21935 Terre Riviera · Houston, TX 77447

$298,990

4 bd · 2.5 ba · 2,182 sqft · Land · 350 Days on market

Built 2025 $137/sqft · 6% below area Est $318k · 6% under $83/mo HOA · 3% of rent ↓ 10% since listing

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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 +15.1/30.0
• ARV discount +10.2/15.0
• DSCR +4.6/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

Key facts

• Walk-in closet
• Covered patio
• Oversized shower

Tags

• GOURMET ISLAND KITCHEN
• LARGE CORNER PANTRY
• OVERSIZED SHOWER
• WALK-IN CLOSET
• COVERED PATIO
• FRONT SPRINKLER SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath land listed at $299k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (16.5% below list).
• Recommended offer: $250k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.6%/yr); 1782 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $9k 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 350 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $33k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $249,565 (16.5% below list)

Questions for the listing agent

1. It's been on market 350 days. Have you received any prior offers? Is the seller open to a 17% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.83% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.42%
• DSCR: 1.06
• GRM: 10.0

CMA / ARV

• ARV (median comp): $318,092
• List price: $298,990
• Delta: -6.01%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.2%
• Equity multiple: 0.41×
• Total profit: $-49,550
• Equity at exit: $44,580

10-year hold

• IRR: -15.3%
• Equity multiple: 0.24×
• Total profit: $-63,638
• Equity at exit: $25,851

Cash invested: $83,717 (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 77447

• Home prices YoY: -31.1%
• Rents YoY: -1.6%
• Active inventory: 1782
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,496 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$97 /mo · $1,167/yr
• Insurance: −$125
• HOA: −$83
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $99

Break-even live

Break-even rent $2,371

Max offer price $298,990

Occupancy floor 91%

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: $74,748
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22215 Scarlino Dr Hockley, TX	3.0	2.0	2099	$2,450	$1.17	21d	1	0.27mi
22222 Opa Glen Dr Hockley, TX	4.0	3.0	2609	$2,850	$1.09	43d	1	0.52mi
20703 Solstice Point Dr Hockley, TX	3.0	2.0	1912	$1,951	$1.02	1d	1	0.57mi
22023 Lost Lantern Dr Hockley, TX	3.0–4.0	2.0	1601	$1,863	$1.16	1d	1	0.59mi
20718 Round Key Dr Hockley, TX	4.0	2.5	2133	$1,931	$0.91	5d	1	0.77mi
21210 Echo Manor Dr Hockley, TX	4.0	2.5	2221	$2,150	$0.97	2d	1	0.85mi
22719 Klingamans Way Hockley, TX	3.0	2.0	1416	$1,689	$1.19	1d	1	1.03mi
20313 Evergreen Cypress Dr Hockley, TX	2.0–5.0	2.0–3.5	2051	$2,712	$1.32	1d	1	1.04mi

HOA detail

• Monthly dues: $83 · $996/yr
• Likely covers: pool

Listing history 23 events

1. 2026-06-18
   days on market $298,990 Active 350 DOM
2. 2026-06-17
   statusdays on market $298,990 Active 349 DOM
3. 2026-06-16
   days on market $298,990 Active Under Contract 348 DOM
4. 2026-06-15
   days on market $298,990 Active Under Contract 347 DOM
5. 2026-06-13
   days on market $298,990 Active Under Contract 345 DOM
6. 2026-06-09
   days on market $298,990 Active Under Contract 341 DOM
7. 2026-06-08
   days on market $298,990 Active Under Contract 340 DOM
8. 2026-06-07
   days on market $298,990 Active Under Contract 339 DOM
9. 2026-06-04
   days on market $298,990 Active Under Contract 336 DOM
10. 2026-06-03
    days on market $298,990 Active Under Contract 335 DOM
11. 2026-06-02
    days on market $298,990 Active Under Contract 334 DOM
12. 2026-06-01
    days on market $298,990 Active Under Contract 333 DOM
13. 2026-05-31
    days on market $298,990 Active Under Contract 332 DOM
14. 2026-03-10
    price $298,990 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

15. 2026-02-17
    status Active 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

16. 2025-12-15
    historical Active Under Contract 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

17. 2025-11-25
    status Active 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

18. 2025-11-03
    historical Active Under Contract 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

19. 2025-10-20
    price $299,990 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

20. 2025-10-01
    price $302,740 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

21. 2025-08-05
    price $306,990 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

22. 2025-07-30
    price $305,990 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

23. 2025-07-03
    listed $331,740 Active 598-char remark

    Show marketing remark (598 chars)

    OUTSTANDING NEW D.R. HORTON BUILT 2 STORY IN CYPRESS GREEN! Popular Split Plan Layout! Impressive Foyer Leads to Gourmet Island Kitchen with Abundant Cabinetry & Large Corner Pantry – Primary bedroom Down! Privately Located Primary Suite Features Great Bath with Oversized Shower & Walk-In Closet! Generously Sized Secondary Bedrooms! Gameroom Up! Convenient Indoor Utility Room! Covered Patio & Front Sprinkler System Included! Awesome Community with Pool & Playground - AND Easy Access to the City of Cypress, the Grand Parkway, & 290. Call for your appointment today!

ⓘ 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: $1,167 · $97/mo
• Projected year-2 tax: $5,472 · $456/mo
• Expected delta: +$4,305/yr (+$359/mo · 369.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $29,948
• − Mortgage interest: −$16,748
• − Property taxes: −$1,167
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,396
• − Management: −$2,396
• − HOA: −$996
• − Depreciation: −$8,698
• Taxable loss: −$3,947
• Est. tax savings @ 24.0%: +$947
• After-tax cash flow: $2,133/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: Waller ISD
• NCES district ID: 4844430
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $58,911
• Composite: 29.12/100
• National rank: #6593
• State rank: #532 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): 25,231
• Household income: $116,925
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 265.0

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 0.63)
• Race & ethnicity: White 44% Hispanic / Latino 41% Two or more races 16% Black 9% Asian 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 3% Slovak 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Dominican Republic
• Languages at home: 69% English-only · Spanish 28% Other Indo-European 1% 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: ▼ -112.73%
• Current HPI: 249.6969
• Rent YoY: ▼ -1.58%
• 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

-9.9% since first listed

10 events — show timeline

• 2026-03-10 Price Changed $298,990 HARMLS
• 2026-02-17 Relisted — HARMLS
• 2025-12-15 Contingent — HARMLS
• 2025-11-25 Relisted — HARMLS
• 2025-11-03 Contingent — HARMLS
• 2025-10-20 Price Changed $299,990 HARMLS
• 2025-10-01 Price Changed $302,740 HARMLS
• 2025-08-05 Price Changed $306,990 HARMLS
• 2025-07-30 Price Changed $305,990 HARMLS
• 2025-07-03 Listed $331,740 HARMLS