2140 Salinas Dr · Iowa Colony, TX 77583

$256,990

3 bd · 2.5 ba · 1,778 sqft · Townhouse · 19 Days on market

Built 2026 Excellent condition $133/mo HOA · 5% of rent ↓ 10% 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 +18.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Condition / age +4.8/5.0
• 1% rule +4.1/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW! Lennar Texas Villas "Cowboy" Plan with Brick Elevation "G" in Sierra Vista! This new two-story townhome offers ample space to live and grow. An inviting open-concept layout on the first floor simplifies everyday transitions between a modern kitchen and inviting Great Room. On the second floor, a versatile loft provides a convenient shared living space easily accessible from two bedrooms and a luxe owner’s suite with dual walk-in closets.

Key facts

• Dual walk-in closets
• Great room
• Modern kitchen

Tags

• OPEN-CONCEPT LAYOUT
• MODERN KITCHEN
• GREAT ROOM
• VERSATILE LOFT
• DUAL WALK-IN CLOSETS

Property features AI

Finance

• HOA & community: Sierra Vista HOA; Annual association fee of $1,591; HOA includes internet

Exterior

• Parking: Attached 2-car garage
• Security: Security system
• Utilities: Has heating and cooling
• Home design: Residential property; 2 stories; New construction (under construction); Slab foundation
• Construction: Built in 2026; Brick and cement siding construction; Slab foundation; Composition roof
• Exterior features: Security system; Composition roof

Interior

• Kitchen: Kitchen island; Breakfast bar; Pantry; Walk-in pantry; Kitchen/family room combo; Kitchen/dining combo; Double vanity (in primary bath)
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (gas); Central electric air conditioning; Has heating and cooling
• Interior features: Breakfast bar; Double vanity; Kitchen island; Kitchen/family room combo; Primary bedroom with private bath; Pantry; Walk-in pantry; Kitchen/dining combo; Loft

🏗️ New construction. The $256,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $291,592.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $257k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $257k).
• Recommended offer: $253k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.2% in Iowa Colony — 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 64/100 on livability (#757 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Alvin ISD (suburban): math 39% / reading 48% proficiency, ranked #255 of 826 in TX (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Iowa Colony H S (792 students, 56% FRL).
• Market conditions: Rents flat; 1148 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,960 units permitted in Brazoria County in 2024 (593 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 $9k of value loss. Plan a longer hold.
• Brazoria County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($253k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $253,135 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-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. 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?
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: 0.91% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.68%
• DSCR: 1.16
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $291,592
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2160 Salinas Dr	0.03mi	3/2.5	1,782 (+0%)	1mo	$286,990	$161	98
2171 Salinas Dr	0.05mi	3/2.5	1,778 (0%)	2mo	$287,990	$162	96
2172 Salinas Dr	0.04mi	4/2.5 (+1)	1,780 (+0%)	1mo	$294,990	$166	92
2167 Salinas Dr	0.07mi	3/2.5	1,728 (-3%)	1mo	$280,990	$163	92
2214 Salinas Dr	0.07mi	4/2.5 (+1)	1,777 (-0%)	1mo	$299,991	$169	91
2203 Salinas Dr	0.06mi	4/2.5 (+1)	1,782 (+0%)	1mo	$295,990	$166	91
2176 Salinas Dr	0.05mi	3/2.5	1,715 (-4%)	1mo	$279,990	$163	91
2163 Salinas Dr	0.04mi	3/2.5	1,718 (-3%)	2mo	$280,990	$164	91
2227 Salinas Dr	0.09mi	4/2.5 (+1)	1,782 (+0%)	0mo	$298,990	$168	90
2207 Salinas Dr	0.06mi	4/2.5 (+1)	1,782 (+0%)	2mo	$295,990	$166	90
2782 Mariposa Creek Dr	0.74mi	3/2.5	1,686 (-5%)	2mo	$229,000	$136	56
2766 Mariposa Creek Dr #3	0.72mi	3/2.5	1,661 (-7%)	2mo	$229,000	$138	54

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 · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.53×
• Total profit: $-38,027
• Equity at exit: $43,477

10-year hold

• IRR: -8.5%
• Equity multiple: 0.52×
• Total profit: $-38,849
• Equity at exit: $25,212

Cash invested: $81,646 (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 77583

• Rents YoY: 0.4%
• Active inventory: 1148
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,660 high
• Mortgage (P&I): −$1,529
• Tax from tax record: −$67 /mo · $807/yr
• Insurance: −$121
• HOA: −$133
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $251

Break-even live

Break-even rent $2,343

Max offer price $291,592

Occupancy floor 86%

Sensitivity live

Price	-10% $416	-5% $333	+0% $251	+5% $168	+10% $86
Rent	-10% $41	-5% $146	+0% $251	+5% $356	+10% $461
Rate	-1.0pp $398	-0.5pp $325	base $251	+0.5pp $175	+1.0pp $98

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: $72,898
• Closing costs: $8,748
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10211 Alpine Lake Ln Rosharon, TX	3.0–4.0	2.0–2.5	1731	$2,700	$1.56	0d	6	0.16mi
10211 Alpine Lake Ln Rosharon, TX	3.0–4.0	2.0–2.5	1731	$2,469	$1.43	45d	7	0.16mi
2314 Red Slate Dr Rosharon, TX	4.0	4.0	2531	$2,850	$1.13	45d	1	0.21mi
1816 Corsica Creek Ln Rosharon, TX	3.0–4.0	2.0–2.5	1653	$2,306	$1.40	0d	20	0.33mi
10313 Malta Trace Dr Rosharon, TX	4.0	2.0	1802	$2,545	$1.41	45d	1	0.42mi
9518 Peridot Green Dr Rosharon, TX	4.0	2.0	1593	$1,886	$1.18	23d	1	0.50mi
9423 Grand Spark Dr Rosharon, TX	3.0	3.0	1999	$2,600	$1.30	45d	1	0.80mi
10610 Cascade Creek Dr Rosharon, TX	3.0	2.0	1548	$2,700	$1.74	45d	1	1.04mi
10622 Cascade Creek Dr Rosharon, TX	4.0	2.0	1780	$2,775	$1.56	45d	1	1.07mi
1403 Cascade Hills Dr Rosharon, TX	4.0	3.0	2067	$3,450	$1.67	8d	1	1.08mi
10630 Cascade Creek Dr Rosharon, TX	3.0	2.5	1940	$2,875	$1.48	4d	1	1.08mi
10507 Moon Valley Ln Rosharon, TX	3.0	2.0	1548	$2,650	$1.71	0d	1	1.11mi
10502 Moon Valley Ln Rosharon, TX	3.0	2.0	1615	$2,725	$1.69	0d	1	1.14mi
1123 Diamond Drape Dr Rosharon, TX	4.0	2.0	1844	$2,000	$1.08	14d	1	1.15mi
1234 Scarlet Creek Dr Rosharon, TX	3.0	2.0	1548	$2,650	$1.71	0d	1	1.17mi
9901 Kilkenny St Iowa Colony, TX	3.0–4.0	2.5	1735	$2,186	$1.26	0d	1	1.19mi
10538 Wildflower View Dr Rosharon, TX	3.0	2.0	1522	$2,775	$1.82	0d	1	1.22mi
2510 Green Jasper Dr Rosharon, TX	3.0	2.0	1561	$2,375	$1.52	45d	1	1.22mi
10602 Wildflower View Dr Rosharon, TX	4.0	2.0	1596	$2,850	$1.79	21d	1	1.23mi
10714 Cliffs View Dr Iowa Colony, TX	4.0	3.5	2070	$2,700	$1.30	45d	1	1.27mi
2523 Topaz Hill Ln Rosharon, TX	3.0–4.0	2.0–2.5	1857	$2,425	$1.31	18d	1	1.46mi

HOA detail

• Monthly dues: $133 · $1,596/yr

Listing history 13 events

1. 2026-06-21
   days on market $256,990 Active 19 DOM
2. 2026-06-18
   days on market $256,990 Active 16 DOM
3. 2026-06-17
   days on market $256,990 Active 15 DOM
4. 2026-06-16
   days on market $256,990 Active 14 DOM
5. 2026-06-15
   days on market $256,990 Active 13 DOM
6. 2026-06-13
   days on market $256,990 Active 11 DOM
7. 2026-06-13
   days on market $256,990 Active 10 DOM
8. 2026-06-09
   days on market $256,990 Active 7 DOM
9. 2026-06-08
   days on market $256,990 Active 6 DOM
10. 2026-06-07
    days on market $256,990 Active 5 DOM
11. 2026-06-04
    days on market $256,990 Active 2 DOM
12. 2026-06-02
    remarks 448-char remark
13. 2026-06-02
    listed $256,990 Active 1 DOM

ⓘ 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: $807 · $67/mo
• Projected year-2 tax: $4,703 · $392/mo
• Expected delta: +$3,896/yr (+$325/mo · 482.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 21 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: $31,922
• − Mortgage interest: −$16,334
• − Property taxes: −$807
• − Insurance: −$1,458
• − Repairs & maintenance: −$2,554
• − Management: −$2,554
• − HOA: −$1,596
• − Depreciation: −$8,483
• Taxable loss: −$1,862
• Est. tax savings @ 24.0%: +$447
• After-tax cash flow: $3,455/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 · 13 photos

Excellent 95/100 None rehab

This new two-story townhome is in excellent condition with modern finishes and a well-maintained exterior. It offers ample space and a great open-concept layout, making it an attractive option for both buyers and renters.

Value-add opportunities

• Resale Painting the exterior brick and updating landscaping — Enhances curb appeal and can increase the home's value.
• Resale Updating the kitchen backsplash — Modernizes the kitchen and can attract more buyers.
• Both Adding smart home features — Improves convenience and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior brick and updating landscaping — Enhances curb appeal and can increase the home's value. ↑
• Resale Updating the kitchen backsplash — Modernizes the kitchen and can attract more buyers. ↑
• Both Adding smart home features — Improves convenience and can increase both resale and rental value. ↑

ⓘ 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: Alvin ISD
• NCES district ID: 4808090
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $66,740
• Composite: 38.96/100
• National rank: #4080
• State rank: #255 of 826 in TX

Livability — Iowa Colony

• Score: 64/100
• State rank: #757
• US rank: #13904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brazoria County · 374,982 people
• City population: 52,747
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 52,747
• Household income: $119,287
• Rent vs Own: 9.8% rent · 90.2% own
• Severe rent burden: 251.0

Population outlook (Brazoria County) Hauer SSP2

• Today (2025): 420,414 people
• By 2030: 457,585 · +8.8%
• By 2040: 532,232 · +26.6%
• By 2050: 605,399 · +44.0%
• By 2075: 779,358 · +85.4%
• By 2100: 883,759 · +110.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 38% Black 34% White 20% Two or more races 18% Asian 5%
• Hispanic origin (detail): Mexican 31% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 16% · Canada, Vietnam, China
• Languages at home: 64% English-only · Spanish 28% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Brazoria

• 2024 margin: R (+19.7) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +9.9pp toward D · 2008: -29.6pp · 2024: -19.7pp
• All cycles: 2024: R+19.7 2020: R+18.2 2016: R+24.6 2012: R+34.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.19%
• Current HPI: 198.6559
• Rent YoY: ▲ 0.44%
• 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

-10.5% since first listed

2 events — show timeline

• 2026-06-02 Price Changed $256,990 HARMLS
• 2026-06-02 Listed $286,990 HARMLS