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# 29778740 · https://ricosalazar.com/properties/817-e-madison-ave-harlingen-tx-78550-29778740

For sale

$264,900

Price cut $5K

817 E Madison Ave, Harlingen, TX 78550

units
4
ft²
2,600
Est. cash flow +$233/mo · Est. cap rate 7.0% See the numbers →

MLS# 29778740 · Listed by Audrey Krupala, KELLER WILLIAMS LRGV · Tel. 956-423-8877

  • TypeIncome property
  • Year built1984
  • Lot0.15 acres
  • Price / ft²$102
  • Rent (MLS)$2,825/mo
  • Gateway International Bridge≈ 35 min approx.
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Description

Great opportunity to add a fully occupied, income-producing property to your investment portfolio! This two-story 4-plex features four 2-bedroom, 1-bath units, all of which are currently leased. Each unit is clean and well maintained, making the property attractive to both current and future tenants. The property has a strong rental history, with vacancies historically filling quickly when they arise. Built in 1984, the property also offers 6 parking spaces for tenant convenience. With established tenants already in place and consistent rental demand, this 4-plex offers an investor the opportunity to acquire a stabilized multifamily asset with income in place from day one. An excellent option for investors looking to expand their portfolio or enter the multifamily market. Schedule your showing today!

Property details

Type
Income property · Multi Family
Status
For sale
MLS#
29778740
Price
$264,900
Price per ft²
$102
Units
4
Living area
2,600 ft²
Lot size
0.15 acres
Year built
1984
Subdivision
Nicholson Place
City
Harlingen
County
Cameron
Days on market
77
Listed
Aug 12, 2026
Last updated
Oct 15, 2026, 8:55 PM CT

Numbers for investors

Price per ft²

$102

Source: MLS listing

Current rent

$2,825/mo

Gross yield 12.8%

Source: MLS listing

Days on market

77

Source: MLS listing

Est. fixed costs per month
$706/mo Est.
Cash to close with 25% down
$74,172 Est.
Est. cap rate
7.0% 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

Current rent reported in the MLS listing.

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 MLS listing
$33,900
Rent per unit (4 units), per month
$706/mo
Gross yield: rent ÷ price, before costs
12.8%
minus Vacancy (8% of gross rent) Assumption
$2,712
equals Rent collected
$31,188
minus Property tax Estimate
$5,828
minus Insurance Estimate
$2,649
minus HOA dues, 12 months Not provided
$0
minus Maintenance (5% of rent collected) Assumption
$1,559
minus Management (8% of rent collected) Assumption
$2,495
equals Net operating income (NOI)
$18,657
divided by Price MLS listing
$264,900
equals Cap rate
7.0%

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
  • Our estimates and assumptions: 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

817 E Madison 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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Income property · Harlingen

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Listing office: KELLER WILLIAMS LRGV

Listing agent: Audrey Krupala

Office contact: 956-423-8877

MLS# 29778740 · Last updated

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$264,900Est. cash flow +$233/mo

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817 E Madison Ave, Harlingen, TX 78550 · MLS# 29778740