4207 Drake St · Houston, TX 77005

$799,000

2 bd · 1.0 ba · 4,208 sqft · MultiFamily · 43 Days on market

Built 1966 Good condition 5,000 sqft lot $190/sqft · at area comps Est $797k · at est. ↓ 18% since listing

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Why this score? — see what drove the C 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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.4/15.0
• 1% rule +6.1/10.0
• Rent growth +4.0/5.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• 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

This Six-Unit Apartment Complex In West University Place Offers A Smart Opportunity For Investors Looking For A Strong Inner-Loop Location W/Lasting Demand. The unit mix includes 3- 2-bedroom/1-bath units, 2- 1-bedroom/1-bath units & 1- studio w/a full kitchen & bath, making it easy to attract a wide range of tenants. Each unit has its own personality, W/neutral updated finishes & practical kitchens & baths designed for comfortable living & easy upkeep. Select units offer extras such as skylights, built-in storage, extended vanities & in-unit laundry, helping support tenant satisfaction & retention. The property delivers charming curb appeal w/classic brick construction, mature trees & a welcoming shared courtyard. Located just blocks from Loop 610 & US-59/69, w/quick access to the Galleria, Texas Medical Center, Rice University, Downtown Houston, dining, shopping & public transportation. prime location, unit diversity & tenant-friendly features make this a solid long-term investment.

Key facts

• 5,000 sq ft lot
• Built 1966
• Listed 43 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $799k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $799k).
• Recommended offer: $775k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 rising fast (+6.0%/yr); 139 active listings in the ZIP; 3 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; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $8,833/mo this rent would consume 46% of the median local household income ($229k/yr) (locally 753% 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 $6k of loan paydown is wiped out by about $24k 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 + 6.0% rent growth), your $224k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($775k) is reasonable based on typical stale-listing flexibility.
• 4 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $775,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $797,356
• List price: $799,000
• Delta: 0.21%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.95% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-9,592
• Equity at exit: $119,133

10-year hold

• IRR: 11.5%
• Equity multiple: 2.02×
• Total profit: $229,306
• Equity at exit: $69,083

Cash invested: $223,720 (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 77005

• Rents YoY: 6.0%
• Active inventory: 139
• Price-to-rent: 43.1×

Monthly cashflow live

• Estimated rent: $8,833 high
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,855
• Net cashflow: $1,456

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,638
▸ 2× units	1	1	$2,766
1× unit	0	1	$1,428
Total (6 units)			$8,833

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2929 Weslayan St Houston, TX	3.0	1.0–3.5	2411	$9,812	$4.07	24d	23	0.97mi
2929 Weslayan St Houston, TX	3.0	1.0–3.5	2411	$11,502	$4.77	3d	27	0.97mi
3319 Bingham Manor Ln Houston, TX	3.0	4.0	2866	$2,900	$1.01	43d	1	1.46mi

Listing history 22 events

1. 2026-06-18
   days on market $799,000 Active 43 DOM
2. 2026-06-17
   days on market $799,000 Active 42 DOM
3. 2026-06-16
   days on market $799,000 Active 41 DOM
4. 2026-06-15
   days on market $799,000 Active 40 DOM
5. 2026-06-13
   days on market $799,000 Active 38 DOM
6. 2026-06-10
   days on market $799,000 Active 34 DOM
7. 2026-06-08
   days on market $799,000 Active 33 DOM
8. 2026-06-07
   days on market $799,000 Active 32 DOM
9. 2026-06-04
   days on market $799,000 Active 29 DOM
10. 2026-06-01
    days on market $799,000 Active 26 DOM
11. 2026-05-31
    days on market $799,000 Active 25 DOM
12. 2026-05-06
    listed $799,000 Active 1043-char remark

    Show marketing remark (1043 chars)

    This Six-Unit Apartment Complex In West University Place Offers A Smart Opportunity For Investors Looking For A Strong Inner-Loop Location W/Lasting Demand. The unit mix includes 3- 2-bedroom/1-bath units, 2- 1-bedroom/1-bath units & 1- studio w/a full kitchen & bath, making it easy to attract a wide range of tenants. Each unit has its own personality, W/neutral updated finishes & practical kitchens & baths designed for comfortable living & easy upkeep. Select units offer extras such as skylights, built-in storage, extended vanities & in-unit laundry, helping support tenant satisfaction & retention. The property delivers charming curb appeal w/classic brick construction, mature trees & a welcoming shared courtyard. Located just blocks from Loop 610 & US-59/69, w/quick access to the Galleria, Texas Medical Center, Rice University, Downtown Houston, dining, shopping & public transportation. prime location, unit diversity & tenant-friendly features make this a solid long-term investment.

13. 2026-05-06
    historical

    Show marketing remark (1043 chars)

    This Six-Unit Apartment Complex In West University Place Offers A Smart Opportunity For Investors Looking For A Strong Inner-Loop Location W/Lasting Demand. The unit mix includes 3- 2-bedroom/1-bath units, 2- 1-bedroom/1-bath units & 1- studio w/a full kitchen & bath, making it easy to attract a wide range of tenants. Each unit has its own personality, W/neutral updated finishes & practical kitchens & baths designed for comfortable living & easy upkeep. Select units offer extras such as skylights, built-in storage, extended vanities & in-unit laundry, helping support tenant satisfaction & retention. The property delivers charming curb appeal w/classic brick construction, mature trees & a welcoming shared courtyard. Located just blocks from Loop 610 & US-59/69, w/quick access to the Galleria, Texas Medical Center, Rice University, Downtown Houston, dining, shopping & public transportation. prime location, unit diversity & tenant-friendly features make this a solid long-term investment.

14. 2026-04-13
    status Active
15. 2026-03-11
    status Pending
16. 2026-02-23
    status Pending
17. 2026-02-05
    price $849,000
18. 2026-01-16
    price $899,000
19. 2026-01-06
    listed $949,000 Active
20. 2025-11-10
    historical
21. 2025-09-22
    price $949,000
22. 2025-08-06
    listed $975,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 25 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: $105,996
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$8,480
• − Management: −$8,480
• − Depreciation: −$23,244
• Taxable income: $5,057
• Est. tax owed @ 24.0%: −$1,214
• After-tax cash flow: $16,263/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 · 14 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a good curb appeal and well-maintained interiors. It has the potential to be a strong investment opportunity with minor cosmetic improvements.

Value-add opportunities

• Both Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and increase the property's value.
• Both Replace worn-out carpet — Replacing the carpet can improve the living space and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and increase the property's value. ↑
• Both Replace worn-out carpet — Replacing the carpet can improve the living space and make it more attractive to potential buyers or renters. ↑

ⓘ 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): 28,874
• Household income: $229,267
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 753.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 14% Two or more races 11% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Slovak 3% Romanian 3%
• Foreign-born: 18% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 8% Chinese 6% Other Indo-European 4%

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: ▼ -630.44%
• Current HPI: 247.3475
• Rent YoY: ▲ 5.95%
• 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

-18.1% since first listed

11 events — show timeline

• 2026-05-06 Listing Removed — HARMLS
• 2026-05-06 Listed $799,000 HARMLS
• 2026-04-13 Relisted — HARMLS
• 2026-03-11 Pending — HARMLS
• 2026-02-23 Pending — HARMLS
• 2026-02-05 Price Changed $849,000 HARMLS
• 2026-01-16 Price Changed $899,000 HARMLS
• 2026-01-06 Listed $949,000 HARMLS
• 2025-11-10 Listing Removed — HARMLS
• 2025-09-22 Price Changed $949,000 HARMLS
• 2025-08-06 Listed $975,000 HARMLS