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# 29764465 · https://ricosalazar.com/properties/120-padre-blvd-south-padre-island-tx-78597-29764465

For sale

$179,000

Price cut $16K

120 Padre Blvd. #205, South Padre Island, TX 78597

ba
1
ft²
553
No rent in the MLS: run cash flow with your own estimate Run the numbers →

MLS# 29764465 · Listed by Dina Rich, KELLER WILLIAMS LRGV · Tel. 956-423-8877

  • TypeCondo / townhome
  • Year built1984
  • Price / ft²$324
  • HOA / month$296
  • South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
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Description

Virtual Tours - bit.ly/gvi-205 Tired of the traffic and crowds that come with a SpaceX launch day? Gulfview I #205 puts you close to the action without being caught in the middle of it! Step onto your private south-facing balcony and enjoy a front-row seat for rocket launches from the comfort of your own island getaway. With over 500 sqft of living space, this studio condo is perfect for rocket and beach lovers. Complete with a full kitchen, bath with a tub/shower combo, and 2 spacious closets, it's ready for you to enjoy a weekend retreat or extended stay. With the beach approx. 450 yards away, you're never far from the sand and surf. Gulfview I offers fantastic amenities, including a large pool, two hot tubs, covered pool deck, picnic area, clubhouse, onsite manager, 24hr security, laundry room, and elevator. This condo is being sold fully furnished, so you can start enjoying island life right away. This affordable beach escape is waiting for you! What are you waiting for?

Property details

Type
Condo / townhome · Condominium
Status
For sale
MLS#
29764465
Price
$179,000
Price per ft²
$324
Bathrooms
1
Living area
553 ft²
Year built
1984
Subdivision
Padre Beach
City
South Padre Island
County
Cameron
HOA
$296/mo
Days on market
564
Listed
Apr 12, 2025
Last updated
Oct 8, 2026, 3:32 PM CT

Numbers for investors

Price per ft²

$324

Source: MLS listing

Days on market

564

Source: MLS listing

Est. fixed costs per month
$773/mo Est.
Cash to close with 25% down
$50,120 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
$3,938
minus Insurance Estimate
$1,790
minus HOA dues, 12 months MLS listing
$3,552
minus Maintenance (5% of rent collected) Assumption
—
minus Management (8% of rent collected) Assumption
—
equals Net operating income (NOI)
—
divided by Price MLS listing
$179,000
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

120 Padre Blvd. #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≈ 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.

  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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Condo / townhome · South Padre Island

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Listing office: KELLER WILLIAMS LRGV

Listing agent: Dina Rich

Office contact: 956-423-8877

MLS# 29764465 · Last updated

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$179,000Est. cost $1,667/mo

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120 Padre Blvd. #205, South Padre Island, TX 78597 · MLS# 29764465