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# 29778227 · https://ricosalazar.com/properties/129-e-cora-lee-dr-south-padre-island-tx-78597-29778227

For sale

$370,000

129 E Cora Lee Dr. #305, South Padre Island, TX 78597

bd
2
ba
2
ft²
827
No rent in the MLS: run cash flow with your own estimate Run the numbers →

MLS# 29778227 · Listed by Dina Rich, KELLER WILLIAMS LRGV · Tel. 956-423-8877

  • TypeCondo / townhome
  • Year built2006
  • Price / ft²$447
  • HOA / month$338
  • South Padre Island (Queen Isabella Causeway)≈ 5 min approx.
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Description

Virtual Tours & More - bit.ly/clgv-305 Located just 120 yds from the beach, this top-floor condo showcases $100,000+ in designer renovations, by one of SPI's premier interior decorating teams. The only thing you'll need to remodel is your vacation schedule. The open living/dining area connects to a gorgeous kitchen with white quartz counters, herringbone-patterned tile backsplash, stainless steel appliances, & tall cabinets. Head out to the south-facing balcony to enjoy Gulf breezes & a partial ocean view. The primary suite has a vaulted ceiling, walk-in closet, & beautifully remodeled ensuite bath, while the spacious guest bedroom sits next to an equally impressive guest bath. Both bathrooms feature custom coastal-inspired tilework that feels straight out of a design magazine. Cora Lee Gulf View offers a pool, hot tub, elevator, and two assigned parking spaces. The hardest decision you'll make each day? Beach, pool, or staying in to relax & enjoy this fresh, stylish coastal escape.

Property details

Type
Condo / townhome · Condominium
Status
For sale
MLS#
29778227
Price
$370,000
Price per ft²
$447
Bedrooms
2
Bathrooms
2
Living area
827 ft²
Year built
2006
Subdivision
Padre Beach 11
City
South Padre Island
County
Cameron
HOA
$338/mo
Days on market
93
Listed
Jul 27, 2026
Last updated
Oct 8, 2026, 3:29 PM CT

Numbers for investors

Price per ft²

$447

Source: MLS listing

Days on market

93

Source: MLS listing

Est. fixed costs per month
$1,325/mo Est.
Cash to close with 25% down
$103,600 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
$8,140
minus Insurance Estimate
$3,700
minus HOA dues, 12 months MLS listing
$4,056
minus Maintenance (5% of rent collected) Assumption
—
minus Management (8% of rent collected) Assumption
—
equals Net operating income (NOI)
—
divided by Price MLS listing
$370,000
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

129 E Cora Lee Dr. #305, 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≈ 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: 129 E Cora Lee Dr. #305 · MLS# 29778227

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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# 29778227 · Last updated

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$370,000Est. cost $3,171/mo

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129 E Cora Lee Dr. #305, South Padre Island, TX 78597 · MLS# 29778227