1402 E Grimes St · Harlingen, TX 78550

$148,000

3 bd · 2.0 ba · 1,772 sqft · SingleFamily public records · 46 Days on market

Built 1978 10,149 sqft lot $84/sqft · 27% below area Est $203k · 27% under ↓ 1% 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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +7.1/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 2-bath home presents a great investment opportunity for investors or anyone ready to take on a project with vision. With plenty of potential to transform and add value, this property is ideal for those looking to customize a home to their own style. The property is being sold as is, in its present condition. Schedule your appointment today to take a look and explore the possibilities!

Key facts

• 0.23 acre lot
• Built 1978
• Listed 46 days

Property features AI

Finance

• Other: Escrow: $1500
• HOA & community: No association

Exterior

• Parking: No garage; No carport; No covered or assigned parking
• Utilities: Public water; City sewer; Electric service
• Home design: Single-story (1,772 building area); Not new construction; Living area per Cameron CAD
• Construction: Brick and HardiPlank type siding; Slab foundation; Composition shingle roof; Built on a 0.233-acre lot
• Exterior features: Partial fencing; Paved road access

Interior

• Kitchen: Electric water heater; No conveying appliances
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Tile flooring; Ceiling fan(s); Countertops (other); No window coverings
• Laundry & utility: Laundry area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $144k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.
• Harlingen CISD (urban): math 25% / reading 35% proficiency, ranked #647 of 826 in TX (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Austin El (math 17% / reading 27%, grade F, #3,333 of 4,322 statewide, top 80%, 308 students, 90% FRL); Memorial Middle (math 23% / reading 33%, grade F, #1,143 of 1,662 statewide, top 69%, 751 students, 89% FRL); Harlingen H S (math 32% / reading 22%, grade F, #1,204 of 1,632 statewide, top 75%, 1,942 students, 82% FRL).
• Market conditions: Rents rising (+3.5%/yr); 468 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,326 units permitted in Cameron County in 2024 (503 in 5+ unit buildings).
• This rent runs 44% of the median local income ($49k/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 $4k 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 46 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• 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 $143,560 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.57%
• DSCR: 1.38
• GRM: 6.9

CMA / ARV

• ARV (median comp): $203,342
• List price: $148,000
• Delta: -27.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1725 Peach Tree Ct	0.42mi	3/2.0	1,783 (+1%)	2mo	$210,000	$118	78
914 E Carrol St	0.30mi	4/2.0 (+1)	1,914 (+8%)	13mo	$185,000	$97	57
1509 Walnut Ct	0.46mi	3/2.0	1,872 (+6%)	16mo	$199,900	$107	55
1757 Apple Ct	0.47mi	3/2.0	1,644 (-7%)	13mo	$229,000	$139	55
1609 Plantation Dr	0.43mi	3/2.0	1,847 (+4%)	22mo	$249,900	$135	54
2401 E Austin Ave	0.66mi	3/2.0	1,936 (+9%)	9mo	$155,000	$80	46
1517 Walnut Ct	0.48mi	2/2.0 (-1)	1,625 (-8%)	19mo	$195,000	$120	43
808 E Whitehouse Cir	0.73mi	4/3.0 (+1)	1,888 (+6%)	4mo	$188,000	$100	43
1042 E Matz Ave	0.72mi	3/2.0	2,000 (+13%)	15mo	$260,000	$130	32

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 · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-4,229
• Equity at exit: $22,067

10-year hold

• IRR: 7.6%
• Equity multiple: 1.59×
• Total profit: $24,301
• Equity at exit: $12,796

Cash invested: $41,440 (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 78550

• Rents YoY: 3.5%
• Active inventory: 468
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,785 high
• Mortgage (P&I): −$776
• Tax from tax record: −$276 /mo · $3,316/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $296

Break-even live

Break-even rent $1,410

Max offer price $148,000

Occupancy floor 78%

Sensitivity live

Price	-10% $380	-5% $338	+0% $296	+5% $254	+10% $212
Rent	-10% $155	-5% $226	+0% $296	+5% $367	+10% $437
Rate	-1.0pp $371	-0.5pp $334	base $296	+0.5pp $258	+1.0pp $219

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
914 E Carrol St Harlingen, TX	3.0	2.5	1914	$1,700	$0.89	22d	1	0.30mi
1309 Summerfield Ln Harlingen, TX	3.0	2.0	2127	$2,100	$0.99	45d	1	0.68mi
1057 E Matz Ave Harlingen, TX	3.0	2.0	1692	$1,850	$1.09	45d	1	0.75mi
918 E Leggett Rd Harlingen, TX	3.0	2.0	1756	$1,700	$0.97	22d	1	0.81mi
714 Winddrift St Harlingen, TX	3.0	2.0	1668	$1,850	$1.11	22d	1	0.86mi
1630 Summerfield Ln N Harlingen, TX	3.0	2.0	1680	$1,900	$1.13	22d	1	0.88mi
421 Jennifer Ct Harlingen, TX	3.0	2.0	2027	$1,975	$0.97	22d	1	0.90mi
2605 E Mark Cir Harlingen, TX	4.0	3.0	2437	$2,400	$0.98	46d	1	0.91mi
2234 S Christians Cir Harlingen, TX	3.0	2.0	1493	$2,400	$1.61	45d	1	0.94mi
2209 E Jackson St Harlingen, TX	4.0	2.0	1356	$1,250	$0.92	45d	1	0.98mi
2706 Jeff St Harlingen, TX	4.0	2.0	2007	$2,100	$1.05	22d	1	1.00mi
2405 E Van Buren Ave Harlingen, TX	3.0	1.0	1370	$1,350	$0.99	45d	1	1.10mi
1622 Gabriels Lndg Harlingen, TX	4.0	2.0	2200	$2,000	$0.91	45d	1	1.11mi
1701 Gabriels Lndg Harlingen, TX	3.0	2.0	1699	$2,350	$1.38	22d	1	1.14mi
1626 Christians Cir Harlingen, TX	3.0	2.0	1827	$2,200	$1.20	15d	1	1.16mi
226 W Darrell Wayne Shipp St Harlingen, TX	3.0	2.0	1400	$1,700	$1.21	45d	1	1.30mi
902 S Loop 499 Harlingen, TX	1.0–2.0	1.0–2.5	971	$995	$1.02	15d	16	1.41mi

Listing history 18 events

1. 2026-06-22
   days on market $148,000 Active 46 DOM
2. 2026-06-18
   days on market $148,000 Active 43 DOM
3. 2026-06-17
   days on market $148,000 Active 42 DOM
4. 2026-06-16
   days on market $148,000 Active 41 DOM
5. 2026-06-15
   days on market $148,000 Active 40 DOM
6. 2026-06-14
   days on market $148,000 Active 38 DOM
7. 2026-06-10
   days on market $148,000 Active 35 DOM
8. 2026-06-09
   days on market $148,000 Active 34 DOM
9. 2026-06-08
   days on market $148,000 Active 33 DOM
10. 2026-06-07
    days on market $148,000 Active 32 DOM
11. 2026-06-03
    days on market $148,000 Active 28 DOM
12. 2026-06-02
    days on market $148,000 Active 27 DOM
13. 2026-06-01
    days on market $148,000 Active 26 DOM
14. 2026-05-31
    days on market $148,000 Active 25 DOM
15. 2026-05-30
    pricedays on market $148,000 Active 24 DOM
16. 2026-05-06
    listed $150,000 Active 403-char remark

    Show marketing remark (403 chars)

    This 3-bedroom, 2-bath home presents a great investment opportunity for investors or anyone ready to take on a project with vision. With plenty of potential to transform and add value, this property is ideal for those looking to customize a home to their own style. The property is being sold as is, in its present condition. Schedule your appointment today to take a look and explore the possibilities!

17. 2026-05-06
    listed $150,000 Active 403-char remark

    Show marketing remark (403 chars)

    This 3-bedroom, 2-bath home presents a great investment opportunity for investors or anyone ready to take on a project with vision. With plenty of potential to transform and add value, this property is ideal for those looking to customize a home to their own style. The property is being sold as is, in its present condition. Schedule your appointment today to take a look and explore the possibilities!

18. 2010-04-15
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $3,316 · $276/mo
• Projected year-2 tax: $3,316 · $276/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $21,422
• − Mortgage interest: −$8,290
• − Property taxes: −$3,316
• − Insurance: −$740
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$4,305
• Taxable income: $1,342
• Est. tax owed @ 24.0%: −$322
• After-tax cash flow: $3,231/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: Harlingen CISD
• NCES district ID: 4822530
• Math proficiency: 25% ▼ -28.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $37,182
• Composite: 24.94/100
• National rank: #7566
• State rank: #647 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

• Census place: Harlingen, TX
• County: Cameron County · 310,734 people
• City population: 95,667
• Metro: Brownsville-Harlingen, TX
• Population (ZIP): 53,335
• Household income: $49,007
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 2251.0

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 Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 29% White 14% Black 1%
• Hispanic origin (detail): Mexican 76%
• Common ancestry: Italian 1% Lithuanian 1%
• Foreign-born: 14% · Canada
• Languages at home: 51% English-only · Spanish 48%

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: ▼ -142.60%
• Current HPI: 167.7038
• Rent YoY: ▲ 3.45%
• 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

-1.3% since first listed

5 events — show timeline

• 2026-05-29 Price Changed $148,000 MCALLENMLS
• 2026-05-29 Price Changed $148,000 RGVMLS
• 2026-05-06 Listed $150,000 RGVMLS
• 2026-05-06 Listed $150,000 MCALLENMLS
• 2010-04-15 Sold (Public Records) — Public Records

Property tax history

+5.8%/yr

Latest (2025): $3,316 · -2.8% YoY. Source: county tax records.