21702 Piazza Maggiore Ln · Houston, TX 77447

$279,740

3 bd · 2.0 ba · 1,489 sqft · SingleFamily · 58 Days on market

Built 2026 Good condition $135/mo HOA · 6% of rent

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• 1% rule +2.2/10.0
• Rent growth +2.1/5.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

REMARKABLE NEW D. R. HORTON BUILT 1 STORY IN CYPRESS GREEN! Fantastic Location On Corner of Cul De Sac! Street! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Privately Located Primary Suite Features Great Bath with Separate Tub & Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Convenient Utility Room! Covered Patio & Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Ready for Summer 2026 Move In!

Key facts

• Community with pool
• Covered patio
• Sprinkler system

Tags

• GOURMET ISLAND KITCHEN
• LARGE CORNER PANTRY
• COVERED PATIO
• SPRINKLER SYSTEM
• COMMUNITY WITH POOL
• COMMUNITY WITH PLAYGROUND

Property features AI

Finance

• Other: Community pool
• HOA & community: Association: RealManage Onsite Elevated; Association fee paid annually

Exterior

• Parking: Attached garage; 2-car garage; Garage door opener
• Security: Prewired for security; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential property; Under construction (new construction); Slab foundation; Composition roof; Built in 2026; Builder: D.R. Horton
• Construction: Brick and cement siding construction
• Exterior features: Covered patio; Patio; Deck; Private yard; Fenced backyard; Sprinkler/irrigation; Corner lot; Cul-de-sac; Subdivision setting

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Gas range; Microwave; Kitchen island; Quartz countertops; Breakfast bar; Pantry
• Bedrooms: Primary bedroom (First floor, approx. 16x14); Bedroom (First floor, approx. 11x10); Bedroom (First floor, approx. 10x10)
• Flooring: Carpet; Plank; Vinyl
• Bathrooms: 2 full bathrooms; Double vanity; Soaking tub and separate shower
• Heating & cooling: Central heating (gas); Central electric air conditioning; HVAC (energy-efficient features included)
• Interior features: Breakfast bar; Double vanity; High ceilings; Kitchen island; Kitchen/family room combo; Pantry; Quartz countertops; Soaking tub; Separate shower; Kitchen/dining combo; Living/dining room; Programmable thermostat; Low emissivity windows; Ventilation
• Laundry & utility: Washer hookup; Electric dryer hookup; Tankless water heater

🏗️ New construction. The $279,740 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $320,920.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-528 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (17.4% below list).
• Recommended offer: $231k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 3.2% in Houston — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#184 in TX, #4,771 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waller H S (math 25% / reading 40%, grade F, #1,029 of 1,632 statewide, top 64%, 2,639 students, 62% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: Rents soft (-1.6%/yr); 1790 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,019 (17.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 4.32%
• Cash-on-cash: -7.05%
• DSCR: 0.69
• GRM: 11.6

CMA / ARV

• ARV (median comp): $320,920
• List price: $279,740
• Delta: -12.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19071 Cetara Villa Dr	0.36mi	3/2.0	1,582 (+6%)	0mo	$249,990	$158	73
19654 Costa Marra Dr	0.66mi	3/2.0	1,474 (-1%)	1mo	$263,990	$179	66
22202 San Lioni Ln	0.67mi	3/2.0	1,600 (+8%)	1mo	$311,990	$195	56
22034 Matera Vista Ln	0.62mi	3/2.0	1,642 (+10%)	1mo	$284,990	$174	53
19307 Licola Ln	0.67mi	3/2.0	1,627 (+9%)	0mo	$276,990	$170	53
22011 Maddaloni View Dr	0.66mi	3/2.0	1,627 (+9%)	1mo	$296,990	$183	53
21647 Carbonari Dr	0.66mi	3/2.5	1,635 (+10%)	1mo	$330,990	$202	50
19615 Costa Marra Dr	0.66mi	4/2.0 (+1)	1,644 (+10%)	1mo	$266,990	$162	46
21643 Carbonari Dr	0.66mi	4/2.0 (+1)	1,655 (+11%)	1mo	$333,990	$202	45
21623 Carbonari Dr	0.66mi	4/2.0 (+1)	1,655 (+11%)	1mo	$328,990	$199	45
19614 San Severino Dr	0.66mi	4/2.0 (+1)	1,655 (+11%)	1mo	$328,990	$199	45
19650 Costa Marra Dr	0.66mi	4/2.0 (+1)	1,670 (+12%)	1mo	$275,990	$165	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -32.1%
• Equity multiple: -0.03×
• Total profit: $-92,268
• Equity at exit: $47,850

10-year hold

• IRR: -60.4%
• Equity multiple: -0.66×
• Total profit: $-149,313
• Equity at exit: $27,747

Cash invested: $89,858 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 77447

• Home prices YoY: -31.1%
• Rents YoY: -1.6%
• Active inventory: 1790
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,310 medium
• Mortgage (P&I): −$1,683
• Tax est. 1.5%: −$401 /mo · $4,814/yr
• Insurance: −$134
• HOA: −$135
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-528

Break-even live

Break-even rent $2,978

Max offer price $244,553

Occupancy floor —

Sensitivity live

Price	-10% $-306	-5% $-417	+0% $-528	+5% $-639	+10% $-750
Rent	-10% $-710	-5% $-619	+0% $-528	+5% $-437	+10% $-345
Rate	-1.0pp $-366	-0.5pp $-446	base $-528	+0.5pp $-611	+1.0pp $-696

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $80,230
• Closing costs: $9,628
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22023 Lost Lantern Dr Hockley, TX	3.0–4.0	2.0	1601	$1,901	$1.19	0d	1	1.22mi
20313 Evergreen Cypress Dr Hockley, TX	2.0–5.0	2.0–3.5	2051	$2,353	$1.15	0d	1	1.42mi

HOA detail

• Monthly dues: $135 · $1,620/yr
• Likely covers: pool

Listing history 15 events

1. 2026-06-21
   statusdays on market $279,740 Active Under Contract 58 DOM
2. 2026-06-18
   days on market $279,740 Active 55 DOM
3. 2026-06-17
   days on market $279,740 Active 54 DOM
4. 2026-06-16
   days on market $279,740 Active 53 DOM
5. 2026-06-15
   days on market $279,740 Active 52 DOM
6. 2026-06-13
   days on market $279,740 Active 50 DOM
7. 2026-06-09
   days on market $279,740 Active 46 DOM
8. 2026-06-08
   days on market $279,740 Active 45 DOM
9. 2026-06-07
   days on market $279,740 Active 44 DOM
10. 2026-06-04
    days on market $279,740 Active 41 DOM
11. 2026-06-03
    days on market $279,740 Active 40 DOM
12. 2026-06-02
    days on market $279,740 Active 39 DOM
13. 2026-06-01
    days on market $279,740 Active 38 DOM
14. 2026-05-31
    days on market $279,740 Active 37 DOM
15. 2026-04-23
    listed $279,740 Active 609-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,722
• − Mortgage interest: −$17,976
• − Property taxes: −$4,814
• − Insurance: −$1,605
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − HOA: −$1,620
• − Depreciation: −$9,336
• Taxable loss: −$12,064
• Est. tax savings @ 24.0%: +$2,895
• After-tax cash flow: $-3,438/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This home is in excellent condition with a fresh interior and exterior. It is ready for immediate move-in and can be enhanced with minor cosmetic improvements to boost its value.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters.
• Both Add smart home features — Improves convenience and can be a selling point for buyers.
• Both Install smart thermostat — Saves energy and can be a selling point for buyers.
• Both Add smart lighting — Enhances home's appeal and can be a selling point for buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters. ↑
• Both Add smart home features — Improves convenience and can be a selling point for buyers. ↑
• Both Install smart thermostat — Saves energy and can be a selling point for buyers. ↑
• Both Add smart lighting — Enhances home's appeal and can be a selling point for buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waller ISD
• NCES district ID: 4844430
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $58,911
• Composite: 29.12/100
• National rank: #6593
• State rank: #532 of 826 in TX

Livability — Houston

• Score: 74/100
• State rank: #184
• US rank: #4771

Category grades

Amenities A+ Commute A Cost of living A+ Crime F Employment C Housing A+ Health & safety A- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 25,231
• Household income: $116,925
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 265.0

Population outlook (Harris County) Hauer SSP2

• Today (2025): 5,571,493 people
• By 2030: 6,089,821 · +9.3%
• By 2040: 7,142,806 · +28.2%
• By 2050: 8,185,864 · +46.9%
• By 2075: 10,574,329 · +89.8%
• By 2100: 12,109,958 · +117.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Hispanic / Latino 41% Two or more races 16% Black 9% Asian 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 3% Slovak 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Dominican Republic
• Languages at home: 69% English-only · Spanish 28% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Harris

• 2024 margin: Lean D (+5.5) · D 52.0% · R 46.4% · Other 1.6%
• 2008→2024 swing: +3.9pp toward D · 2008: 1.6pp · 2024: 5.5pp
• All cycles: 2024: D+5.5 2020: D+13.3 2016: D+12.4 2012: D+0.1 2008: D+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.73%
• Current HPI: 249.6969
• Rent YoY: ▼ -1.58%
• Metro: Houston-The Woodlands-Sugar Land, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

1 event — show timeline

• 2026-04-23 Listed $279,740 HARMLS