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

Investor sheet · MLS# 29753489 · https://ricosalazar.com/properties/3003-old-alice-rd-brownsville-tx-78520-29753489

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For sale

$175,000

Price cut $20K

3003 Old Alice Rd. #700-G, Brownsville, TX 78520

bd: 2
ba: 2
ft²: 1,294

Est. cap rate 3.6% See the numbers →

MLS# 29753489 · Listed by Marianna Fragoso, Coastal Realty · Tel. 956-541-9000

TypeCondo / townhome
Year built1974
Price / ft²$135
HOA / month$371
Est. rent$1,700/mo Est.
Gateway International Bridge≈ 5 min approx.

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Description

Beautifully remodeled condominium featuring 2 bedrooms, 2 baths,1 extra room, and a spacious walk-in closet. This recently renovated unit boasts new floors, a modernized kitchen, and an expanded walk-in closet. Cozy up by the fireplace in the open living area. Residents can enjoy the community pool, perfect for relaxing on warm days. The location is unbeatable, just minutes away from the mall, a variety of shops, and numerous restaurants. Plus, the proximity to the expressway makes commuting a breeze. Don't miss this opportunity to own a stylish and conveniently located home! ***The information contained herein was obtained from sources believed reliable, however, Coastal Realty makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The representation of this property is subject to errors, omissions, prior sale or lease or withdrawal without notice.

Property details

Type: Condo / townhome · Condominium
Status: For sale
MLS#: 29753489
Price: $175,000
Price per ft²: $135
Bedrooms: 2
Bathrooms: 2
Living area: 1,294 ft²
Year built: 1974
Subdivision: La Plaza Condominiums Brownsville
City: Brownsville
County: Cameron
HOA: $371/mo
Days on market: 858
Listed: Jun 22, 2024
Last updated: Oct 9, 2026, 8:29 PM CT

Numbers for investors

Price per ft²

$135

Source: MLS listing

Estimated rent

$1,700/mo

Gross yield 11.7%

Asking rent: median of 17 active rentals, ZIP 78520, 2 bedrooms (not signed leases) · RGV MLS, Oct 28, 2026

Days on market

858

Source: MLS listing

Est. fixed costs per month: $838/mo Est.
Cash to close with 25% down: $49,000 Est.
Est. cap rate: 3.6% 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

Asking rent: median of 17 active rentals, ZIP 78520, 2 bedrooms (not signed leases) · RGV MLS, Oct 28, 2026

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

Monthly dues per the MLS listing.

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.

−$350

With these assumptions the cash flow is negative; try a different down payment or rent.

3.6% How it’s calculated

−8.6%

Estimated monthly cost

Mortgage $873
Tax $321
Insurance $146
HOA $371
Operations $203

Mortgage payment (P&I): $873/mo
Rent after vacancy: $1,564/mo
Total monthly cost: $1,914/mo
Net operating income (NOI): $6,276/yr
Down payment: $43,750
Closing costs (est.): $5,250
Cash needed at closing: $49,000

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 Estimate: $20,400
Gross yield: rent ÷ price, before costs: 11.7%
minus Vacancy (8% of gross rent) Assumption: $1,632
equals Rent collected: $18,768
minus Property tax Estimate: $3,850
minus Insurance Estimate: $1,750
minus HOA dues, 12 months MLS listing: $4,452
minus Maintenance (5% of rent collected) Assumption: $938
minus Management (8% of rent collected) Assumption: $1,501
equals Net operating income (NOI): $6,276
divided by Price MLS listing: $175,000
equals Cap rate: 3.6%

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

3003 Old Alice Rd. #700-G, Brownsville, TX 78520 Open in Google Maps (opens in a new tab)

Gateway International Bridge≈ 5 min approx.
UTRGV Brownsville campus≈ 5 min approx.
B&M International Bridge≈ 10 min approx.
Veterans International Bridge at Los Tomates≈ 10 min approx.
Port of Brownsville≈ 10 min approx.
South Padre Island (Queen Isabella Causeway)≈ 30 min approx.
SpaceX Starbase launch site, Boca Chica≈ 30 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.