815 Quitman St · Houston, TX 77009

$449,000

8 bd · 8.0 ba · 3,188 sqft · MultiFamily · 94 Days on market

Built 1930 Fair condition 5,000 sqft lot $141/sqft · 7% below area Est $484k · 7% under ↓ 30% since listing

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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 +30.0/30.0
• ARV discount +10.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Welcome to 815 Quitman St, a versatile 4-unit property in Houston’s booming Near Northside. The mix includes a 1,000 SF commercial storefront, two 1 bed/1 bath units, and one 2 bed/1 bath unit. Currently 50% occupied, producing $1,650/mo, with two turnkey units ready to lease, this asset offers immediate cash flow and strong upside potential. Ideal for buy-and-hold, BRRRR, or fix-and-flip investors, the location is unbeatable—just 5 minutes from Downtown and in between all major freeways. This property is surrounded by rapid appreciation including new townhomes, Hardy Yards, the brand-new White Oak Station development, and the future Hardy Toll Road expansion into Downtown. Call today to unlock its full potential.

Key facts

• New townhomes
• 5,000 sq ft lot
• Built 1930

Tags

• 5 MINUTES FROM DOWNTOWN
• NEW TOWNHOMES
• WHITE OAK STATION DEVELOPMENT
• HARDY TOLL ROAD EXPANSION

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $449k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $449k).
• Recommended offer: $409k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 flat; 595 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $6,048/mo this rent would consume 87% of the median local household income ($83k/yr) (locally 994% 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 $3k of loan paydown is wiped out by about $13k 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 + 0.8% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $408,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
11. 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.
12. 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: 1.35% ✓
• Cap rate: 10.77%
• Cash-on-cash: 15.99%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (median comp): $484,101
• List price: $449,000
• Delta: -7.25%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.84% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $21,147
• Equity at exit: $66,947

10-year hold

• IRR: 11.8%
• Equity multiple: 1.84×
• Total profit: $105,592
• Equity at exit: $38,821

Cash invested: $125,720 (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 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $6,048 high
• Mortgage (P&I): −$2,355
• Tax est. 1.5%: −$561 /mo · $6,735/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,270
• Net cashflow: $1,675

Break-even live

Break-even rent $3,928

Max offer price $449,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,985	-5% $1,830	+0% $1,675	+5% $1,520	+10% $1,365
Rent	-10% $1,197	-5% $1,436	+0% $1,675	+5% $1,914	+10% $2,153
Rate	-1.0pp $1,901	-0.5pp $1,789	base $1,675	+0.5pp $1,559	+1.0pp $1,440

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,440
1× unit	2	1	$1,609
Total (4 units)			$6,048

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-04
   days on market $449,000 Active 94 DOM
2. 2026-06-01
   days on market $449,000 Active 91 DOM
3. 2026-05-31
   days on market $449,000 Active 90 DOM
4. 2026-04-15
   price $449,000 735-char remark

   Show marketing remark (735 chars)

   Welcome to 815 Quitman St, a versatile 4-unit property in Houston’s booming Near Northside. The mix includes a 1,000 SF commercial storefront, two 1 bed/1 bath units, and one 2 bed/1 bath unit. Currently 50% occupied, producing $1,650/mo, with two turnkey units ready to lease, this asset offers immediate cash flow and strong upside potential. Ideal for buy-and-hold, BRRRR, or fix-and-flip investors, the location is unbeatable—just 5 minutes from Downtown and in between all major freeways. This property is surrounded by rapid appreciation including new townhomes, Hardy Yards, the brand-new White Oak Station development, and the future Hardy Toll Road expansion into Downtown. Call today to unlock its full potential.

5. 2026-03-02
   listed $499,000 Active 735-char remark

   Show marketing remark (735 chars)

   Welcome to 815 Quitman St, a versatile 4-unit property in Houston’s booming Near Northside. The mix includes a 1,000 SF commercial storefront, two 1 bed/1 bath units, and one 2 bed/1 bath unit. Currently 50% occupied, producing $1,650/mo, with two turnkey units ready to lease, this asset offers immediate cash flow and strong upside potential. Ideal for buy-and-hold, BRRRR, or fix-and-flip investors, the location is unbeatable—just 5 minutes from Downtown and in between all major freeways. This property is surrounded by rapid appreciation including new townhomes, Hardy Yards, the brand-new White Oak Station development, and the future Hardy Toll Road expansion into Downtown. Call today to unlock its full potential.

6. 2025-12-23
   historical
7. 2025-11-24
   listed $540,000 Active
8. 2023-07-14
   historical
9. 2023-04-28
   historical
10. 2023-03-25
    listed $495,000 Active
11. 2022-12-16
    historical
12. 2022-09-18
    price $549,000
13. 2022-07-22
    price $597,500
14. 2022-05-17
    listed $639,000 Active

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

Taxation est. · year 1

• Rental income: $72,576
• − Mortgage interest: −$25,151
• − Property taxes: −$6,735
• − Insurance: −$2,245
• − Repairs & maintenance: −$5,806
• − Management: −$5,806
• − Depreciation: −$13,062
• Taxable income: $13,771
• Est. tax owed @ 24.0%: −$3,305
• After-tax cash flow: $16,795/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

Fair 45/100 Moderate rehab

This 4-unit property requires moderate rehabilitation to improve its condition and increase its value. Immediate repairs and maintenance are needed to address structural and functional issues.

Repairs flagged

• Major kitchen appliances — need replacement for functionality
• Major bathroom fixtures — need replacement for functionality
• Major exterior paint — peeling and worn
• Major HVAC system — visible wear and potential inefficiency

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both repair exterior siding — improves curb appeal and structural integrity
• Both replace worn flooring — enhances interior aesthetics and functionality
• Both replace worn kitchen countertops — enhances functionality and aesthetics
• Both replace worn bathroom tiles — enhances functionality and aesthetics
• Both repair HVAC system — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · need replacement for functionality	Major	$15,000–50,000
bathroom fixtures · need replacement for functionality	Major	$15,000–50,000
exterior paint · peeling and worn	Major	$15,000–50,000
HVAC system · visible wear and potential inefficiency	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both repair exterior siding — improves curb appeal and structural integrity ↑
• Both replace worn flooring — enhances interior aesthetics and functionality ↑
• Both replace worn kitchen countertops — enhances functionality and aesthetics ↑
• Both replace worn bathroom tiles — enhances functionality and aesthetics ↑
• Both repair HVAC system — improves comfort and energy efficiency ↑

ⓘ 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: 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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

-29.7% since first listed

11 events — show timeline

• 2026-04-15 Price Changed $449,000 HARMLS
• 2026-03-02 Listed $499,000 HARMLS
• 2025-12-23 Listing Removed — HARMLS
• 2025-11-24 Listed $540,000 HARMLS
• 2023-07-14 Rental Removed — HARMLS
• 2023-04-28 Listing Removed — HARMLS
• 2023-03-25 Listed $495,000 HARMLS
• 2022-12-16 Listing Removed — HARMLS
• 2022-09-18 Price Changed $549,000 HARMLS
• 2022-07-22 Price Changed $597,500 HARMLS
• 2022-05-17 Listed $639,000 HARMLS