2815 Mimosa St #3

Mission, TX 78574

$119,900C-

2 bd · 2.0 ba · 1,209 sqft · Built 2008 · Condo · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,410/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$267
• Vac / Maint / Mgmt: −$296
• Net cashflow: $18/mo
• Annual: $216/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• 1% rule: 1.18%
• Cash to close: $33,572

Investor read

• This is a 2-bed/2.0-bath condo listed at $120k. Condition is rated good.
• At list price, monthly cash flow is $18 ($216/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 46 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#148 in TX, #4,155 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Sharyland ISD (urban): math 34% / reading 44% proficiency, ranked #406 of 826 in TX (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Donna Wernecke El (math 23% / reading 35%, grade F, #2,668 of 4,322 statewide, top 63%, 697 students, 71% FRL); Sharyland North J H (math 46% / reading 42%, grade D, #512 of 1,662 statewide, top 32%, 806 students, 74% FRL); Sharyland Pioneer H S (math 31% / reading 51%, grade F, #774 of 1,632 statewide, top 49%, 1,471 students, 68% FRL) — zoned schools average 71% FRL vs 55% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 537 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $7k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 96% 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.
• Cap rate 6.5% vs local median 3.6% in Mission — 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.
• This rent runs 32% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.