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# 29775391 · https://ricosalazar.com/properties/2429-cove-real-dr-harlingen-tx-78550-29775391

For sale

$318,999

Price cut $6K

2429 Cove Real Dr, Harlingen, TX 78550

bd
3
ba
3
ft²
1,712
Est. cap rate 1.3% See the numbers →

MLS# 29775391 · Listed by Katelynn Sanchez, Real Broker, LLC · Tel. 855-450-0442

  • TypeSingle-family home
  • Year built2023
  • Lot0.2 acres
  • Price / ft²$186
  • HOA / month$95
  • Est. rent$1,625/mo Est.
  • Gateway International Bridge≈ 30 min approx.
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Description

Welcome to this beautiful 3-bedroom, 2.5-bath, two-story home in Harlingen offering the perfect blend of comfort and convenience. Ideally located near shopping centers and everyday amenities, this home features a fully fenced yard with no back neighbors providing added privacy and space to relax or entertain. Inside, you'll find stunning floor tile throughout the main living areas, a gorgeous wood kitchen island perfect for gathering, and a spacious walk-in pantry for ample storage. The open layout creates a warm and inviting atmosphere, making it easy to feel right at home. This property also includes an HOA that covers WiFi, an alarm system, and has a neighborhood playground and basketball court adding extra value and peace of mind. Move-in ready and waiting for its next owner. Come see why this could be the perfect place to call home!

Property details

Type
Single-family home · Single Family Residence
Status
For sale
MLS#
29775391
Price
$318,999
Price per ft²
$186
Bedrooms
3
Bathrooms
3
Living area
1,712 ft²
Lot size
0.2 acres
Year built
2023
Subdivision
Paso Real Coves Ph I
City
Harlingen
County
Cameron
HOA
$95/mo
Days on market
209
Listed
Apr 3, 2026
Last updated
Jul 7, 2026, 6:18 PM CT

Numbers for investors

Price per ft²

$186

Source: MLS listing

Estimated rent

$1,625/mo

Gross yield 6.1%

Asking rent: median of 14 active rentals, ZIP 78550, 3 bedrooms (not signed leases) · RGV MLS, Oct 28, 2026

Days on market

209

Source: MLS listing

Est. fixed costs per month
$946/mo Est.
Cash to close with 25% down
$89,320 Est.
Est. cap rate
1.3% 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

Asking rent: median of 14 active rentals, ZIP 78550, 3 bedrooms (not signed leases) · RGV MLS, Oct 28, 2026

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 Estimate
$19,500
Gross yield: rent ÷ price, before costs
6.1%
minus Vacancy (8% of gross rent) Assumption
$1,560
equals Rent collected
$17,940
minus Property tax Estimate
$7,018
minus Insurance Estimate
$3,190
minus HOA dues, 12 months MLS listing
$1,140
minus Maintenance (5% of rent collected) Assumption
$897
minus Management (8% of rent collected) Assumption
$1,435
equals Net operating income (NOI)
$4,260
divided by Price MLS listing
$318,999
equals Cap rate
1.3%

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, HOA
  • Our estimates and assumptions: rent, property tax, insurance, vacancy, maintenance, management
  • 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

2429 Cove Real Dr, Harlingen, TX 78550 Open in Google Maps (opens in a new tab)

  • Gateway International Bridge≈ 30 min approx.
  • UTRGV Brownsville campus≈ 30 min approx.
  • B&M International Bridge≈ 30 min approx.
  • Port of Brownsville≈ 35 min approx.
  • Veterans International Bridge at Los Tomates≈ 35 min approx.
  • South Padre Island (Queen Isabella Causeway)≈ 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.

  • Area (opens its page)
  • International bridge
  • Main highway
  • Ship channel

Gateway Bridge to South Padre Island: ≈ 37 km (23 mi) in a straight line.

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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Single-family home · Harlingen

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Listing office: Real Broker, LLC

Listing agent: Katelynn Sanchez

Office contact: 855-450-0442

MLS# 29775391 · Last updated

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$318,999Est. cap rate 1.3%

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2429 Cove Real Dr, Harlingen, TX 78550 · MLS# 29775391