206 Colonnade Reflection Dr · Houston, TX 77532

$197,990

3 bd · 2.0 ba · 1,243 sqft · SingleFamily · 31 Days on market

Built 2026 Good condition 4,800 sqft lot $50/mo HOA · 3% of rent

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.8/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful new 3-bedroom, 2-bath home in the desirable Crosby Terrace community! This thoughtfully designed home features an open-concept floor plan perfect for both everyday living and entertaining. The spacious kitchen flows seamlessly into the dining and family areas, creating a bright and inviting atmosphere. The private covered patio offers the perfect space to relax, enjoy your morning coffee, or host guests year-round. The owner’s suite provides a peaceful retreat with a well-appointed bath and generous closet space. With modern finishes, comfortable secondary bedrooms, and a functional layout, this home combines style and convenience. A wonderful opportunity to enjoy new constr

Key facts

• Spacious kitchen
• Great location
• Owner's suite

Tags

• OPEN-CONCEPT FLOOR PLAN
• SPACIOUS KITCHEN
• PRIVATE COVERED PATIO
• OWNER'S SUITE
• GREAT LOCATION

Property features AI

Finance

• HOA & community: Association: ACMI MANAGEMENT; Association amenities include playground, park, and trails; Annual association fee of $600 covering common areas and recreation facilities

Exterior

• Parking: Attached 2-car garage; Attached garage parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential property; Under construction (new construction); Slab foundation; Composition roof; Builder: COLINA HOMES; Living area approximately 1,243; Lot dimensions 40 x 120 (4,800 sq ft); Concrete road surface
• Construction: Brick and wood siding construction; Year built 2026
• Exterior features: Covered patio; Deck; Porch; Patio; Private yard; Back yard fencing; Subdivision

Interior

• Kitchen: Dishwasher; Gas cooktop; Gas oven; Microwave; Disposal; Pantry; Granite counters
• Bedrooms: Primary bedroom (first floor) — 14 x 12; Bedroom (first floor) — 11.5 x 10; Bedroom (first floor) — 12.5 x 10.5
• Flooring: Carpet; Plank; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (gas); Central air (electric)
• Interior features: Insulated doors; Double vanity; Granite counters; High ceilings; Pantry; Separate shower and tub/shower; Window treatments / coverings; Ceiling fans; Programmable thermostat; Low emissivity windows
• Laundry & utility: Washer hookup; Electric dryer hookup

🏗️ New construction. The $197,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $177,682.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $198k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $242 ($3k/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 $192k (2.8% below list).
• Recommended offer: $192k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: crime F.
• Crosby ISD (rural): math 39% / reading 40% proficiency, ranked #369 of 826 in TX (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crosby Middle (math 36% / reading 37%, grade F, #786 of 1,662 statewide, top 48%, 1,549 students, 60% FRL); Crosby H S (math 44% / reading 45%, grade F, #652 of 1,632 statewide, top 43%, 1,937 students, 54% FRL).
• Market conditions: Rents rising (+1.5%/yr); 1189 active listings in the ZIP; solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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 31 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 7.7

CMA / ARV

• ARV (median comp): $177,682
• List price: $197,990
• Delta: 11.43%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 Little Buck Dr	0.46mi	3/2.0	1,172 (-6%)	3mo	$225,000	$192	67
605 Heather Gate Ln	0.44mi	3/2.0	1,140 (-8%)	9mo	$99,000	$87	58
119 Antelope Dr	0.25mi	3/1.5	1,333 (+7%)	20mo	$235,000	$176	58
614 Elk Dr	0.72mi	3/2.0	1,275 (+3%)	20mo	$209,000	$164	46
507 Elk Dr	0.58mi	2/1.0 (-1)	1,144 (-8%)	8mo	$160,000	$140	44
706 Antelope Dr	0.70mi	2/2.0 (-1)	1,230 (-1%)	24mo	$149,000	$121	41

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 · 1.48% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-16,218
• Equity at exit: $26,493

10-year hold

• IRR: -1.8%
• Equity multiple: 0.89×
• Total profit: $-5,568
• Equity at exit: $15,363

Cash invested: $49,751 (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 77532

• Home prices YoY: -28.6%
• Rents YoY: 1.5%
• Active inventory: 1189
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$932
• Tax est. 1.5%: −$222 /mo · $2,665/yr
• Insurance: −$74
• HOA: −$50
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $242

Break-even live

Break-even rent $1,618

Max offer price $177,682

Occupancy floor 82%

Sensitivity live

Price	-10% $365	-5% $303	+0% $242	+5% $181	+10% $119
Rent	-10% $90	-5% $166	+0% $242	+5% $318	+10% $394
Rate	-1.0pp $331	-0.5pp $287	base $242	+0.5pp $196	+1.0pp $149

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: $44,421
• Closing costs: $5,330
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 15 events

1. 2026-06-21
   days on market $197,990 Active 31 DOM
2. 2026-06-18
   days on market $197,990 Active 28 DOM
3. 2026-06-17
   days on market $197,990 Active 27 DOM
4. 2026-06-16
   days on market $197,990 Active 26 DOM
5. 2026-06-15
   days on market $197,990 Active 25 DOM
6. 2026-06-13
   days on market $197,990 Active 23 DOM
7. 2026-06-09
   days on market $197,990 Active 19 DOM
8. 2026-06-08
   days on market $197,990 Active 18 DOM
9. 2026-06-07
   days on market $197,990 Active 17 DOM
10. 2026-06-04
    days on market $197,990 Active 14 DOM
11. 2026-06-03
    days on market $197,990 Active 13 DOM
12. 2026-06-02
    days on market $197,990 Active 12 DOM
13. 2026-06-01
    days on market $197,990 Active 11 DOM
14. 2026-05-31
    days on market $197,990 Active 10 DOM
15. 2026-04-11
    listed $197,990 Active 784-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 24 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: $23,088
• − Mortgage interest: −$9,953
• − Property taxes: −$2,665
• − Insurance: −$888
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − HOA: −$600
• − Depreciation: −$5,169
• Taxable income: $118
• Est. tax owed @ 24.0%: −$28
• After-tax cash flow: $2,876/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, modern home in a desirable community is ready for immediate occupancy. It offers a good balance of style and functionality, with potential for minor updates to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value.
• Both Adding smart home features — Smart home features can improve convenience and add value to the property.
• Resale Upgrading the kitchen appliances — Modern, high-end appliances can attract more buyers and renters.
• Rental Adding a smart thermostat — A smart thermostat can help reduce energy costs and attract eco-conscious renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both Adding smart home features — Smart home features can improve convenience and add value to the property. ↑
• Resale Upgrading the kitchen appliances — Modern, high-end appliances can attract more buyers and renters. ↑
• Rental Adding a smart thermostat — A smart thermostat can help reduce energy costs and attract eco-conscious renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Crosby ISD
• NCES district ID: 4815750
• Math proficiency: 39% ▼ -13.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $61,079
• Composite: 35.14/100
• National rank: #5012
• State rank: #369 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): 33,780
• Household income: $92,201
• Rent vs Own: 13.9% rent · 86.1% own
• Severe rent burden: 382.0

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 0.60)
• Race & ethnicity: White 54% Hispanic / Latino 31% Two or more races 16% Black 9%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 78% English-only · Spanish 21%

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: ▼ -105.63%
• Current HPI: 264.0126
• Rent YoY: ▲ 1.48%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-21 Listed $197,990 HARMLS
• 2026-05-21 Listing Removed — HARMLS
• 2026-04-11 Listed $197,990 HARMLS