4602 N Wayside Dr · Houston, TX 77028

$99,000

2 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 12 Days on market

Built 1988 9,600 sqft lot $86/sqft · 45% below area Est $179k · 45% under ↓ 10% since listing

---

Why this score? — see what drove the A- 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Appreciation +7.6/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0

Listing remarks

3-bedroom, 2-bathroom property being offered at lot value, presenting a prime opportunity for investors or buyers seeking redevelopment or a full renovation project. Located approximately 10 minutes from the University of Houston and Downtown Houston, this property offers convenient access to major employment centers, dining, and entertainment. Sold as-is, where-is. Ideal for those looking to capitalize on location and land value.

Key facts

• 9,600 sq ft lot
• 2 parking spots
• Built 1988

Property features AI

Finance

• Other: Seller disclosure available
• Financial info: Lease not considered

Exterior

• Parking: Attached carport; 2-car carport
• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1988; Block foundation; Composition roof
• Construction: Wood siding exterior
• Exterior features: Cleared lot

Interior

• Kitchen: Kitchen on the first floor (15x15)
• Bedrooms: Primary bedroom on the first floor (11x11); Two additional bedrooms on the first floor (each 10x10)
• Bathrooms: Two full bathrooms; First-floor bathroom (8x8)
• Heating & cooling: Central heating (electric); Window cooling units
• Interior features: 6 total rooms; Living room on the first floor (18x20)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $26 ($314/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 11.8% 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: 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: Scroggins El (math 22% / reading 22%, grade F, #3,333 of 4,322 statewide, top 80%, 335 students, 98% FRL); Mcreynolds Middle (math 10% / reading 17%, grade F, #1,602 of 1,662 statewide, top 97%, 398 students, 98% FRL); Wheatley H S (math 17% / reading 19%, grade F, #1,445 of 1,632 statewide, top 89%, 643 students, 95% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 31% district-wide (-13 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 (-1.6%/yr); 354 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 45% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($684 loan paydown + $5k appreciation (5.2% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.2% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.60%
• DSCR: 1.87
• GRM: 5.8

CMA / ARV

• ARV (median comp): $179,166
• List price: $99,000
• Delta: -44.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4602 N Wayside Dr	0.00mi	3/2.0 (+1)	1,152 (0%)	1mo	$99,000	$86	90
7422 Gainesville St	0.69mi	3/1.0 (+1)	1,272 (+10%)	16mo	$117,000	$92	32

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

Projected returns pro-forma

5.25% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.79×
• Total profit: $21,980
• Equity at exit: $57,581

10-year hold

• IRR: 11.8%
• Equity multiple: 3.08×
• Total profit: $57,781
• Equity at exit: $100,622

Cash invested: $27,720 (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 77028

• Home prices YoY: 2.0%
• Rents YoY: -1.6%
• Active inventory: 354
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,423 high
• Mortgage (P&I): −$519
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$41
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $26

Break-even live

Break-even rent $1,390

Max offer price $99,000

Occupancy floor 93%

Sensitivity live

Price	-10% $82	-5% $54	+0% $26	+5% $-2	+10% $-30
Rent	-10% $-86	-5% $-30	+0% $26	+5% $82	+10% $139
Rate	-1.0pp $76	-0.5pp $51	base $26	+0.5pp $0	+1.0pp $-26

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7212 Corpus Christi St Houston, TX	1.0	1.0	700	$950	$1.36	45d	1	0.97mi
5212 Ina St Houston, TX	1.0	1.5	1175	$1,050	$0.89	45d	1	0.99mi
6715 Victoria St Unit B Houston, TX	2.0	2.0	790	$1,150	$1.46	45d	1	1.11mi
7956 Bonaire St Unit A Houston, TX	3.0	2.5	1498	$2,050	$1.37	0d	1	1.23mi
7956 Bonaire St Unit B Houston, TX	3.0	2.5	1498	$2,150	$1.44	45d	1	1.23mi
3802 Dabney St Houston, TX	2.0	1.0	910	$875	$0.96	4d	1	1.25mi
3802 Dabney St Houston, TX	1.0–2.0	1.0	825	$990	$1.20	45d	2	1.25mi
3822 Dabney St Unit 2 BEDROOM 3 Houston, TX	2.0	1.0	756	$985	$1.30	45d	1	1.26mi
3910 Woolworth St Houston, TX	3.0	2.0	1150	$1,750	$1.52	45d	1	1.35mi
7839 Sandy St Houston, TX	3.0	2.0	1300	$1,575	$1.21	0d	1	1.39mi

Listing history 3 events

1. 2026-05-12
   price $99,000 434-char remark
2. 2026-05-07
   listed $110,000 Active 434-char remark
3. 2000-11-29
   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: $1,329 · $111/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$482/yr (+$40/mo · 36.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 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: $17,072
• − Mortgage interest: −$5,546
• − Property taxes: −$1,329
• − Insurance: −$5,614
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$2,880
• Taxable loss: −$1,028
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $561/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): 19,109
• Household income: $38,357
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1177.0

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: Majority Black (57%)
• Race & ethnicity: Black 57% Hispanic / Latino 41% Two or more races 15% White 2%
• Hispanic origin (detail): Mexican 36%
• Foreign-born: 13% · Canada
• Languages at home: 61% English-only · Spanish 38%

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: ▲ 5.25%
• Current HPI: 267.7798
• Rent YoY: ▼ -1.55%
• 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

-10.0% since first listed

7 events — show timeline

• 2026-06-05 Sold (Public Records) — Public Records
• 2026-06-05 Sold (Public Records) — Public Records
• 2026-06-04 Sold (MLS) — HARMLS
• 2026-05-19 Pending — HARMLS
• 2026-05-12 Price Changed $99,000 HARMLS
• 2026-05-07 Listed $110,000 HARMLS
• 2000-11-29 Sold (Public Records) — Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,329 · +11.7% YoY. Source: county tax records.