32127 Morning Luster Ct · Fulshear, TX 77441

$389,990

5 bd · 3.0 ba · 2,677 sqft · SingleFamily · 72 Days on market

Built 2025 Good condition 6,250 sqft lot $61/mo HOA · 2% of rent

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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 +12.5/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• 1% rule +3.8/10.0
• DSCR +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Meet the Magellan! This home has 5 bedrooms, 3 baths, 2 car garage, and 2,677 sq ft. This home is perfect for entertaining or relaxing with your loved ones. The high ceilings and large family room make for a great entertainment space. The owner's suite is the perfect place to unwind and relax. A bay window and sloped ceilings allow plenty of natural light into the room. The en-suite bathroom has a spa-like feel with a walk-in shower, a soaking tub, and a walk-in closet! The first-floor guest suite is ideal for visiting family and friends. Upstairs you have the game room, a bathroom and 3 bedrooms. The backyard comes with a covered patio for you to enjoy! If you're interested in this propert

Key facts

• Large family room
• Natural light
• Bay window

Tags

• HIGH CEILINGS
• LARGE FAMILY ROOM
• BAY WINDOW
• NATURAL LIGHT
• EN-SUITE BATHROOM
• WALK-IN SHOWER

🏗️ New construction. The $389,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $401,550.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $390k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-60 ($-722/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $351k (9.9% below list).
• Recommended offer: $351k (9.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.2% in Fulshear — 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 69/100 on livability (#430 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lamar CISD (suburban): math 50% / reading 53% proficiency, ranked #116 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Huggins El (math 61% / reading 63%, grade B, #321 of 4,322 statewide, top 8%, 893 students, 23% FRL); Dean Leaman J H School (math 59% / reading 56%, grade B, #206 of 1,662 statewide, top 13%, 2,191 students, 32% FRL); Fulshear H S (math 52% / reading 70%, grade C+, #258 of 1,632 statewide, top 16%, 2,464 students, 30% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1242 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 12,093 units permitted in Fort Bend County in 2024 (815 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Fort Bend County population projected at +75% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($367k) is reasonable based on typical stale-listing flexibility.

Recommended offer $351,376 (9.9% 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 72 days. Have you received any prior offers? Is the seller open to a 10% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.88% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $401,550
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32127 Morning Luster Ct	0.00mi	5/3.0	2,677 (0%)	1mo	$389,990	$146	99
32223 Sunbeam Dr	0.13mi	5/4.0	2,697 (+1%)	0mo	$379,990	$141	88
5707 Sunland Trl	0.18mi	5/3.0	2,867 (+7%)	1mo	$410,990	$143	79
32107 Morning Luster Ct	0.05mi	4/3.0 (-1)	2,402 (-10%)	1mo	$369,990	$154	75
32311 Sunbeam Dr	0.13mi	4/3.0 (-1)	2,915 (+9%)	1mo	$419,990	$144	73
32210 Sunbeam Dr	0.14mi	4/3.0 (-1)	2,915 (+9%)	1mo	$450,990	$155	73
32215 Sunbeam Dr	0.13mi	4/3.0 (-1)	2,417 (-10%)	1mo	$364,990	$151	72
5711 Sunland Trl	0.17mi	4/3.0 (-1)	2,402 (-10%)	1mo	$391,990	$163	69
32503 Midsummer Dr	0.17mi	4/2.5 (-1)	2,342 (-12%)	1mo	$324,990	$139	63
32511 Midsummer Dr	0.18mi	4/2.5 (-1)	2,342 (-12%)	1mo	$350,990	$150	63
32455 Sunbeam Dr	0.18mi	4/2.5 (-1)	2,342 (-12%)	2mo	$329,990	$141	62
5302 Egret Gable Ct	0.67mi	4/3.5 (-1)	2,819 (+5%)	2mo	$439,999	$156	52

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: -20.8%
• Equity multiple: 0.30×
• Total profit: $-79,106
• Equity at exit: $59,872

10-year hold

• IRR: -23.3%
• Equity multiple: -0.01×
• Total profit: $-113,245
• Equity at exit: $34,719

Cash invested: $112,434 (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 77441

• Rents YoY: -1.6%
• Active inventory: 1242
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,514 high
• Mortgage (P&I): −$2,106
• Tax est. 1.5%: −$502 /mo · $6,023/yr
• Insurance: −$167
• HOA: −$61
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $-60

Break-even live

Break-even rent $3,590

Max offer price $392,846

Occupancy floor 97%

Sensitivity live

Price	-10% $217	-5% $79	+0% $-60	+5% $-199	+10% $-338
Rent	-10% $-338	-5% $-199	+0% $-60	+5% $79	+10% $217
Rate	-1.0pp $142	-0.5pp $42	base $-60	+0.5pp $-164	+1.0pp $-270

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: $100,388
• Closing costs: $12,046
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5462 Grand View Dr Unit 1568482P Pattison, TX	5.0	3.5	2992	$3,732	$1.25	0d	1	0.46mi
7302 New Pecan Dr Fulshear, TX	4.0	4.0	2844	$3,299	$1.16	45d	1	0.85mi
5222 Wyatt James Ln Brookshire, TX	4.0	2.5	2487	$3,250	$1.31	14d	1	0.89mi
33002 Franklin Brooks Dr Pattison, TX	4.0	3.5	3255	$4,385	$1.35	0d	1	0.91mi
31043 Vintage Creek Ln Fulshear, TX	4.0	3.5	2800	$3,300	$1.18	24d	1	1.18mi
31123 Brightwell Bnd Fulshear, TX	4.0	3.0	2400	$2,400	$1.00	14d	1	1.35mi

HOA detail

• Monthly dues: $61 · $732/yr

Listing history 4 events

1. 2026-04-22
   status Pending
2. 2026-03-23
   price $389,990
3. 2026-03-02
   price $397,990
4. 2026-02-09
   listed $381,990 Active

ⓘ 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: $42,165
• − Mortgage interest: −$22,493
• − Property taxes: −$6,023
• − Insurance: −$2,008
• − Repairs & maintenance: −$3,373
• − Management: −$3,373
• − HOA: −$732
• − Depreciation: −$11,681
• Taxable loss: −$7,519
• Est. tax savings @ 24.0%: +$1,805
• After-tax cash flow: $1,083/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 · 2 photos

Good 80/100 Cosmetic rehab

This single-family home is in good condition with a good exterior and interior. It has a good roof and flooring, and the systems appear to be in good condition. The home is move-in ready with minor cosmetic improvements needed to enhance its curb appeal and value.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and can increase both resale and rental value
• Both Trim the landscaping — Improves curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and can increase both resale and rental value ↑
• Both Trim the landscaping — Improves curb appeal and can increase both resale and rental value ↑

ⓘ 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: Lamar CISD
• NCES district ID: 4826580
• Math proficiency: 50% ▼ -12.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $75,213
• Composite: 46.43/100
• National rank: #2452
• State rank: #116 of 826 in TX

Livability — Fulshear

• Score: 69/100
• State rank: #430
• US rank: #8901

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Fort Bend County · 836,777 people
• City population: 41,324
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 41,324
• Household income: $184,390
• Rent vs Own: 8.0% rent · 92.0% own
• Severe rent burden: 301.0

Population outlook (Fort Bend County) Hauer SSP2

• Today (2025): 1,004,526 people
• By 2030: 1,153,104 · +14.8%
• By 2040: 1,453,718 · +44.7%
• By 2050: 1,753,781 · +74.6%
• By 2075: 2,455,772 · +144.5%
• By 2100: 2,930,528 · +191.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Hispanic / Latino 20% Two or more races 15% Asian 12% Black 6%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 5% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 17% German/W. Germanic 4% Chinese 4%

Political lean MEDSL · Fort Bend

• 2024 margin: Toss-up / Even · D 49.5% · R 47.9% · Other 2.6%
• 2008→2024 swing: +4.0pp toward D · 2008: -2.4pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+10.6 2016: D+6.6 2012: R+6.8 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.74%
• Current HPI: 275.8798
• Rent YoY: ▼ -1.63%
• 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

+2.1% since first listed

4 events — show timeline

• 2026-04-22 Pending — HARMLS
• 2026-03-23 Price Changed $389,990 HARMLS
• 2026-03-02 Price Changed $397,990 HARMLS
• 2026-02-09 Listed $381,990 HARMLS