7994 Sparta St · Houston, TX 77028

$140,000

2 bd · 1.0 ba · 988 sqft · SingleFamily public records · 66 Days on market

Built 1955 8,398 sqft lot $142/sqft · 24% below area Est $183k · 24% 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 +18.6/30.0
• ARV discount +15.0/15.0
• Appreciation +7.6/10.0
• 1% rule +6.2/10.0
• DSCR +5.9/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0

Listing remarks MLS

Situated on a large corner lot in the Liberty Road Manor subdivision, this 2-bedroom, 1-bathroom single-family home presents a strong opportunity for investors, whether for a remodel or new construction. Located just 15 minutes from Downtown Houston, the property offers a desirable setting with easy access to the city. The existing home provides a starting point for renovation, while the expansive backyard and generous lot size allow for a range of redevelopment possibilities. Tenant occupied - drive by only for now.

Key facts

• Expansive backyard
• Corner lot
• 8,398 sq ft lot

Tags

• CORNER LOT
• EXPANSIVE BACKYARD
• REDEVELOPMENT POSSIBILITIES

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$183,374) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• 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 soft (-1.6%/yr); 353 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $1,563/mo this rent would consume 49% of the median local household income ($38k/yr) (locally 1177% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $8k of equity ($968 loan paydown + $7k appreciation (5.2% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.2% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• 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 $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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. 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 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: 1.12% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 7.5

CMA / ARV

• ARV (median comp): $183,374
• List price: $140,000
• Delta: -23.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7966 Bonaire St	0.07mi	3/2.0 (+1)	1,134 (+15%)	3mo	$188,000	$166	61
7989 Fowlie St	0.17mi	3/2.0 (+1)	1,070 (+8%)	15mo	$199,900	$187	57
7953 Booker St	0.15mi	3/2.0 (+1)	1,082 (+10%)	17mo	$140,000	$129	54
5903 Haight St	0.41mi	3/1.0 (+1)	1,127 (+14%)	3mo	$125,000	$111	50
7917 Little St	0.46mi	3/2.0 (+1)	995 (+1%)	23mo	$200,000	$201	49
8036 Filltop St	0.45mi	3/1.0 (+1)	955 (-3%)	24mo	$199,000	$208	48
6239 Wedgefield St	0.75mi	3/2.0 (+1)	1,003 (+2%)	9mo	$135,000	$135	46
6114 Haight St	0.61mi	2/1.0	1,128 (+14%)	3mo	$168,000	$149	46
6021 Wedgefield St	0.62mi	3/1.0 (+1)	1,104 (+12%)	12mo	$176,000	$159	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.25% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 15.5%
• Equity multiple: 1.98×
• Total profit: $38,478
• Equity at exit: $81,428

10-year hold

• IRR: 14.6%
• Equity multiple: 3.56×
• Total profit: $100,269
• Equity at exit: $142,294

Cash invested: $39,200 (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 77028

• Home prices YoY: 2.0%
• Rents YoY: -1.6%
• Active inventory: 353
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,563 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$305 /mo · $3,661/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $137

Break-even live

Break-even rent $1,389

Max offer price $140,000

Occupancy floor 86%

Sensitivity live

Price	-10% $216	-5% $177	+0% $137	+5% $97	+10% $58
Rent	-10% $13	-5% $75	+0% $137	+5% $199	+10% $260
Rate	-1.0pp $207	-0.5pp $173	base $137	+0.5pp $101	+1.0pp $64

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8117 Saint Louis St Houston, TX	3.0	2.0	1090	$1,335	$1.22	22d	1	0.57mi
8119 Saint Louis St Houston, TX	3.0	2.0	1090	$1,349	$1.24	44d	1	0.57mi
7947 Henson St Houston, TX	3.0	2.0	1090	$1,349	$1.24	5d	1	0.79mi
7973 Ritz St Houston, TX	3.0	2.0	1076	$2,250	$2.09	8d	1	1.01mi

Listing history 18 events

1. 2026-06-18
   days on market $140,000 Active 66 DOM
2. 2026-06-17
   days on market $140,000 Active 65 DOM
3. 2026-06-16
   days on market $140,000 Active 64 DOM
4. 2026-06-15
   days on market $140,000 Active 63 DOM
5. 2026-06-13
   days on market $140,000 Active 61 DOM
6. 2026-06-10
   pricedays on market $140,000 Active 57 DOM
7. 2026-06-08
   days on market $175,000 Active 56 DOM
8. 2026-06-07
   days on market $175,000 Active 55 DOM
9. 2026-06-04
   days on market $175,000 Active 52 DOM
10. 2026-06-01
    days on market $175,000 Active 49 DOM
11. 2026-05-31
    days on market $175,000 Active 48 DOM
12. 2026-04-13
    listed $175,000 Active 522-char remark

    Show marketing remark (522 chars)

    Situated on a large corner lot in the Liberty Road Manor subdivision, this 2-bedroom, 1-bathroom single-family home presents a strong opportunity for investors, whether for a remodel or new construction. Located just 15 minutes from Downtown Houston, the property offers a desirable setting with easy access to the city. The existing home provides a starting point for renovation, while the expansive backyard and generous lot size allow for a range of redevelopment possibilities. Tenant occupied - drive by only for now.

13. 2025-03-22
    status Pending
14. 2025-03-17
    status Option Pending
15. 2025-03-13
    historical
16. 2025-02-11
    listed $135,000 Active
17. 2025-02-10
    historical
18. 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: $3,661 · $305/mo
• Projected year-2 tax: $3,661 · $305/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 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: $18,751
• − Mortgage interest: −$7,842
• − Property taxes: −$3,661
• − Insurance: −$700
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − Depreciation: −$4,073
• Taxable loss: −$524
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $1,769/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): 19,109
• Household income: $38,357
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1177.0

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: Majority Black (57%)
• Race & ethnicity: Black 57% Hispanic / Latino 41% Two or more races 15% White 2%
• Hispanic origin (detail): Mexican 36%
• Foreign-born: 13% · Canada
• Languages at home: 61% English-only · Spanish 38%

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: ▲ 5.25%
• Current HPI: 267.7798
• Rent YoY: ▼ -1.55%
• 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

+29.6% since first listed

7 events — show timeline

• 2026-04-13 Listed $175,000 HARMLS
• 2025-03-22 Pending — HARMLS
• 2025-03-17 Pending — HARMLS
• 2025-03-13 Listing Removed — HARMLS
• 2025-02-11 Listed $135,000 HARMLS
• 2025-02-10 Coming Soon — HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+9.7%/yr

Latest (2025): $3,661 · +21.3% YoY. Source: county tax records.