23503 Briarcreek Blvd · Spring, TX 77373

$200,000

4 bd · 2.0 ba · 2,478 sqft · SingleFamily public records · 262 Days on market

Built 1978 6,708 sqft lot $81/sqft · 14% below area Est $234k · 14% under

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Why this score? — see what drove the C- 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 +16.4/30.0
• ARV discount +14.0/15.0
• 1% rule +6.9/10.0
• DSCR +5.1/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great value fixer-upper with high upside value for the right handyman, landlord, or investor. This 2478 square foot single-family home has 4 bedrooms and 2.0 bathrooms. Very unique, larger square footage for this floor plan. The extended 2nd bedroom has added square footage. The primary bedroom downstairs comes with an ensuite bathroom. The house comes with 2nd living room downstairs. OFFERED AT A VERY DISCOUNTED PRICE BECAUSE THE HOUSE NEEDS WORK. PRICE IS FIRM! Prior updates to the house include a New roof in 2019, a New AC unit in 2018, a New water heater in 2023, New granite countertops and new lighting in the kitchen in 2018, updated paint in 2023, and an updated top deck.

Key facts

• New ac unit
• Extended 2nd bedroom
• New water heater

Tags

• EXTENDED 2ND BEDROOM
• ENSUITE BATHROOM
• 2ND LIVING ROOM
• NEW ROOF
• NEW AC UNIT
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.5% in Spring — 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 66/100 on livability (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools C-, crime D, amenities F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.3%/yr); 595 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 262 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 3.8% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is D 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. 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.
8. 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.
9. 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: 1.19% ✓
• Cap rate: 6.98%
• Cash-on-cash: 2.47%
• DSCR: 1.11
• GRM: 7.0

CMA / ARV

• ARV (median comp): $233,582
• List price: $200,000
• Delta: -14.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2351 Loyanne Dr	0.29mi	4/2.5	2,125 (-14%)	8mo	$190,000	$89	54

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: -16.6%
• Equity multiple: 0.43×
• Total profit: $-31,788
• Equity at exit: $29,821

10-year hold

• IRR: -17.3%
• Equity multiple: 0.21×
• Total profit: $-44,129
• Equity at exit: $17,292

Cash invested: $56,000 (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 77373

• Rents YoY: -0.3%
• Active inventory: 595
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,384 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$636 /mo · $7,636/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $115

Break-even live

Break-even rent $2,239

Max offer price $200,000

Occupancy floor 90%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2911 Cypress Island Dr Houston, TX	4.0	2.0	2240	$2,016	$0.90	7d	1	1.25mi
2802 Mesquite Ridge Dr Houston, TX	4.0	2.5	1902	$2,045	$1.08	12d	1	1.42mi

Listing history 31 events

1. 2026-06-18
   days on market $200,000 Active 262 DOM
2. 2026-06-17
   days on market $200,000 Active 261 DOM
3. 2026-06-16
   days on market $200,000 Active 260 DOM
4. 2026-06-15
   days on market $200,000 Active 259 DOM
5. 2026-06-13
   days on market $200,000 Active 257 DOM
6. 2026-06-13
   days on market $200,000 Active 256 DOM
7. 2026-06-09
   days on market $200,000 Active 253 DOM
8. 2026-06-08
   days on market $200,000 Active 252 DOM
9. 2026-06-07
   days on market $200,000 Active 251 DOM
10. 2026-06-04
    days on market $200,000 Active 248 DOM
11. 2026-06-03
    days on market $200,000 Active 247 DOM
12. 2026-06-02
    days on market $200,000 Active 246 DOM
13. 2026-06-01
    days on market $200,000 Active 245 DOM
14. 2026-05-31
    days on market $200,000 Active 244 DOM
15. 2026-05-08
    soldstatus
16. 2026-05-08
    soldstatus
17. 2025-09-29
    listed $200,000 Active 686-char remark

    Show marketing remark (686 chars)

    Great value fixer-upper with high upside value for the right handyman, landlord, or investor. This 2478 square foot single-family home has 4 bedrooms and 2.0 bathrooms. Very unique, larger square footage for this floor plan. The extended 2nd bedroom has added square footage. The primary bedroom downstairs comes with an ensuite bathroom. The house comes with 2nd living room downstairs. OFFERED AT A VERY DISCOUNTED PRICE BECAUSE THE HOUSE NEEDS WORK. PRICE IS FIRM! Prior updates to the house include a New roof in 2019, a New AC unit in 2018, a New water heater in 2023, New granite countertops and new lighting in the kitchen in 2018, updated paint in 2023, and an updated top deck.

18. 2024-04-30
    historical
19. 2023-04-11
    listed $264,999 Active
20. 2023-04-04
    historical
21. 2023-04-04
    listed $265,000 Active
22. 2023-04-04
    historical
23. 2018-05-30
    soldstatus
24. 2018-05-29
    soldstatus Sold
25. 2017-11-17
    status Pending
26. 2017-11-13
    price $89,900
27. 2017-09-22
    listed $124,900 Active
28. 2004-06-02
    soldstatus
29. 2004-04-12
    historical
30. 2004-02-04
    listed $119,900
31. 1988-01-02
    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: $7,636 · $636/mo
• Projected year-2 tax: $7,636 · $636/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,613
• − Mortgage interest: −$11,203
• − Property taxes: −$7,636
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,289
• − Management: −$2,289
• − Depreciation: −$5,818
• Taxable loss: −$1,623
• Est. tax savings @ 24.0%: +$389
• After-tax cash flow: $1,771/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: Spring ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment B Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% 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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+66.8% since first listed

17 events — show timeline

• 2026-05-08 Sold (Public Records) — Public Records
• 2026-05-08 Sold (Public Records) — Public Records
• 2025-09-29 Listed $200,000 ForSaleByOwner.com
• 2024-04-30 Listing Removed — HARMLS
• 2023-04-11 Listed $264,999 HARMLS
• 2023-04-04 Coming Soon — HARMLS
• 2023-04-04 Listing Removed — HARMLS
• 2023-04-04 Listed $265,000 HARMLS
• 2018-05-30 Sold (Public Records) — Public Records
• 2018-05-29 Sold (MLS) — HARMLS
• 2017-11-17 Pending — HARMLS
• 2017-11-13 Price Changed $89,900 HARMLS
• 2017-09-22 Listed $124,900 HARMLS
• 2004-06-02 Sold (Public Records) — Public Records
• 2004-04-12 Listing Removed — HARMLS
• 2004-02-04 Listed $119,900 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+8.5%/yr

Latest (2025): $7,636 · -0.7% YoY. Source: county tax records.