5817 Downing St · Houston, TX 77020

$800,000

2 bd · 2.0 ba · 648 sqft · MultiFamily public records · 119 Days on market

Built 1940 0.62 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Prime investment opportunity in Houston’s 5th Ward. This income-producing property spans 11 total lots and features 5 duplexes (10 total units), individually metered and all currently leased, delivering immediate cash flow from day one. Positioned on a corner at the end of a dead-end street, the site offers limited through traffic while still providing access from two separate streets—an ideal setup for tenants and future development. The property backs to industrial and rail, supporting steady rental demand in a strong working corridor. Located within an Opportunity Zone, this asset presents potential tax advantages and long-term upside. In addition to the existing duplexes, th

Key facts

• Currently leased
• Total lots
• Individually metered

Tags

• INVESTMENT OPPORTUNITY
• INCOME PRODUCING PROPERTY
• TOTAL LOTS
• DUPLEXES
• INDIVIDUALLY METERED
• CURRENTLY LEASED

Property features AI

Finance

• Financial info: Annual tax amount: $7,921 (2025)

Exterior

• Utilities: Electricity available; Natural gas available; Water available
• Home design: Residential income property; Built in 1940
• Construction: Wood siding; Composition roof
• Exterior features: Cleared lot; Corner lot; Lot dimensions approximately 290 x 90

Interior

• Heating & cooling: Window unit cooling
• Interior features: Residential income property with 10 total units

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $8k ($95k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $800k).
• Recommended offer: $728k (9.0% below list) — sets the bar for market timing.

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: Mcreynolds Middle (math 10% / reading 17%, grade F, #1,602 of 1,662 statewide, top 97%, 398 students, 98% FRL); Wheatley H S (math 17% / reading 19%, grade F, #1,445 of 1,632 statewide, top 89%, 643 students, 95% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 31% district-wide (-15 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.3%/yr); 337 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• In year one you build about $86k of equity ($6k loan paydown + $80k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 4.3% rent growth), your $224k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$137k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $75k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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 $728,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.08% ✓
• Cap rate: 18.22%
• Cash-on-cash: 42.60%
• DSCR: 2.90
• GRM: 4.0

CMA / ARV

• ARV (median comp): $446,838
• List price: $800,000
• Delta: 79.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 4.27% rent growth · sell at horizon

5-year hold

• IRR: 58.0%
• Equity multiple: 5.28×
• Total profit: $959,498
• Equity at exit: $720,703

10-year hold

• IRR: 52.0%
• Equity multiple: 12.06×
• Total profit: $2,476,802
• Equity at exit: $1,554,224

Cash invested: $224,000 (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 77020

• Home prices YoY: 29.1%
• Rents YoY: 4.3%
• Active inventory: 337
• Price-to-rent: 40.1×

Monthly cashflow live

• Estimated rent: $16,633 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$660 /mo · $7,921/yr
• Insurance: −$333
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,493
• Net cashflow: $7,885

Break-even live

Break-even rent $6,652

Max offer price $800,000

Occupancy floor 48%

Sensitivity live

Price	-10% $8,338	-5% $8,111	+0% $7,885	+5% $7,658	+10% $7,432
Rent	-10% $6,571	-5% $7,228	+0% $7,885	+5% $8,542	+10% $9,199
Rate	-1.0pp $8,288	-0.5pp $8,088	base $7,885	+0.5pp $7,678	+1.0pp $7,467

10-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	2	1	$16,630
Total (10 units)			$16,633

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5510 Morwood St Houston, TX	2.0	1.0	749	$650	$0.87	25d	1	0.47mi
5504 Morwood St Houston, TX	2.0	1.0	749	$850	$1.13	25d	1	0.48mi
5514 Morgood St Houston, TX	2.0	1.0	749	$650	$0.87	44d	1	0.48mi
6116 Octavia St Houston, TX	2.0	1.0	611	$775	$1.27	25d	1	0.55mi
3802 Dabney St Houston, TX	1.0–2.0	1.0	825	$990	$1.20	44d	2	0.61mi
5436 Makeig St Houston, TX	2.0	1.0	749	$650	$0.87	25d	1	0.67mi
5462 Makeig St Houston, TX	2.0	1.0	749	$650	$0.87	25d	1	0.68mi
5430 Makeig St Houston, TX	2.0	1.0	749	$650	$0.87	25d	1	0.68mi
4903 Noble St Houston, TX	2.0	1.0	525	$1,200	$2.29	44d	1	0.70mi
2202 Solo St Houston, TX	2.0	1.0	620	$1,200	$1.94	44d	1	0.71mi
621 Majestic St Unit Back Houston, TX	2.0	1.0	600	$750	$1.25	44d	1	0.80mi
7212 Corpus Christi St Houston, TX	1.0	1.0	700	$950	$1.36	44d	1	0.86mi
3806 Wipprecht St Houston, TX	1.0	1.0	750	$700	$0.93	14d	1	0.88mi
3814 Wipprecht St Unit 18B Houston, TX	1.0	1.0	750	$700	$0.93	16d	1	0.88mi
3813 Wipprecht St Houston, TX	2.0	1.0	750	$1,200	$1.60	25d	1	0.91mi
5408 Market St Unit 5408-1 Houston, TX	2.0	1.0	730	$900	$1.23	5d	1	1.01mi
5006 Cavalcade St Apt 2 Houston, TX	1.0	1.0	541	$850	$1.57	44d	1	1.10mi
1909 Benson St Houston, TX	1.0	1.0	460	$795	$1.73	19d	1	1.22mi
1911 Benson St Unit 4 Houston, TX	1.0	1.0	460	$795	$1.73	5d	1	1.23mi
1911 Benson St Unit 1 Houston, TX	1.0	1.0	460	$795	$1.73	19d	1	1.23mi
1800 N Wayside Dr Unit 5 Houston, TX	1.0	1.0	442	$750	$1.70	22d	1	1.25mi
3502 Campbell St Houston, TX	2.0	1.0	725	$800	$1.10	44d	1	1.45mi

Listing history 28 events

1. 2026-06-18
   days on market $800,000 Active 119 DOM
2. 2026-06-17
   days on market $800,000 Active 118 DOM
3. 2026-06-16
   days on market $800,000 Active 117 DOM
4. 2026-06-15
   price $800,000 Active 116 DOM
5. 2026-06-15
   days on market $825,000 Active 116 DOM
6. 2026-06-13
   days on market $825,000 Active 114 DOM
7. 2026-06-10
   days on market $825,000 Active 110 DOM
8. 2026-06-08
   days on market $825,000 Active 109 DOM
9. 2026-06-07
   days on market $825,000 Active 108 DOM
10. 2026-06-04
    days on market $825,000 Active 105 DOM
11. 2026-06-01
    days on market $825,000 Active 102 DOM
12. 2026-05-31
    days on market $825,000 Active 101 DOM
13. 2026-03-20
    price $825,000
14. 2026-02-19
    listed $875,000 Active
15. 2017-10-01
    status Pending
16. 2017-09-14
    status Option Pending
17. 2017-09-13
    historical
18. 2017-05-28
    listed $330,000 Active
19. 2014-08-14
    historical
20. 2014-07-03
    price $255,000
21. 2014-06-27
    price $269,000
22. 2014-06-10
    listed $289,000 Active
23. 2014-02-10
    historical
24. 2014-02-10
    price $289,000
25. 2013-12-03
    listed $299,000 Active
26. 2013-11-20
    historical
27. 2013-09-27
    listed $289,900 Active
28. 2000-10-27
    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: $7,921 · $660/mo
• Projected year-2 tax: $14,640 · $1,220/mo
• Expected delta: +$6,719/yr (+$560/mo · 84.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 75% 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: $199,596
• − Mortgage interest: −$44,812
• − Property taxes: −$7,921
• − Insurance: −$4,798
• − Repairs & maintenance: −$15,968
• − Management: −$15,968
• − Depreciation: −$23,273
• Taxable income: $86,857
• Est. tax owed @ 24.0%: −$20,846
• After-tax cash flow: $73,773/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): 23,686
• Household income: $50,119
• Rent vs Own: 46.2% rent · 53.8% own
• Severe rent burden: 969.0

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 (69%)
• Race & ethnicity: Hispanic / Latino 69% Black 24% Two or more races 22% White 5% Asian 1%
• Hispanic origin (detail): Mexican 60%
• Common ancestry: Swiss 1%
• Foreign-born: 23% · Canada
• Languages at home: 39% English-only · Spanish 59% Other Indo-European 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: ▲ 55.64%
• Current HPI: 246.5578
• Rent YoY: ▲ 4.27%
• 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

+184.6% since first listed

16 events — show timeline

• 2026-03-20 Price Changed $825,000 HARMLS
• 2026-02-19 Listed $875,000 HARMLS
• 2017-10-01 Pending — HARMLS
• 2017-09-14 Pending — HARMLS
• 2017-09-13 Listing Removed — HARMLS
• 2017-05-28 Listed $330,000 HARMLS
• 2014-08-14 Listing Removed — HARMLS
• 2014-07-03 Price Changed $255,000 HARMLS
• 2014-06-27 Price Changed $269,000 HARMLS
• 2014-06-10 Listed $289,000 HARMLS
• 2014-02-10 Listing Removed — HARMLS
• 2014-02-10 Price Changed $289,000 HARMLS
• 2013-12-03 Listed $299,000 HARMLS
• 2013-11-20 Listing Removed — HARMLS
• 2013-09-27 Listed $289,900 HARMLS
• 2000-10-27 Sold (Public Records) — Public Records

Property tax history

+3.2%/yr

Latest (2025): $7,921 · -4.4% YoY. Source: county tax records.