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

Investor sheet · MLS# 29770351 · https://ricosalazar.com/properties/822-e-polk-harlingen-tx-78550-29770351

For sale

$194,977

Price cut $15K

822 E Polk, Harlingen, TX 78550

bd: 3
ba: 1
ft²: 1,740

Est. cap rate 4.8% See the numbers →

MLS# 29770351 · Listed by Vanessa Tillman, Monica & Company Real Estate · Tel. 512-667-9129

TypeSingle-family home
Year built1912
Lot0.16 acres
Price / ft²$112
Est. rent$1,625/mo Est.
Gateway International Bridge≈ 35 min approx.

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Description

Welcome to this charming and spacious home filled with character and timeless details. Relax on the inviting screened-in front porch before stepping inside to an open-concept living and dining area, highlighted by original stained wood frames and beautiful wood-beam ceilings. This 3-bedroom, 1-bath home features original hardwood floors throughout. The kitchen offers new appliances, cabinet storage, pantry and ample counter space. Enjoy outdoor living in the backyard and relaxing on your porch. The storage shed passes with the sale. Come and take a look at this home!! The roof is 3 years old and the AC Unit is 6 months old.

Property details

Type: Single-family home · Single Family Residence
Status: For sale
MLS#: 29770351
Price: $194,977
Price per ft²: $112
Bedrooms: 3
Bathrooms: 1
Living area: 1,740 ft²
Lot size: 0.16 acres
Year built: 1912
Subdivision: Castle Court
City: Harlingen
County: Cameron
Days on market: 330
Listed: Dec 2, 2025
Last updated: Oct 2, 2026, 6:07 AM CT

Numbers for investors

Price per ft²

$112

Source: MLS listing

Estimated rent

$1,625/mo

Gross yield 10.0%

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

Days on market

330

Source: MLS listing

Est. fixed costs per month: $520/mo Est.
Cash to close with 25% down: $54,594 Est.
Est. cap rate: 4.8% 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 14 active rentals, ZIP 78550, 3 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

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.

−$192

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

4.8% How it’s calculated

−4.2%

Estimated monthly cost

Mortgage $973
Tax $357
Insurance $163
HOA $0
Operations $194

Mortgage payment (P&I): $973/mo
Rent after vacancy: $1,495/mo
Total monthly cost: $1,687/mo
Net operating income (NOI): $9,369/yr
Down payment: $48,744
Closing costs (est.): $5,849
Cash needed at closing: $54,594

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: $19,500
Gross yield: rent ÷ price, before costs: 10.0%
minus Vacancy (8% of gross rent) Assumption: $1,560
equals Rent collected: $17,940
minus Property tax Estimate: $4,289
minus Insurance Estimate: $1,950
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): $9,369
divided by Price MLS listing: $194,977
equals Cap rate: 4.8%

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
From a rent comparable:
Your figures:
Our estimates and assumptions: rent, 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

822 E Polk, 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.

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