21272 Ebony Rd · Harlingen, TX 78583

$575,000

None bd · None ba · 8,753 sqft · MultiFamily · 313 Days on market

Built 1990 8.34 ac lot

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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 +16.1/30.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

Fantastic opportunity for a cash flowing multifamily property located in Rio Hondo TX. This property has 5 income producing buildings-4 freestanding homes and 1 five-plex. The five-plex has two units that have been recently remodeled. The brown house was built in 1992 and has 1312 SF Living. The front house is a 3 bd/2 bth home built in 1980 with 1056 s. f. The middle house is a 3 bd/2 bth home with 1536 s. f. , built in 1980. The back house is a 3 bd/1 bth home with 1073 s. f. built in 1970. The 5-plex on the property is 3,776 s. f. built in 1990 and is made up of three units down stairs & two units upstairs. Each Building has its own septic system.

Key facts

• 8.34 acre lot
• 18 parking spots
• Built 1990

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/?-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive. Per door: $59/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 $541k (6.0% below list).
• Recommended offer: $506k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• Rio Hondo ISD (town): math 15% / reading 28% proficiency, ranked #769 of 826 in TX (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Rio Hondo El (math 12% / reading 17%, grade F, #4,048 of 4,322 statewide, top 95%, 624 students, 86% FRL); Rio Hondo Middle (math 14% / reading 29%, grade F, #1,378 of 1,662 statewide, top 83%, 488 students, 91% FRL); Rio Hondo H S (math 22% / reading 42%, grade F, #1,044 of 1,632 statewide, top 66%, 507 students, 83% FRL) — zoned schools average 87% FRL vs 23% district-wide (64 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 98 active listings in the ZIP; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).

Forward outlook

• In year one you build about $42k of equity ($4k loan paydown + $38k appreciation (6.6% local appreciation)).
• Cameron County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $161k cash investment doubles in ~4 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 313 days — a 12% lower offer ($506k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $506,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 313 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.21%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 2.27×
• Total profit: $204,907
• Equity at exit: $382,629

10-year hold

• IRR: 17.8%
• Equity multiple: 4.62×
• Total profit: $583,516
• Equity at exit: $712,921

Cash invested: $161,000 (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 78583

• Home prices YoY: 3.4%
• Active inventory: 98
• Price-to-rent: 44.3×

Monthly cashflow live

• Estimated rent: $5,406 medium
• Mortgage (P&I): −$3,015
• Tax est. 1.5%: −$719 /mo · $8,625/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,135
• Net cashflow: $297

Break-even live

Break-even rent $5,030

Max offer price $575,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	—	$5,405
Total (5 units)			$5,406

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-12
   status Pending
2. 2025-11-01
   historical
3. 2025-08-26
   price $575,000
4. 2025-04-24
   status Active
5. 2025-04-18
   historical
6. 2025-03-13
   status Active
7. 2024-10-16
   listed $625,000 Active
8. 2024-10-14
   price $625,000
9. 2024-05-20
   price $650,000
10. 2023-10-30
    price $560,000
11. 2023-07-12
    price $575,000

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 25 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: $64,872
• − Mortgage interest: −$32,209
• − Property taxes: −$8,625
• − Insurance: −$2,875
• − Repairs & maintenance: −$5,190
• − Management: −$5,190
• − Depreciation: −$16,727
• Taxable loss: −$5,944
• Est. tax savings @ 24.0%: +$1,426
• After-tax cash flow: $4,991/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: Rio Hondo ISD
• NCES district ID: 4837170
• Math proficiency: 15% ▼ -24.00%
• Reading proficiency: 28% ▼ -10.00%
• Median HH income: $36,099
• Composite: 17.78/100
• National rank: #9014
• State rank: #769 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

• City population: 95,667
• Population (ZIP): 5,472

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 (84%)
• Race & ethnicity: Hispanic / Latino 84% Two or more races 48% White 15%
• Hispanic origin (detail): Mexican 81%
• Common ancestry: Slovak 1% Portuguese 1% Iranian 1%
• Foreign-born: 17% · Canada
• Languages at home: 37% English-only · Spanish 63%

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: ▲ 6.58%
• Current HPI: 199.084
• 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

+0.0% since first listed

11 events — show timeline

• 2026-05-12 Pending — RGVMLS
• 2025-11-01 Delisted — RGVMLS
• 2025-08-26 Price Changed $575,000 RGVMLS
• 2025-04-24 Relisted — RGVMLS
• 2025-04-18 Delisted — RGVMLS
• 2025-03-13 Relisted — RGVMLS
• 2024-10-16 Listed $625,000 RGVMLS
• 2024-10-14 Price Changed $625,000 RGVMLS
• 2024-05-20 Price Changed $650,000 RGVMLS
• 2023-10-30 Price Changed $560,000 RGVMLS
• 2023-07-12 Price Changed $575,000 RGVMLS