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# 29779918 · https://ricosalazar.com/properties/116-e-polaris-dr-south-padre-island-tx-78597-29779918

For sale

$329,999

116 E Polaris Dr. #205, South Padre Island, TX 78597

bd
2
ba
2
ft²
1,170
No rent in the MLS: run cash flow with your own estimate Run the numbers →

MLS# 29779918 · Listed by Therese H. Eaton, Rio Isla Realty · 956-433-7181, [email protected]

  • TypeCondo / townhome
  • Year built1982
  • Price / ft²$282
  • HOA / month$375
  • South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
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Description

You just can't beat the price for this much square footage... So close to the beach! This spacious 2/2 condo is offered furnished and ready to move in and/or rent. Short-terms allowed. Tastefully decorated interiors dress the ample-sized rooms, making living quarters comfortable and calming. Large covered balcony off living room provides the perfect spot to relax and bask in our island breezes, while overlooking the sparkling pool. Solid HOA has lower fees, which include insurance. Units in this complex do well in rental with large pool, hot tub and BBQ area. Plus, location is just 1/2 block to beach & the ever-popular Wanna-Wanna beachfront bar & grill. Come take a look... and you'll be hooked!

Property details

Type
Condo / townhome · Condominium
Status
For sale
MLS#
29779918
Price
$329,999
Price per ft²
$282
Bedrooms
2
Bathrooms
2
Living area
1,170 ft²
Lot size
0.01 acres
Year built
1982
Subdivision
Padre Beach Section X
City
South Padre Island
County
Cameron
HOA
$375/mo
Days on market
28
Listed
Sep 30, 2026
Last updated
Oct 23, 2026, 3:32 PM CT

Numbers for investors

Price per ft²

$282

Source: MLS listing

Days on market

28

Source: MLS listing

Est. fixed costs per month
$1,255/mo Est.
Cash to close with 25% down
$92,400 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
$7,260
minus Insurance Estimate
$3,300
minus HOA dues, 12 months MLS listing
$4,500
minus Maintenance (5% of rent collected) Assumption
—
minus Management (8% of rent collected) Assumption
—
equals Net operating income (NOI)
—
divided by Price MLS listing
$329,999
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

116 E Polaris Dr. #205, 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≈ 40 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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About: 116 E Polaris Dr. #205 · MLS# 29779918

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Condo / townhome · South Padre Island

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Listing office: Rio Isla Realty

Listing agent: Therese H. Eaton

Office contact: 956-433-7181, [email protected]

MLS# 29779918 · Last updated

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$329,999Est. cost $2,902/mo

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116 E Polaris Dr. #205, South Padre Island, TX 78597 · MLS# 29779918