13937 Viceroy Way

Splendora, TX 77372

$239,990D

3 bd · 2.0 ba · 1,476 sqft · Built 2026 · Land · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$1,161
• Tax + insurance: −$212
• HOA: −$63
• Vac / Maint / Mgmt: −$382
• Net cashflow: $1/mo
• Annual: $17/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.03%
• DSCR: 1.00
• 1% rule: 0.82%
• Cash to close: $62,002

Investor read

• This is a 3-bed/2.0-bath land listed at $240k.
• At list price, monthly cash flow is $1 ($17/yr) — positive.
• To cash-flow at today's rent, offer at most $222k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (24.2% below list).
• It's been on market 44 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (24.2% below list) — sets the bar for 1% rule.
• 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.
• Location reads 62/100 on livability (#911 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Splendora ISD (rural): math 25% / reading 31% proficiency, ranked #648 of 826 in TX (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Piney Woods El (math 23% / reading 28%, grade F, #2,982 of 4,322 statewide, top 70%, 534 students, 55% FRL); Splendora J H (math 28% / reading 42%, grade F, #842 of 1,662 statewide, top 51%, 774 students, 62% FRL); Splendora H S (math 18% / reading 38%, grade F, #1,170 of 1,632 statewide, top 72%, 1,344 students, 59% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: 550 active listings in the ZIP; solid renter incomes; 13,259 units permitted in Montgomery County in 2024 (1,402 in 5+ unit buildings).
• Montgomery County population projected at +65% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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.
• Cap rate 6.3% vs local median 5.2% in Splendora — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.