3004 Sun Spirit Ln · Katy, TX 77493

$329,990

4 bd · 2.5 ba · 2,182 sqft · Land · 302 Days on market

Built 2025 $151/sqft · at area comps Est $329k · at est. $97/mo HOA · 3% of rent ↓ 4% 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).

• Cash flow +17.1/30.0
• ARV discount +7.3/15.0
• DSCR +5.3/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

Key facts

• Outdoor space
• Quartz counter tops
• 2 garage spots

Tags

• FULL BRICK AND STONE EXTERIOR
• QUARTZ COUNTER TOPS
• STAINLESS STEEL APPLIANCES
• TANKLESS WATER HEATER
• DUPURE WATER FILTRATION SYSTEM
• OUTDOOR SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath land listed at $330k.

Deal economics

• At list price, monthly cash flow is $227 ($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 $295k (10.6% below list).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.0% in Katy — 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 76/100 on livability (#111 in TX, #3,613 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime C-, amenities D, commute F.
• Royal ISD (rural): math 23% / reading 23% proficiency, ranked #744 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.8%/yr); 2696 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 483 units permitted in Waller County in 2024 (89 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Waller County population projected at +62% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 302 days — a 12% lower offer ($290k) 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,391 (12.0% below list)

Questions for the listing agent

1. It's been on market 302 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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 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: 0.89% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.94%
• DSCR: 1.13
• GRM: 9.3

CMA / ARV

• ARV (median comp): $328,514
• List price: $329,990
• Delta: 0.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.48×
• Total profit: $-47,746
• Equity at exit: $49,203

10-year hold

• IRR: -11.8%
• Equity multiple: 0.39×
• Total profit: $-56,664
• Equity at exit: $28,532

Cash invested: $92,397 (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 77493

• Rents YoY: -0.8%
• Active inventory: 2696
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,951 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$140 /mo · $1,675/yr
• Insurance: −$137
• HOA: −$97
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $227

Break-even live

Break-even rent $2,664

Max offer price $329,990

Occupancy floor 87%

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: $82,498
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3076 Dylan Skyland Dr Katy, TX	4.0	2.5	2240	$3,395	$1.52	24d	1	0.05mi
3020 Nori Shores Dr Katy, TX	5.0	2.5	2408	$3,995	$1.66	24d	1	0.06mi
3056 Sea Turtle Dr Katy, TX	4.0	2.0	1500	$2,200	$1.47	44d	1	0.19mi
3104 Nori Shores Dr Katy, TX	5.0	2.5	1947	$3,695	$1.90	4d	1	0.22mi
3084 Fantasy Terrace Dr Katy, TX	4.0	2.0	2085	$2,325	$1.12	13d	1	0.33mi
3072 Fantasy Terrace Dr Katy, TX	4.0	2.0	2279	$2,550	$1.12	22d	1	0.33mi
3064 Dawn Sound Dr Katy, TX	3.0	2.0	1464	$1,950	$1.33	44d	1	0.35mi
3081 Fantasy Terrace Dr Katy, TX	4.0	2.0	1670	$2,275	$1.36	24d	1	0.35mi
3053 Fantasy Terrace Dr Katy, TX	4.0	2.0	2085	$2,440	$1.17	15d	1	0.36mi
27507 Hudson Sands Ln Katy, TX	4.0	3.0	2294	$3,000	$1.31	17d	1	0.36mi
3057 Majestic Sunrise Dr Katy, TX	4.0	2.0	1644	$2,252	$1.37	24d	1	0.40mi
5819 Bright Keel Dr Katy, TX	4.0	3.0	2598	$2,400	$0.92	44d	1	0.45mi
3048 Majestic Sunrise Dr Katy, TX	4.0	2.0	1670	$2,275	$1.36	24d	1	0.46mi
3004 Majestic Sunrise Dr Katy, TX	3.0	2.0	1474	$1,942	$1.32	44d	1	0.47mi
6427 Seafoam Lake Dr Katy, TX	4.0	4.0	2479	$3,000	$1.21	1d	1	0.49mi
3020 Wild Dunes Dr Katy, TX	4.0	2.0	1776	$2,355	$1.33	13d	1	0.50mi
27327 Blue Pool Dr Katy, TX	4.0	3.0	2100	$2,600	$1.24	44d	1	0.50mi
6303 Marigold Blaze Dr Katy, TX	3.0	2.0	1474	$2,250	$1.53	44d	1	0.51mi
3041 Colusa Ridge Dr Katy, TX	4.0	2.5	2263	$2,500	$1.10	13d	1	0.52mi
3037 Wild Dunes Dr Katy, TX	3.0	2.0	1538	$2,164	$1.41	24d	1	0.55mi
3071 Wild Dunes Dr Katy, TX	3.0	2.0	1538	$2,164	$1.41	24d	1	0.56mi
3083 Wild Dunes Dr Katy, TX	3.0	2.0	1538	$2,185	$1.42	13d	1	0.58mi
3112 Wild Dunes Dr Katy, TX	4.0	2.0	1776	$2,330	$1.31	24d	1	0.58mi
5631 Pearl Vista Dr Katy, TX	4.0	3.0	2039	$3,000	$1.47	21d	1	0.59mi
3124 Wild Dunes Dr Katy, TX	4.0	2.0	1776	$2,330	$1.31	24d	1	0.60mi
3136 Wild Dunes Dr Katy, TX	4.0	2.0	1776	$2,355	$1.33	13d	1	0.62mi
4633 Peony Green Dr Katy, TX	5.0	3.0	2680	$3,995	$1.49	24d	1	0.70mi
6414 Orchid Beach Dr Katy, TX	5.0	4.0	2490	$3,000	$1.20	13d	1	0.72mi
27064 Beach Ball Dr Katy, TX	3.0–4.0	2.5–3.5	1705	$2,957	$1.73	1d	25	0.90mi
3004 Fall Gold Ln Katy, TX	5.0	3.0	2156	$3,850	$1.79	44d	1	0.94mi
3004 Fall Gold Ln Katy, TX	5.0	3.0	2156	$2,762	$1.28	10d	1	0.94mi
1495 Twilight Green Dr Katy, TX	3.0	2.5	2000	$2,400	$1.20	44d	1	1.17mi
26811 Prairie Smoke Ln Katy, TX	4.0	2.0	1656	$2,250	$1.36	44d	1	1.29mi
26642 Prairie Smoke Ln Katy, TX	3.0	2.0	1949	$2,300	$1.18	44d	1	1.47mi

HOA detail

• Monthly dues: $97 · $1,164/yr
• Likely covers: waterlandscapingpool

Listing history 21 events

1. 2026-06-18
   days on market $329,990 Active 302 DOM
2. 2026-06-17
   days on market $329,990 Active 301 DOM
3. 2026-06-16
   days on market $329,990 Active 300 DOM
4. 2026-06-15
   days on market $329,990 Active 299 DOM
5. 2026-06-13
   days on market $329,990 Active 297 DOM
6. 2026-06-10
   days on market $329,990 Active 293 DOM
7. 2026-06-08
   days on market $329,990 Active 292 DOM
8. 2026-06-07
   days on market $329,990 Active 291 DOM
9. 2026-06-04
   days on market $329,990 Active 288 DOM
10. 2026-06-03
    days on market $329,990 Active 287 DOM
11. 2026-06-02
    days on market $329,990 Active 286 DOM
12. 2026-06-01
    days on market $329,990 Active 285 DOM
13. 2026-05-31
    days on market $329,990 Active 284 DOM
14. 2026-05-03
    price $329,990 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

15. 2026-05-01
    price $349,665 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

16. 2026-04-27
    status Active 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

17. 2026-01-28
    historical Active Under Contract 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

18. 2026-01-16
    price $327,990 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

19. 2025-12-04
    price $337,990 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

20. 2025-11-08
    price $334,990 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

21. 2025-08-20
    listed $344,990 Active 784-char remark

    Show marketing remark (784 chars)

    FANTASTIC BRAND NEW 2 STORY D.R. HORTON HOME IN THE AMAZING SUNTERRA COMMUNITY! Gorgeous curb appeal with a full brick and stone exterior! Modern interior features include quartz counter tops in kitchen with a single bowl farmhouse style sink, beautiful flooring, and stainless steel appliances by Whirlpool! Spacious primary bedroom downstairs with fantastic bathroom with large shower! Perfect floorplan with game room upstairs! Also includes a tankless water heater by Rinnai and DuPure water filtration system! Great outdoor space with landscaping, full sod and sprinkler system in the front & back yard! Sunterra is a master planned community with unbelievable amenities for the residents! Lazy river, pool lagoon, walking trails, and so much more! Hurry and call today!

ⓘ 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: $1,675 · $140/mo
• Projected year-2 tax: $6,039 · $503/mo
• Expected delta: +$4,364/yr (+$364/mo · 260.6%)

ⓘ 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) · 21% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,412
• − Mortgage interest: −$18,485
• − Property taxes: −$1,675
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,833
• − Management: −$2,833
• − HOA: −$1,164
• − Depreciation: −$9,600
• Taxable loss: −$2,827
• Est. tax savings @ 24.0%: +$679
• After-tax cash flow: $3,399/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: Royal ISD
• NCES district ID: 4838190
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 23% ▼ -6.00%
• Median HH income: $41,059
• Composite: 19.55/100
• National rank: #8760
• State rank: #744 of 826 in TX

Livability — Katy

• Score: 76/100
• State rank: #111
• US rank: #3613

Category grades

Amenities D Commute F Cost of living A+ Crime C- Employment A+ Housing A+ Health & safety C User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Harris County · 4,702,590 people
• City population: 413,575
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 71,484
• Household income: $118,464
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 913.0

Population outlook (Waller County) Hauer SSP2

• Today (2025): 60,772 people
• By 2030: 67,616 · +11.3%
• By 2040: 82,283 · +35.4%
• By 2050: 98,276 · +61.7%
• By 2075: 142,860 · +135.1%
• By 2100: 175,596 · +188.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 36% Hispanic / Latino 33% Two or more races 16% Black 15% Asian 12%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 21% · Canada, Vietnam, Jamaica
• Languages at home: 64% English-only · Spanish 22% Vietnamese 5% French/Haitian/Cajun 4%

Political lean MEDSL · Waller

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.0% · Other 1.0%
• 2008→2024 swing: -17.9pp toward R · 2008: -7.2pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+26.7 2016: R+28.6 2012: R+17.6 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.65%
• Current HPI: 233.1683
• Rent YoY: ▼ -0.80%
• 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

-4.3% since first listed

8 events — show timeline

• 2026-05-03 Price Changed $329,990 HARMLS
• 2026-05-01 Price Changed $349,665 HARMLS
• 2026-04-27 Relisted — HARMLS
• 2026-01-28 Contingent — HARMLS
• 2026-01-16 Price Changed $327,990 HARMLS
• 2025-12-04 Price Changed $337,990 HARMLS
• 2025-11-08 Price Changed $334,990 HARMLS
• 2025-08-20 Listed $344,990 HARMLS