32218 Slender Spreadwing Dr · Fulshear, TX 77441

$387,900

5 bd · 3.0 ba · 2,301 sqft · SingleFamily · 4 Days on market

Built 2026 Est $391k · at est.

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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 +12.3/30.0
• ARV discount +7.9/15.0
• Schools +4.6/10.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into the spacious comfort of The Wakefield floor plan-a beautifully designed 2-story home featuring 5 bedrooms, 3 bathrooms, and a 2-bay garage. The open-concept layout offers seamless flow between the great room, kitchen, breakfast nook, and a formal dining room that can easily flex to meet your needs-perfect for a home office, playroom, or additional living space. The kitchen is a standout, featuring ample cabinetry with under-cabinet lighting, and a handy USB outlet for modern convenience. On the main floor, you'll find a private primary suite with an oversized walk-in closet, as well as a secondary bedroom and full bath-ideal for guests or multi-generational living. Upstairs, three

Key facts

• Ample cabinetry
• Usb outlet
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• AMPLE CABINETRY
• UNDER-CABINET LIGHTING
• USB OUTLET
• PRIVATE PRIMARY SUITE
• OVERSIZED WALK-IN CLOSET

Property features AI

Finance

• Financial info: List price $387,900

Exterior

• Parking: 2 garage spaces (2 total parking spaces)
• Home design: Single-family property
• Exterior features: Living area of 2,301

Interior

• Bedrooms: 5 bedrooms
• Bathrooms: 3 full bathrooms
• Interior features: Spec home (WAKEFIELD plan)

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $388k.

Deal economics

• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $331k (14.8% below list).
• Recommended offer: $331k (14.8% 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); Briscoe J H (math 59% / reading 60%, grade B, #166 of 1,662 statewide, top 11%, 1,914 students, 38% FRL); Foster H S (math 64% / reading 74%, grade B, #141 of 1,632 statewide, top 9%, 2,388 students, 34% FRL).
• Zoned-school proficiency averages 64% at this address vs 52% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Lamar CISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-1.6%/yr); 1242 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $330,511 (14.8% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $391,170
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31903 Wind Ridge Dr	0.45mi	4/3.0 (-1)	2,395 (+4%)	0mo	$469,000	$196	67
31919 Sun Branch Ct	0.43mi	4/3.0 (-1)	2,400 (+4%)	3mo	$514,734	$214	65
8115 Red Shiner Way	0.29mi	4/3.5 (-1)	2,446 (+6%)	6mo	$405,915	$166	64
32402 Fly Fish Way	0.41mi	4/3.5 (-1)	2,446 (+6%)	4mo	$388,490	$159	60
32438 Violet Dancer Ct	0.18mi	4/3.5 (-1)	2,637 (+15%)	3mo	$550,940	$209	58
32515 Summer Vista Ln	0.64mi	4/3.0 (-1)	2,386 (+4%)	2mo	$359,990	$151	57
31722 Wild Meadow Dr	0.64mi	4/3.0 (-1)	2,410 (+5%)	1mo	$394,990	$164	57
8302 Balding Dr	0.69mi	4/2.5 (-1)	2,246 (-2%)	2mo	$300,000	$134	55
8006 Treetop View St	0.46mi	4/3.0 (-1)	2,558 (+11%)	1mo	$458,226	$179	54
32432 Forktail Lake Dr	0.18mi	4/3.5 (-1)	2,637 (+15%)	7mo	$507,990	$193	54
32510 Lantana Fields Rd	0.64mi	4/2.5 (-1)	2,139 (-7%)	1mo	$315,990	$148	51
7931 Treetop View Dr	0.49mi	4/3.0 (-1)	2,558 (+11%)	7mo	$433,972	$170	48

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: -22.3%
• Equity multiple: 0.25×
• Total profit: $-81,121
• Equity at exit: $57,837

10-year hold

• IRR: -26.6%
• Equity multiple: -0.09×
• Total profit: $-118,865
• Equity at exit: $33,539

Cash invested: $108,612 (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: 9.8×

Monthly cashflow live

• Estimated rent: $3,305 medium
• Mortgage (P&I): −$2,034
• Tax est. 1.5%: −$485 /mo · $5,818/yr
• Insurance: −$162
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $-136

Break-even live

Break-even rent $3,477

Max offer price $368,204

Occupancy floor 99%

Sensitivity live

Price	-10% $132	-5% $-2	+0% $-136	+5% $-270	+10% $-404
Rent	-10% $-397	-5% $-267	+0% $-136	+5% $-6	+10% $125
Rate	-1.0pp $59	-0.5pp $-37	base $-136	+0.5pp $-237	+1.0pp $-339

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: $96,975
• Closing costs: $11,637
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8106 Royal Palm Ct Fulshear, TX	5.0	4.0	2946	$2,950	$1.00	45d	1	1.08mi
7302 New Pecan Dr Fulshear, TX	4.0	4.0	2844	$3,299	$1.16	45d	1	1.08mi
8114 Royal Palm Ct Fulshear, TX	5.0	4.0	2960	$3,295	$1.11	45d	1	1.10mi

Listing history 3 events

1. 2026-06-21
   days on market $387,900 Active 4 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $387,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,661
• − Mortgage interest: −$21,728
• − Property taxes: −$5,818
• − Insurance: −$2,737
• − Repairs & maintenance: −$3,173
• − Management: −$3,173
• − Depreciation: −$11,284
• Taxable loss: −$8,253
• Est. tax savings @ 24.0%: +$1,981
• After-tax cash flow: $347/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: 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