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# 29778770 · https://ricosalazar.com/properties/112-e-dolphin-st-south-padre-island-tx-78597-29778770

For sale

$1,100,000

112 E Dolphin St. ##1 & #2, South Padre Island, TX 78597

units
2
ft²
3,506
No rent in the MLS: run cash flow with your own estimate Run the numbers →

MLS# 29778770 · Listed by Omar Govea, Big Realty · Tel. 956-566-0807

  • TypeIncome property
  • Year built2023
  • Lot0.11 acres
  • Price / ft²$314
  • South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
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Description

Stunning modern duplex designed for the ultimate coastal lifestyle, offering a serene atmosphere and an unbeatable location just a short walk from the beach, shopping, dining, bars, and local attractions. Each unit features 3 spacious bedrooms and 2.5 bathrooms, thoughtfully designed for comfort and functionality. The open-concept floor plan seamlessly blends the kitchen, dining, and living areas, creating a bright and inviting space ideal for entertaining or relaxing after a day at the beach. The kitchens showcase sleek quartz countertops and modern finishes, perfect for preparing meals with ease. Outdoors, enjoy a private pool, fully fenced yard, and convenient outdoor shower—ideal for coastal living. Whether you're seeking a personal retreat or a high-performing vacation rental investment, this exceptional property checks every box.

Property details

Type
Income property · Multi Family
Status
For sale
MLS#
29778770
Price
$1,100,000
Price per ft²
$314
Units
2
Living area
3,506 ft²
Lot size
0.11 acres
Year built
2023
Subdivision
So Padre Island Inv Co Sec I
City
South Padre Island
County
Cameron
Days on market
76
Listed
Aug 13, 2026
Last updated
Aug 13, 2026, 8:23 PM CT

Numbers for investors

Price per ft²

$314

Source: MLS listing

Days on market

76

Source: MLS listing

Est. fixed costs per month
$2,933/mo Est.
Cash to close with 25% down
$308,000 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

If the property has an HOA, enter the monthly dues.

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
—
Rent per unit (2 units), per month
—
Gross yield: rent ÷ price, before costs
—
minus Vacancy (8% of gross rent) Assumption
—
equals Rent collected
—
minus Property tax Estimate
$24,200
minus Insurance Estimate
$11,000
minus HOA dues, 12 months Not provided
$0
minus Maintenance (5% of rent collected) Assumption
—
minus Management (8% of rent collected) Assumption
—
equals Net operating income (NOI)
—
divided by Price MLS listing
$1,100,000
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

112 E Dolphin St. ##1 & #2, 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.
  • Veterans International Bridge at Los Tomates≈ 35 min approx.
  • UTRGV Brownsville campus≈ 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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Ask about this property

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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Income property · South Padre Island

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Listing office: Big Realty

Listing agent: Omar Govea

Office contact: 956-566-0807

MLS# 29778770 · Last updated

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$1,100,000Est. cost $8,422/mo

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112 E Dolphin St. ##1 & #2, South Padre Island, TX 78597 · MLS# 29778770