661 Bering Dr #407 · Houston, TX 77057

$85,000

2 bd · 2.0 ba · 1,323 sqft · Condo public records · 55 Days on market

Built 1980 $64/sqft · 49% below area Est $168k · 49% under $1296/mo HOA · 67% of rent ↓ 50% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Appreciation +4.4/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

Key facts

• Private balcony
• Community amenities
• Secured access

Tags

• PRIVATE BALCONY
• WELL-APPOINTED KITCHEN
• COMMUNITY AMENITIES
• SECURED ACCESS

Property features AI

Finance

• Other: Lot approximately 85,226 square feet
• HOA & community: Association: WPAC 661 Bering; Monthly association fee of $1,296 covering common areas and recreation facilities

Exterior

• Security: Gated community; Guarded community
• Utilities: Public water; Public sewer
• Home design: Residential single-story home; Entry level: First floor; Built in 1980
• Construction: Brick construction; Slab foundation
• Exterior features: Community pool; Gated community; Guarded community

Interior

• Kitchen: Kitchen
• Bedrooms: Primary bedroom (First floor); Bedroom (First floor)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Open living room; Dining area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $-618 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $24k (71.8% below list).
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $24k (71.8% below list) — sets the bar for cash-flow.
• Cap rate -1.5% vs local median 3.2% in Houston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• 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.
• Zoned schools: Briargrove El (math 33% / reading 42%, grade F, #1,744 of 4,322 statewide, top 41%, 836 students, 56% FRL); Tanglewood Middle (math 29% / reading 42%, grade F, #827 of 1,662 statewide, top 51%, 808 students, 62% FRL); Wisdom H S (math 17% / reading 16%, grade F, #1,497 of 1,632 statewide, top 92%, 2,260 students, 97% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents soft (-1.8%/yr); 389 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 35% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $588 of loan paydown is wiped out by about $1k 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 55 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; flood insurance adds $66/mo; HOA is 67% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $23,964 (71.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 72% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 2.28% ✓
• Cap rate: -1.49%
• Cash-on-cash: -27.80%
• DSCR: -0.24
• GRM: 3.7

CMA / ARV

• ARV (median comp): $168,138
• List price: $85,000
• Delta: -49.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.23% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -62.7%
• Equity multiple: -1.16×
• Total profit: $-51,319
• Equity at exit: $19,576

10-year hold

• IRR: -80.9%
• Equity multiple: -3.51×
• Total profit: $-107,236
• Equity at exit: $19,764

Cash invested: $23,800 (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 77057

• Home prices YoY: -0.7%
• Rents YoY: -1.8%
• Active inventory: 389
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,934 high
• Mortgage (P&I): −$446
• Tax from tax record: −$302 /mo · $3,628/yr
• Insurance: −$35
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,296
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-618

Break-even live

Break-even rent $2,716

Max offer price $23,964

Occupancy floor —

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
661 Bering Dr Houston, TX	3.0	2.0	1698	$3,500	$2.06	44d	1	0.01mi
651 Bering Dr Unit 2668 Houston, TX	2.0	2.0	1328	$1,753	$1.32	44d	1	0.04mi
651 Bering Dr Unit 1984 Houston, TX	2.0	2.0	1302	$1,777	$1.36	44d	1	0.04mi
5800 Woodway Dr Houston, TX	1.0–2.0	1.0–2.0	1153	$1,772	$1.54	11d	14	0.12mi
5700 Green Tree Rd Houston, TX	2.0	2.0	1168	$1,700	$1.46	44d	1	0.24mi
824 Bering Dr Unit 2162 Houston, TX	2.0	2.0	1724	$2,415	$1.40	8d	1	0.35mi
824 Bering Dr Unit 2187 Houston, TX	2.0	2.0	1724	$2,407	$1.40	3d	1	0.35mi
824 Bering Dr Unit 861 Houston, TX	2.0	2.0	1724	$2,439	$1.41	11d	1	0.35mi
1100 Augusta Dr Houston, TX	1.0–2.0	1.0	909	$1,550	$1.71	44d	3	0.49mi
1100 Bering Dr Houston, TX	1.0–2.0	1.0–2.0	828	$1,505	$1.82	2d	9	0.50mi
1111 Bering Dr Unit 28 Houston, TX	2.0	2.0	1328	$1,788	$1.35	44d	1	0.51mi
1111 Bering Dr Unit 125 Houston, TX	1.0	1.0	898	$1,145	$1.28	44d	1	0.51mi
1111 Bering Dr Unit 1086 Houston, TX	2.0	2.0	1482	$1,725	$1.16	44d	1	0.51mi
1111 Bering Dr Unit 6252 Houston, TX	2.0	2.0	1447	$2,239	$1.55	44d	1	0.51mi
1111 Bering Dr Unit 1902 Houston, TX	2.0	2.0	1318	$2,100	$1.59	44d	1	0.51mi
1112 Bering Dr #67 Houston, TX	2.0	2.5	1610	$2,200	$1.37	24d	1	0.55mi
1300 Augusta Dr Unit 2-9985 Houston, TX	1.0	1.0	898	$1,225	$1.36	44d	1	0.61mi
1300 Augusta Dr Unit 2958 Houston, TX	2.0	2.0	1285	$1,785	$1.39	44d	1	0.61mi
1300 Augusta Dr Unit 7258 Houston, TX	2.0	2.0	1358	$1,702	$1.25	44d	1	0.61mi
1441 Bering Dr Houston, TX	2.0	2.5	1767	$2,312	$1.31	2d	3	0.68mi
500 Sage Rd Houston, TX	2.0	2.0	1265	$2,775	$2.19	24d	1	0.71mi
5740 San Felipe St Houston, TX	2.0	1.0–2.0	933	$2,848	$3.05	2d	25	0.78mi
1300 Bering Dr Houston, TX	2.0	2.0	973	$1,520	$1.56	24d	1	0.83mi
5665 San Felipe St Houston, TX	1.0	1.0	1088	$2,653	$2.44	24d	1	0.84mi
1617 Fountain View Dr Unit 1674 Houston, TX	2.0	2.0	893	$1,292	$1.45	3d	1	0.84mi
1617 Fountain View Dr Unit 2047 Houston, TX	2.0	2.0	893	$1,335	$1.49	11d	1	0.84mi
1617 Fountain View Dr Unit 2047 Houston, TX	2.0	2.0	893	$1,292	$1.45	19d	1	0.84mi
1000 Yorktown St Houston, TX	2.0	2.0	1285	$1,800	$1.40	44d	1	0.85mi
1801 Bering Dr Houston, TX	1.0–2.0	1.0–2.0	819	$1,535	$1.87	1d	8	0.88mi
5010 Woodway Dr Houston, TX	1.0–2.0	1.0–2.0	736	$1,585	$2.15	44d	1	0.93mi
502 S Post Oak Ln Houston, TX	1.0–2.0	1.0–2.0	963	$1,650	$1.71	3d	8	0.94mi
813 S Post Oak Ln Houston, TX	3.0	2.0	1580	$3,145	$1.99	44d	1	0.97mi
1819 Augusta Dr Houston, TX	2.0	2.0–2.5	1167	$1,487	$1.27	15d	5	0.99mi
1818 Augusta Dr Houston, TX	2.0	1.0	995	$1,575	$1.58	44d	1	1.00mi
807 S Post Oak Ln Houston, TX	1.0–2.0	1.0–2.0	970	$2,460	$2.54	3d	18	1.01mi
1885 Augusta Dr Houston, TX	2.0	2.0	1350	$1,650	$1.22	44d	1	1.05mi
1697 Sage Rd Houston, TX	2.0	2.0	1209	$3,650	$3.02	19d	1	1.06mi
1697 Sage Rd Unit APO2 Houston, TX	2.0	2.0	1209	$3,650	$3.02	24d	1	1.06mi
7 Riverway Houston, TX	1.0–2.0	1.0–2.0	1503	$5,869	$3.90	1d	7	1.06mi
1901 Augusta Dr Houston, TX	1.0–2.0	1.0–2.0	934	$1,715	$1.84	2d	14	1.08mi

HOA detail condo

• Monthly dues: $1,296 · $15,552/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $85,000 Active 55 DOM
2. 2026-06-17
   days on market $85,000 Active 54 DOM
3. 2026-06-16
   days on market $85,000 Active 53 DOM
4. 2026-06-15
   pricedays on market $85,000 Active 52 DOM
5. 2026-06-13
   days on market $95,000 Active 50 DOM
6. 2026-06-10
   days on market $95,000 Active 46 DOM
7. 2026-06-08
   days on market $95,000 Active 45 DOM
8. 2026-06-07
   days on market $95,000 Active 44 DOM
9. 2026-06-04
   days on market $95,000 Active 41 DOM
10. 2026-06-01
    days on market $95,000 Active 38 DOM
11. 2026-05-31
    days on market $95,000 Active 37 DOM
12. 2026-04-24
    listed $95,000 Active 527-char remark
13. 2024-09-28
    historical $1,265
14. 2024-07-26
    listed $1,265
15. 2017-03-27
    soldstatus
16. 2017-03-23
    soldstatus Sold 477-char remark

    Show marketing remark (477 chars)

    A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

17. 2017-03-20
    status Pending 477-char remark

    Show marketing remark (477 chars)

    A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

18. 2017-03-13
    status Option Pending 477-char remark

    Show marketing remark (477 chars)

    A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

19. 2017-03-07
    price $163,750 477-char remark

    Show marketing remark (477 chars)

    A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

20. 2017-01-17
    listed $169,500 Active 477-char remark

    Show marketing remark (477 chars)

    A wonderfully located building in the Galleria/Tanglewood area. The ''Woodway Place Atrium Condo. '' has 24 hr. manned, controlled access, on site management, a lovely pool, spa, outdoor kitchen, lanai, tennis courts and a beautiful atrium lobby. Very near the Galleria and very close to fine restaurants and shopping. Unit # 407 has a great floor plan and would be a fine unit for a buyer to redo to make it their fine Mid-rise home. All the appliances remain. ''As Is'' sale.

21. 1990-07-25
    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: $3,628 · $302/mo
• Projected year-2 tax: $3,628 · $302/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $23,211
• − Mortgage interest: −$4,761
• − Property taxes: −$3,628
• − Insurance: −$1,222
• − Repairs & maintenance: −$1,857
• − Management: −$1,857
• − HOA: −$15,552
• − Depreciation: −$2,473
• Taxable loss: −$8,139
• Est. tax savings @ 24.0%: +$1,953
• After-tax cash flow: $-5,461/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): 46,569
• Household income: $66,971
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 3533.0

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 38% White 37% Two or more races 22% Black 12% Asian 10% Native American 1%
• Hispanic origin (detail): Mexican 13% Cuban 1%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 50% English-only · Spanish 33% Other Indo-European 6% Other Asian/Pacific 3%

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: ▼ -1.23%
• Current HPI: 167.8863
• Rent YoY: ▼ -1.83%
• 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

-49.9% since first listed

11 events — show timeline

• 2026-06-13 Price Changed $85,000 HARMLS
• 2026-04-24 Listed $95,000 HARMLS
• 2024-09-28 Rental Removed $1,265 SHOWMOJO
• 2024-07-26 Listed for Rent $1,265 SHOWMOJO
• 2017-03-27 Sold (Public Records) — Public Records
• 2017-03-23 Sold (MLS) — HARMLS
• 2017-03-20 Pending — HARMLS
• 2017-03-13 Pending — HARMLS
• 2017-03-07 Price Changed $163,750 HARMLS
• 2017-01-17 Listed $169,500 HARMLS
• 1990-07-25 Sold (Public Records) — Public Records

Property tax history

+4.1%/yr

Latest (2025): $3,628 · +7.8% YoY. Source: county tax records.