933 Harbor St #12 · Houston, TX 77020

$1,199,900

315 bd · None ba · 5,546 sqft · MultiFamily public records · 134 Days on market

Built 1920 Poor condition 0.34 ac lot ↓ 11% since listing

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

15 unit multifamily property where each unit has its own private full bathroom, giving residents privacy and flexibility. The layout supports several use options, including workforce housing, furnished rentals, or rent by room, and the property offers on site parking for tenants and visitors. The asset does need rehab and a full turnaround, creating a strong opportunity for a new owner to improve the units, raise rents, and bring the property back to stable operations.Listing may incorporate floorplan and virtual furnishings to help visualize its potential. Property is being sold in “as-is condition”, dimensions and information are approximate and buyer/representation responsibility to verify.

Key facts

• On site parking
• Rehab opportunity
• 0.34 acre lot

Tags

• PRIVATE FULL BATHROOM
• ON SITE PARKING
• REHAB OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 15 × 1-bed/1-bath units multifamily listed at $1.20M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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.
• Houston ISD (urban): math 27% / reading 35% proficiency, ranked #593 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martinez R El (math 32% / reading 32%, grade F, #2,268 of 4,322 statewide, top 55%, 428 students, 96% FRL); Mcreynolds Middle (math 10% / reading 17%, grade F, #1,602 of 1,662 statewide, top 97%, 398 students, 98% FRL); Wheatley H S (math 17% / reading 19%, grade F, #1,445 of 1,632 statewide, top 89%, 643 students, 95% FRL) — zoned schools average 96% FRL vs 71% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 339 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $17,263/mo this rent would consume 413% of the median local household income ($50k/yr) (locally 969% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $128k of equity ($8k loan paydown + $120k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 4.3% rent growth), your $336k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$206k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,055,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 4.27% rent growth · sell at horizon

5-year hold

• IRR: 38.3%
• Equity multiple: 3.96×
• Total profit: $995,920
• Equity at exit: $1,080,965

10-year hold

• IRR: 33.5%
• Equity multiple: 9.13×
• Total profit: $2,730,125
• Equity at exit: $2,331,142

Cash invested: $335,972 (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 77020

• Home prices YoY: 29.1%
• Rents YoY: 4.3%
• Active inventory: 339
• Price-to-rent: 86.9×

Monthly cashflow live

• Estimated rent: $17,263 medium
• Mortgage (P&I): −$6,292
• Tax from tax record: −$1,827 /mo · $21,924/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,625
• Net cashflow: $5,018

Break-even live

Break-even rent $10,911

Max offer price $1,199,900

Occupancy floor 66%

Sensitivity live

Price	-10% $5,698	-5% $5,358	+0% $5,018	+5% $4,679	+10% $4,339
Rent	-10% $3,655	-5% $4,337	+0% $5,018	+5% $5,700	+10% $6,382
Rate	-1.0pp $5,623	-0.5pp $5,324	base $5,018	+0.5pp $4,707	+1.0pp $4,391

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 15× units	1	1	$17,265
Total (15 units)			$17,263

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: $299,975
• Closing costs: $35,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-16
   days on market $1,199,900 Active 134 DOM
2. 2026-06-15
   days on market $1,199,900 Active 133 DOM
3. 2026-06-13
   days on market $1,199,900 Active 131 DOM
4. 2026-06-10
   days on market $1,199,900 Active 127 DOM
5. 2026-06-08
   days on market $1,199,900 Active 126 DOM
6. 2026-06-07
   days on market $1,199,900 Active 125 DOM
7. 2026-06-04
   days on market $1,199,900 Active 122 DOM
8. 2026-06-01
   days on market $1,199,900 Active 119 DOM
9. 2026-05-31
   days on market $1,199,900 Active 118 DOM
10. 2026-04-13
    price $1,199,900 714-char remark

    Show marketing remark (714 chars)

    15 unit multifamily property where each unit has its own private full bathroom, giving residents privacy and flexibility. The layout supports several use options, including workforce housing, furnished rentals, or rent by room, and the property offers on site parking for tenants and visitors. The asset does need rehab and a full turnaround, creating a strong opportunity for a new owner to improve the units, raise rents, and bring the property back to stable operations.Listing may incorporate floorplan and virtual furnishings to help visualize its potential. Property is being sold in “as-is condition”, dimensions and information are approximate and buyer/representation responsibility to verify.

11. 2026-03-21
    price $1,249,900 714-char remark

    Show marketing remark (714 chars)

    15 unit multifamily property where each unit has its own private full bathroom, giving residents privacy and flexibility. The layout supports several use options, including workforce housing, furnished rentals, or rent by room, and the property offers on site parking for tenants and visitors. The asset does need rehab and a full turnaround, creating a strong opportunity for a new owner to improve the units, raise rents, and bring the property back to stable operations.Listing may incorporate floorplan and virtual furnishings to help visualize its potential. Property is being sold in “as-is condition”, dimensions and information are approximate and buyer/representation responsibility to verify.

12. 2026-02-02
    listed $1,349,900 Active 714-char remark

    Show marketing remark (714 chars)

    15 unit multifamily property where each unit has its own private full bathroom, giving residents privacy and flexibility. The layout supports several use options, including workforce housing, furnished rentals, or rent by room, and the property offers on site parking for tenants and visitors. The asset does need rehab and a full turnaround, creating a strong opportunity for a new owner to improve the units, raise rents, and bring the property back to stable operations.Listing may incorporate floorplan and virtual furnishings to help visualize its potential. Property is being sold in “as-is condition”, dimensions and information are approximate and buyer/representation responsibility to verify.

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $21,924 · $1,827/mo
• Projected year-2 tax: $21,958 · $1,830/mo
• Expected delta: +$34/yr (+$3/mo · 0.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $207,156
• − Mortgage interest: −$67,213
• − Property taxes: −$21,924
• − Insurance: −$6,000
• − Repairs & maintenance: −$16,572
• − Management: −$16,572
• − Depreciation: −$34,906
• Taxable income: $43,968
• Est. tax owed @ 24.0%: −$10,552
• After-tax cash flow: $49,668/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 · 13 photos

Poor 20/100 Extensive rehab

This 15-unit multifamily property is in poor condition with boarded-up windows and overgrown vegetation. Significant repairs and maintenance are needed to bring it up to a livable standard.

Repairs flagged

• Major Boarded-up windows — Indicates potential structural issues and lack of security
• Major Overgrown vegetation — Aesthetically unappealing and could indicate neglect

Value-add opportunities

• Both Landscaping and fencing — Improves curb appeal and security, attracting potential tenants or buyers
• Both Boarded-up windows — Fixing the boarded-up windows will improve the property's appearance and security

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded-up windows · Indicates potential structural issues and lack of security	Major	$15,000–50,000
Overgrown vegetation · Aesthetically unappealing and could indicate neglect	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and fencing — Improves curb appeal and security, attracting potential tenants or buyers ↑
• Both Boarded-up windows — Fixing the boarded-up windows will improve the property's appearance and security ↑

ⓘ 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: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 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

• Census place: Houston, TX
• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 23,686
• Household income: $50,119
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 969.0

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: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Black 24% Two or more races 22% White 5% Asian 1%
• Hispanic origin (detail): Mexican 60%
• Common ancestry: Swiss 1%
• Foreign-born: 23% · Canada
• Languages at home: 39% English-only · Spanish 59% Other Indo-European 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: ▲ 55.64%
• Current HPI: 246.5578
• Rent YoY: ▲ 4.27%
• 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

-11.1% since first listed

3 events — show timeline

• 2026-04-13 Price Changed $1,199,900 HARMLS
• 2026-03-21 Price Changed $1,249,900 HARMLS
• 2026-02-02 Listed $1,349,900 HARMLS

Property tax history

+1.8%/yr

Latest (2025): $21,924 · -0.0% YoY. Source: county tax records.