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# 29776128 · https://ricosalazar.com/properties/121-melon-dr-los-fresnos-tx-78566-29776128

For sale

$599,400

Price cut $10.6K

121 Melon Dr., Los Fresnos, TX 78566

units
8
ft²
5,760
Est. cash flow +$449/mo · Est. cap rate 6.9% See the numbers →

MLS# 29776128 · Listed by Cesar Cepeda, GRT Realty · Tel. 956-254-0869

  • TypeIncome property
  • Year built1984
  • Lot1.38 acres
  • Price / ft²$104
  • Rent (MLS)$6,295/mo
  • Port of Brownsville≈ 15 min approx.
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Description

Rare investment opportunity with this package of four duplexes being sold together as an 8-plex in the rapidly growing Los Fresnos market. At $6,295 gross monthly income this fully occupied property offers immediate, stable cash flow, making it an ideal addition to any investor's portfolio. Each duplex is 2 bed/ 1 bath on one side and 3 bed / 1 bath on the other. Each unit is well-positioned to meet strong rental demand, while the overall property presents a compelling value-add opportunity for those looking to increase rents, improve operations, or enhance the asset over time. Situated on a generous tract, the property also includes additional land, opening the door for potential expansion or future development—further maximizing your return on investment. Whether you're a seasoned investor or looking to scale your portfolio, this 8-plex delivers both current income and long-term upside in one of the area's most promising markets. Owner is a licensed real estate agent in Texas.

Property details

Type
Income property · Multi Family
Status
For sale
MLS#
29776128
Price
$599,400
Price per ft²
$104
Units
8
Living area
5,760 ft²
Lot size
1.38 acres
Year built
1984
Subdivision
Garwal Estates
City
Los Fresnos
County
Cameron
Days on market
177
Listed
May 4, 2026
Last updated
Jul 15, 2026, 9:22 PM CT

Numbers for investors

Price per ft²

$104

Source: MLS listing

Current rent

$6,295/mo

Gross yield 12.6%

Source: MLS listing

Days on market

177

Source: MLS listing

Est. fixed costs per month
$1,598/mo Est.
Cash to close with 25% down
$167,832 Est.
Est. cap rate
6.9% 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.

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

Current rent reported in the MLS listing.

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 MLS listing
$75,540
Rent per unit (8 units), per month
$787/mo
Gross yield: rent ÷ price, before costs
12.6%
minus Vacancy (8% of gross rent) Assumption
$6,043
equals Rent collected
$69,497
minus Property tax Estimate
$13,187
minus Insurance Estimate
$5,994
minus HOA dues, 12 months Not provided
$0
minus Maintenance (5% of rent collected) Assumption
$3,475
minus Management (8% of rent collected) Assumption
$5,560
equals Net operating income (NOI)
$41,281
divided by Price MLS listing
$599,400
equals Cap rate
6.9%

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:

  • From the MLS listing: price, rent
  • Our estimates and assumptions: property tax, insurance, vacancy, maintenance, management
  • Not provided, counted as $0: HOA
  • 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

121 Melon Dr., Los Fresnos, TX 78566 Open in Google Maps (opens in a new tab)

  • Port of Brownsville≈ 15 min approx.
  • UTRGV Brownsville campus≈ 20 min approx.
  • Gateway International Bridge≈ 20 min approx.
  • B&M International Bridge≈ 20 min approx.
  • Veterans International Bridge at Los Tomates≈ 20 min approx.
  • South Padre Island (Queen Isabella Causeway)≈ 30 min approx.
  • SpaceX Starbase launch site, Boca Chica≈ 35 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 · Los Fresnos

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Listing office: GRT Realty

Listing agent: Cesar Cepeda

Office contact: 956-254-0869

MLS# 29776128 · Last updated

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$599,400Est. cash flow +$449/mo

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121 Melon Dr., Los Fresnos, TX 78566 · MLS# 29776128