13480 S Thorntree Dr #1004 · Houston, TX 77015

$54,000

2 bd · 1.0 ba · 786 sqft · Condo public records · 303 Days on market

Built 1982 $69/sqft · 19% below area Est $66k · 19% under $208/mo HOA · 19% of rent

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is also a good investment opportunity for those investors who would like to include another unit in their portfolio. This property is being sold with three other investment properties. Kindly refer to these MLS numbers: 13480 S Thorntree Drive #910 - 79853163 13480 S Thorntree Drive #508 - 15241348 13480 S Thorntree Drive #1206 - 88053105 This location is very strategic for students and those who work within or near the Medical Center.

Key facts

• $208 HOA
• Parking
• Built 1982

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $54k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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.
• Galena Park ISD (suburban): math 32% / reading 33% proficiency, ranked #578 of 826 in TX (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.8%/yr); 162 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $373 of loan paydown is wiped out by about $2k 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 303 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $15k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 303 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
7. 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?
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 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: 1.98% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.65%
• DSCR: 1.83
• GRM: 4.2

CMA / ARV

• ARV (median comp): $66,364
• List price: $54,000
• Delta: -18.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.21×
• Total profit: $3,240
• Equity at exit: $8,052

10-year hold

• IRR: 11.1%
• Equity multiple: 1.70×
• Total profit: $10,631
• Equity at exit: $4,669

Cash invested: $15,120 (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 77015

• Home prices YoY: -10.8%
• Rents YoY: -0.8%
• Active inventory: 162
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,070 high
• Mortgage (P&I): −$283
• Tax from tax record: −$97 /mo · $1,158/yr
• Insurance: −$22
• HOA: −$208
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $235

Break-even live

Break-even rent $772

Max offer price $54,000

Occupancy floor 73%

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Uvalde Rd Houston, TX	1.0–2.0	1.0–2.0	868	$1,347	$1.55	1d	20	0.17mi
206 Spinwood Dr Houston, TX	2.0	2.0	860	$1,040	$1.21	43d	1	0.22mi
13502 N Thorntree Dr Unit 1047 Houston, TX	1.0	1.0	583	$824	$1.41	10d	1	0.22mi
13502 N Thorntree Dr Houston, TX	1.0	1.0	583	$773	$1.33	12d	1	0.23mi
250 Uvalde Rd Houston, TX	1.0–3.0	1.0–2.0	909	$1,039	$1.14	2d	26	0.23mi
13502 N Thorntree Dr Unit 424 Houston, TX	2.0	2.0	766	$939	$1.23	5d	1	0.25mi
13502 N Thorntree Dr Unit 13523 Houston, TX	1.0	1.0	583	$781	$1.34	2d	1	0.25mi
13502 N Thorntree Dr Unit 425 Houston, TX	2.0	2.0	766	$963	$1.26	10d	1	0.25mi
13502 N Thorntree Dr Unit 13523 Houston, TX	1.0	1.0	635	$869	$1.37	12d	1	0.25mi
13502 N Thorntree Dr Unit 13553 Houston, TX	1.0	1.0	635	$864	$1.36	43d	1	0.25mi
316 White Cedar St Houston, TX	1.0	1.0	712	$1,035	$1.45	21d	1	0.26mi
316 White Cedar St Houston, TX	2.0	2.0	1028	$1,306	$1.27	24d	1	0.26mi
316 White Cedar St Houston, TX	1.0	1.0	712	$1,035	$1.45	19d	1	0.26mi
8 Uvalde Rd Houston, TX	3.0	2.0	1125	$1,000	$0.89	43d	1	0.39mi
353 Audrey Ln Unit 365 1/2 Houston, TX	2.0	1.0	800	$1,375	$1.72	43d	1	0.51mi
13161 Woodforest Blvd Houston, TX	2.0	2.0	965	$1,058	$1.10	43d	1	0.56mi
14445 Wallisville Rd Houston, TX	2.0	1.0–2.0	659	$1,210	$1.83	1d	10	0.62mi
14346 Wallisville Rd Houston, TX	2.0	2.0	936	$1,360	$1.45	43d	1	0.68mi
14340 Wallisville Rd Unit 2047 Houston, TX	2.0	2.0	940	$1,425	$1.52	10d	1	0.69mi
14340 Wallisville Rd Unit 1162 Houston, TX	1.0	1.0	670	$1,080	$1.61	5d	1	0.69mi
14340 Wallisville Rd Houston, TX	1.0	1.0	670	$1,069	$1.60	12d	1	0.69mi
14340 Wallisville Rd Unit 2162 Houston, TX	2.0	2.0	940	$1,390	$1.48	5d	1	0.69mi
14340 Wallisville Rd Unit 325 Houston, TX	1.0	1.0	670	$1,077	$1.61	2d	1	0.69mi
14340 Wallisville Rd Unit 2148 Houston, TX	2.0	2.0	940	$1,382	$1.47	2d	1	0.69mi
14340 Wallisville Rd Unit 14361 Houston, TX	1.0	1.0	670	$1,077	$1.61	2d	1	0.70mi
14340 Wallisville Rd Unit 14377 Houston, TX	2.0	2.0	940	$1,414	$1.50	10d	1	0.70mi
14340 Wallisville Rd Unit 14397 Houston, TX	2.0	2.0	936	$1,410	$1.51	43d	1	0.70mi
14340 Wallisville Rd Unit 14391 Houston, TX	1.0	1.0	669	$1,090	$1.63	43d	1	0.70mi
14340 Wallisville Rd Unit 14361 Houston, TX	1.0	1.0	669	$1,095	$1.64	12d	1	0.70mi
14340 Wallisville Rd Unit 425 Houston, TX	2.0	2.0	940	$1,382	$1.47	2d	1	0.70mi
5675 Purple Sage Rd Houston, TX	1.0–2.0	1.0–2.0	782	$1,129	$1.44	3d	18	0.74mi
12955 Woodforest Blvd Unit 305 Houston, TX	1.0	1.0	728	$975	$1.34	24d	1	0.76mi
15110 N Castlegory Houston, TX	2.0	2.0	1079	$1,670	$1.55	11d	1	0.84mi
12905 Woodforest Blvd Houston, TX	2.0	1.0	886	$1,098	$1.24	20d	2	0.84mi
5921 Uvalde Rd Houston, TX	1.0	1.0	644	$963	$1.50	43d	1	0.88mi
5921 Uvalde Rd Houston, TX	2.0	1.0	800	$1,141	$1.43	24d	1	0.88mi
5921 Uvalde Rd Houston, TX	1.0	1.0	644	$963	$1.50	20d	1	0.88mi
13925 Alderson St Houston, TX	2.0	1.0	700	$1,273	$1.82	3d	1	0.91mi
13925 Alderson St Houston, TX	1.0	1.0	620	$845	$1.36	3d	1	0.91mi
13925 Alderson St Houston, TX	1.0	1.0	620	$844	$1.36	2d	1	0.91mi

HOA detail condo

• Monthly dues: $208 · $2,496/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $54,000 Active 303 DOM
2. 2026-06-17
   days on market $54,000 Active 302 DOM
3. 2026-06-16
   days on market $54,000 Active 301 DOM
4. 2026-06-15
   days on market $54,000 Active 300 DOM
5. 2026-06-13
   days on market $54,000 Active 298 DOM
6. 2026-06-13
   days on market $54,000 Active 297 DOM
7. 2026-06-09
   days on market $54,000 Active 294 DOM
8. 2026-06-08
   days on market $54,000 Active 293 DOM
9. 2026-06-07
   days on market $54,000 Active 292 DOM
10. 2026-06-04
    days on market $54,000 Active 289 DOM
11. 2026-06-03
    days on market $54,000 Active 288 DOM
12. 2026-06-02
    days on market $54,000 Active 287 DOM
13. 2026-06-01
    days on market $54,000 Active 286 DOM
14. 2026-05-31
    days on market $54,000 Active 285 DOM
15. 2026-03-03
    price $54,000 454-char remark

    Show marketing remark (454 chars)

    This is also a good investment opportunity for those investors who would like to include another unit in their portfolio. This property is being sold with three other investment properties. Kindly refer to these MLS numbers: 13480 S Thorntree Drive #910 - 79853163 13480 S Thorntree Drive #508 - 15241348 13480 S Thorntree Drive #1206 - 88053105 This location is very strategic for students and those who work within or near the Medical Center.

16. 2025-09-15
    price $57,000 454-char remark

    Show marketing remark (454 chars)

    This is also a good investment opportunity for those investors who would like to include another unit in their portfolio. This property is being sold with three other investment properties. Kindly refer to these MLS numbers: 13480 S Thorntree Drive #910 - 79853163 13480 S Thorntree Drive #508 - 15241348 13480 S Thorntree Drive #1206 - 88053105 This location is very strategic for students and those who work within or near the Medical Center.

17. 2025-08-19
    listed $68,990 Active 454-char remark

    Show marketing remark (454 chars)

    This is also a good investment opportunity for those investors who would like to include another unit in their portfolio. This property is being sold with three other investment properties. Kindly refer to these MLS numbers: 13480 S Thorntree Drive #910 - 79853163 13480 S Thorntree Drive #508 - 15241348 13480 S Thorntree Drive #1206 - 88053105 This location is very strategic for students and those who work within or near the Medical Center.

18. 2022-06-14
    soldstatus
19. 2022-04-07
    soldstatus
20. 2022-04-05
    soldstatus Sold 162-char remark

    Show marketing remark (162 chars)

    No more showings! Thanks! GREAT INVESTMENT OPPORTUNITY!! NEVER FLOODED, CASH OFFER ONLY, LOCKBOX IN FD, CALL LISTING AGENT FOR MORE INFOR, package sales available

21. 2022-02-28
    status Pending 162-char remark

    Show marketing remark (162 chars)

    No more showings! Thanks! GREAT INVESTMENT OPPORTUNITY!! NEVER FLOODED, CASH OFFER ONLY, LOCKBOX IN FD, CALL LISTING AGENT FOR MORE INFOR, package sales available

22. 2022-02-28
    listed $47,000 Active 162-char remark

    Show marketing remark (162 chars)

    No more showings! Thanks! GREAT INVESTMENT OPPORTUNITY!! NEVER FLOODED, CASH OFFER ONLY, LOCKBOX IN FD, CALL LISTING AGENT FOR MORE INFOR, package sales available

23. 2011-11-04
    soldstatus
24. 2003-12-10
    historical
25. 2003-09-10
    listed $28,000
26. 2003-04-25
    historical
27. 2002-10-23
    listed $28,000
28. 2001-04-18
    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: $1,158 · $97/mo
• Projected year-2 tax: $1,158 · $97/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) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,838
• − Mortgage interest: −$3,025
• − Property taxes: −$1,158
• − Insurance: −$270
• − Repairs & maintenance: −$1,027
• − Management: −$1,027
• − HOA: −$2,496
• − Depreciation: −$1,571
• Taxable income: $2,264
• Est. tax owed @ 24.0%: −$543
• After-tax cash flow: $2,276/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: Galena Park ISD
• NCES district ID: 4820250
• Math proficiency: 32% ▼ -20.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $43,158
• Composite: 27.62/100
• National rank: #6927
• State rank: #578 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

• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 58,415
• Household income: $57,753
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1816.0

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 Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 54% Black 14% White 6% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 60% Cuban 2%
• Foreign-born: 33% · Canada, Vietnam
• Languages at home: 31% English-only · Spanish 68% Vietnamese 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: ▼ -36.47%
• Current HPI: 300.1821
• Rent YoY: ▼ -0.83%
• 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

+92.9% since first listed

14 events — show timeline

• 2026-03-03 Price Changed $54,000 HARMLS
• 2025-09-15 Price Changed $57,000 HARMLS
• 2025-08-19 Listed $68,990 HARMLS
• 2022-06-14 Sold (Public Records) — Public Records
• 2022-04-07 Sold (Public Records) — Public Records
• 2022-04-05 Sold (MLS) — HARMLS
• 2022-02-28 Pending — HARMLS
• 2022-02-28 Listed $47,000 HARMLS
• 2011-11-04 Sold (Public Records) — Public Records
• 2003-12-10 Listing Removed — HARMLS
• 2003-09-10 Listed $28,000 HARMLS
• 2003-04-25 Listing Removed — HARMLS
• 2002-10-23 Listed $28,000 HARMLS
• 2001-04-18 Sold (Public Records) — Public Records

Property tax history

+10.7%/yr

Latest (2025): $1,158 · +24.9% YoY. Source: county tax records.