120 Padre Blvd #206 · South Padre Island, TX 78597

$215,000

1 bd · 1.0 ba · 642 sqft · Condo · 21 Days on market

Built 1984 Fair condition $335/sqft · at area comps Est $217k · at est. ↓ 16% 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 +16.1/30.0
• ARV discount +7.8/15.0
• 1% rule +6.3/10.0
• DSCR +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.0/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Desireable TURNKEY condo with excellent rental potential, possessing all the right qualities: close to beach and waterpark, short walk to restaurant/bar, has convenient complex elevator, on-site laundry, fabulous picnic/BBQ area and sparkling pool. Plus, condo interiors are bright with natural light and tastefully remodeled kitchen. Balcony overlooks complex pool area and even provides a vista of the bay. It just doesn't get better than this at such a low price!

Key facts

• Bbq
• Tennis
• Picnic area

Tags

• KITCHEN REMODELED
• LARGE POOL
• HOT TUB
• TENNIS
• BBQ
• PICNIC AREA

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee

Exterior

• Utilities: Public water
• Home design: Condominium (residential); Single-story
• Exterior features: Balcony

Interior

• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Electric water heater; Tile flooring

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-317 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 1.8% in South Padre Island — 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 60/100 on livability (#1,077 in TX) — a middle-class / working-renter tenant base. Strengths: housing B; Watch: amenities C-, crime F, commute 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.
• Zoned schools: Port Isabel J H (math 10% / reading 29%, grade F, #1,445 of 1,662 statewide, top 88%, 425 students, 84% FRL); Port Isabel H S (math 17% / reading 42%, grade F, #1,112 of 1,632 statewide, top 70%, 606 students, 82% FRL) — zoned schools average 83% FRL vs 35% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 524 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• This rent runs 43% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $6k 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 21 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y ago 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,775 (1.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 1.13% ✓
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 7.4

CMA / ARV

• ARV (median comp): $216,640
• List price: $215,000
• Delta: -0.76%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -26.8%
• Equity multiple: 0.09×
• Total profit: $-54,532
• Equity at exit: $32,057

10-year hold

• IRR: -23.3%
• Equity multiple: -0.19×
• Total profit: $-71,470
• Equity at exit: $18,589

Cash invested: $60,200 (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 78597

• Home prices YoY: -13.5%
• Active inventory: 524
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,423 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 6 same-building comps: −$319
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $-317

Break-even live

Break-even rent $2,825

Max offer price $169,135

Occupancy floor —

Sensitivity live

Price	-10% $-168	-5% $-243	+0% $-317	+5% $-391	+10% $-466
Rent	-10% $-508	-5% $-413	+0% $-317	+5% $-221	+10% $-126
Rate	-1.0pp $-209	-0.5pp $-262	base $-317	+0.5pp $-373	+1.0pp $-429

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 Padre Blvd Unit 1507754P South Padre Island, TX	1.0	2.0	667	$3,382	$5.07	15d	1	0.41mi
113 W Sunny Isle Dr Unit 2 South Padre Island, TX	2.0	1.0	750	$2,300	$3.07	15d	1	1.03mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-07
   remarks 623-char remark
2. 2026-06-07
   statusdays on marketlisting id $215,000 Pending 21 DOM
3. 2026-06-03
   days on market $215,000 Active Under Contract 28 DOM
4. 2026-06-02
   days on market $215,000 Active Under Contract 27 DOM
5. 2026-06-01
   days on market $215,000 Active Under Contract 26 DOM
6. 2026-05-31
   days on market $215,000 Active Under Contract 25 DOM
7. 2026-05-30
   days on market $215,000 Active Under Contract 24 DOM
8. 2026-05-07
   listed $215,000 Active 466-char remark

   Show marketing remark (466 chars)

   Desireable TURNKEY condo with excellent rental potential, possessing all the right qualities: close to beach and waterpark, short walk to restaurant/bar, has convenient complex elevator, on-site laundry, fabulous picnic/BBQ area and sparkling pool. Plus, condo interiors are bright with natural light and tastefully remodeled kitchen. Balcony overlooks complex pool area and even provides a vista of the bay. It just doesn't get better than this at such a low price!

9. 2026-05-06
   listed $215,000 Active 635-char remark
10. 2024-04-03
    status Active
11. 2024-04-01
    status Active
12. 2023-12-29
    status Active
13. 2023-10-03
    status Active
14. 2023-09-01
    status Active
15. 2023-08-18
    historical
16. 2023-07-20
    status Active
17. 2023-07-16
    historical Active Under Contract
18. 2023-05-26
    status Active
19. 2023-03-30
    listed $255,000 Active
20. 2015-05-18
    soldstatus

ⓘ 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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 30 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: $29,079
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$6,194
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − HOA: −$3,828
• − Depreciation: −$6,255
• Taxable loss: −$7,118
• Est. tax savings @ 24.0%: +$1,708
• After-tax cash flow: $-2,095/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 · 1 photo

Fair 40/100 Moderate rehab

This condo requires moderate repairs and updates to improve its condition and appeal, making it a good investment for rental or resale.

Repairs flagged

• Minor kitchen cabinets — Light wear and tear.
• Minor countertops — Light wear and tear.
• Minor bathroom fixtures — Dated and possibly worn out.
• Moderate flooring — Tile flooring appears worn and may need replacement.
• Moderate paint — Paint appears faded and may need touch-up or repainting.
• Unknown HVAC system — Not shown in photos, but may need maintenance or replacement.
• Unknown landscaping — Not shown in photos, but may need improvement to enhance curb appeal.

Value-add opportunities

• Both Painting and updating fixtures — Enhances both resale and rental appeal.
• Both Replacing worn flooring — Improves both resale and rental appeal.
• Both Upgrading HVAC system — Improves comfort and energy efficiency, enhancing both resale and rental appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Light wear and tear.	Minor	$500–3,000
countertops · Light wear and tear.	Minor	$500–3,000
bathroom fixtures · Dated and possibly worn out.	Minor	$500–3,000
flooring · Tile flooring appears worn and may need replacement.	Moderate	$3,000–15,000
paint · Paint appears faded and may need touch-up or repainting.	Moderate	$3,000–15,000
HVAC system · Not shown in photos, but may need maintenance or replacement.	Unknown	$500–3,000
landscaping · Not shown in photos, but may need improvement to enhance curb appeal.	Unknown	$500–3,000
Total estimated repair cost · 7 items		$8,500–45,000

Value-add ROI direction

• Both Painting and updating fixtures — Enhances both resale and rental appeal. ↑
• Both Replacing worn flooring — Improves both resale and rental appeal. ↑
• Both Upgrading HVAC system — Improves comfort and energy efficiency, enhancing both resale and rental appeal. ↑

ⓘ 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 — South Padre Island

• Score: 60/100
• State rank: #1077
• US rank: #19107

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Padre Island, TX
• County: Cameron County · 310,734 people
• Metro: Brownsville-Harlingen, TX
• Population (ZIP): 2,935
• Household income: $68,421
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 96.0

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 White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 7% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Slovak 5% Lithuanian 4% German 2%
• Foreign-born: 13% · Canada
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

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: ▼ -66.59%
• Current HPI: 425.29
• Rent YoY: —
• 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

-15.7% since first listed

15 events — show timeline

• 2026-06-05 Pending — RGVMLS
• 2026-05-26 Contingent — SPIBOR
• 2026-05-07 Listed $215,000 SPIBOR
• 2026-05-06 Listed $215,000 RGVMLS
• 2024-04-03 Relisted — SPIBOR
• 2024-04-01 Relisted — SPIBOR
• 2023-12-29 Relisted — SPIBOR
• 2023-10-03 Relisted — SPIBOR
• 2023-09-01 Relisted — SPIBOR
• 2023-08-18 Delisted — SPIBOR
• 2023-07-20 Relisted — SPIBOR
• 2023-07-16 Contingent — SPIBOR
• 2023-05-26 Relisted — SPIBOR
• 2023-03-30 Listed $255,000 SPIBOR
• 2015-05-18 Sold (MLS) — SPIBOR