Ricardo Salazar · REALTOR® · TREC #643769 · RCR Real Connect Realty (broker license #9012393)

Investor sheet · MLS# 29779049 · https://ricosalazar.com/properties/1319-n-first-st-harlingen-tx-78550-29779049

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For sale

$395,000

1319 N First St., Harlingen, TX 78550

units: 8
ft²: 1,926

Est. cash flow +$722/mo · Est. cap rate 8.2% See the numbers →

MLS# 29779049 · Listed by Daniel Haro, V.I.P. REALTY · Tel. 956-399-7777

TypeIncome property
Year built1961
Lot0.48 acres
Price / ft²$205
Rent (MLS)$4,680/mo
Gateway International Bridge≈ 35 min approx.

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Description

Investment opportunity in Harlingen! This 8-unit multifamily property offers an established income stream with significant value-add potential. The property consists of seven 2-bedroom/1-bath units and one 1-bedroom/1-bath unit. Current rents vary across similar units, creating an opportunity for an investor to improve income as units turn over and rents are brought closer to market levels. With eight units already in place and producing income, this property offers an attractive opportunity for an investor looking to expand their multifamily portfolio in Harlingen. Conveniently located near shopping, restaurants, schools, and major thoroughfares.

Property details

Type: Income property · Multi Family
Status: For sale
MLS#: 29779049
Price: $395,000
Price per ft²: $205
Units: 8
Living area: 1,926 ft²
Lot size: 0.48 acres
Year built: 1961
Subdivision: Cowart, O A
City: Harlingen
County: Cameron
Days on market: 63
Listed: Aug 26, 2026
Last updated: Aug 26, 2026, 9:00 AM CT

Numbers for investors

Price per ft²

$205

Source: MLS listing

Current rent

$4,680/mo

Gross yield 14.2%

Source: MLS listing

Days on market

Source: MLS listing

Est. fixed costs per month: $1,053/mo Est.
Cash to close with 25% down: $110,600 Est.
Est. cap rate: 8.2% 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

Price

List price per the MLS. Try your own offer.

Down payment25%

100% = cash purchase, no loan.

Interest rate7%

Planning assumption, not a lender quote.

Loan term

15 yrs 20 yrs 30 yrs

Income

Monthly rent

/mo

Current rent reported in the MLS listing.

Vacancy8%

Share of the year the property sits empty.

Expenses

Property tax

/yr

Estimated at 2.2% of the price per year. Verify it with the Cameron Appraisal District.

Insurance

/yr

Estimated at 1% of the price per year; coastal wind coverage can cost more.

HOA

/mo

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

Maintenance5%

% of collected rent.

Property management8%

% of collected rent, if you hire a manager.

Closing costs3%

Buyer side: title, appraisal, lender fees (estimate).

I am a foreign buyer (no SSN)

Monthly cash flow Est.

+$722

8.2% How it’s calculated

7.8%

Estimated monthly cost

Mortgage $1,971
Tax $724
Insurance $329
HOA $0
Operations $560

Mortgage payment (P&I): $1,971/mo
Rent after vacancy: $4,306/mo
Total monthly cost: $3,584/mo
Net operating income (NOI): $32,310/yr
Down payment: $98,750
Closing costs (est.): $11,850
Cash needed at closing: $110,600

Review these numbers with Ricardo

Illustrative estimates only, not financial advice or a guarantee of results. Assumptions are editable; taxes, insurance, rent and rates vary. Verify with a lender, insurer and CPA.

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: $56,160
Rent per unit (8 units), per month: $585/mo
Gross yield: rent ÷ price, before costs: 14.2%
minus Vacancy (8% of gross rent) Assumption: $4,493
equals Rent collected: $51,667
minus Property tax Estimate: $8,690
minus Insurance Estimate: $3,950
minus HOA dues, 12 months Not provided: $0
minus Maintenance (5% of rent collected) Assumption: $2,583
minus Management (8% of rent collected) Assumption: $4,133
equals Net operating income (NOI): $32,310
divided by Price MLS listing: $395,000
equals Cap rate: 8.2%

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
From a rent comparable:
Your figures:
Our estimates and assumptions: property tax, insurance, vacancy, maintenance, management
Not provided, counted as $0: HOA
Missing:

MLS figures are what the listing reports. We have not verified them.
The tax on a listing is the seller’s last bill, and it can be lower than what you will pay: a homestead exemption, the 10% cap on homestead appraisals and an over-65 or disability tax ceiling do not carry over to an investor.
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

1319 N First St., Harlingen, TX 78550 Open in Google Maps (opens in a new tab)

Gateway International Bridge≈ 35 min approx.
B&M International Bridge≈ 35 min approx.
UTRGV Brownsville campus≈ 35 min approx.
Port of Brownsville≈ 35 min approx.
Veterans International Bridge at Los Tomates≈ 40 min approx.
South Padre Island (Queen Isabella Causeway)≈ 45 min approx.
SpaceX Starbase launch site, Boca Chica≈ 55 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.

Texas · USA Tamaulipas · Mexico Matamoros Port Isabel Laguna Madre Gulf Rio Grande Ship channel I-69E SH 48 SH 4 SH 100 3 international bridges3 bridges UTRGV