319 Melbourne St · Houston, TX 77022

$229,000

3 bd · 2.5 ba · 1,620 sqft · MultiFamily public records · 13 Days on market

Built 1955 5,350 sqft lot ↓ 22% since listing

---

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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Fully occupied 3 unit multifamily property is conveniently situated near the heights. Building is fully occupied and is currently generating a monthly income of $2240, making it an attractive prospect for savvy investors. Additionally, all units are electric, eliminating the hassle of gas bills. Don't miss out on this lucrative investment in a sought-after location!

Key facts

• Monthly income
• Electric units
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• FULLY OCCUPIED
• MONTHLY INCOME
• ELECTRIC UNITS
• SOUGHT-AFTER LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive. Per door: $263/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Cap rate 10.4% 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.
• 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: Roosevelt El (math 32% / reading 37%, grade F, #1,995 of 4,322 statewide, top 50%, 421 students, 84% FRL); Burbank Middle (math 37% / reading 42%, grade F, #660 of 1,662 statewide, top 41%, 1,417 students, 96% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 91% FRL vs 71% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 285 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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).
• At $3,047/mo this rent would consume 69% of the median local household income ($53k/yr) (locally 1354% 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 $2k of loan paydown is wiped out by about $7k 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 + 4.5% rent growth), your $64k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 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 $229,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.33% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.74%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.47% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.28×
• Total profit: $17,708
• Equity at exit: $34,145

10-year hold

• IRR: 17.6%
• Equity multiple: 2.55×
• Total profit: $99,640
• Equity at exit: $19,800

Cash invested: $64,120 (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 77022

• Home prices YoY: -33.2%
• Rents YoY: 4.5%
• Active inventory: 285
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $3,047 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$323 /mo · $3,876/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$640
• Net cashflow: $788

Break-even live

Break-even rent $2,050

Max offer price $229,000

Occupancy floor 69%

Sensitivity live

Price	-10% $917	-5% $853	+0% $788	+5% $723	+10% $658
Rent	-10% $547	-5% $667	+0% $788	+5% $908	+10% $1,028
Rate	-1.0pp $903	-0.5pp $846	base $788	+0.5pp $728	+1.0pp $668

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,048
Total (3 units)			$3,047

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Lindale St Unit 1316403P Houston, TX	2.0	1.0	1119	$3,187	$2.85	0d	1	0.15mi
6918 Irvington Blvd Houston, TX	2.0	2.0	1100	$1,550	$1.41	44d	1	0.57mi
835E Dorchester St Unit 1273076P Houston, TX	3.0	2.0	1528	$3,079	$2.02	0d	1	0.67mi
1690 North Loop Houston, TX	1.0–2.0	1.0–2.0	876	$2,269	$2.59	0d	42	0.69mi
1420 E 31st St Houston, TX	3.0	2.5	1790	$2,600	$1.45	25d	1	0.74mi
1420 E 31st St Houston, TX	3.0	2.5	1980	$2,600	$1.31	44d	1	0.74mi
1617 Enid St Houston, TX	1.0–2.0	1.0–2.0	974	$2,417	$2.48	0d	54	0.89mi
705 Link Rd Houston, TX	3.0	3.5	1850	$2,600	$1.41	0d	1	0.93mi
705 Link Rd Houston, TX	3.0	3.5	1850	$2,600	$1.41	8d	1	0.93mi
1204 E 29th St Houston, TX	3.0	2.5	2151	$8,750	$4.07	44d	1	0.97mi
1204 E 29th St Unit 1018984P Houston, TX	3.0	2.5	2142	$10,290	$4.80	44d	1	0.97mi
1416 Fairbanks St Houston, TX	4.0	3.5	1888	$1,899	$1.01	8d	1	0.97mi
770 Strawberry Pines Ct Houston, TX	2.0–3.0	2.5	1422	$2,735	$1.92	2d	12	1.06mi
4605 Fisk St Houston, TX	3.0	2.0	1628	$3,000	$1.84	44d	1	1.06mi
823 North Loop Unit A Houston, TX	3.0	2.0	1532	$2,500	$1.63	25d	1	1.22mi
4132 Europa St Houston, TX	3.0	2.0	1259	$1,430	$1.14	13d	1	1.25mi
1039 Hillstar St Houston, TX	3.0	2.5	1780	$2,750	$1.54	13d	1	1.35mi
3514 Ajax St Unit 1047956P Houston, TX	3.0	2.5	1689	$3,114	$1.84	8d	1	1.35mi
1524 Evelyn St Houston, TX	3.0	2.5	1804	$2,800	$1.55	44d	1	1.36mi
811 E 42nd St Houston, TX	4.0	2.0	1213	$1,600	$1.32	44d	1	1.41mi
5124 Gold St Unit B Houston, TX	3.0	2.5	1650	$1,895	$1.15	44d	1	1.41mi
1141 Louise St Houston, TX	4.0	4.0	2228	$4,000	$1.80	44d	1	1.44mi
611 E 39th St Houston, TX	2.0	2.0	1326	$2,099	$1.58	44d	1	1.48mi
2516 Ivy St Houston, TX	3.0	1.0	1200	$1,500	$1.25	44d	1	1.50mi

Listing history 12 events

1. 2026-02-23
   status Pending
2. 2026-02-10
   listed $229,000 Active
3. 2026-01-31
   historical
4. 2026-01-15
   price $239,000
5. 2025-11-07
   price $249,000
6. 2025-10-02
   price $259,000
7. 2025-09-04
   listed $279,000 Active
8. 2024-05-28
   historical
9. 2024-03-25
   price $285,000
10. 2024-03-10
    listed $295,000 Active
11. 2021-05-14
    soldstatus
12. 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: $3,876 · $323/mo
• Projected year-2 tax: $4,191 · $349/mo
• Expected delta: +$314/yr (+$26/mo · 8.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°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: $36,564
• − Mortgage interest: −$12,828
• − Property taxes: −$3,876
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,925
• − Management: −$2,925
• − Depreciation: −$6,662
• Taxable income: $6,203
• Est. tax owed @ 24.0%: −$1,489
• After-tax cash flow: $7,965/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): 25,805
• Household income: $52,739
• Rent vs Own: 49.6% rent · 50.4% own
• Severe rent burden: 1354.0

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 (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 24% Black 19% White 7% Native American 1%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Romanian 1% Portuguese 1%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 40% English-only · Spanish 59%

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: ▼ -151.13%
• Current HPI: 304.3745
• Rent YoY: ▲ 4.47%
• 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

-22.4% since first listed

12 events — show timeline

• 2026-02-23 Pending — HARMLS
• 2026-02-10 Listed $229,000 HARMLS
• 2026-01-31 Listing Removed — HARMLS
• 2026-01-15 Price Changed $239,000 HARMLS
• 2025-11-07 Price Changed $249,000 HARMLS
• 2025-10-02 Price Changed $259,000 HARMLS
• 2025-09-04 Listed $279,000 HARMLS
• 2024-05-28 Listing Removed — HARMLS
• 2024-03-25 Price Changed $285,000 HARMLS
• 2024-03-10 Listed $295,000 HARMLS
• 2021-05-14 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,876 · +1.6% YoY. Source: county tax records.