510 S Musina St Unit A-E · Port Isabel, TX 78578

$499,900

20 bd · 12.5 ba · 2,645 sqft · MultiFamily · 288 Days on market

Built 1968 Fair condition 0.28 ac lot ↓ 4% 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
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

An exceptional investment opportunity awaits with this fully occupied 5-plex, perfectly positioned in the heart of Port Isabel on two prominent corner lots. Boasting a prime location directly across from the city park and just a 5-minute drive over the causeway to the sandy beaches of South Padre Island, this property offers both convenience and long-term value in one of the area's most desirable markets. The main residence features 3 spacious bedrooms, 2.5 baths, and a 2-car garage, blending comfort and function for tenants seeking a larger home environment. Complementing the main home are three studio efficiencies, each with its own private bath, along with a well-appointed 1-bedroom, 1-bath apartment. Together, these five units create a diverse mix of rental options that appeal to a wide range of tenants. Currently producing $4,777 per month in rental income, this property represents a stable, income-generating asset with immediate returns. Prime location & strong rental history!

Key facts

• Prime location
• 0.28 acre lot
• Garage

Tags

• FULLY OCCUPIED 5-PLEX
• PRIME LOCATION
• STABLE INCOME GENERATING ASSET

What this means for you Summary

Snapshot

• This is a 5 × 4-bed/?-bath units multifamily listed at $500k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $556/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $500k).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.4% in Port Isabel — 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 75/100 on livability (#157 in TX, #4,282 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, crime F.
• Point Isabel ISD (town): math 14% / reading 31% proficiency, ranked #756 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 254 active listings in the ZIP; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 288 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $439,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 288 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.58% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.85%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 17.0%
• Equity multiple: 1.69×
• Total profit: $96,273
• Equity at exit: $74,537

10-year hold

• IRR: 25.6%
• Equity multiple: 3.23×
• Total profit: $312,438
• Equity at exit: $43,222

Cash invested: $139,972 (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 78578

• Home prices YoY: -21.7%
• Active inventory: 254
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $7,894 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,498/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,658
• Net cashflow: $2,782

Break-even live

Break-even rent $4,373

Max offer price $499,900

Occupancy floor 60%

Sensitivity live

Price	-10% $3,127	-5% $2,954	+0% $2,782	+5% $2,609	+10% $2,436
Rent	-10% $2,158	-5% $2,470	+0% $2,782	+5% $3,093	+10% $3,405
Rate	-1.0pp $3,033	-0.5pp $2,909	base $2,782	+0.5pp $2,652	+1.0pp $2,520

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

Units	Beds	Baths	Est. rent
▸ 5× units	4	—	$7,895
Total (5 units)			$7,894

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $499,900 Active 288 DOM
2. 2026-06-17
   days on market $499,900 Active 287 DOM
3. 2026-06-16
   days on market $499,900 Active 286 DOM
4. 2026-06-15
   days on market $499,900 Active 285 DOM
5. 2026-06-14
   days on market $499,900 Active 283 DOM
6. 2026-06-13
   days on market $499,900 Active 282 DOM
7. 2026-06-10
   days on market $499,900 Active 280 DOM
8. 2026-06-09
   days on market $499,900 Active 279 DOM
9. 2026-06-09
   days on market $499,900 Active 278 DOM
10. 2026-06-07
    days on market $499,900 Active 277 DOM
11. 2026-06-03
    days on market $499,900 Active 273 DOM
12. 2026-06-02
    days on market $499,900 Active 272 DOM
13. 2026-06-01
    days on market $499,900 Active 271 DOM
14. 2026-05-31
    days on market $499,900 Active 270 DOM
15. 2026-05-30
    days on market $499,900 Active 269 DOM
16. 2026-01-05
    price $499,900 1003-char remark

    Show marketing remark (1003 chars)

    An exceptional investment opportunity awaits with this fully occupied 5-plex, perfectly positioned in the heart of Port Isabel on two prominent corner lots. Boasting a prime location directly across from the city park and just a 5-minute drive over the causeway to the sandy beaches of South Padre Island, this property offers both convenience and long-term value in one of the area's most desirable markets. The main residence features 3 spacious bedrooms, 2.5 baths, and a 2-car garage, blending comfort and function for tenants seeking a larger home environment. Complementing the main home are three studio efficiencies, each with its own private bath, along with a well-appointed 1-bedroom, 1-bath apartment. Together, these five units create a diverse mix of rental options that appeal to a wide range of tenants. Currently producing $4,777 per month in rental income, this property represents a stable, income-generating asset with immediate returns. Prime location & strong rental history!

17. 2025-09-03
    listed $519,000 Active 1003-char remark

    Show marketing remark (1003 chars)

    An exceptional investment opportunity awaits with this fully occupied 5-plex, perfectly positioned in the heart of Port Isabel on two prominent corner lots. Boasting a prime location directly across from the city park and just a 5-minute drive over the causeway to the sandy beaches of South Padre Island, this property offers both convenience and long-term value in one of the area's most desirable markets. The main residence features 3 spacious bedrooms, 2.5 baths, and a 2-car garage, blending comfort and function for tenants seeking a larger home environment. Complementing the main home are three studio efficiencies, each with its own private bath, along with a well-appointed 1-bedroom, 1-bath apartment. Together, these five units create a diverse mix of rental options that appeal to a wide range of tenants. Currently producing $4,777 per month in rental income, this property represents a stable, income-generating asset with immediate returns. Prime location & strong rental history!

ⓘ 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 6/10 Major FEMA zone X (shaded) · 69% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 27 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,728
• − Mortgage interest: −$28,002
• − Property taxes: −$7,498
• − Insurance: −$2,500
• − Repairs & maintenance: −$7,578
• − Management: −$7,578
• − Depreciation: −$14,543
• Taxable income: $27,029
• Est. tax owed @ 24.0%: −$6,487
• After-tax cash flow: $26,892/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant updates and repairs to improve its condition and value. Painting, updating the kitchen and bathrooms, and upgrading the HVAC system are key areas for investment.

Repairs flagged

• Major Appliances — Outdated and worn, likely not functioning properly.
• Major Bathrooms — Signs of wear and lack of updates.
• Major Exterior siding — Wear and discoloration, may need repainting or replacement.
• Major Tile flooring — Worn and may need replacement.
• Major Paint — Faded and scuffed, needs repainting.
• Major HVAC unit — Appears old and may need replacement.
• Major Landscaping — Sparse and in need of maintenance and improvement.

Value-add opportunities

• Both Painting and updating the kitchen and bathrooms — Improves the home's appearance and functionality, attracting more buyers and renters.
• Both Upgrading the HVAC system — Enhances comfort and energy efficiency, appealing to both buyers and renters.
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can increase its value in the market.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Outdated and worn, likely not functioning properly.	Major	$15,000–50,000
Bathrooms · Signs of wear and lack of updates.	Major	$15,000–50,000
Exterior siding · Wear and discoloration, may need repainting or replacement.	Major	$15,000–50,000
Tile flooring · Worn and may need replacement.	Major	$15,000–50,000
Paint · Faded and scuffed, needs repainting.	Major	$15,000–50,000
HVAC unit · Appears old and may need replacement.	Major	$15,000–50,000
Landscaping · Sparse and in need of maintenance and improvement.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Painting and updating the kitchen and bathrooms — Improves the home's appearance and functionality, attracting more buyers and renters. ↑
• Both Upgrading the HVAC system — Enhances comfort and energy efficiency, appealing to both buyers and renters. ↑
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can increase its value in the market. ↑

ⓘ 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: Point Isabel ISD
• NCES district ID: 4835250
• Math proficiency: 14% ▼ -24.00%
• Reading proficiency: 31% ▼ -10.00%
• Median HH income: $38,115
• Composite: 18.78/100
• National rank: #8871
• State rank: #756 of 826 in TX

Livability — Port Isabel

• Score: 75/100
• State rank: #157
• US rank: #4282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Isabel, TX
• Population (ZIP): 10,231

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% White 35% Two or more races 19%
• Hispanic origin (detail): Mexican 59%
• Common ancestry: Lithuanian 2% Romanian 1% Slovak 1%
• Foreign-born: 18% · Canada
• Languages at home: 57% English-only · Spanish 42%

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: ▼ -61.69%
• Current HPI: 222.9501
• 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

-3.7% since first listed

2 events — show timeline

• 2026-01-05 Price Changed $499,900 SPIBOR
• 2025-09-03 Listed $519,000 SPIBOR