7924 Way St · Houston, TX 77028

$173,000

3 bd · 1.0 ba · 1,257 sqft · SingleFamily public records · 60 Days on market

Built 1950 7,801 sqft lot $138/sqft · 5% below area Est $183k · 5% 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 +10.0/15.0
• Appreciation +7.6/10.0
• DSCR +5.8/10.0
• 1% rule +4.9/10.0
• 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

Plenty of potential in this 4-bedroom, 2-bath home featuring a spacious yard and covered carport. Updates include refreshed bathrooms and a kitchen bar, adding nice appeal. Enjoy the freedom of no HOA and a convenient location close to major roads, shopping, and dining.

Key facts

• Spacious yard
• Kitchen bar
• Covered carport

Tags

• SPACIOUS YARD
• COVERED CARPORT
• REFRESHED BATHROOMS
• KITCHEN BAR
• NO HOA
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $173k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/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 $171k (1.0% below list).
• Recommended offer: $168k (3.0% 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); 354 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $1,713/mo this rent would consume 54% 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 $10k of equity ($1k loan paydown + $9k 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 $48k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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: built in 1950 — 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,810 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.99% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (median comp): $182,995
• List price: $173,000
• Delta: -5.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8117 Snowden St	0.26mi	3/2.0	1,201 (-4%)	11mo	$200,000	$167	68
7646 Sundown Dr	0.37mi	3/1.0	1,186 (-6%)	16mo	$169,000	$142	60
7833 Linda Vista Rd	0.36mi	2/1.0 (-1)	1,207 (-4%)	16mo	$135,000	$112	59
8121 Homewood Ln	0.25mi	3/1.0	1,120 (-11%)	15mo	$155,000	$138	58
8225 Carolwood Dr	0.69mi	3/1.0	1,204 (-4%)	5mo	$179,000	$149	57
8162 Count St	0.42mi	3/1.0	1,352 (+8%)	13mo	$140,000	$104	57
7930 Carolwood Dr	0.54mi	3/1.5	1,366 (+9%)	3mo	$99,900	$73	56
7551 Fawnridge Dr	0.51mi	3/2.0	1,326 (+6%)	14mo	$175,000	$132	52
7901 Richland Dr	0.40mi	2/1.0 (-1)	1,108 (-12%)	10mo	$115,000	$104	48
8125 Darlington Dr	0.72mi	3/2.0	1,200 (-4%)	14mo	$199,900	$167	43
8229 Carolwood Dr	0.69mi	4/2.0 (+1)	1,128 (-10%)	1mo	$165,000	$146	41
7534 Bywood St	0.70mi	3/1.0	1,107 (-12%)	10mo	$179,000	$162	39

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: 15.6%
• Equity multiple: 1.99×
• Total profit: $47,941
• Equity at exit: $100,622

10-year hold

• IRR: 14.8%
• Equity multiple: 3.60×
• Total profit: $126,097
• Equity at exit: $175,835

Cash invested: $48,440 (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: 354
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,713 high
• Mortgage (P&I): −$907
• Tax from tax record: −$207 /mo · $2,487/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $167

Break-even live

Break-even rent $1,502

Max offer price $173,000

Occupancy floor 85%

Sensitivity live

Price	-10% $265	-5% $216	+0% $167	+5% $118	+10% $69
Rent	-10% $32	-5% $99	+0% $167	+5% $235	+10% $302
Rate	-1.0pp $254	-0.5pp $211	base $167	+0.5pp $122	+1.0pp $77

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: $43,250
• Closing costs: $5,190
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8006 Lynette St Houston, TX	3.0	1.0	1400	$1,475	$1.05	25d	1	0.08mi
7914 Laura Koppe Rd Houston, TX	3.0	2.0	1400	$1,850	$1.32	45d	1	0.26mi
8203 Woodlyn Rd Unit C Houston, TX	3.0	2.5	1650	$1,650	$1.00	9d	1	0.40mi
9550 N Wayside Dr Houston, TX	1.0–3.0	1.0–2.0	896	$1,399	$1.56	2d	5	0.42mi
8238 Homewood Ln Houston, TX	3.0	2.0	1696	$1,695	$1.00	0d	1	0.49mi
8238 Homewood Ln Houston, TX	3.0	2.0	1696	$1,695	$1.00	25d	1	0.49mi
8213 Linda Vista Rd Houston, TX	3.0	2.0	1298	$1,625	$1.25	25d	1	0.53mi
8102 Crestview Dr Unit A Houston, TX	3.0	2.5	1800	$1,900	$1.06	23d	1	0.53mi
8102 Crestview Dr Unit B Houston, TX	3.0	2.5	1600	$1,900	$1.19	45d	1	0.53mi
7804 Crestview Dr Unit A Houston, TX	3.0	2.0	1150	$1,550	$1.35	23d	1	0.55mi
7601 Springdale St Houston, TX	3.0	2.0	1224	$1,200	$0.98	16d	1	0.58mi
8216 Richland Dr Unit B Houston, TX	3.0	2.0	1150	$1,750	$1.52	45d	1	0.59mi
8113 Denton St Houston, TX	3.0	2.0	1150	$1,750	$1.52	45d	1	0.63mi
8309 Carolwood Dr Houston, TX	3.0	1.0	938	$1,350	$1.44	45d	1	0.73mi
8346 Tidwell Rd Unit B Houston, TX	3.0	2.0	980	$1,000	$1.02	45d	1	0.76mi
8350 Tidwell Rd Unit A Houston, TX	3.0	2.0	980	$975	$0.99	45d	1	0.77mi
8235 Locksley Rd Unit A Houston, TX	3.0	2.5	1608	$1,525	$0.95	9d	1	0.78mi
8122 Sterlingshire St Unit A Houston, TX	3.0	2.0	1160	$1,525	$1.31	16d	1	0.84mi
8122 Sterlingshire St Unit B Houston, TX	3.0	2.0	1160	$1,450	$1.25	16d	1	0.84mi
8126 Sterlingshire St Unit B Houston, TX	3.0	2.0	1150	$1,350	$1.17	25d	1	0.85mi
7418 Bywood St Houston, TX	3.0	2.0	1300	$1,800	$1.38	25d	1	0.88mi
8015 Elbert St Unit A Houston, TX	2.0	2.0	1021	$1,650	$1.62	9d	1	0.89mi
9222 Hillis St Houston, TX	3.0	2.0	1498	$1,850	$1.23	45d	1	0.90mi
9324 Firnat St Unit B Houston, TX	3.0	2.5	1600	$1,900	$1.19	23d	1	0.91mi
9410 Firnat St Unit A Houston, TX	3.0	2.5	1500	$1,900	$1.27	0d	1	0.91mi
9410 Firnat St Unit B Houston, TX	3.0	2.5	1500	$1,900	$1.27	45d	1	0.91mi
8213 Bigwood St Unit A Houston, TX	3.0	2.5	1150	$1,595	$1.39	45d	1	0.96mi
8102 Rhobell St Unit A Houston, TX	4.0	3.5	1567	$1,750	$1.12	45d	1	0.99mi
9314 Sundown Dr Unit A Houston, TX	3.0	2.5	1608	$1,675	$1.04	0d	1	1.01mi
8302 Caddo Rd Houston, TX	2.0	1.0	896	$1,450	$1.62	45d	1	1.04mi
9702 Hillis St Houston, TX	3.0	2.0	1612	$1,550	$0.96	45d	1	1.07mi
8602 Wilkins Oaks Dr Houston, TX	3.0	2.0	1307	$1,775	$1.36	45d	1	1.08mi
8623 Homewood Unit A Houston, TX	3.0	2.5	1150	$1,850	$1.61	45d	1	1.09mi
8623 Homewood Ln Unit B Houston, TX	3.0	2.5	1150	$1,850	$1.61	20d	1	1.09mi
8625 Homewood Ln Unit B Houston, TX	3.0	3.0	1500	$1,850	$1.23	45d	1	1.10mi
8627 Homewood Ln Unit B Houston, TX	3.0	2.5	1500	$1,850	$1.23	45d	1	1.10mi
8631 Homewood Ln Unit B Houston, TX	3.0	3.0	1500	$1,850	$1.23	45d	1	1.12mi
8631 Homewood Ln Unit A Houston, TX	3.0	2.5	1500	$1,850	$1.23	45d	1	1.12mi
7201 Hallshire Dr Unit 235 Houston, TX	3.0	1.0	1100	$850	$0.77	45d	1	1.13mi
7201 Hallshire Dr Houston, TX	2.0	1.0	985	$740	$0.75	45d	1	1.13mi

Listing history 19 events

1. 2026-06-21
   days on market $173,000 Active 60 DOM
2. 2026-06-18
   days on market $173,000 Active 57 DOM
3. 2026-06-17
   days on market $173,000 Active 56 DOM
4. 2026-06-16
   days on market $173,000 Active 55 DOM
5. 2026-06-15
   days on market $173,000 Active 54 DOM
6. 2026-06-13
   days on market $173,000 Active 52 DOM
7. 2026-06-10
   days on market $173,000 Active 48 DOM
8. 2026-06-08
   days on market $173,000 Active 47 DOM
9. 2026-06-07
   days on market $173,000 Active 46 DOM
10. 2026-06-04
    days on market $173,000 Active 43 DOM
11. 2026-06-01
    days on market $173,000 Active 40 DOM
12. 2026-05-31
    days on market $173,000 Active 39 DOM
13. 2026-04-22
    listed $173,000 Active 270-char remark

    Show marketing remark (270 chars)

    Plenty of potential in this 4-bedroom, 2-bath home featuring a spacious yard and covered carport. Updates include refreshed bathrooms and a kitchen bar, adding nice appeal. Enjoy the freedom of no HOA and a convenient location close to major roads, shopping, and dining.

14. 2018-07-25
    soldstatus
15. 2008-02-18
    historical
16. 2007-04-05
    listed $62,000
17. 2007-03-06
    historical
18. 2007-01-12
    listed $60,000
19. 1989-03-10
    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: $2,487 · $207/mo
• Projected year-2 tax: $3,166 · $264/mo
• Expected delta: +$679/yr (+$57/mo · 27.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,561
• − Mortgage interest: −$9,691
• − Property taxes: −$2,487
• − Insurance: −$865
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$5,033
• Taxable loss: −$804
• Est. tax savings @ 24.0%: +$193
• After-tax cash flow: $2,197/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

+188.3% since first listed

7 events — show timeline

• 2026-04-22 Listed $173,000 HARMLS
• 2018-07-25 Sold (Public Records) — Public Records
• 2008-02-18 Listing Removed — HARMLS
• 2007-04-05 Listed $62,000 HARMLS
• 2007-03-06 Listing Removed — HARMLS
• 2007-01-12 Listed $60,000 HARMLS
• 1989-03-10 Sold (Public Records) — Public Records

Property tax history

+10.5%/yr

Latest (2025): $2,487 · +0.8% YoY. Source: county tax records.