24014 Red Sky Dr · Spring, TX 77373

$219,500

4 bd · 2.5 ba · 1,917 sqft · SingleFamily public records · 27 Days on market

Built 1982 7,479 sqft lot Est $249k · 12% under $19/mo HOA · 1% of rent

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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 +18.1/30.0
• ARV discount +12.9/15.0
• 1% rule +6.2/10.0
• DSCR +5.7/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This charming two-story home offers 3 bedrooms, 2 full bathrooms, and 1 half bath with approximately 1,917 square feet of living space situated on a spacious lot. Inside, you’ll find durable solid surface flooring, soaring ceilings, a striking floor-to-ceiling fireplace, granite countertops, glass tile backsplash, stainless steel appliances, and dual breakfast bars ideal for everyday living and entertaining. The home features a generously sized primary suite along with comfortable secondary bedrooms. Step outside to enjoy an oversized backyard, patio space, recently refreshed exterior paint, and an attached 2-car garage. Conveniently located in the North Spring community with quick ac

Key facts

• Dual breakfast bars
• Granite countertops
• 7,479 sq ft lot

Tags

• SOLID SURFACE FLOORING
• FLOOR TO CEILING FIREPLACE
• GRANITE COUNTERTOPS
• GLASS TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• DUAL BREAKFAST BARS

Property features AI

Finance

• Other: Concrete road surface
• HOA & community: Community pool; Association: Consolidated Management Services; Association fee $225 annually

Exterior

• Parking: Attached garage (2 spaces)
• Security: Home prewired for security; Owned security system; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential property; Faces southwest; Entry on main level
• Construction: Built in 1982; Brick and wood siding exterior; Composition roof; Slab foundation
• Exterior features: Deck; Patio; Fenced backyard; Subdivision lot

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Gas range; Oven
• Bedrooms: Total rooms: 6
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (gas); Central electric air conditioning; HVAC energy-efficient
• Interior features: Breakfast bar; Granite counters; High ceilings; Kitchen/family room combo; Primary bedroom with bath; Ceiling fans; Fireplace (1)
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $216k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.5% in Spring — 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 66/100 on livability (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D, amenities F, commute F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Twin Creeks Middle (math 23% / reading 24%, grade F, #1,317 of 1,662 statewide, top 80%, 973 students, 83% FRL); Spring H S (math 12% / reading 21%, grade F, #1,497 of 1,632 statewide, top 92%, 2,760 students, 72% FRL).
• Market conditions: Rents soft (-0.3%/yr); 599 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 33% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 27 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y 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.
• Current owner paid $48k; list at $220k implies a 362% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.
• 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 $216,207 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 1.12% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $249,210
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23710 Prairie Bird Dr	0.49mi	3/2.5 (-1)	1,789 (-7%)	8mo	$185,000	$103	54
2351 Loyanne Dr	0.53mi	4/2.5	2,125 (+11%)	8mo	$190,000	$89	51
23510 Treeline Bluff Trl	0.67mi	4/2.0	1,892 (-1%)	20mo	$275,000	$145	48
23803 Ironside Rd	0.64mi	3/2.5 (-1)	1,822 (-5%)	14mo	$250,000	$137	45
23611 Blodgett Peak Trl	0.63mi	4/2.0	1,750 (-9%)	24mo	$275,000	$157	34
23918 Spring Mill Ln	0.64mi	3/2.0 (-1)	1,748 (-9%)	21mo	$225,000	$129	31
2514 Spring Day Ct	0.67mi	3/2.0 (-1)	1,648 (-14%)	10mo	$215,000	$130	30

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: -14.2%
• Equity multiple: 0.51×
• Total profit: $-30,289
• Equity at exit: $32,728

10-year hold

• IRR: -12.2%
• Equity multiple: 0.39×
• Total profit: $-37,626
• Equity at exit: $18,978

Cash invested: $61,460 (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 77373

• Rents YoY: -0.3%
• Active inventory: 599
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,455 medium
• Mortgage (P&I): −$1,151
• Tax from tax record: −$485 /mo · $5,822/yr
• Insurance: −$91
• HOA: −$19
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $193

Break-even live

Break-even rent $2,211

Max offer price $219,500

Occupancy floor 87%

Sensitivity live

Price	-10% $317	-5% $255	+0% $193	+5% $131	+10% $69
Rent	-10% $-1	-5% $96	+0% $193	+5% $290	+10% $387
Rate	-1.0pp $304	-0.5pp $249	base $193	+0.5pp $136	+1.0pp $78

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: $54,875
• Closing costs: $6,585
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $19 · $228/yr

Listing history 34 events

1. 2026-06-21
   pricedays on market $219,500 Active 27 DOM
2. 2026-06-18
   days on market $222,000 Active 24 DOM
3. 2026-06-17
   days on market $222,000 Active 23 DOM
4. 2026-06-16
   days on market $222,000 Active 22 DOM
5. 2026-06-15
   days on market $222,000 Active 21 DOM
6. 2026-06-13
   days on market $222,000 Active 19 DOM
7. 2026-06-13
   days on market $222,000 Active 18 DOM
8. 2026-06-09
   days on market $222,000 Active 15 DOM
9. 2026-06-08
   days on market $222,000 Active 14 DOM
10. 2026-06-07
    days on market $222,000 Active 13 DOM
11. 2026-06-04
    days on market $222,000 Active 10 DOM
12. 2026-06-03
    days on market $222,000 Active 9 DOM
13. 2026-06-02
    days on market $222,000 Active 8 DOM
14. 2026-06-01
    days on market $222,000 Active 7 DOM
15. 2026-05-31
    days on market $222,000 Active 6 DOM
16. 2026-05-16
    historical
17. 2026-05-11
    status Active
18. 2026-05-10
    status Pending
19. 2026-05-02
    status Pending
20. 2026-04-29
    listed $219,900 Active
21. 2026-04-28
    historical
22. 2026-03-14
    status Active
23. 2026-03-09
    status Pending
24. 2026-01-23
    price $227,500
25. 2026-01-23
    listed $22,700 Active
26. 2026-01-23
    historical
27. 2025-10-08
    listed $229,000 Active
28. 2018-03-19
    soldstatus
29. 2018-03-16
    soldstatus Sold
30. 2018-03-06
    status Pending
31. 2018-02-27
    status Option Pending
32. 2018-02-19
    listed $154,900 Active
33. 2007-01-05
    soldstatus
34. 1988-12-14
    soldstatus $47,500

ⓘ 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: $5,822 · $485/mo
• Projected year-2 tax: $5,822 · $485/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,465
• − Mortgage interest: −$12,295
• − Property taxes: −$5,822
• − Insurance: −$1,098
• − Repairs & maintenance: −$2,357
• − Management: −$2,357
• − HOA: −$228
• − Depreciation: −$6,385
• Taxable loss: −$1,078
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $2,576/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: Spring ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% Other Indo-European 1%

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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+367.4% since first listed

20 events — show timeline

• 2026-05-25 Listed $222,000 HARMLS
• 2026-05-16 Listing Removed — HARMLS
• 2026-05-11 Relisted — HARMLS
• 2026-05-10 Pending — HARMLS
• 2026-05-02 Pending — HARMLS
• 2026-04-29 Listed $219,900 HARMLS
• 2026-04-28 Listing Removed — HARMLS
• 2026-03-14 Relisted — HARMLS
• 2026-03-09 Pending — HARMLS
• 2026-01-23 Price Changed $227,500 HARMLS
• 2026-01-23 Listing Removed — HARMLS
• 2026-01-23 Listed $22,700 HARMLS
• 2025-10-08 Listed $229,000 HARMLS
• 2018-03-19 Sold (Public Records) — Public Records
• 2018-03-16 Sold (MLS) — HARMLS
• 2018-03-06 Pending — HARMLS
• 2018-02-27 Pending — HARMLS
• 2018-02-19 Listed $154,900 HARMLS
• 2007-01-05 Sold (Public Records) — Public Records
• 1988-12-14 Sold (Public Records) $47,500 Public Records

Property tax history

+4.4%/yr

Latest (2025): $5,822 · +6.2% YoY. Source: county tax records.