2403 Fulton St · Houston, TX 77009

$199,000

3 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 15 Days on market

Built 1920 5,000 sqft lot ↓ 20% 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 +16.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• DSCR +5.2/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in Houston’s rapidly growing Near Northside, 2403 Fulton presents an excellent value-add opportunity for investors, flippers, or BRRRR buyers looking to capitalize on one of the city’s fastest-appreciating urban corridors. This 2 bed, 1 bath home offers strong upside potential for renovation, rental income, or long-term hold strategy, all within minutes of Downtown Houston, METRORail access, and major freeways. Positioned along highly visible Fulton Street and directly across from Northside High School, the property benefits from exceptional accessibility and redevelopment momentum throughout the area. Whether you're looking for your next flip, rental project, or land pl

Key facts

• 5,000 sq ft lot
• Built 1920
• Listed 14 days

Property features AI

Finance

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

Exterior

• Parking: No parking
• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1920; Entry supported by pillar/post/pier foundation
• Construction: Cement siding; Composition roof; Pillar/Post/Pier foundation
• Exterior features: Lot approximately 50 x 100 (5,000 sq ft); Lot features: Other

Interior

• Bedrooms: Bedroom on the first floor; Primary bedroom on the first floor
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating: Window unit; Cooling: Window unit(s)
• Interior features: Two total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.1% 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: Marshall Middle (math 14% / reading 22%, grade F, #1,491 of 1,662 statewide, top 91%, 607 students, 97% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 95% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 15 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $196,015 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 1.04% ✓
• Cap rate: 7.04%
• Cash-on-cash: 2.66%
• DSCR: 1.12
• GRM: 8.0

CMA / ARV

• ARV (median comp): $1,775,268
• List price: $199,000
• Delta: -66.26%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2602 Atlantic St	0.16mi	2/1.0 (-1)	1,108 (-2%)	4mo	$95,000	$86	81
2309 Chestnut St	0.12mi	2/1.0 (-1)	1,192 (+6%)	3mo	$225,000	$189	77
2112 Terry St	0.52mi	3/1.0	1,132 (+0%)	2mo	$119,500	$106	74
1409 Morris St	0.45mi	3/3.0	1,148 (+2%)	0mo	$315,000	$274	68
1118 Hammock St	0.19mi	3/1.5	1,252 (+11%)	8mo	$280,000	$224	64
2109 Gentry St	0.26mi	3/1.5	1,292 (+14%)	2mo	$215,000	$166	60
1816 Mckee St	0.65mi	3/1.0	1,170 (+4%)	5mo	$200,000	$171	59
2715 Chapman St	0.44mi	2/2.0 (-1)	1,214 (+8%)	2mo	$175,997	$145	57
1804 Fletcher St	0.63mi	2/1.0 (-1)	1,080 (-4%)	3mo	$315,000	$292	56
3406 Gano St	0.68mi	4/2.0 (+1)	1,117 (-1%)	2mo	$199,000	$178	56
2710 Gano St	0.41mi	3/2.0	1,265 (+12%)	2mo	$325,000	$257	55
3411 Terry St	0.74mi	3/1.0	1,078 (-4%)	6mo	$250,000	$232	53

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 · 0.84% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.49×
• Total profit: $-28,670
• Equity at exit: $29,672

10-year hold

• IRR: -10.4%
• Equity multiple: 0.43×
• Total profit: $-31,679
• Equity at exit: $17,206

Cash invested: $55,720 (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 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$386 /mo · $4,636/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $124

Break-even live

Break-even rent $1,915

Max offer price $199,000

Occupancy floor 89%

Sensitivity live

Price	-10% $236	-5% $180	+0% $124	+5% $67	+10% $11
Rent	-10% $-40	-5% $42	+0% $124	+5% $205	+10% $287
Rate	-1.0pp $224	-0.5pp $174	base $124	+0.5pp $72	+1.0pp $20

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2310 N Main St Houston, TX	2.0	2.0	997	$1,687	$1.69	44d	1	0.25mi
2623 Keene St Houston, TX	2.0	1.0–2.0	965	$3,280	$3.40	17d	44	0.31mi
2209 Gano St Unit 4 Houston, TX	2.0	1.0	700	$1,250	$1.79	44d	1	0.39mi
2209 Gano St Unit 3 Houston, TX	2.0	1.0	700	$1,200	$1.71	44d	1	0.39mi
207 Carl St Houston, TX	2.0	2.0	1230	$2,250	$1.83	44d	1	0.41mi
2016 N Main St Houston, TX	2.0	2.0	1169	$2,200	$1.88	44d	1	0.42mi
412 Paschall St Unit 1316398P Houston, TX	3.0	2.0	1130	$4,840	$4.28	13d	1	0.46mi
306 North St Houston, TX	2.0	1.0	950	$1,150	$1.21	44d	1	0.46mi
1725 N Main St Houston, TX	2.0	2.0	988	$2,263	$2.29	44d	1	0.62mi
200 Hogan St Houston, TX	2.0	2.0	1058	$1,904	$1.80	12d	1	0.68mi
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,354	$2.37	0d	41	0.69mi
914 Bunton St Houston, TX	3.0	2.0	1389	$1,950	$1.40	44d	1	0.69mi
1514 Everett St Houston, TX	2.0	1.0	970	$1,840	$1.90	20d	1	0.73mi
1550 Burnett St Houston, TX	1.0–2.0	1.0–2.0	877	$2,108	$2.40	0d	37	0.80mi
1250 Leona St Houston, TX	2.0	1.0–2.0	885	$1,990	$2.25	0d	14	0.89mi
1550 Leona St Houston, TX	1.0–2.0	1.0–2.0	835	$1,905	$2.28	2d	19	0.92mi
1550 Leona St Unit 1587 Houston, TX	2.0	2.0	1131	$1,942	$1.72	44d	1	0.92mi
1860 White Oak Dr Houston, TX	1.0–2.0	1.0	812	$1,800	$2.22	2d	2	0.95mi
1499 Crockett St Houston, TX	2.0	2.0	1062	$2,424	$2.28	25d	1	0.98mi
1714 Mary St Houston, TX	2.0	2.0	1100	$2,400	$2.18	44d	1	1.00mi
1993 Silver St Houston, TX	2.0	2.0	1100	$2,620	$2.38	25d	1	1.14mi
825 Usener St Houston, TX	2.0	1.0–2.0	1050	$2,925	$2.79	0d	27	1.25mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	21d	1	1.25mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	44d	1	1.25mi
2000 Taylor St Houston, TX	2.0	1.0–2.0	916	$3,082	$3.36	0d	31	1.31mi
650 McKee St Unit 3112 Houston, TX	3.0	2.0	1136	$2,120	$1.87	0d	1	1.36mi
650 McKee St Unit 683 Houston, TX	3.0	2.0	1136	$2,125	$1.87	44d	1	1.36mi
650 McKee St Unit 2148 Houston, TX	2.0	2.0	966	$1,682	$1.74	3d	1	1.36mi
650 McKee St Unit 424 Houston, TX	2.0	2.0	966	$1,690	$1.75	6d	1	1.36mi
650 McKee St Unit 2174 Houston, TX	2.0	2.0	966	$1,714	$1.77	11d	1	1.36mi
650 McKee St Apt 425 Houston, TX	2.0	2.0	966	$1,725	$1.79	5d	1	1.36mi
650 McKee St Unit 3174 Houston, TX	3.0	2.0	1136	$2,114	$1.86	11d	1	1.36mi
650 McKee St Apt 422 Houston, TX	2.0	2.0	966	$1,690	$1.75	8d	1	1.36mi
650 McKee St Unit 687 Houston, TX	2.0	2.0	966	$1,715	$1.78	44d	1	1.36mi
3031 Sumpter St Unit 50 Houston, TX	2.0	1.0	732	$1,200	$1.64	25d	1	1.37mi
2430 Spring St Houston, TX	2.0	2.0	1199	$2,023	$1.69	44d	1	1.37mi
1007 Archer St Houston, TX	2.0	1.0	1008	$1,923	$1.91	2d	1	1.39mi
915 Franklin St Unit 3-324 Houston, TX	2.0	2.0	1158	$2,498	$2.16	44d	1	1.39mi
915 Franklin St Unit 312202 Houston, TX	2.0	2.0	1398	$1,987	$1.42	44d	1	1.39mi
915 Franklin St Unit ID51118 Houston, TX	2.0	2.0	1342	$2,000	$1.49	44d	1	1.39mi

Listing history 14 events

1. 2026-06-04
   days on market $199,000 Active 15 DOM
2. 2026-06-01
   days on market $199,000 Active 12 DOM
3. 2026-05-31
   days on market $199,000 Active 11 DOM
4. 2026-05-20
   listed $199,000 Active
5. 2026-05-20
   historical
6. 2026-05-06
   listed $599,000 Active
7. 2026-05-06
   historical
8. 2026-03-02
   price $599,000
9. 2026-02-26
   listed $625,000 Active
10. 2025-12-23
    historical
11. 2025-10-19
    listed $690,000 Active
12. 2024-07-23
    historical
13. 2024-04-14
    listed $250,000 Active
14. 1994-12-29
    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: $4,636 · $386/mo
• Projected year-2 tax: $4,636 · $386/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,856
• − Mortgage interest: −$11,147
• − Property taxes: −$4,636
• − Insurance: −$995
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − Depreciation: −$5,789
• Taxable loss: −$1,688
• Est. tax savings @ 24.0%: +$405
• After-tax cash flow: $1,888/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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

-20.4% since first listed

11 events — show timeline

• 2026-05-20 Listing Removed — HARMLS
• 2026-05-20 Listed $199,000 HARMLS
• 2026-05-06 Listing Removed — HARMLS
• 2026-05-06 Listed $599,000 HARMLS
• 2026-03-02 Price Changed $599,000 HARMLS
• 2026-02-26 Listed $625,000 HARMLS
• 2025-12-23 Listing Removed — HARMLS
• 2025-10-19 Listed $690,000 HARMLS
• 2024-07-23 Listing Removed — HARMLS
• 2024-04-14 Listed $250,000 HARMLS
• 1994-12-29 Sold (Public Records) — Public Records

Property tax history

+9.6%/yr

Latest (2025): $4,636 · +1.5% YoY. Source: county tax records.