REALTOR® · TREC #643769
Ricardo Salazar
RCR Real Connect Realty
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Ricardo Salazar · REALTOR® · TREC #643769 · RCR Real Connect Realty (broker license #9012393)
Investor sheet · MLS# 29775332 · https://ricosalazar.com/properties/1000-padre-blvd-south-padre-island-tx-78597-29775332
Condo / townhome
1000 Padre Blvd. #322, South Padre Island, TX 78597
$575,000
- bd
- 2
- ba
- 3
- ft²
- 1,624
MLS# 29775332 · Listed by Diana Martinez-Moon, RE/MAX Platinum · Tel. 956-668-8555
- TypeCondo / townhome
- Year built1984
- Price / ft²$354
- HOA / month$1,200
- Est. rent$2,375/mo Est.
- South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
Description
Experience coastal living at Sunchase IV in this spacious 2-bedroom, 3-bath residence offering over 1,600 sq ft of living space with granite flooring throughout, one of the larger floorplans in the building. Designed for comfort and privacy, both bedrooms feature en-suite baths while the open living area flows effortlessly toward the expansive balcony where Gulf breezes and sunrise views set the tone for island living. The generous kitchen includes granite countertops, ample cabinetry, and a layout ideal for entertaining after a day at the beach. Sunchase IV offers resort-style amenities including a heated pool, hot tubs, fitness center, sauna, racquetball and tennis courts, and professional on-site management. Located on the gulf side with direct beach access to the sand, dining, and island activities, this residence offers the perfect blend of space, location, and coastal lifestyle.
Property Details
- Type
- Condo / townhome · Condominium
- Status
- For sale
- MLS#
- 29775332
- Price
- $575,000
- Price per ft²
- $354
- Bedrooms
- 2
- Bathrooms
- 3
- Living area
- 1,624 ft²
- Lot size
- 0.02 acres
- Year built
- 1984
- Subdivision
- Sunchase Estates
- City
- South Padre Island
- County
- Cameron
- HOA
- $1,200/mo
- Days on market
- 211
- Listed
- Apr 1, 2026
- Last updated
- Jun 19, 2026, 10:44 PM CT
Key Figures
Price per ft²
$354
Source: MLS listing
Estimated rent
$2,375
Gross yield 5.0%
Asking rent: median of 6 active rentals, ZIP 78597, 2 bedrooms (not signed leases) · RGV MLS, Oct 29, 2026
Days on market
211
Source: MLS listing
- Est. fixed costs per month
- $2,733/mo Est.
- Cash to close with 25% down
- $161,000 Est.
- Est. cap rate
- −1.7% Est.
How we calculate the cap rate, and how accurate it is
General information only, not legal, tax or financial advice. Ricardo Salazar is a licensed real estate agent, not an attorney, CPA or lender. Consult qualified professionals in the U.S. and Mexico.
Estimates Only
Investment Calculator
How we calculate the cap rate, and how accurate it is
Cap rate = NOI ÷ price. NOI is the rent you would collect in a year, after vacancy, minus the costs of running the property. The loan is left out, so the cap rate measures the property as if you paid cash.
- Gross rent, 12 months Estimate
- $28,500
- Gross yield: rent ÷ price, before costs
- 5.0%
- minus Vacancy (8% of gross rent) Assumption
- $2,280
- equals Rent collected
- $26,220
- minus Property tax Estimate
- $12,650
- minus Insurance Estimate
- $5,750
- minus HOA dues, 12 months MLS listing
- $14,400
- minus Maintenance (5% of rent collected) Assumption
- $1,311
- minus Management (8% of rent collected) Assumption
- $2,098
- equals Net operating income (NOI)
- −$9,989
- divided by Price MLS listing
- $575,000
- equals Cap rate
- −1.7%
Amounts are rounded to the dollar; the cap rate uses the exact figures.
Accuracy
It is an estimate, not a quote or a guaranteed return. It is only as good as its inputs:
- From the MLS listing: price, HOA
- From a rent comparable:
- Your figures:
- Our estimates and assumptions: rent, property tax, insurance, vacancy, maintenance, management
- Not provided, counted as $0:
- Missing:
- MLS figures are what the listing reports. We have not verified them.
- The tax on a listing is the seller’s last bill, and it can be lower than what you will pay: a homestead exemption, the 10% cap on homestead appraisals and an over-65 or disability tax ceiling do not carry over to an investor.
- Listings in this MLS do not include property tax, so unless you enter your own figure we use 2.2% of the price a year. Look up the property’s value and taxing units at the Cameron Appraisal District (opens in a new tab); a rental does not get the homestead exemption.
- If a listing advertises its own cap rate, it may leave out vacancy, management or other costs, which makes it look higher.
- To confirm it, ask for the current lease or rent roll, last year’s tax bill (Cameron County Tax Assessor-Collector) and your own insurance quote from a Texas-licensed agent; coastal wind and flood coverage can cost much more. For a specific property, Ricardo can ask the listing agent for the lease, the tax bill and what the seller pays for insurance.
What It Leaves Out
- The mortgage. Your loan shows up in cash flow and cash-on-cash, not in the cap rate.
- Big repairs and replacements (roof, A/C, appliances) and savings set aside for them.
- Utilities, lawn care or pest control, if the owner pays them.
- Closing costs, leasing fees, income taxes in the U.S. or Mexico, and depreciation.
Location and Drive Times
1000 Padre Blvd. #322, South Padre Island, TX 78597 Open in Google Maps (opens in a new tab)
- South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
- Port of Brownsville≈ 25 min approx.
- UTRGV Brownsville campus≈ 35 min approx.
- Veterans International Bridge at Los Tomates≈ 35 min approx.
- Gateway International Bridge≈ 35 min approx.
- B&M International Bridge≈ 35 min approx.
- SpaceX Starbase launch site, Boca Chica≈ 50 min approx.
Approximate car times computed from the map: city pace for the first 10 km, highway pace after that, and trips that would cross the ship channel go around it by the Port. They do not include traffic, bridge waits or launch-day road closures.
Schematic
Approximate positions; not a navigation map.
- Port of Brownsville
- SpaceX Starbase
- South Padre Island
- Brownsville
- Los Fresnos
- Rancho Viejo · Olmito
Base map data © OpenStreetMap
Financing for Foreign Buyers
Ricardo is not a lender. Ask him which loan types exist for foreign buyers and which documents lenders usually request.
Ask About This Property
- Phone / WhatsApp
- +1 (956) 592-5052
- rico.salazar20@gmail.com
- Website
- https://ricosalazar.com/
Message Received
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Office contact: 956-668-8555
MLS# 29775332 · Last updated
Contact
Get a Second Opinion
Ricardo can review the numbers, the area and the next steps with you, in Spanish or English.