7923 Bowen St Unit A/B · Houston, TX 77051

$499,500

4 bd · 4.0 ba · 2,678 sqft · MultiFamily · 205 Days on market

Built 2021 Fair condition 5,000 sqft lot $187/sqft · at area comps Est $483k · at est.

---

Why this score? — see what drove the D+ 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 +11.5/30.0
• Appreciation +10.0/10.0
• ARV discount +6.0/15.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fully leased duplex opportunity at 7923 Bowen A/B in Houston. Both sides are currently tenant-occupied and leased for approximately another year. Each unit offers a private entrance and it's own living space. Located in a growing Houston area with convenient access to major roadways and everyday amenities. Leases will convey with the sale. Please do not disturb tenants.

Key facts

• 5,000 sq ft lot
• Built 2021
• Listed 204 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $500k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative. Per door: $-80/mo.
• To cash-flow at today's rent, offer at most $476k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $417k (16.6% below list).
• Recommended offer: $417k (16.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: schools D, 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.
• Market conditions: Rents rising fast (+4.8%/yr); 312 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $4,166/mo this rent would consume 134% of the median local household income ($37k/yr) (locally 1446% 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 $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $416,600 (16.6% 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 205 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
11. 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.
12. 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.
13. 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: 0.83% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $483,399
• List price: $499,500
• Delta: 3.33%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8022 Corinth St Unit A-B	0.33mi	3/2.0 (-1)	2,600 (-3%)	1mo	$494,900	$190	66
4309 Shelby Cir	0.44mi	3/2.0 (-1)	2,656 (-1%)	1mo	$540,000	$203	64
4015 Stassen St Unit A-B	0.25mi	3/2.0 (-1)	2,450 (-8%)	1mo	$484,900	$198	60
4212 Sterling St Unit A/B	0.53mi	3/2.0 (-1)	2,712 (+1%)	2mo	$370,000	$136	59
3923 Aledo St Unit A-B	0.59mi	3/2.0 (-1)	2,600 (-3%)	2mo	$479,900	$185	53
4429 Aledo St	0.67mi	3/2.0 (-1)	2,700 (+1%)	6mo	$479,900	$178	50
8019 Grandview St	0.50mi	3/2.0 (-1)	2,984 (+11%)	3mo	$564,900	$189	42
4624 Mayflower St Unit A/B	0.68mi	3/1.0 (-1)	2,819 (+5%)	1mo	$515,000	$183	42
3920 Aledo St Unit A-B	0.63mi	3/3.0 (-1)	3,000 (+12%)	3mo	$545,000	$182	39
8310 Parnell St	0.65mi	3/3.0 (-1)	2,360 (-12%)	6mo	$472,900	$200	36
3655 Seabrook St	0.69mi	3/3.0 (-1)	2,340 (-13%)	3mo	$290,000	$124	35
8103 Calhoun Rd	0.74mi	3/3.0 (-1)	2,350 (-12%)	6mo	$529,990	$226	30

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

Projected returns pro-forma

10.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.93×
• Total profit: $269,413
• Equity at exit: $449,989

10-year hold

• IRR: 21.6%
• Equity multiple: 6.85×
• Total profit: $818,017
• Equity at exit: $970,419

Cash invested: $139,860 (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 77051

• Home prices YoY: 9.7%
• Rents YoY: 4.8%
• Active inventory: 312
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $4,166 high
• Mortgage (P&I): −$2,619
• Tax est. 1.5%: −$624 /mo · $7,492/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$875
• Net cashflow: $-161

Break-even live

Break-even rent $4,370

Max offer price $476,233

Occupancy floor 99%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$4,166
Total (2 units)			$4,166

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: $124,875
• Closing costs: $14,985
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7806 Comal St Unit B Houston, TX	3.0	2.5	1800	$2,200	$1.22	44d	1	0.31mi
3620 Du Bois St Unit 1302349P Houston, TX	3.0	2.5	1797	$2,945	$1.64	3d	1	0.37mi
7321 Conley St Unit A Houston, TX	3.0	2.5	1869	$2,025	$1.08	21d	1	0.57mi
4406 Sterling St Houston, TX	3.0	2.5	1840	$1,999	$1.09	17d	1	0.57mi
3846 Seabrook St Houston, TX	3.0	3.5	1833	$2,300	$1.25	44d	1	0.58mi
4835 Sunflower St Unit 1546466P Houston, TX	3.0	2.0	1883	$4,516	$2.40	15d	1	0.83mi
7507 Springhill St Houston, TX	3.0	3.5	2000	$4,500	$2.25	44d	1	0.87mi
3615 Dreyfus St Houston, TX	3.0	3.0	2011	$2,800	$1.39	44d	1	0.89mi
6809 Conley St Houston, TX	3.0	4.0	1921	$2,600	$1.35	44d	1	1.08mi
3402 Nathaniel Brown St Unit B Houston, TX	3.0	2.5	1885	$2,025	$1.07	44d	1	1.09mi
7358 Guadalcanal Rd Houston, TX	3.0	3.0	1768	$2,195	$1.24	44d	1	1.11mi
4538 Clover St Houston, TX	4.0	2.0	1768	$1,595	$0.90	44d	1	1.16mi
8181 El Mundo St Houston, TX	1.0–3.0	1.0–2.5	1356	$2,262	$1.67	2d	47	1.18mi
6731 New York St Houston, TX	3.0	3.0	2211	$2,100	$0.95	44d	1	1.27mi
5201 Kenilwood Dr Unit B Houston, TX	3.0	2.0	2442	$1,725	$0.71	14d	1	1.32mi
2700 Holly Hall St Unit 2733 Houston, TX	3.0	2.0	1943	$2,006	$1.03	3d	1	1.37mi
7339 Krueger Rd Houston, TX	3.0	2.0	2440	$1,900	$0.78	44d	1	1.39mi
3710 Rockingham St Houston, TX	3.0	2.0	1890	$1,700	$0.90	44d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $499,500 Active 205 DOM
2. 2026-06-17
   days on market $499,500 Active 204 DOM
3. 2026-06-16
   days on market $499,500 Active 203 DOM
4. 2026-06-15
   days on market $499,500 Active 202 DOM
5. 2026-06-13
   days on market $499,500 Active 200 DOM
6. 2026-06-10
   days on market $499,500 Active 196 DOM
7. 2026-06-08
   days on market $499,500 Active 195 DOM
8. 2026-06-07
   days on market $499,500 Active 194 DOM
9. 2026-06-04
   days on market $499,500 Active 191 DOM
10. 2026-06-01
    days on market $499,500 Active 188 DOM
11. 2026-05-31
    days on market $499,500 Active 187 DOM
12. 2026-01-14
    price $499,500 372-char remark

    Show marketing remark (372 chars)

    Fully leased duplex opportunity at 7923 Bowen A/B in Houston. Both sides are currently tenant-occupied and leased for approximately another year. Each unit offers a private entrance and it's own living space. Located in a growing Houston area with convenient access to major roadways and everyday amenities. Leases will convey with the sale. Please do not disturb tenants.

13. 2025-11-26
    listed $525,000 Active 372-char remark

    Show marketing remark (372 chars)

    Fully leased duplex opportunity at 7923 Bowen A/B in Houston. Both sides are currently tenant-occupied and leased for approximately another year. Each unit offers a private entrance and it's own living space. Located in a growing Houston area with convenient access to major roadways and everyday amenities. Leases will convey with the sale. Please do not disturb tenants.

14. 2022-02-11
    soldstatus Sold 940-char remark

    Show marketing remark (940 chars)

    BGM Enterprises presents an outstanding investment opportunity located in Houston’s historic Sunnyside area. The 2,642 SF 2 story duplex will be located at 7923 Bowen Street. Each 2BR/2.5BA (1,321 SF) is TH-style featuring 2 bedroom and 2 full baths on the 2nd level , while a half bath is on the 1st level. Key amenities include an Energy Star stainless steel appliance package, granite countertops, custom quiet-close cabinetry, W/ D connections, crown molding, vinyl-plank flooring throughout the living spaces, upgraded carpet in the bedrooms, LED recessed lighting package, ceiling fans, high speed internet and alarm pre-wiring, RING doorbell, keyless unit entry, DVR enabled perimeter surveillance camera system, private 2nd level balcony and 2 parking spaces per unit. The property is conservatively listed at $475,000 and each unit is offered for lease at $1,850 monthly. Pre-approval or proof of funds required for showings.

15. 2022-01-20
    status Pending 940-char remark

    Show marketing remark (940 chars)

    BGM Enterprises presents an outstanding investment opportunity located in Houston’s historic Sunnyside area. The 2,642 SF 2 story duplex will be located at 7923 Bowen Street. Each 2BR/2.5BA (1,321 SF) is TH-style featuring 2 bedroom and 2 full baths on the 2nd level , while a half bath is on the 1st level. Key amenities include an Energy Star stainless steel appliance package, granite countertops, custom quiet-close cabinetry, W/ D connections, crown molding, vinyl-plank flooring throughout the living spaces, upgraded carpet in the bedrooms, LED recessed lighting package, ceiling fans, high speed internet and alarm pre-wiring, RING doorbell, keyless unit entry, DVR enabled perimeter surveillance camera system, private 2nd level balcony and 2 parking spaces per unit. The property is conservatively listed at $475,000 and each unit is offered for lease at $1,850 monthly. Pre-approval or proof of funds required for showings.

16. 2021-11-22
    listed $475,000 Active 940-char remark

    Show marketing remark (940 chars)

    BGM Enterprises presents an outstanding investment opportunity located in Houston’s historic Sunnyside area. The 2,642 SF 2 story duplex will be located at 7923 Bowen Street. Each 2BR/2.5BA (1,321 SF) is TH-style featuring 2 bedroom and 2 full baths on the 2nd level , while a half bath is on the 1st level. Key amenities include an Energy Star stainless steel appliance package, granite countertops, custom quiet-close cabinetry, W/ D connections, crown molding, vinyl-plank flooring throughout the living spaces, upgraded carpet in the bedrooms, LED recessed lighting package, ceiling fans, high speed internet and alarm pre-wiring, RING doorbell, keyless unit entry, DVR enabled perimeter surveillance camera system, private 2nd level balcony and 2 parking spaces per unit. The property is conservatively listed at $475,000 and each unit is offered for lease at $1,850 monthly. Pre-approval or proof of funds required for showings.

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

Taxation est. · year 1

• Rental income: $49,992
• − Mortgage interest: −$27,980
• − Property taxes: −$7,492
• − Insurance: −$2,498
• − Repairs & maintenance: −$3,999
• − Management: −$3,999
• − Depreciation: −$14,531
• Taxable loss: −$10,507
• Est. tax savings @ 24.0%: +$2,522
• After-tax cash flow: $592/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 · 6 photos

Fair 45/100 Moderate rehab

The property is in fair condition with some exterior and interior repairs needed. Fresh paint and landscaping can significantly improve its value.

Repairs flagged

• Major exterior paint — Paint appears faded and chipped on the exterior.
• Major interior paint — No photos provided, but based on exterior, it's likely in poor condition.
• Minor landscaping — Some areas of the lawn appear slightly overgrown, but overall good.

Value-add opportunities

• Both paint exterior — Fresh paint can improve curb appeal and property value.
• Both paint interior — Fresh paint can improve the interior's appearance and attract tenants.
• Rental landscaping — Well-maintained landscaping can attract tenants and improve curb appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Paint appears faded and chipped on the exterior.	Major	$15,000–50,000
interior paint · No photos provided, but based on exterior, it's likely in poor condition.	Major	$15,000–50,000
landscaping · Some areas of the lawn appear slightly overgrown, but overall good.	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both paint exterior — Fresh paint can improve curb appeal and property value. ↑
• Both paint interior — Fresh paint can improve the interior's appearance and attract tenants. ↑
• Rental landscaping — Well-maintained landscaping can attract tenants and improve curb appeal. ↑

ⓘ 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): 19,795
• Household income: $37,415
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 1446.0

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 Black (77%)
• Race & ethnicity: Black 77% Hispanic / Latino 16% Two or more races 11% White 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 10%

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: ▲ 16.02%
• Current HPI: 180.4283
• Rent YoY: ▲ 4.77%
• 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

+5.2% since first listed

5 events — show timeline

• 2026-01-14 Price Changed $499,500 HARMLS
• 2025-11-26 Listed $525,000 HARMLS
• 2022-02-11 Sold (MLS) — HARMLS
• 2022-01-20 Pending — HARMLS
• 2021-11-22 Listed $475,000 HARMLS