2402 Calumet St Unit B · Houston, TX 77004

$285,000

3 bd · 3.5 ba · 2,322 sqft · Townhouse · 116 Days on market

Built 2002 2,161 sqft lot Est $455k · 37% under $436/mo HOA · 11% of rent

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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 +26.4/30.0
• ARV discount +15.0/15.0
• 1% rule +9.0/10.0
• DSCR +9.0/10.0
• 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

Listing remarks MLS

Foreclosure. Great location close to local Universities, Midtown, Museum District and Medical center. Unit features bedroom or office on the first floor w full bath. Unit has lots of upgrades, hardwood floors, ceramic tile and granite counter tops.

Key facts

• Gated townhome
• Attached garage
• Private balcony

Tags

• GATED TOWNHOME
• FUNCTIONAL FLOOR PLAN
• PRIVATE BALCONY
• FENCED BACKYARD
• ATTACHED GARAGE
• CENTRAL LOCATION

Property features AI

Finance

• Financial info: Lease not considered
• HOA & community: Riverside Place HOA; Gated community; HOA maintains grounds; Quarterly association fee (includes common areas, insurance, grounds maintenance, trash)

Exterior

• Parking: Attached 2-car garage; Garage door opener; Electric gate; Controlled access
• Security: Owned security system; Smoke detector(s); Controlled access
• Utilities: Public water; Public sewer
• Home design: Residential property; 3 stories; Slab foundation; Facing composition roof
• Construction: Built in 2002; Wood siding construction; Composition roof; Slab foundation
• Exterior features: Private yard; Fenced yard; Deck; Patio; Balcony

Interior

• Kitchen: Electric oven; Gas cooktop; Dishwasher; Microwave; Garbage disposal; Refrigerator; Kitchen island; Breakfast bar; Pantry/Walk-in pantry
• Bedrooms: Primary bedroom on third level; Additional bedroom on first level; Additional bedroom on third level
• Flooring: Wood; Tile; Carpet
• Bathrooms: 3 full bathrooms; 1 half bathroom; Primary bathroom on third level
• Heating & cooling: Central heating (gas); Central air (electric)
• Interior features: High ceilings; Ceiling fan(s); Breakfast bar; Kitchen island; Kitchen/family room combo; Pantry; Walk-in pantry; Double vanity; Bath in primary bedroom; Soaking tub; Jetted tub; Separate shower; Tub/shower; Window treatments; Programmable thermostat; Gas log fireplace (1)
• Laundry & utility: Washer; Dryer; Utility room (third level)

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath townhouse listed at $285k.

Deal economics

• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $259k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Yates H S (math 12% / reading 23%, grade F, #1,451 of 1,632 statewide, top 89%, 851 students, 96% FRL) — zoned schools average 98% FRL vs 71% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 31% district-wide (-17 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.3%/yr); 586 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,989/mo this rent would consume 67% 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 $2k of loan paydown is wiped out by about $9k 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 116 days — a 9% lower offer ($259k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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

• 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 $259,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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 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 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: 1.40% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.22%
• DSCR: 1.50
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $455,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2402 Calumet St Unit B	0.00mi	3/3.5	2,322 (0%)	0mo	$285,000	$123	100
2402 Calumet St Unit C	0.00mi	3/3.5	2,312 (-0%)	6mo	$324,999	$141	94
5106 Crawford St	0.59mi	3/3.5	2,384 (+3%)	0mo	$467,990	$196	68
2611 Riverside Dr Unit D	0.28mi	3/3.5	2,636 (+14%)	5mo	$350,000	$133	61
1813 Wichita St	0.48mi	3/3.5	2,158 (-7%)	8mo	$449,900	$208	60
1418 Rosedale St	0.72mi	3/3.5	2,482 (+7%)	3mo	$545,000	$220	53
1518 Blodgett St	0.75mi	3/4.5	2,210 (-5%)	2mo	$475,000	$215	52
1422 Rosedale St	0.71mi	3/3.5	2,210 (-5%)	10mo	$524,900	$238	50
1822 Prospect St	0.37mi	3/2.0	2,632 (+13%)	11mo	$499,999	$190	46
1701 Hermann Dr Unit 26AB	0.38mi	2/2.0 (-1)	2,010 (-13%)	9mo	$1,056,825	$526	41
2424 Charleston St Unit D	0.64mi	2/2.5 (-1)	2,080 (-10%)	10mo	$349,500	$168	36
1401 Calumet St #407	0.63mi	2/2.0 (-1)	2,067 (-11%)	7mo	$349,900	$169	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-10,025
• Equity at exit: $42,494

10-year hold

• IRR: 1.8%
• Equity multiple: 1.11×
• Total profit: $8,610
• Equity at exit: $24,642

Cash invested: $79,800 (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 77004

• Rents YoY: -0.3%
• Active inventory: 586
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,989 high
• Mortgage (P&I): −$1,495
• Tax est. 1.5%: −$356 /mo · $4,275/yr
• Insurance: −$119
• HOA: −$436
• Vacancy / Maint / Mgmt: −$838
• Net cashflow: $746

Break-even live

Break-even rent $3,045

Max offer price $285,000

Occupancy floor 76%

Sensitivity live

Price	-10% $943	-5% $845	+0% $746	+5% $648	+10% $549
Rent	-10% $431	-5% $589	+0% $746	+5% $904	+10% $1,061
Rate	-1.0pp $890	-0.5pp $819	base $746	+0.5pp $672	+1.0pp $597

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 Oakdale St Unit A Houston, TX	3.0	3.5	2452	$3,890	$1.59	13d	1	0.32mi
1818 Prospect St Houston, TX	3.0	2.0	2923	$3,400	$1.16	5d	1	0.35mi
5927 Almeda Rd Houston, TX	2.0–4.0	2.5–4.0	3055	$5,768	$1.89	13d	2	0.36mi
5927 Almeda Rd Houston, TX	1.0–4.0	1.0–4.0	3055	$5,733	$1.88	0d	4	0.36mi
5927 Almeda Rd Houston, TX	1.0–4.0	1.0–4.0	3055	$5,737	$1.88	0d	3	0.36mi
5927 Almeda Rd Unit 421 Houston, TX	2.0	2.0	1674	$3,489	$2.08	8d	1	0.37mi
5927 Almeda Rd Unit 5950 Houston, TX	2.0	2.0	1674	$3,513	$2.10	11d	1	0.37mi
5927 Almeda Rd Unit 2165 Houston, TX	2.0	2.0	1674	$3,514	$2.10	0d	1	0.37mi
5927 Almeda Rd Unit 2187 Houston, TX	2.0	2.0	1674	$3,473	$2.07	0d	1	0.37mi
5927 Almeda Rd Unit AHP3 Houston, TX	4.0	4.5	3055	$7,635	$2.50	5d	1	0.37mi
5927 Almeda Rd Houston, TX	4.0	4.0	3055	$7,635	$2.50	44d	1	0.37mi
5927 Almeda Rd Houston, TX	4.0	4.0	3055	$7,635	$2.50	25d	1	0.37mi
1699 Hermann Dr Houston, TX	2.0	1.0–2.5	1331	$7,118	$5.35	3d	10	0.40mi
1701 Hermann Dr Houston, TX	2.0	1.0–2.0	1210	$4,355	$3.60	4d	4	0.40mi
2403 Arbor St Houston, TX	3.0	2.5	2344	$2,800	$1.19	44d	1	0.40mi
5933 Almeda Rd Unit 2-1405 Houston, TX	4.0	4.0	3055	$7,442	$2.44	44d	1	0.42mi
5505 Zoemark Ln Houston, TX	3.0	3.5	2477	$2,850	$1.15	44d	1	0.49mi
2703 Blodgett St Unit 1047952P Houston, TX	1.0–5.0	1.5–5.5	2497	$11,718	$4.69	2d	2	0.54mi
5350 Crawford St Unit 3165 Houston, TX	3.0	2.0	1991	$4,420	$2.22	0d	1	0.56mi
5350 Crawford St Unit 5383 Houston, TX	3.0	2.0	1991	$4,460	$2.24	11d	1	0.56mi
6125 Gehring St Houston, TX	2.0	2.0	2041	$2,500	$1.22	44d	1	0.59mi
4908 Crawford St Houston, TX	3.0	2.0	2526	$3,250	$1.29	44d	1	0.62mi
6318 Grand Blvd Houston, TX	3.0	3.5	2325	$2,999	$1.29	5d	1	0.68mi
30 Hermann Park Ct Houston, TX	3.0	2.0	1655	$2,605	$1.57	44d	1	0.69mi
5280 Caroline St Houston, TX	1.0–3.0	1.0–3.5	1880	$6,216	$3.31	0d	23	0.73mi
5226 Caroline St Houston, TX	2.0	2.0	1849	$3,835	$2.07	44d	1	0.73mi
6301 Almeda Rd Unit 3148 Houston, TX	3.0	2.0	1655	$2,688	$1.62	0d	1	0.76mi
6301 Almeda Rd Unit 6334 Houston, TX	3.0	2.0	1655	$2,728	$1.65	11d	1	0.76mi
4306 Ennis St Houston, TX	3.0	3.0	1989	$2,500	$1.26	44d	1	0.77mi
2401 Eagle St Houston, TX	4.0	4.0	1700	$2,800	$1.65	44d	1	0.77mi
2311 Eagle St Houston, TX	3.0	4.0	1783	$2,500	$1.40	44d	1	0.78mi
5353 Fannin St Houston, TX	1.0–2.0	1.0–2.0	1293	$3,347	$2.59	0d	10	0.79mi
1216 Rosedale St Houston, TX	3.0	3.5	2584	$3,250	$1.26	13d	1	0.79mi
1216 Rosedale St Houston, TX	3.0	3.5	2584	$3,250	$1.26	15d	1	0.79mi
4606 Austin St Houston, TX	3.0	3.5	2950	$3,000	$1.02	44d	1	0.83mi
1915 Cleburne St Houston, TX	2.0	1.0	2766	$1,800	$0.65	44d	1	0.88mi
2209 Alabama St Unit B Houston, TX	3.0	2.5	2074	$2,350	$1.13	44d	1	0.99mi
4899 Montrose Blvd Houston, TX	1.0–3.0	1.0–2.5	2704	$10,080	$3.73	44d	10	1.10mi
4 Chelsea Blvd Houston, TX	1.0–3.0	1.0–2.0	1237	$3,850	$3.11	0d	24	1.13mi
4001 Fannin St Houston, TX	3.0	1.0–3.0	1536	$3,158	$2.06	0d	18	1.17mi

HOA detail

• Monthly dues: $436 · $5,232/yr

Listing history 17 events

1. 2026-05-12
   status Pending
2. 2026-04-30
   status Pending
3. 2026-04-30
   status Active
4. 2026-04-25
   status Pending
5. 2026-04-01
   price $285,000
6. 2026-01-15
   listed $299,000 Active
7. 2026-01-15
   historical
8. 2025-10-27
   listed $300,000 Active
9. 2009-09-02
   soldstatus 248-char remark

   Show marketing remark (248 chars)

   Foreclosure. Great location close to local Universities, Midtown, Museum District and Medical center. Unit features bedroom or office on the first floor w full bath. Unit has lots of upgrades, hardwood floors, ceramic tile and granite counter tops.

10. 2009-07-06
    historical 248-char remark

    Show marketing remark (248 chars)

    Foreclosure. Great location close to local Universities, Midtown, Museum District and Medical center. Unit features bedroom or office on the first floor w full bath. Unit has lots of upgrades, hardwood floors, ceramic tile and granite counter tops.

11. 2009-01-14
    listed $146,900 248-char remark

    Show marketing remark (248 chars)

    Foreclosure. Great location close to local Universities, Midtown, Museum District and Medical center. Unit features bedroom or office on the first floor w full bath. Unit has lots of upgrades, hardwood floors, ceramic tile and granite counter tops.

12. 2009-01-14
    historical

    Show marketing remark (248 chars)

    Foreclosure. Great location close to local Universities, Midtown, Museum District and Medical center. Unit features bedroom or office on the first floor w full bath. Unit has lots of upgrades, hardwood floors, ceramic tile and granite counter tops.

13. 2007-12-21
    listed $147,000
14. 2003-06-01
    historical
15. 2003-04-10
    listed $279,900
16. 2003-04-10
    historical
17. 2002-07-04
    listed $264,900

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $47,874
• − Mortgage interest: −$15,964
• − Property taxes: −$4,275
• − Insurance: −$1,425
• − Repairs & maintenance: −$3,830
• − Management: −$3,830
• − HOA: −$5,232
• − Depreciation: −$8,291
• Taxable income: $5,027
• Est. tax owed @ 24.0%: −$1,206
• After-tax cash flow: $7,747/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

+7.6% since first listed

17 events — show timeline

• 2026-05-12 Pending — HARMLS
• 2026-04-30 Pending — HARMLS
• 2026-04-30 Relisted — HARMLS
• 2026-04-25 Pending — HARMLS
• 2026-04-01 Price Changed $285,000 HARMLS
• 2026-01-15 Listing Removed — HARMLS
• 2026-01-15 Listed $299,000 HARMLS
• 2025-10-27 Listed $300,000 HARMLS
• 2009-09-02 Sold (MLS) — HARMLS
• 2009-07-06 Listing Removed — HARMLS
• 2009-01-14 Listing Removed — HARMLS
• 2009-01-14 Listed $146,900 HARMLS
• 2007-12-21 Listed $147,000 HARMLS
• 2003-06-01 Listing Removed — HARMLS
• 2003-04-10 Listing Removed — HARMLS
• 2003-04-10 Listed $279,900 HARMLS
• 2002-07-04 Listed $264,900 HARMLS