132 E Bonnet Cir · Port Isabel, TX 78578

$155,000

2 bd · 2.0 ba · 408 sqft · SingleFamily public records · 174 Days on market

Built 1995 $380/sqft · 9% above area Est $284k · 45% under $355/mo HOA · 26% of rent ↓ 16% since listing

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Cash flow +3.7/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two Bedroom Two Bath unit located in an amenity rich resort with many scheduled activities for making lifetime friends! Furnished and move-in ready including the washer and dryer. Opportunity to use as a vacation home and rent to create income. Only minutes from the beaches of South Padre Island and cross the swing bridge to historic Port Isabel.

Key facts

• Amenity rich resort
• Historic port isabel
• Minutes from beaches

Tags

• AMENITY RICH RESORT
• MINUTES FROM BEACHES
• HISTORIC PORT ISABEL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-520 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $74k (52.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (11.1% below list).
• Recommended offer: $74k (52.1% below list) — sets the bar for cash-flow.

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 $1k of loan paydown is wiped out by about $5k 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 174 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,316 (52.1% 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. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 0.89% ✗
• Cap rate: 2.78%
• Cash-on-cash: -12.54%
• DSCR: 0.44
• GRM: 9.4

CMA / ARV

• ARV (median comp): $284,092
• List price: $155,000
• Delta: -45.44%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 Sand Dollar Dr	0.34mi	1/1.0 (-1)	408 (0%)	0mo	$295,000	$723	75
674 E Clam Cir	0.44mi	1/1.0 (-1)	416 (+2%)	10mo	$206,000	$495	59
786 E Oyster Dr #786	0.55mi	1/1.0 (-1)	416 (+2%)	13mo	$295,000	$709	51
684 E Clam Cir	0.47mi	1/1.0 (-1)	440 (+8%)	16mo	$255,000	$580	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -43.2%
• Equity multiple: -0.33×
• Total profit: $-57,886
• Equity at exit: $23,111

10-year hold

• IRR: -72.0%
• Equity multiple: -1.11×
• Total profit: $-91,629
• Equity at exit: $13,402

Cash invested: $43,400 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,378 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$310 /mo · $3,716/yr
• Insurance: −$65
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$355
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-520

Break-even live

Break-even rent $2,036

Max offer price $74,316

Occupancy floor —

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $355 · $4,260/yr

Listing history 20 events

1. 2026-06-15
   days on market $155,000 Active 174 DOM
2. 2026-06-14
   days on market $155,000 Active 172 DOM
3. 2026-06-13
   days on market $155,000 Active 171 DOM
4. 2026-06-10
   days on market $155,000 Active 169 DOM
5. 2026-06-09
   days on market $155,000 Active 168 DOM
6. 2026-06-09
   days on market $155,000 Active 167 DOM
7. 2026-06-07
   days on market $155,000 Active 166 DOM
8. 2026-06-03
   days on market $155,000 Active 162 DOM
9. 2026-06-02
   days on market $155,000 Active 161 DOM
10. 2026-06-01
    days on market $155,000 Active 160 DOM
11. 2026-05-31
    days on market $155,000 Active 159 DOM
12. 2026-05-30
    days on market $155,000 Active 158 DOM
13. 2026-04-16
    price $155,000 349-char remark

    Show marketing remark (349 chars)

    Two Bedroom Two Bath unit located in an amenity rich resort with many scheduled activities for making lifetime friends! Furnished and move-in ready including the washer and dryer. Opportunity to use as a vacation home and rent to create income. Only minutes from the beaches of South Padre Island and cross the swing bridge to historic Port Isabel.

14. 2026-01-30
    price $163,000 349-char remark

    Show marketing remark (349 chars)

    Two Bedroom Two Bath unit located in an amenity rich resort with many scheduled activities for making lifetime friends! Furnished and move-in ready including the washer and dryer. Opportunity to use as a vacation home and rent to create income. Only minutes from the beaches of South Padre Island and cross the swing bridge to historic Port Isabel.

15. 2026-01-08
    status Active 349-char remark

    Show marketing remark (349 chars)

    Two Bedroom Two Bath unit located in an amenity rich resort with many scheduled activities for making lifetime friends! Furnished and move-in ready including the washer and dryer. Opportunity to use as a vacation home and rent to create income. Only minutes from the beaches of South Padre Island and cross the swing bridge to historic Port Isabel.

16. 2025-06-06
    listed $185,000 Active 349-char remark

    Show marketing remark (349 chars)

    Two Bedroom Two Bath unit located in an amenity rich resort with many scheduled activities for making lifetime friends! Furnished and move-in ready including the washer and dryer. Opportunity to use as a vacation home and rent to create income. Only minutes from the beaches of South Padre Island and cross the swing bridge to historic Port Isabel.

17. 2014-01-06
    soldstatus 369-char remark

    Show marketing remark (369 chars)

    NICE PARK MODEL WITH SHED-STYLE ROOF HAS BEEN ADDED ONTO (FULL-LENGTH) AND WOULD ALMOST PASS AS A COTTAGE HOME. TOTAL OF 2 BR/2 BTH WITH DECK AND STORAGE BUILDING IN BACK. NICELY LANDSCAPED, WASHER, DRYER, DISHWASHER, LOCATED ON A QUIET STREET IN GATED LONG ISLAND VILLAGE, WHERE AMENITIES ABOUND AND THE LAGUNA MADRE AND SOUTH PADRE ISLAND ARE JUST A FEW MINUTES AWAY.

18. 2006-11-14
    soldstatus
19. 2004-10-21
    soldstatus
20. 1992-11-01
    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: $3,716 · $310/mo
• Projected year-2 tax: $3,716 · $310/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 8/10 Severe FEMA zone X (shaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 5 d/yr ≥106°F today · 19 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: $16,534
• − Mortgage interest: −$8,682
• − Property taxes: −$3,716
• − Insurance: −$1,572
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − HOA: −$4,260
• − Depreciation: −$4,509
• Taxable loss: −$8,851
• Est. tax savings @ 24.0%: +$2,124
• After-tax cash flow: $-4,116/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: 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

• 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

-16.2% since first listed

8 events — show timeline

• 2026-04-16 Price Changed $155,000 SPIBOR
• 2026-01-30 Price Changed $163,000 SPIBOR
• 2026-01-08 Relisted — SPIBOR
• 2025-06-06 Listed $185,000 SPIBOR
• 2014-01-06 Sold (MLS) — SPIBOR
• 2006-11-14 Sold (Public Records) — Public Records
• 2004-10-21 Sold (Public Records) — Public Records
• 1992-11-01 Sold (Public Records) — Public Records

Property tax history

+12.1%/yr

Latest (2025): $3,716 · +1.4% YoY. Source: county tax records.