24010 Landing Way Dr · Spring, TX 77373

$160,000

3 bd · 2.0 ba · 1,805 sqft · SingleFamily public records · 174 Days on market

Built 1982 5,719 sqft lot $89/sqft · 19% below area Est $199k · 19% under

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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 +27.1/30.0
• ARV discount +15.0/15.0
• 1% rule +9.5/10.0
• DSCR +9.4/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

Key facts

• Large windows
• Shed
• Brick fireplace

Tags

• BRICK FIREPLACE
• LARGE WINDOWS
• GRANITE COUNTERTOPS
• COVERED PATIO
• FULLY FENCED BACKYARD
• SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.5% in Spring — 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 66/100 on livability (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools C-, crime D, amenities F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.3%/yr); 599 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 174 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $45k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $160k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.12%
• DSCR: 1.54
• GRM: 5.7

CMA / ARV

• ARV (median comp): $198,577
• List price: $160,000
• Delta: -19.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23710 Prairie Bird Dr	0.43mi	3/2.5	1,789 (-1%)	8mo	$185,000	$103	70
23803 Ironside Rd	0.50mi	3/2.5	1,822 (+1%)	14mo	$250,000	$137	61
23918 Spring Mill Ln	0.48mi	3/2.0	1,748 (-3%)	21mo	$225,000	$129	55
2514 Spring Day Ct	0.52mi	3/2.0	1,648 (-9%)	10mo	$215,000	$130	53
23819 Creek Ridge Dr	0.61mi	4/3.0 (+1)	1,878 (+4%)	7mo	$210,000	$112	49
23611 Blodgett Peak Trl	0.52mi	4/2.0 (+1)	1,750 (-3%)	24mo	$275,000	$157	46
23715 Farm Hill Rd	0.61mi	3/2.0	1,660 (-8%)	15mo	$189,000	$114	46
23538 Canyon Lake Dr	0.54mi	4/2.0 (+1)	1,544 (-14%)	1mo	$109,000	$71	45
23510 Treeline Bluff Trl	0.58mi	4/2.0 (+1)	1,892 (+5%)	20mo	$275,000	$145	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: -2.3%
• Equity multiple: 0.92×
• Total profit: $-3,717
• Equity at exit: $23,857

10-year hold

• IRR: 3.1%
• Equity multiple: 1.19×
• Total profit: $8,362
• Equity at exit: $13,834

Cash invested: $44,800 (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 77373

• Rents YoY: -0.3%
• Active inventory: 599
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,327 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$480 /mo · $5,762/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $453

Break-even live

Break-even rent $1,754

Max offer price $160,000

Occupancy floor 76%

Sensitivity live

Price	-10% $543	-5% $498	+0% $453	+5% $407	+10% $362
Rent	-10% $269	-5% $361	+0% $453	+5% $544	+10% $636
Rate	-1.0pp $533	-0.5pp $493	base $453	+0.5pp $411	+1.0pp $369

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $160,000 Active 174 DOM
2. 2026-06-18
   days on market $160,000 Active 171 DOM
3. 2026-06-17
   days on market $160,000 Active 170 DOM
4. 2026-06-16
   days on market $160,000 Active 169 DOM
5. 2026-06-15
   days on market $160,000 Active 168 DOM
6. 2026-06-13
   days on market $160,000 Active 166 DOM
7. 2026-06-13
   days on market $160,000 Active 165 DOM
8. 2026-06-09
   days on market $160,000 Active 162 DOM
9. 2026-06-08
   days on market $160,000 Active 161 DOM
10. 2026-06-07
    days on market $160,000 Active 160 DOM
11. 2026-06-04
    days on market $160,000 Active 157 DOM
12. 2026-06-03
    days on market $160,000 Active 156 DOM
13. 2026-06-02
    days on market $160,000 Active 155 DOM
14. 2026-06-02
    price $160,000 Active 154 DOM
15. 2026-06-01
    days on market $170,000 Active 154 DOM
16. 2026-05-31
    days on market $170,000 Active 153 DOM
17. 2026-05-15
    status Active 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

18. 2026-05-04
    status Pending 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

19. 2026-04-02
    price $170,000 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

20. 2026-03-09
    price $185,000 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

21. 2026-02-03
    price $195,000 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

22. 2025-12-29
    listed $205,000 Active 585-char remark

    Show marketing remark (585 chars)

    Welcome to this 3-bedroom, 2-bath home. Upon entry, you’re greeted by spacious living areas with high ceilings and a brick fireplace. To the right, the dining area features large windows and direct access to the backyard. The kitchen offers ample cabinetry and granite countertops. The primary bedroom is located on the first floor, generously sized, and includes an en-suite bath. Two additional bedrooms are equally spacious and share a full bath with a tub and shower combo. Outside, enjoy a large, fully fenced backyard with a covered patio and a shed, plus a two-car garage.

23. 2013-08-08
    historical
24. 2013-07-22
    status Active
25. 2013-06-11
    historical
26. 2013-05-07
    status Pending
27. 2013-04-30
    listed $85,100 Active
28. 2008-05-06
    soldstatus
29. 2007-12-31
    historical
30. 2007-08-21
    listed $109,900
31. 2003-05-05
    soldstatus
32. 1988-10-18
    soldstatus $44,000

ⓘ 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: $5,762 · $480/mo
• Projected year-2 tax: $5,762 · $480/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,925
• − Mortgage interest: −$8,962
• − Property taxes: −$5,762
• − Insurance: −$800
• − Repairs & maintenance: −$2,234
• − Management: −$2,234
• − Depreciation: −$4,655
• Taxable income: $3,278
• Est. tax owed @ 24.0%: −$787
• After-tax cash flow: $4,644/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.

Schools (NCES district)

• District: Spring ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% 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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+286.4% since first listed

16 events — show timeline

• 2026-05-15 Relisted — HARMLS
• 2026-05-04 Pending — HARMLS
• 2026-04-02 Price Changed $170,000 HARMLS
• 2026-03-09 Price Changed $185,000 HARMLS
• 2026-02-03 Price Changed $195,000 HARMLS
• 2025-12-29 Listed $205,000 HARMLS
• 2013-08-08 Listing Removed — HARMLS
• 2013-07-22 Relisted — HARMLS
• 2013-06-11 Listing Removed — HARMLS
• 2013-05-07 Pending — HARMLS
• 2013-04-30 Listed $85,100 HARMLS
• 2008-05-06 Sold (Public Records) — Public Records
• 2007-12-31 Listing Removed — HARMLS
• 2007-08-21 Listed $109,900 HARMLS
• 2003-05-05 Sold (Public Records) — Public Records
• 1988-10-18 Sold (Public Records) $44,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $5,762 · +1.8% YoY. Source: county tax records.