23322 Birnam Wood Blvd · Spring, TX 77373

$179,900

3 bd · 2.0 ba · 1,660 sqft · SingleFamily public records · 10 Days on market

Built 1973 7,200 sqft lot $108/sqft · 15% below area Est $212k · 15% under $31/mo HOA · 1% of rent

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Why this score? — see what drove the C+ 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 +21.6/30.0
• ARV discount +14.3/15.0
• 1% rule +7.0/10.0
• DSCR +6.9/10.0
• 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

2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

Key facts

• Fenced backyard
• 7,200 sq ft lot
• 2 garage spots

Tags

• FENCED BACKYARD
• EASY ACCESS TO AMENITIES

Property features AI

Finance

• HOA & community: Birnam Wood/Fairfax HOA with annual fee of $370

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer; Electric service
• Home design: Residential property; Built in 1973; Slab foundation; Composition roof
• Construction: Brick and wood siding construction
• Exterior features: Subdivision lot; Community pool

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Microwave; Garbage disposal
• Bedrooms: Primary bedroom on first floor (16x13); Two additional bedrooms on first floor (14x11; 12x11)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Wood-burning fireplace (1); Seller disclosure available
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.1% 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: crime D, amenities F, commute 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.
• Zoned schools: Mildred Jenkins El (math 17% / reading 30%, grade F, #3,247 of 4,322 statewide, top 76%, 623 students, 90% FRL); Dueitt Middle (math 12% / reading 23%, grade F, #1,507 of 1,662 statewide, top 91%, 773 students, 84% FRL); Spring H S (math 12% / reading 21%, grade F, #1,497 of 1,632 statewide, top 92%, 2,760 students, 72% FRL) — zoned schools average 82% FRL vs 66% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.3%/yr); 599 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 $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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.20% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 7.0

CMA / ARV

• ARV (median comp): $212,148
• List price: $179,900
• Delta: -15.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4211 Hirschfield Rd	0.09mi	4/2.0 (+1)	1,686 (+2%)	8mo	$199,000	$118	81
4214 Chestergate Dr	0.31mi	3/2.0	1,637 (-1%)	13mo	$199,990	$122	72
23207 Naples Dr	0.14mi	4/2.0 (+1)	1,558 (-6%)	16mo	$165,000	$106	65
3902 Adonis Dr	0.25mi	3/2.0	1,462 (-12%)	13mo	$229,000	$157	58
4227 Mossygate Dr	0.55mi	4/2.0 (+1)	1,609 (-3%)	10mo	$150,000	$93	56
23110 Ludgate Dr	0.40mi	3/2.0	1,474 (-11%)	13mo	$220,000	$149	52
4522 Quailgate Dr	0.64mi	4/2.0 (+1)	1,500 (-10%)	20mo	$199,999	$133	32

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: -10.1%
• Equity multiple: 0.64×
• Total profit: $-17,908
• Equity at exit: $26,824

10-year hold

• IRR: -6.2%
• Equity multiple: 0.66×
• Total profit: $-16,990
• Equity at exit: $15,554

Cash invested: $50,372 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,156 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$381 /mo · $4,566/yr
• Insurance: −$75
• HOA: −$31
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $273

Break-even live

Break-even rent $1,810

Max offer price $179,900

Occupancy floor 82%

Sensitivity live

Price	-10% $375	-5% $324	+0% $273	+5% $223	+10% $172
Rent	-10% $103	-5% $188	+0% $273	+5% $359	+10% $444
Rate	-1.0pp $364	-0.5pp $319	base $273	+0.5pp $227	+1.0pp $179

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2911 Cypress Island Dr Houston, TX	4.0	2.0	2240	$1,961	$0.88	0d	1	1.15mi
2802 Mesquite Ridge Dr Houston, TX	4.0	2.5	1902	$2,045	$1.08	13d	1	1.25mi

HOA detail

• Monthly dues: $31 · $372/yr
• Likely covers: pool

Listing history 14 events

1. 2026-05-08
   status Pending 215-char remark
2. 2026-04-28
   listed $179,900 Active 215-char remark
3. 2024-11-08
   historical $1,680
4. 2024-10-17
   listed $1,680
5. 2013-06-20
   soldstatus
6. 2013-06-18
   historical 430-char remark

   Show marketing remark (430 chars)

   2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

7. 2013-06-14
   status Pending 430-char remark

   Show marketing remark (430 chars)

   2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

8. 2013-06-13
   status Pending, Continue to Show 430-char remark

   Show marketing remark (430 chars)

   2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

9. 2013-06-12
   soldstatus Sold 430-char remark

   Show marketing remark (430 chars)

   2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

10. 2013-05-30
    status Option Pending 430-char remark

    Show marketing remark (430 chars)

    2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

11. 2013-05-04
    price $96,500 430-char remark

    Show marketing remark (430 chars)

    2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

12. 2013-03-24
    listed $98,000 Active 430-char remark

    Show marketing remark (430 chars)

    2013 New Interior Paint & Carpet. 2011 New Ac Unit New Ducts, and added returns. Radiant Barrier and Blown Insulation added in Attic. Laminated Large Planks in Dining, Custom Kitchen Cabinets with Pull Out Drawers, Split Plan, w/ Fireplace. Large Covered Patio, w a concrete pad along the side of the yard. Community Swimming Pool, w Slides, Tennis Courts, Walking Trails. Won't Last Long. .. . Ready for Immediate Move-In.

13. 2005-08-22
    soldstatus
14. 1988-01-02
    soldstatus

ⓘ 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: $4,566 · $381/mo
• Projected year-2 tax: $4,566 · $381/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 8/10 Severe 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $25,874
• − Mortgage interest: −$10,077
• − Property taxes: −$4,566
• − Insurance: −$900
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − HOA: −$372
• − Depreciation: −$5,233
• Taxable income: $585
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $3,141/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

+83.6% since first listed

15 events — show timeline

• 2026-06-09 Sold (MLS) — HARMLS
• 2026-05-08 Pending — HARMLS
• 2026-04-28 Listed $179,900 HARMLS
• 2024-11-08 Rental Removed $1,680 REDFIN
• 2024-10-17 Listed for Rent $1,680 REDFIN
• 2013-06-20 Sold (Public Records) — Public Records
• 2013-06-18 Listing Removed — HARMLS
• 2013-06-14 Pending — HARMLS
• 2013-06-13 Pending — HARMLS
• 2013-06-12 Sold (MLS) — HARMLS
• 2013-05-30 Pending — HARMLS
• 2013-05-04 Price Changed $96,500 HARMLS
• 2013-03-24 Listed $98,000 HARMLS
• 2005-08-22 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+5.9%/yr

Latest (2025): $4,566 · +18.8% YoY. Source: county tax records.