2717 Hadley St #16 · Houston, TX 77004

$1,200,000

2 bd · 1.0 ba · 5,115 sqft · MultiFamily public records · 235 Days on market

Built 1940 0.55 ac lot $235/sqft · 104% above area Est $1174k · at est. ↓ 20% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

16-unit multifamily complex just minutes from Downtown Houston, the Medical Center, and the University of Houston. The property features a mix of 8 1bd/1ba and 8 2bd/1ba units. On-site parking and central courtyard. With easy access to Highway 288 and I-45, this well-located asset offers strong investment potential.

Key facts

• On-site parking
• Central courtyard
• Multifamily complex

Tags

• MULTIFAMILY COMPLEX
• ON-SITE PARKING
• CENTRAL COURTYARD
• STRONG INVESTMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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 (-0.3%/yr); 586 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $20,116/mo this rent would consume 339% of the median local household income ($71k/yr) (locally 3072% 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 $8k of loan paydown is wiped out by about $36k 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 + 0.0% rent growth), your $336k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 235 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1940 — 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 $1,056,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 235 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.68% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.49%
• DSCR: 2.00
• GRM: 5.0

CMA / ARV

• ARV (median comp): $1,174,026
• List price: $1,200,000
• Delta: 2.21%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.6%
• Equity multiple: 1.44×
• Total profit: $148,850
• Equity at exit: $178,924

10-year hold

• IRR: 17.9%
• Equity multiple: 2.26×
• Total profit: $422,814
• Equity at exit: $103,754

Cash invested: $336,000 (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 77004

• Rents YoY: -0.3%
• Active inventory: 586
• Price-to-rent: 82.8×

Monthly cashflow live

• Estimated rent: $20,116 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$2,800 /mo · $33,603/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,224
• Net cashflow: $6,298

Break-even live

Break-even rent $12,143

Max offer price $1,200,000

Occupancy floor 64%

Sensitivity live

Price	-10% $6,978	-5% $6,638	+0% $6,298	+5% $5,959	+10% $5,619
Rent	-10% $4,709	-5% $5,504	+0% $6,298	+5% $7,093	+10% $7,888
Rate	-1.0pp $6,903	-0.5pp $6,604	base $6,298	+0.5pp $5,987	+1.0pp $5,671

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$9,664
▸ 8× units	2	1	$10,448
Total (16 units)			$20,116

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2720 Truxillo St Houston, TX	2.0	1.0	4608	$1,950	$0.42	44d	1	0.86mi
1400 McKinney St Houston, TX	1.0–2.0	1.0–2.5	2166	$12,100	$5.59	0d	9	1.13mi
2802 Palm St Houston, TX	2.0	1.0	3990	$1,650	$0.41	44d	1	1.48mi

Listing history 16 events

1. 2026-06-21
   days on market $1,200,000 Pending 235 DOM
2. 2026-06-18
   days on market $1,200,000 Pending 232 DOM
3. 2026-06-17
   days on market $1,200,000 Pending 231 DOM
4. 2026-06-16
   days on market $1,200,000 Pending 230 DOM
5. 2026-06-16
   status $1,200,000 Pending 229 DOM
6. 2026-06-15
   days on market $1,200,000 Active 229 DOM
7. 2026-06-13
   days on market $1,200,000 Active 227 DOM
8. 2026-06-10
   days on market $1,200,000 Active 223 DOM
9. 2026-06-08
   days on market $1,200,000 Active 222 DOM
10. 2026-06-07
    days on market $1,200,000 Active 221 DOM
11. 2026-06-04
    days on market $1,200,000 Active 218 DOM
12. 2026-06-01
    days on market $1,200,000 Active 215 DOM
13. 2026-05-31
    days on market $1,200,000 Active 214 DOM
14. 2025-11-21
    price $1,200,000 317-char remark

    Show marketing remark (317 chars)

    16-unit multifamily complex just minutes from Downtown Houston, the Medical Center, and the University of Houston. The property features a mix of 8 1bd/1ba and 8 2bd/1ba units. On-site parking and central courtyard. With easy access to Highway 288 and I-45, this well-located asset offers strong investment potential.

15. 2025-10-29
    listed $1,500,000 Active 317-char remark

    Show marketing remark (317 chars)

    16-unit multifamily complex just minutes from Downtown Houston, the Medical Center, and the University of Houston. The property features a mix of 8 1bd/1ba and 8 2bd/1ba units. On-site parking and central courtyard. With easy access to Highway 288 and I-45, this well-located asset offers strong investment potential.

16. 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: $33,603 · $2,800/mo
• Projected year-2 tax: $33,603 · $2,800/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 6/10 Major FEMA zone X (unshaded) · 66% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $241,392
• − Mortgage interest: −$67,219
• − Property taxes: −$33,603
• − Insurance: −$6,000
• − Repairs & maintenance: −$19,311
• − Management: −$19,311
• − Depreciation: −$34,909
• Taxable income: $61,038
• Est. tax owed @ 24.0%: −$14,649
• After-tax cash flow: $60,932/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): 35,997
• Household income: $71,199
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 3072.0

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 0.68)
• Race & ethnicity: Black 48% White 27% Hispanic / Latino 13% Two or more races 11% Asian 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 10% Chinese 2% Other Indo-European 2%

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: ▼ -139.34%
• Current HPI: 199.6066
• Rent YoY: ▼ -0.32%
• 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

-20.0% since first listed

3 events — show timeline

• 2025-11-21 Price Changed $1,200,000 HARMLS
• 2025-10-29 Listed $1,500,000 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+8.2%/yr

Latest (2025): $33,603 · +7.8% YoY. Source: county tax records.