97
1313 E Hibiscus Ave	0.09mi	—/—	4,200 (-7%)	1mo	$560,000	$133	84
1316 E Hibiscus Ave	0.10mi	—/—	4,216 (-6%)	6mo	$547,500	$130	80
1320 E Hibiscus Ave	0.09mi	—/—	4,216 (-6%)	9mo	$545,000	$129	78
1707 W Bronze Dr	0.25mi	—/—	4,402 (-2%)	11mo	$364,900	$83	75
1807 W Douglas Ave	0.18mi	—/—	4,088 (-9%)	6mo	$410,000	$100	71
1607 W Bronze Dr	0.31mi	—/—	3,976 (-12%)	3mo	$399,000	$100	63
1200 E Daffodil Ave	0.41mi	—/—	4,740 (+5%)	13mo	$500,000	$105	61
1503 Kiwi Ave	0.71mi	—/—	4,974 (+10%)	20mo	$425,000	$85	33

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 · 1.78% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.42×
• Total profit: $-91,455
• Equity at exit: $84,243

10-year hold

• IRR: -10.6%
• Equity multiple: 0.39×
• Total profit: $-96,087
• Equity at exit: $48,851

Cash invested: $158,200 (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 78501

• Home prices YoY: -23.3%
• Rents YoY: 1.8%
• Active inventory: 390
• Price-to-rent: 35.7×

Monthly cashflow live

• Estimated rent: $5,119 high
• Mortgage (P&I): −$2,963
• Tax est. 1.5%: −$706 /mo · $8,475/yr
• Insurance: −$235
• HOA: −$42
• Vacancy / Maint / Mgmt: −$1,075
• Net cashflow: $97

Break-even live

Break-even rent $4,996

Max offer price $565,000

Occupancy floor 93%

Sensitivity live

Price	-10% $488	-5% $293	+0% $97	+5% $-98	+10% $-293
Rent	-10% $-307	-5% $-105	+0% $97	+5% $300	+10% $502
Rate	-1.0pp $382	-0.5pp $241	base $97	+0.5pp $-49	+1.0pp $-198

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,636
▸ 2× units	2	2	$2,482
Total (4 units)			$5,119

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1316 E Hibiscus Ave McAllen, TX	3.0	2.0	4216	$1,350	$0.32	16d	1	0.09mi
1109 W Eisenhower St Unit 5 Pharr, TX	2.0	2.0	4907	$899	$0.18	45d	1	0.33mi
913 E Daffodil Ave Unit B McAllen, TX	2.0	2.0	3552	$800	$0.23	45d	1	0.45mi
901 E Redbud Ave Unit 706 McAllen, TX	2.0	2.0	3860	$925	$0.24	45d	1	0.70mi
705 W Bronze Dr Unit 2 Pharr, TX	2.0	2.0	3640	$950	$0.26	45d	1	0.84mi
705 W Bronze Dr Unit 1 Pharr, TX	2.0	2.0	3640	$900	$0.25	45d	1	0.84mi
4904 N Crown Pt Unit 1 Pharr, TX	2.0	2.0	3944	$1,150	$0.29	45d	1	1.08mi
805 W Los Tesoros Dr Unit 4 Pharr, TX	3.0	2.0	4860	$1,100	$0.23	45d	1	1.29mi
1501 W Heritage Dr Unit 3 Pharr, TX	2.0	2.0	3664	$1,050	$0.29	23d	1	1.43mi

HOA detail

• Monthly dues: $42 · $504/yr
• Likely covers: security

Listing history 18 events

1. 2026-06-22
   days on market $565,000 Active 125 DOM
2. 2026-06-18
   days on market $565,000 Active 122 DOM
3. 2026-06-17
   days on market $565,000 Active 121 DOM
4. 2026-06-16
   days on market $565,000 Active 120 DOM
5. 2026-06-15
   days on market $565,000 Active 119 DOM
6. 2026-06-14
   days on market $565,000 Active 117 DOM
7. 2026-06-13
   days on market $565,000 Active 116 DOM
8. 2026-06-10
   days on market $565,000 Active 114 DOM
9. 2026-06-09
   days on market $565,000 Active 113 DOM
10. 2026-06-08
    days on market $565,000 Active 112 DOM
11. 2026-06-07
    days on market $565,000 Active 111 DOM
12. 2026-06-03
    days on market $565,000 Active 107 DOM
13. 2026-06-02
    days on market $565,000 Active 106 DOM
14. 2026-06-01
    days on market $565,000 Active 105 DOM
15. 2026-05-31
    days on market $565,000 Active 104 DOM
16. 2026-05-31
    days on market $565,000 Active 103 DOM
17. 2026-04-28
    price $565,000 923-char remark

    Show marketing remark (923 chars)

    Modern fourplex in a gated community with controlled access. The property consists of two 3-bedroom, 2-bath units and two 2-bedroom, 2-bath units, providing an ideal mix for strong rental demand. Each unit features a modern design and comes fully equipped with washer, dryer, microwave, stove, and refrigerator. Contemporary finishes, functional layouts, and quality construction make this a low-maintenance asset built for long-term performance. Located in an amazing area close to the expressway, shopping centers, restaurants, hospitals, and schools, this property offers convenience and strong tenant appeal. Situated within a gated community, it provides added privacy and security. Whether you're an investor seeking a turnkey, cash-flowing asset or a first-time buyer looking to offset your mortgage with rental income, this fourplex presents a rare opportunity in one of McAllen’s most desirable locations.

18. 2026-02-12
    listed $620,000 Active 923-char remark

    Show marketing remark (923 chars)

    Modern fourplex in a gated community with controlled access. The property consists of two 3-bedroom, 2-bath units and two 2-bedroom, 2-bath units, providing an ideal mix for strong rental demand. Each unit features a modern design and comes fully equipped with washer, dryer, microwave, stove, and refrigerator. Contemporary finishes, functional layouts, and quality construction make this a low-maintenance asset built for long-term performance. Located in an amazing area close to the expressway, shopping centers, restaurants, hospitals, and schools, this property offers convenience and strong tenant appeal. Situated within a gated community, it provides added privacy and security. Whether you're an investor seeking a turnkey, cash-flowing asset or a first-time buyer looking to offset your mortgage with rental income, this fourplex presents a rare opportunity in one of McAllen’s most desirable locations.

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,428
• − Mortgage interest: −$31,649
• − Property taxes: −$8,475
• − Insurance: −$2,825
• − Repairs & maintenance: −$4,914
• − Management: −$4,914
• − HOA: −$504
• − Depreciation: −$16,436
• Taxable loss: −$8,290
• Est. tax savings @ 24.0%: +$1,990
• After-tax cash flow: $3,159/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 · 9 photos

Good 80/100 None rehab

This modern fourplex is in excellent condition with no visible repairs needed. It offers a great mix of units and is located in a gated community with controlled access, making it an ideal investment for both resale and rental.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can improve the home's curb appeal and attract more tenants.
• Both Adding smart home features — Smart home features can increase the home's value and attract tech-savvy tenants.
• Both Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and attract more tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve the home's curb appeal and attract more tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's value and attract tech-savvy tenants. ↑
• Both Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and attract more tenants. ↑

ⓘ 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: Pharr-San Juan-Alamo ISD
• NCES district ID: 4834860
• Math proficiency: 18% ▼ -34.00%
• Reading proficiency: 30% ▼ -11.00%
• Median HH income: $33,757
• Composite: 19.63/100
• National rank: #8744
• State rank: #740 of 826 in TX

Livability — McAllen

• Score: 76/100
• State rank: #119
• US rank: #3771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McAllen, TX
• County: Hidalgo County · 623,128 people
• City population: 144,650
• Metro: McAllen-Edinburg-Mission, TX
• Population (ZIP): 58,935
• Household income: $48,071
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 3043.0

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 (89%)
• Race & ethnicity: Hispanic / Latino 89% Two or more races 32% White 8% Asian 2%
• Hispanic origin (detail): Mexican 85%
• Foreign-born: 28% · Canada, Vietnam
• Languages at home: 22% English-only · Spanish 76%

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: ▼ -69.99%
• Current HPI: 230.0213
• Rent YoY: ▲ 1.78%
• Metro: McAllen-Edinburg-Mission, 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

-8.9% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $565,000 MCALLENMLS
• 2026-02-12 Listed $620,000 MCALLENMLS