Ricardo Salazar REALTOR® · RCR Real Connect Realty
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Ricardo Salazar · REALTOR® · TREC #643769 · RCR Real Connect Realty (broker license #9012393)

Investor sheet · MLS# 29780231 · https://ricosalazar.com/properties/109-w-polaris-south-padre-island-tx-78597-29780231

For sale

$475,000

109 W Polaris #1, South Padre Island, TX 78597

bd
3
ba
4
ft²
1,632
No rent in the MLS: run cash flow with your own estimate Run the numbers →

MLS# 29780231 · Listed by Karla E. Schurin, KRL Real Estate · 956-524-4009, [email protected]

  • TypeCondo / townhome
  • Year built2000
  • Price / ft²$291
  • HOA / month$350
  • South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
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Description

Enjoy the beautiful bay view from this Laguna Blvd. three story condominium across the street from public bay access for easy water sports access. Three bedrooms 3.5 bath open concept corner unit with attached garage plus two parking spaces, lots of storage, sold unfurnished but includes all appliances. Four- plex HOA fee is $350 month. CALL IT HOME!

Property details

Type
Condo / townhome · Condominium
Status
For sale
MLS#
29780231
Price
$475,000
Price per ft²
$291
Bedrooms
3
Bathrooms
4
Living area
1,632 ft²
Year built
2000
Subdivision
Padre Beach Section X
City
South Padre Island
County
Cameron
HOA
$350/mo
Days on market
14
Listed
Oct 14, 2026
Last updated
Oct 14, 2026, 3:18 PM CT

Numbers for investors

Price per ft²

$291

Source: MLS listing

Days on market

14

Source: MLS listing

Est. fixed costs per month
$1,617/mo Est.
Cash to close with 25% down
$133,000 Est.

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.

Investment calculator · Estimates

What could it earn?

Purchase

List price per the MLS. Try your own offer.

25%

100% = cash purchase, no loan.

7%

Planning assumption, not a lender quote.

Loan term
Income
/mo

The MLS does not publish a rent for this property. Enter your own estimate or ask Ricardo for rent comps in the area.

8%

Share of the year the property sits empty.

Expenses
/yr

Estimated at 2.2% of the price per year. Verify it with the Cameron Appraisal District.

/yr

Estimated at 1% of the price per year; coastal wind coverage can cost more.

/mo

Monthly dues per the MLS listing.

5%

% of collected rent.

8%

% of collected rent, if you hire a manager.

3%

Buyer side: title, appraisal, lender fees (estimate).

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 Not provided
—
Gross yield: rent ÷ price, before costs
—
minus Vacancy (8% of gross rent) Assumption
—
equals Rent collected
—
minus Property tax Estimate
$10,450
minus Insurance Estimate
$4,750
minus HOA dues, 12 months MLS listing
$4,200
minus Maintenance (5% of rent collected) Assumption
—
minus Management (8% of rent collected) Assumption
—
equals Net operating income (NOI)
—
divided by Price MLS listing
$475,000
equals Cap rate
—

Amounts are rounded to the dollar; the cap rate uses the exact figures.

Is it accurate?

It is an estimate, not a quote or a guaranteed return. It is only as good as its inputs:

  • Missing: the monthly rent. Enter it to get a cap rate.
  • MLS figures are what the listing reports. We have not verified them.
  • 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

109 W Polaris #1, 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≈ 30 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≈ 40 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.

  1. Port of Brownsville
  2. SpaceX Starbase
  3. South Padre Island
  4. Brownsville
  5. Los Fresnos
  6. Rancho Viejo · Olmito

Base map data © OpenStreetMap

Buying from Mexico with a loan?

Ricardo is not a lender. Ask him which loan types exist for foreign buyers and which documents lenders usually request.

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Ricardo Salazar

REALTOR® · TREC #643769

Ricardo Salazar

RCR Real Connect Realty

  • Español
  • English
Phone / WhatsApp
+1 (956) 592-5052
Website
https://ricosalazar.com/

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Condo / townhome · South Padre Island

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Listing office: KRL Real Estate

Listing agent: Karla E. Schurin

Office contact: 956-524-4009, [email protected]

MLS# 29780231 · Last updated

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$475,000Est. cost $3,987/mo

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109 W Polaris #1, South Padre Island, TX 78597 · MLS# 29780231