116 E Polaris Dr #302South Padre IslandTX78597
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in South Padre Island at 116 E Polaris Dr #302, South Padre Island, TX, 78597 uses $102,434 cash to close to unlock $3,635/yr annual cash flow and $303/mo monthly cash flow. Total monthly income runs $2,897/mo, and a $1,512/mo payment keeps the spread at $303/mo. Purchase price stands at $309,000, and rental yield measures 11.25% with $2,897/mo rent. Return on cash invested shows 23.46% in year one, and 5% annual appreciation builds toward $85,371 over five years. Five-year ROI reaches 124.75% and total cumulative return in cash records $127,781. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $2,897/mo property income covering a $1,512/mo payment rather than investor’s personal income.
Condo
Built in 1982
N/A lot
$N/A/sqft
$375 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 78597, South Padre Island, TX area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 5,367 (100%) |
| Owner Occupied HU | 745 (13.9%) |
| Renter Occupied HU | 415 ( 7.7%) |
| Vacant Housing Units | 4,207 (78.4%) |
| Median Home Value | $453,713 |
| Average Home Value | $480,027 |
Housing Distribution
Address Breakdown
Residential
589
Single Family
374
Multi-Family
215
Businesses
443
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Listed by: H. Therese Eaton • Rio Isla Realty
Mls Name: SPIBOR
Mls ID: #101034
Disclaimer: Information provided by South Padre Island BOR is deemed reliable but not guaranteed. South Padre Island BOR data is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.