6723 South Loop E #9 · Houston, TX 77087

$649,900

None bd · None ba · 6,234 sqft · MultiFamily public records · 181 Days on market

Built 1954 10,416 sqft lot ↓ 4% since listing

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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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

9 unit multifamily being sold as is where is. 8 units are 2 bed 1 bath, and 9th unit is a 1 bed 1 bath. Electric meters are all separate. Great value add opportunity. Take advantage of this opportunity today.

Key facts

• 0.24 acre lot
• Built 1954
• Listed 180 days

What this means for you Summary

Snapshot

• This is a multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.1% 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.
• 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.
• Market conditions: Rents flat; 82 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $8,964/mo this rent would consume 204% of the median local household income ($53k/yr) (locally 1219% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $182k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1954 — 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $571,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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 1954 — 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: 1.38% ✓
• Cap rate: 10.97%
• Cash-on-cash: 16.69%
• DSCR: 1.74
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.55% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $30,260
• Equity at exit: $96,902

10-year hold

• IRR: 11.5%
• Equity multiple: 1.80×
• Total profit: $145,014
• Equity at exit: $56,191

Cash invested: $181,972 (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 77087

• Home prices YoY: -29.7%
• Rents YoY: 0.6%
• Active inventory: 82
• Price-to-rent: 53.9×

Monthly cashflow live

• Estimated rent: $8,964 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$872 /mo · $10,467/yr
• Insurance: −$271
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,882
• Net cashflow: $2,464

Break-even live

Break-even rent $5,845

Max offer price $649,900

Occupancy floor 68%

Sensitivity live

Price	-10% $2,832	-5% $2,648	+0% $2,464	+5% $2,280	+10% $2,096
Rent	-10% $1,756	-5% $2,110	+0% $2,464	+5% $2,818	+10% $3,172
Rate	-1.0pp $2,791	-0.5pp $2,629	base $2,464	+0.5pp $2,296	+1.0pp $2,124

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$8,032
1× unit	1	1	$931
Total (9 units)			$8,964

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $649,900 Active 181 DOM
2. 2026-06-17
   days on market $649,900 Active 180 DOM
3. 2026-06-16
   days on market $649,900 Active 179 DOM
4. 2026-06-15
   days on market $649,900 Active 178 DOM
5. 2026-06-13
   days on market $649,900 Active 176 DOM
6. 2026-06-10
   days on market $649,900 Active 172 DOM
7. 2026-06-08
   days on market $649,900 Active 171 DOM
8. 2026-06-07
   days on market $649,900 Active 170 DOM
9. 2026-06-04
   days on market $649,900 Active 167 DOM
10. 2026-06-01
    days on market $649,900 Active 164 DOM
11. 2026-05-31
    days on market $649,900 Active 163 DOM
12. 2026-04-28
    price $649,900 208-char remark

    Show marketing remark (208 chars)

    9 unit multifamily being sold as is where is. 8 units are 2 bed 1 bath, and 9th unit is a 1 bed 1 bath. Electric meters are all separate. Great value add opportunity. Take advantage of this opportunity today.

13. 2026-02-05
    price $664,900 208-char remark

    Show marketing remark (208 chars)

    9 unit multifamily being sold as is where is. 8 units are 2 bed 1 bath, and 9th unit is a 1 bed 1 bath. Electric meters are all separate. Great value add opportunity. Take advantage of this opportunity today.

14. 2025-12-20
    listed $679,000 Active 208-char remark

    Show marketing remark (208 chars)

    9 unit multifamily being sold as is where is. 8 units are 2 bed 1 bath, and 9th unit is a 1 bed 1 bath. Electric meters are all separate. Great value add opportunity. Take advantage of this opportunity today.

15. 2020-04-21
    soldstatus
16. 2016-05-25
    soldstatus
17. 1991-08-05
    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: $10,467 · $872/mo
• Projected year-2 tax: $11,893 · $991/mo
• Expected delta: +$1,426/yr (+$119/mo · 13.6%)

ⓘ 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) · 96% 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: $107,568
• − Mortgage interest: −$36,405
• − Property taxes: −$10,467
• − Insurance: −$4,047
• − Repairs & maintenance: −$8,605
• − Management: −$8,605
• − Depreciation: −$18,906
• Taxable income: $20,533
• Est. tax owed @ 24.0%: −$4,928
• After-tax cash flow: $24,639/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): 34,347
• Household income: $52,847
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 1219.0

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 (78%)
• Race & ethnicity: Hispanic / Latino 78% Two or more races 22% Black 16% White 5% Native American 2%
• Hispanic origin (detail): Mexican 64%
• Foreign-born: 33% · Canada
• Languages at home: 31% English-only · Spanish 69%

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: ▼ -112.90%
• Current HPI: 266.8467
• Rent YoY: ▲ 0.55%
• 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

-4.3% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $649,900 HARMLS
• 2026-02-05 Price Changed $664,900 HARMLS
• 2025-12-20 Listed $679,000 HARMLS
• 2020-04-21 Sold (Public Records) — Public Records
• 2016-05-25 Sold (Public Records) — Public Records
• 1991-08-05 Sold (Public Records) — Public Records

Property tax history

+7.4%/yr

Latest (2025): $10,467 · -4.6% YoY. Source: county tax records.