1203 Middlecreek St · Friendswood, TX 77546

$360,000

4 bd · 2.0 ba · 2,066 sqft · SingleFamily public records · 195 Days on market

Built 1983 0.27 ac lot $174/sqft · 19% below area Est $445k · 19% under $29/mo HOA · 1% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +7.3/30.0
• Schools +6.1/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover comfort, space, and timeless style in this well-loved 4-bedroom, 2-bath home—ready to welcome its next family. The spacious kitchen features granite countertops, a built-in oven, and a generous walk-in pantry, while the adjacent butler’s pantry provides the perfect spot for extra appliances or holiday meal prep. The inviting family room stands out with its floor-to-ceiling wood paneling, cathedral ceiling, and exposed beam, creating a warm and dramatic focal point. With a neutral palette, this home offers the ideal canvas for your personal updates—just the right amount of DIY potential. Don’t miss the chance to make this beautiful Falcon Ridge classic your own— selling As-Is. Friendswood ISD!! Schedule your tour today!

Key facts

• Butler's pantry
• Cathedral ceiling
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• BUILT-IN OVEN
• WALK-IN PANTRY
• BUTLER'S PANTRY
• FLOOR-TO-CEILING WOOD PANELING
• CATHEDRAL CEILING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $-473 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (23.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $284k (21.2% below list).
• Recommended offer: $277k (23.2% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 2.4% in Friendswood — 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 70/100 on livability (#338 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Friendswood ISD (suburban): math 64% / reading 65% proficiency, ranked #15 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: C W Cline El (math 62% / reading 67%, grade B, #257 of 4,322 statewide, top 6%, 801 students, 8% FRL); Friendswood J H (math 62% / reading 59%, grade B+, #154 of 1,662 statewide, top 9%, 1,467 students, 0% FRL); Friendswood H S (math 61% / reading 76%, grade B, #144 of 1,632 statewide, top 9%, 1,980 students, 0% FRL).
• Market conditions: Rents rising (+2.7%/yr); 512 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 3,258 units permitted in Galveston County in 2024 (0 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 $11k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($317k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $90k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $276,528 (23.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 4.72%
• Cash-on-cash: -5.63%
• DSCR: 0.75
• GRM: 10.6

CMA / ARV

• ARV (median comp): $444,775
• List price: $360,000
• Delta: -19.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Windsor Dr	0.60mi	4/2.0	1,998 (-3%)	1mo	$399,900	$200	66
1205 Middlecreek St	0.01mi	4/2.5	2,346 (+14%)	16mo	$424,900	$181	62
1712 White Wing Cir	0.14mi	4/3.0	2,366 (+14%)	8mo	$464,900	$196	58
1489 Garden Lakes Dr	0.48mi	3/2.0 (-1)	2,276 (+10%)	0mo	$468,900	$206	55
1531 Briar Bend Dr	0.46mi	3/2.0 (-1)	2,289 (+11%)	2mo	$429,000	$187	54
1482 Garden Lakes Dr	0.49mi	4/2.0	2,322 (+12%)	10mo	$479,000	$206	48
1407 Kent Way	0.73mi	4/2.5	1,936 (-6%)	20mo	$385,000	$199	37

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -26.2%
• Equity multiple: 0.12×
• Total profit: $-88,989
• Equity at exit: $53,677

10-year hold

• IRR: -23.8%
• Equity multiple: -0.18×
• Total profit: $-118,525
• Equity at exit: $31,126

Cash invested: $100,800 (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 77546

• Rents YoY: 2.7%
• Active inventory: 512
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,837 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$647 /mo · $7,766/yr
• Insurance: −$150
• HOA: −$29
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $-473

Break-even live

Break-even rent $3,435

Max offer price $276,528

Occupancy floor —

Sensitivity live

Price	-10% $-269	-5% $-371	+0% $-473	+5% $-574	+10% $-676
Rent	-10% $-697	-5% $-585	+0% $-473	+5% $-360	+10% $-248
Rate	-1.0pp $-291	-0.5pp $-381	base $-473	+0.5pp $-566	+1.0pp $-661

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	17d	1	1.15mi
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	18d	1	1.15mi

HOA detail

• Monthly dues: $29 · $348/yr

Listing history 24 events

1. 2026-06-21
   days on market $360,000 Active 195 DOM
2. 2026-06-18
   days on market $360,000 Active 192 DOM
3. 2026-06-17
   days on market $360,000 Active 191 DOM
4. 2026-06-16
   days on market $360,000 Active 190 DOM
5. 2026-06-15
   days on market $360,000 Active 189 DOM
6. 2026-06-13
   days on market $360,000 Active 187 DOM
7. 2026-06-09
   days on market $360,000 Active 183 DOM
8. 2026-06-08
   days on market $360,000 Active 182 DOM
9. 2026-06-07
   days on market $360,000 Active 181 DOM
10. 2026-06-04
    days on market $360,000 Active 178 DOM
11. 2026-06-03
    days on market $360,000 Active 177 DOM
12. 2026-06-02
    days on market $360,000 Active 176 DOM
13. 2026-06-01
    days on market $360,000 Active 175 DOM
14. 2026-05-31
    days on market $360,000 Active 174 DOM
15. 2026-02-27
    price $360,000 767-char remark

    Show marketing remark (767 chars)

    Discover comfort, space, and timeless style in this well-loved 4-bedroom, 2-bath home—ready to welcome its next family. The spacious kitchen features granite countertops, a built-in oven, and a generous walk-in pantry, while the adjacent butler’s pantry provides the perfect spot for extra appliances or holiday meal prep. The inviting family room stands out with its floor-to-ceiling wood paneling, cathedral ceiling, and exposed beam, creating a warm and dramatic focal point. With a neutral palette, this home offers the ideal canvas for your personal updates—just the right amount of DIY potential. Don’t miss the chance to make this beautiful Falcon Ridge classic your own— selling As-Is. Friendswood ISD!! Schedule your tour today!

16. 2026-01-27
    price $399,000 767-char remark

    Show marketing remark (767 chars)

    Discover comfort, space, and timeless style in this well-loved 4-bedroom, 2-bath home—ready to welcome its next family. The spacious kitchen features granite countertops, a built-in oven, and a generous walk-in pantry, while the adjacent butler’s pantry provides the perfect spot for extra appliances or holiday meal prep. The inviting family room stands out with its floor-to-ceiling wood paneling, cathedral ceiling, and exposed beam, creating a warm and dramatic focal point. With a neutral palette, this home offers the ideal canvas for your personal updates—just the right amount of DIY potential. Don’t miss the chance to make this beautiful Falcon Ridge classic your own— selling As-Is. Friendswood ISD!! Schedule your tour today!

17. 2025-12-17
    price $420,000 767-char remark

    Show marketing remark (767 chars)

    Discover comfort, space, and timeless style in this well-loved 4-bedroom, 2-bath home—ready to welcome its next family. The spacious kitchen features granite countertops, a built-in oven, and a generous walk-in pantry, while the adjacent butler’s pantry provides the perfect spot for extra appliances or holiday meal prep. The inviting family room stands out with its floor-to-ceiling wood paneling, cathedral ceiling, and exposed beam, creating a warm and dramatic focal point. With a neutral palette, this home offers the ideal canvas for your personal updates—just the right amount of DIY potential. Don’t miss the chance to make this beautiful Falcon Ridge classic your own— selling As-Is. Friendswood ISD!! Schedule your tour today!

18. 2025-12-08
    listed $450,000 Active 767-char remark

    Show marketing remark (767 chars)

    Discover comfort, space, and timeless style in this well-loved 4-bedroom, 2-bath home—ready to welcome its next family. The spacious kitchen features granite countertops, a built-in oven, and a generous walk-in pantry, while the adjacent butler’s pantry provides the perfect spot for extra appliances or holiday meal prep. The inviting family room stands out with its floor-to-ceiling wood paneling, cathedral ceiling, and exposed beam, creating a warm and dramatic focal point. With a neutral palette, this home offers the ideal canvas for your personal updates—just the right amount of DIY potential. Don’t miss the chance to make this beautiful Falcon Ridge classic your own— selling As-Is. Friendswood ISD!! Schedule your tour today!

19. 2019-05-03
    soldstatus
20. 2019-05-02
    soldstatus Sold 864-char remark

    Show marketing remark (864 chars)

    Traditional Beauty located in Popular Falcon Ridge! This comfortable and practical home features 4 bedrooms and 2 full baths. You will fall in love with the space this home offers to the next family that calls it home! The roof was replaced in 2016 along with A/C and garage door. The kitchen is roomy and offers granite counter tops, built-in oven There's plenty of storage in the walk-in pantry! The butler's pantry is perfect for extra appliances or to use as a prep area for holiday meals! The family room is adorned with floor to ceiling stunning wood paneling and boast a cathedral style ceiling with exposed beam. A pretty clean palette to make it your own! Just enough DIY projects to make it fun but not overwhelming. Being Sold AS-IS - in addition to items in Seller's Disclosure, needs updating, no flooring in hallways to bedrooms. Take a look today!

21. 2019-04-07
    status Pending 864-char remark

    Show marketing remark (864 chars)

    Traditional Beauty located in Popular Falcon Ridge! This comfortable and practical home features 4 bedrooms and 2 full baths. You will fall in love with the space this home offers to the next family that calls it home! The roof was replaced in 2016 along with A/C and garage door. The kitchen is roomy and offers granite counter tops, built-in oven There's plenty of storage in the walk-in pantry! The butler's pantry is perfect for extra appliances or to use as a prep area for holiday meals! The family room is adorned with floor to ceiling stunning wood paneling and boast a cathedral style ceiling with exposed beam. A pretty clean palette to make it your own! Just enough DIY projects to make it fun but not overwhelming. Being Sold AS-IS - in addition to items in Seller's Disclosure, needs updating, no flooring in hallways to bedrooms. Take a look today!

22. 2019-03-26
    status Option Pending 864-char remark

    Show marketing remark (864 chars)

    Traditional Beauty located in Popular Falcon Ridge! This comfortable and practical home features 4 bedrooms and 2 full baths. You will fall in love with the space this home offers to the next family that calls it home! The roof was replaced in 2016 along with A/C and garage door. The kitchen is roomy and offers granite counter tops, built-in oven There's plenty of storage in the walk-in pantry! The butler's pantry is perfect for extra appliances or to use as a prep area for holiday meals! The family room is adorned with floor to ceiling stunning wood paneling and boast a cathedral style ceiling with exposed beam. A pretty clean palette to make it your own! Just enough DIY projects to make it fun but not overwhelming. Being Sold AS-IS - in addition to items in Seller's Disclosure, needs updating, no flooring in hallways to bedrooms. Take a look today!

23. 2019-03-17
    listed $257,000 Active 864-char remark

    Show marketing remark (864 chars)

    Traditional Beauty located in Popular Falcon Ridge! This comfortable and practical home features 4 bedrooms and 2 full baths. You will fall in love with the space this home offers to the next family that calls it home! The roof was replaced in 2016 along with A/C and garage door. The kitchen is roomy and offers granite counter tops, built-in oven There's plenty of storage in the walk-in pantry! The butler's pantry is perfect for extra appliances or to use as a prep area for holiday meals! The family room is adorned with floor to ceiling stunning wood paneling and boast a cathedral style ceiling with exposed beam. A pretty clean palette to make it your own! Just enough DIY projects to make it fun but not overwhelming. Being Sold AS-IS - in addition to items in Seller's Disclosure, needs updating, no flooring in hallways to bedrooms. Take a look today!

24. 1989-02-01
    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: $7,766 · $647/mo
• Projected year-2 tax: $7,766 · $647/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 ≥107°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,048
• − Mortgage interest: −$20,166
• − Property taxes: −$7,766
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − HOA: −$348
• − Depreciation: −$10,473
• Taxable loss: −$11,952
• Est. tax savings @ 24.0%: +$2,868
• After-tax cash flow: $-2,802/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: Friendswood ISD
• NCES district ID: 4819950
• Math proficiency: 64% ▼ -12.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $109,699
• Composite: 60.52/100
• National rank: #841
• State rank: #15 of 826 in TX

Livability — Friendswood

• Score: 70/100
• State rank: #338
• US rank: #7362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendswood, TX
• County: Galveston County · 357,330 people
• City population: 54,789
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 54,789
• Household income: $123,756
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 1350.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 11% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.03%
• Current HPI: 243.7934
• Rent YoY: ▲ 2.74%
• 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

+40.1% since first listed

10 events — show timeline

• 2026-02-27 Price Changed $360,000 HARMLS
• 2026-01-27 Price Changed $399,000 HARMLS
• 2025-12-17 Price Changed $420,000 HARMLS
• 2025-12-08 Listed $450,000 HARMLS
• 2019-05-03 Sold (Public Records) — Public Records
• 2019-05-02 Sold (MLS) — HARMLS
• 2019-04-07 Pending — HARMLS
• 2019-03-26 Pending — HARMLS
• 2019-03-17 Listed $257,000 HARMLS
• 1989-02-01 Sold (Public Records) — Public Records

Property tax history

+5.3%/yr

Latest (2025): $7,766 · +0.2% YoY. Source: county tax records.