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# 29777885 · https://ricosalazar.com/properties/509-w-mckinley-ave-harlingen-tx-78550-29777885

For sale

$164,900

Price cut $20.1K

509 W Mckinley Ave, Harlingen, TX 78550

bd
3
ba
2
ft²
2,188
Est. cash flow +$38/mo · Est. cap rate 6.3% See the numbers →

MLS# 29777885 · Listed by Erica Lowder Ortiz, MARCUS PHIPPS REAL ESTATE, LLC · Tel. 956-423-5300

  • TypeSingle-family home
  • Year built1951
  • Lot0.17 acres
  • Price / ft²$75
  • Est. rent$1,625/mo Est.
  • Gateway International Bridge≈ 35 min approx.
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Description

Investor opportunity with plenty of potential! This income-producing property is full of character and ready for your vision. The main home features an open-concept layout, split-bedroom floor plan, tall ceilings, a spacious backyard ideal for entertaining, and a large storage room. The property also includes a detached 1-bedroom, 1-bath studio apartment complete with a full bathroom and kitchenette, offering excellent rental or guest potential. The roof is less than 3 years old. Conveniently located near the expressway, shopping, dining, and schools. All existing appliances convey with the sale. Sold **AS IS**.

Property details

Type
Single-family home · Single Family Residence
Status
For sale
MLS#
29777885
Price
$164,900
Price per ft²
$75
Bedrooms
3
Bathrooms
2
Living area
2,188 ft²
Lot size
0.17 acres
Year built
1951
Subdivision
Woodlawn
City
Harlingen
County
Cameron
Days on market
109
Listed
Jul 11, 2026
Last updated
Sep 21, 2026, 2:45 PM CT

Numbers for investors

Price per ft²

$75

Source: MLS listing

Estimated rent

$1,625/mo

Gross yield 11.8%

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

Days on market

109

Source: MLS listing

Est. fixed costs per month
$440/mo Est.
Cash to close with 25% down
$46,172 Est.
Est. cap rate
6.3% 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

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 Estimate
$19,500
Gross yield: rent ÷ price, before costs
11.8%
minus Vacancy (8% of gross rent) Assumption
$1,560
equals Rent collected
$17,940
minus Property tax Estimate
$3,628
minus Insurance Estimate
$1,649
minus HOA dues, 12 months Not provided
$0
minus Maintenance (5% of rent collected) Assumption
$897
minus Management (8% of rent collected) Assumption
$1,435
equals Net operating income (NOI)
$10,331
divided by Price MLS listing
$164,900
equals Cap rate
6.3%

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
  • Our estimates and assumptions: rent, 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

509 W Mckinley Ave, 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≈ 35 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.

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: MARCUS PHIPPS REAL ESTATE, LLC

Listing agent: Erica Lowder Ortiz

Office contact: 956-423-5300

MLS# 29777885 · Last updated

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$164,900Est. cash flow +$38/mo

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509 W Mckinley Ave, Harlingen, TX 78550 · MLS# 29777885