1607 Chapman St · Houston, TX 77009

$340,000

4 bd · 3.0 ba · 2,754 sqft · SingleFamily public records · 20 Days on market

Built 1926 5,000 sqft lot Est $576k · 41% under ↓ 28% 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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +9.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Location location location! Just mins to downtown Houston. This home has two bedrooms with ensuite bathrooms. the home does need foundation repair and is priced accordingly. come put your own personal stamp on this 4 bedroom 3 bath home.

Key facts

• 5,000 sq ft lot
• Built 1926
• Listed 20 days

Property features AI

Exterior

• Parking: No parking
• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1926; Pillar/post/pier foundation; Composition roof
• Construction: Cement siding
• Exterior features: Covered patio; Deck; Patio; Fully fenced yard; Private yard; Subdivision lot

Interior

• Kitchen: Kitchen island; Breakfast bar; Kitchen/family room combo
• Bedrooms: Primary bedroom (First floor) — 21 x 13; Bedroom (First floor) — 19 x 12; Bedroom (First floor) — 15 x 10; Bedroom (First floor) — 12 x 12; Total rooms: 7
• Flooring: Vinyl flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (gas); Central air (electric)
• Interior features: Breakfast bar; Double vanity; Kitchen island; Open kitchen/family room layout
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $932 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• Recommended offer: $335k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: Marshall Middle (math 14% / reading 22%, grade F, #1,491 of 1,662 statewide, top 91%, 607 students, 97% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 95% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 595 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $4,767/mo this rent would consume 69% of the median local household income ($83k/yr) (locally 994% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 20 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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 3.2% of price; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $334,900 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.40% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.75%
• DSCR: 1.52
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $575,586
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
813 McKee St Unit A12 229	0.54mi	3/2.5 (-1)	2,530 (-8%)	9mo	$530,000	$209	46
1505 Everett St	0.33mi	3/3.5 (-1)	2,449 (-11%)	22mo	$560,000	$229	40
2420 Sumpter St	0.59mi	3/3.5 (-1)	2,387 (-13%)	7mo	$425,000	$178	37

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 · 0.84% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-5,515
• Equity at exit: $50,695

10-year hold

• IRR: 5.3%
• Equity multiple: 1.35×
• Total profit: $33,273
• Equity at exit: $29,397

Cash invested: $95,200 (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 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,767 high
• Mortgage (P&I): −$1,783
• Tax from tax record: −$909 /mo · $10,913/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,001
• Net cashflow: $932

Break-even live

Break-even rent $3,587

Max offer price $340,000

Occupancy floor 75%

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2403 Everett St Unit A Houston, TX	3.0	3.5	2093	$2,800	$1.34	43d	1	0.72mi
2905 Baer St Unit 1047953P Houston, TX	3.0	2.5	1991	$3,094	$1.55	5d	1	0.98mi
611 Sydnor St Houston, TX	3.0	4.0	2157	$2,400	$1.11	43d	1	1.09mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,991	$3.71	10d	1	1.11mi
414 Milam St Unit 510 Houston, TX	3.0	2.0	2421	$9,230	$3.81	13d	1	1.11mi
414 Milam St Unit 3165 Houston, TX	3.0	2.0	2421	$8,959	$3.70	2d	1	1.11mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,973	$3.71	43d	1	1.11mi
915 Texas Ave Unit 420 Houston, TX	3.0	2.0	2366	$4,655	$1.97	18d	1	1.19mi
915 Texas Ave Unit 420 Houston, TX	3.0	2.0	2366	$4,655	$1.97	43d	1	1.19mi
3410 Baer St Houston, TX	3.0	4.0	2040	$3,500	$1.72	43d	1	1.27mi
1475 Texas St Houston, TX	3.0	1.0–2.0	1304	$6,350	$4.87	43d	28	1.27mi
3419 Gillespie St Houston, TX	3.0	3.5	2168	$2,300	$1.06	43d	1	1.29mi
2114 Sabine St Unit 1257735P Houston, TX	3.0	3.5	2594	$6,588	$2.54	43d	1	1.31mi
2114 Sabine St Houston, TX	3.0	4.0	2020	$3,200	$1.58	43d	1	1.31mi
2414 East Dr Unit Canal St unit Houston, TX	3.0	3.5	2063	$2,950	$1.43	7d	1	1.39mi
808 Crawford St Houston, TX	1.0–3.0	1.0–3.5	1740	$12,645	$7.27	1d	30	1.47mi

Listing history 13 events

1. 2026-06-18
   days on market $340,000 Active 20 DOM
2. 2026-06-17
   days on market $340,000 Active 19 DOM
3. 2026-06-16
   days on market $340,000 Active 18 DOM
4. 2026-06-15
   days on market $340,000 Active 17 DOM
5. 2026-06-13
   days on market $340,000 Active 15 DOM
6. 2026-06-09
   days on market $340,000 Active 11 DOM
7. 2026-06-08
   days on market $340,000 Active 10 DOM
8. 2026-06-07
   days on market $340,000 Active 9 DOM
9. 2026-06-04
   days on market $340,000 Active 6 DOM
10. 2026-06-03
    days on market $340,000 Active 5 DOM
11. 2026-06-02
    days on market $340,000 Active 4 DOM
12. 2026-06-01
    days on market $340,000 Active 3 DOM
13. 2026-05-31
    days on market $340,000 Active 2 DOM

ⓘ 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: $10,913 · $909/mo
• Projected year-2 tax: $10,913 · $909/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,204
• − Mortgage interest: −$19,045
• − Property taxes: −$10,913
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,576
• − Management: −$4,576
• − Depreciation: −$9,891
• Taxable income: $6,503
• Est. tax owed @ 24.0%: −$1,561
• After-tax cash flow: $9,622/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: 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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

-28.4% since first listed

23 events — show timeline

• 2026-05-29 Listed $340,000 HARMLS
• 2026-04-30 Listing Removed — HARMLS
• 2025-10-15 Price Changed $350,000 HARMLS
• 2025-06-07 Listed $375,000 HARMLS
• 2025-04-22 Listing Removed — HARMLS
• 2025-02-07 Price Changed $399,000 HARMLS
• 2024-12-09 Listed $425,000 HARMLS
• 2024-07-23 Listing Removed — HARMLS
• 2024-02-29 Price Changed $475,000 HARMLS
• 2024-02-15 Price Changed $499,990 HARMLS
• 2023-12-13 Listed $589,900 HARMLS
• 2023-07-21 Sold (Public Records) — Public Records
• 2022-03-15 Sold (MLS) — HARMLS
• 2022-01-13 Pending — HARMLS
• 2021-12-22 Price Changed $334,900 HARMLS
• 2021-10-25 Price Changed $364,900 HARMLS
• 2021-09-20 Listed $399,900 HARMLS
• 2020-01-13 Listing Removed — HARMLS
• 2019-12-06 Price Changed $475,000 HARMLS
• 2019-12-04 Price Changed $525,000 HARMLS
• 2019-11-25 Listed $475,000 HARMLS
• 2017-12-12 Sold (Public Records) — Public Records
• 1995-11-16 Sold (Public Records) — Public Records

Property tax history

+11.0%/yr

Latest (2025): $10,913 · -4.2% YoY. Source: county tax records.