123 E Cora Lee 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 123 E Cora Lee Dr #302, South Padre Island, TX, 78597 offers a 11.26% rental yield on a $216,000 purchase with $2,026/mo rent. Total monthly income registers $2,026/mo, and a $1,057/mo payment leaves $490/mo available for distribution. Annual cash flow reaches $5,882/yr on $71,604 to close, and return on cash invested stands at 28.12% in year one. Equity gained on principal adds $1,394/yr while 5% annual appreciation supports $59,677 over five years. Portfolio math shows five-year ROI at 148.15% and total cumulative return in cash at $106,083. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $2,026/mo property income against a $1,057/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Condo
Built in 1984
N/A lot
$N/A/sqft
No 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: Padre Elite Team • RE/MAX Elite
Mls Name: SPIBOR
Mls ID: #104416