204 Farrell Rd #4 · Midway South, TX 78596

$138,500

3 bd · 2.0 ba · 1,118 sqft · Condo · 5 Days on market

Built 2026 Good condition $124/sqft · at area comps Est $140k · at est. $95/mo HOA · 8% of rent ↓ 6% 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 +9.0/30.0
• ARV discount +8.0/15.0
• Appreciation +4.7/10.0
• Condition / age +4.0/5.0
• 1% rule +3.6/10.0
• Schools +3.2/10.0
• Livability +2.9/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0

Listing remarks

Beautiful 3-bedroom, 2-bathroom condominium now available in Weslaco, Texas! Conveniently located less than 5 minutes from Expressway 83, this home offers easy access while still being nestled inside a gated subdivision for added privacy and security. This new construction condo features a thoughtfully designed floor plan that truly feels like a single-family home — spacious, functional, and perfect for comfortable living. All appliances are included, making this home truly move-in ready! All of this for an unbeatable price of $149,999 — an incredible opportunity you don’t want to miss!

Key facts

• Move-in ready
• New construction
• Gated subdivision

Tags

• GATED SUBDIVISION
• NEW CONSTRUCTION
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $138k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (13.8% below list).
• Recommended offer: $119k (13.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#1,201 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Weslaco ISD (suburban): math 23% / reading 31% proficiency, ranked #705 of 826 in TX (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sam Houston El (math 22% / reading 37%, grade F, #2,525 of 4,322 statewide, top 62%, 745 students, 87% FRL); Central Middle (math 33% / reading 40%, grade F, #786 of 1,662 statewide, top 48%, 974 students, 70% FRL); Weslaco H S (math 25% / reading 33%, grade F, #1,147 of 1,632 statewide, top 71%, 2,553 students, 73% FRL) — zoned schools average 77% FRL vs 59% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1019 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 7,378 units permitted in Hidalgo County in 2024 (641 in 5+ unit buildings).

Forward outlook

• In year one you build about $149 of equity ($958 loan paydown + $-809 appreciation (-0.6% local appreciation)).
• Hidalgo County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Recommended offer $119,356 (13.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.86% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 9.7

CMA / ARV

• ARV (median comp): $140,000
• List price: $138,500
• Delta: -1.07%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Farrell Rd #2	0.00mi	3/2.0	1,118 (0%)	1mo	$145,000	$130	99
LOT 23 Farrell Rd #3	0.00mi	3/2.0	1,139 (+2%)	1mo	$147,500	$129	96
196 Farrell Rd #4	0.09mi	3/2.0	1,138 (+2%)	1mo	$147,500	$130	92
3098 Briggs Rd #4	0.05mi	3/2.0	1,088 (-3%)	3mo	$140,000	$129	91
188 Farrell Rd #1	0.09mi	3/2.0	1,161 (+4%)	1mo	$145,500	$125	89
3098 Briggs Rd #3	0.05mi	3/2.0	1,193 (+7%)	2mo	$140,000	$117	85
3164 Briggs St Unit B1	0.05mi	2/2.0 (-1)	868 (-22%)	4mo	$115,000	$132	64
3014 W Mimosa Dr	0.98mi	3/2.0	1,216 (+9%)	1mo	$95,000	$78	50
3018 Arrow Ln	0.83mi	3/2.0	1,010 (-10%)	5mo	$190,000	$188	44
1012 W 3rd St	1.14mi	3/1.0	1,250 (+12%)	5mo	$159,000	$127	37
1909 Sage Dr	1.19mi	3/2.0	1,308 (+17%)	5mo	$209,900	$160	36
1114 Champion Dr	1.18mi	3/1.0	940 (-16%)	0mo	$84,500	$90	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.62×
• Total profit: $-14,691
• Equity at exit: $36,218

10-year hold

• IRR: -1.9%
• Equity multiple: 0.81×
• Total profit: $-7,406
• Equity at exit: $40,460

Cash invested: $38,780 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $149,500 ($135/sqft)
• Median days on market: 48 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -7.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 78596

• Home prices YoY: -0.2%
• Active inventory: 1019
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,194 high
• Mortgage (P&I): −$726
• Tax est. 1.5%: −$173 /mo · $2,078/yr
• Insurance: −$58
• HOA: −$95
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $-109

Break-even live

Break-even rent $1,332

Max offer price $122,694

Occupancy floor —

Sensitivity live

Price	-10% $-14	-5% $-61	+0% $-109	+5% $-157	+10% $-205
Rent	-10% $-204	-5% $-156	+0% $-109	+5% $-62	+10% $-15
Rate	-1.0pp $-39	-0.5pp $-74	base $-109	+0.5pp $-145	+1.0pp $-182

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: $34,625
• Closing costs: $4,155
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3186 Briggs Rd Unit 1 Midway South, TX	2.0	2.0	976	$1,200	$1.23	0d	1	0.06mi
3086 Briggs Rd Unit B Midway South, TX	2.0	3.0	1050	$1,300	$1.24	164d	1	0.06mi
3208 Briggs Rd #3 Weslaco, TX	2.0	2.0	868	$1,200	$1.38	5d	1	0.06mi
3208 Briggs Rd #3 Weslaco, TX	2.0	2.0	868	$1,200	$1.38	0d	1	0.06mi
3024 Stark Rd Unit 2 WESLACO, TX	2.0	2.0	1137	$1,150	$1.01	43d	1	0.07mi
3056 Stark Rd Unit 4 WESLACO, TX	3.0	2.0	1137	$1,300	$1.14	28d	1	0.08mi
3099 Briggs Rd Weslaco, TX	2.0	2.0	995	$1,200	$1.21	0d	1	0.09mi
2702 Bluejay St Weslaco, TX	3.0	2.0	1198	$1,450	$1.21	10d	1	0.24mi
408 Sparrow Rd #4 Weslaco, TX	3.0	2.0	1185	$1,350	$1.14	2d	1	0.35mi
408 Sparrow Rd #4 Weslaco, TX	3.0	2.0	1185	$1,400	$1.18	155d	1	0.35mi
412 Sparrow Rd Unit 1 Weslaco, TX	2.0	2.0	1020	$1,250	$1.23	164d	1	0.36mi
2705 Robin Rd Unit 2 Weslaco, TX	2.0	2.0	1080	$1,200	$1.11	10d	1	0.37mi
3707 U.S. 83 Business Unit 442 Donna, TX	3.0	2.0	960	$799	$0.83	184d	1	0.37mi
3707 U.S. 83 Business Unit 333 Donna, TX	3.0	2.0	960	$899	$0.94	184d	1	0.37mi
3707 U.S. 83 Business Unit 464 Donna, TX	3.0	2.0	960	$799	$0.83	107d	1	0.37mi
3707 U.S. 83 Business Unit 431 Donna, TX	3.0	2.0	960	$799	$0.83	164d	1	0.37mi
503 Sparrow Rd Unit 1 Weslaco, TX	2.0	2.0	1000	$1,300	$1.30	2d	1	0.39mi
503 Sparrow Rd Unit 1 Weslaco, TX	2.0	2.0	1000	$1,350	$1.35	16d	1	0.39mi
509 Sparrow Rd Unit 4 Weslaco, TX	3.0	2.0	1020	$1,275	$1.25	2d	1	0.40mi
513 Sparrow Rd Unit 4 Weslaco, TX	3.0	2.0	1040	$1,275	$1.23	2d	1	0.42mi
2808 Charlie Rd Unit D Weslaco, TX	2.0	2.0	860	$1,150	$1.34	10d	1	0.43mi
2613 Mockingbird Rd Unit D Weslaco, TX	2.0	2.0	973	$1,200	$1.23	184d	1	0.44mi
3707 E Business 83 Unit 419 Donna, TX	3.0	2.0	960	$824	$0.86	10d	1	0.44mi
3707 E Business 83 #340 Donna, TX	3.0	2.0	960	$826	$0.86	9d	1	0.44mi
3707 E Business 83 #345 Donna, TX	3.0	2.0	960	$826	$0.86	10d	1	0.44mi
2900 Charlie Rd Unit A Weslaco, TX	3.0	2.0	860	$1,250	$1.45	32d	1	0.45mi
2700 Mockingbird Rd Unit 1 Weslaco, TX	2.0	2.0	1080	$1,200	$1.11	10d	1	0.46mi
2700 Mockingbird Rd Unit 4 Weslaco, TX	3.0	2.0	1209	$1,350	$1.12	10d	1	0.46mi
2608 Mockingbird Rd Unit 4 Weslaco, TX	3.0	2.0	1183	$1,380	$1.17	162d	1	0.46mi
2813 Bravo Rd Unit B Weslaco, TX	3.0	2.0	1000	$1,250	$1.25	31d	1	0.47mi
2901 Bravo Rd Unit C Weslaco, TX	2.0	2.0	860	$1,150	$1.34	0d	1	0.47mi
2901 Bravo Rd Unit B Weslaco, TX	2.0	2.0	860	$1,150	$1.34	22d	1	0.47mi
2901 Bravo Rd Unit D Weslaco, TX	2.0	3.0	860	$1,150	$1.34	43d	1	0.47mi
2905 Bravo Rd Unit A Weslaco, TX	2.0	2.0	860	$1,150	$1.34	0d	1	0.47mi
2909 Bravo Rd Unit C Weslaco, TX	2.0	2.0	860	$1,150	$1.34	0d	1	0.47mi
2604 Mockingbird Rd Unit 1 Weslaco, TX	2.0	2.0	1100	$1,200	$1.09	43d	1	0.47mi
2512 Mockingbird Rd Unit 1 Weslaco, TX	2.0	2.0	1068	$1,275	$1.19	6d	1	0.48mi
2813 Bravo Rd Unit C Weslaco, TX	2.0	2.0	860	$1,150	$1.34	10d	1	0.49mi
2809 Bravo Rd Unit C Weslaco, TX	2.0	2.0	860	$1,150	$1.34	10d	1	0.49mi
2604 Brownjay Rd Unit 2 Weslaco, TX	2.0	2.0	1068	$1,250	$1.17	0d	1	0.53mi

Property features AI

Finance

• HOA & community: Monthly association fee of $95Gated communitySidewalks

Exterior

• Parking: 2 covered parking spaces2-car carportNo garage
• Utilities: Public waterCity sewerCable available
• Construction: Composition shingle roofSlab foundationStone and stucco construction
• Exterior features: Wood fencing

Interior

• Kitchen: RefrigeratorStove/range
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Quartz countertopsNo window coverings
• Laundry & utility: Laundry areaWasher/dryer connectionsWasherDryerElectric water heater

HOA detail $95/mo · $1,140/yr condo

• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $138,500 Active 5 DOM
2. 2026-11-07
   days on market $138,500 Active 4 DOM
3. 2026-11-06
   days on market $138,500 Active 3 DOM
4. 2026-11-05
   days on market $138,500 Active 2 DOM
5. 2026-11-04
   pricedays on marketlisting id $138,500 Active 1 DOM
6. 2026-09-30
   days on market $140,000 Active 223 DOM
7. 2026-09-29
   days on market $140,000 Active 222 DOM
8. 2026-09-28
   days on market $140,000 Active 221 DOM
9. 2026-09-27
   days on market $140,000 Active 220 DOM
10. 2026-09-26
    days on market $140,000 Active 219 DOM
11. 2026-09-25
    days on market $140,000 Active 218 DOM
12. 2026-09-24
    days on market $140,000 Active 217 DOM
13. 2026-09-23
    days on market $140,000 Active 216 DOM
14. 2026-09-21
    days on market $140,000 Active 214 DOM
15. 2026-09-20
    days on market $140,000 Active 213 DOM
16. 2026-09-19
    days on market $140,000 Active 212 DOM
17. 2026-09-19
    days on market $140,000 Active 211 DOM
18. 2026-09-17
    days on market $140,000 Active 210 DOM
19. 2026-09-17
    days on market $140,000 Active 209 DOM
20. 2026-09-16
    days on market $140,000 Active 208 DOM
21. 2026-09-14
    days on market $140,000 Active 207 DOM
22. 2026-09-13
    days on market $140,000 Active 206 DOM
23. 2026-09-12
    days on market $140,000 Active 205 DOM
24. 2026-09-11
    days on market $140,000 Active 204 DOM
25. 2026-09-05
    days on market $140,000 Active 198 DOM
26. 2026-09-04
    days on market $140,000 Active 197 DOM
27. 2026-09-03
    days on market $140,000 Active 196 DOM
28. 2026-09-02
    days on market $140,000 Active 195 DOM
29. 2026-08-29
    days on market $140,000 Active 191 DOM
30. 2026-08-28
    days on market $140,000 Active 190 DOM
31. 2026-08-27
    days on market $140,000 Active 189 DOM
32. 2026-08-25
    pricedays on market $140,000 Active 187 DOM
33. 2026-08-24
    days on market $145,000 Active 186 DOM
34. 2026-08-23
    days on market $145,000 Active 185 DOM
35. 2026-08-22
    days on market $145,000 Active 184 DOM
36. 2026-08-21
    days on market $145,000 Active 183 DOM
37. 2026-08-20
    days on market $145,000 Active 182 DOM
38. 2026-08-19
    days on market $145,000 Active 181 DOM
39. 2026-08-18
    days on market $145,000 Active 180 DOM
40. 2026-08-17
    pricedays on market $145,000 Active 179 DOM
41. 2026-08-16
    days on market $149,999 Active 178 DOM
42. 2026-08-15
    days on market $149,999 Active 177 DOM
43. 2026-08-13
    days on market $149,999 Active 175 DOM
44. 2026-08-12
    days on market $149,999 Active 174 DOM
45. 2026-08-11
    days on market $149,999 Active 173 DOM
46. 2026-08-10
    days on market $149,999 Active 172 DOM
47. 2026-08-09
    days on market $149,999 Active 171 DOM
48. 2026-08-08
    days on market $149,999 Active 170 DOM
49. 2026-08-07
    days on market $149,999 Active 169 DOM
50. 2026-08-06
    days on market $149,999 Active 168 DOM

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

Taxation est. · year 1

• Rental income: $14,323
• − Mortgage interest: −$7,758
• − Property taxes: −$2,078
• − Insurance: −$692
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − HOA: −$1,140
• − Depreciation: −$4,029
• Taxable loss: −$3,666
• Est. tax savings @ 24.0%: +$880
• After-tax cash flow: $-431/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 · 10 photos

Good 80/100 None rehab

This move-in ready, newly constructed 3-bedroom, 2-bathroom condo is in excellent condition with modern finishes and a thoughtfully designed floor plan. It offers a great opportunity for both resale and rental markets.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both Adding smart home features — Modern technology can attract buyers and renters, increasing both value types. ↑
• Both Upgrading appliances — Upgraded appliances can make the home more appealing to potential buyers and renters. ↑
• Both Adding a smart thermostat — Energy-efficient systems can lower utility costs and attract eco-conscious buyers and renters. ↑

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Sam Houston El F TX #2,525/4,322 Nat'l #26,716/41,679 Middle Central Middle F TX #786/1,662 Nat'l #7,065/14,009 High Weslaco H S F TX #1,147/1,632 Nat'l #11,621/17,239

Schools (NCES district)

• District: Weslaco ISD
• NCES district ID: 4844960
• Math proficiency: 23% ▼ -29.00%
• Reading proficiency: 31% ▼ -9.00%
• Median HH income: $32,867
• Composite: 22.05/100
• National rank: #8196
• State rank: #705 of 826 in TX

D Composite livability gradescore 58/100

Livability — Midway South

• Score: 58/100
• State rank: #1201
• US rank: #21023

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midway South, TX
• County: Hidalgo · 955,232 people
• Metro: McAllen-Edinburg-Mission, TX
• Population (ZIP): 38,942
• Household income: $53,797
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 11% of renters

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Population outlook (Hidalgo County) Hauer SSP2

• Today (2025): 955,232 people
• By 2030: 1,009,774 · +5.7%
• By 2040: 1,120,332 · +17.3%
• By 2050: 1,225,036 · +28.2%
• By 2075: 1,439,189 · +50.7%
• By 2100: 1,533,429 · +60.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (86%)
• Race & ethnicity: Hispanic / Latino 86% Two or more races 38% White 13%
• Hispanic origin (detail): Mexican 82%
• Languages at home: 27% English-only · Spanish 72%

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Political lean MEDSL · Hidalgo

• 2024 margin: Toss-up / Even · D 48.1% · R 51.0%
• 2008→2024 swing: -41.6pp toward R · 2008: 38.7pp · 2024: -2.9pp
• All cycles: 2024: R+2.9 2020: D+17.1 2016: D+40.5 2012: D+41.8 2008: D+38.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.58%
• Current HPI: 261.5117
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

Property features AI

Finance

• HOA & community: Monthly association fee of $95Gated communitySidewalks

Exterior

• Parking: 2 covered parking spaces2-car carportNo garage
• Utilities: Public waterCity sewerCable available
• Construction: Composition shingle roofSlab foundationStone and stucco construction
• Exterior features: Wood fencing

Interior

• Kitchen: RefrigeratorStove/range
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Quartz countertopsNo window coverings
• Laundry & utility: Laundry areaWasher/dryer connectionsWasherDryerElectric water heater

Price history

-6.1% since first listed

5 events — show timeline

• 2026-11-03 Listed $138,500 MCALLENMLS
• 2026-08-25 Price Changed $140,000 MCALLENMLS
• 2026-08-17 Price Changed $145,000 MCALLENMLS
• 2026-04-27 Price Changed $149,999 MCALLENMLS
• 2026-02-19 Listed $147,500 MCALLENMLS