3029 Drew · Houston, TX 77004

$247,500

3 bd · 2.0 ba · 1,600 sqft · SingleFamily · 83 Days on market

Good condition $155/sqft · 12% above area Est $221k · 12% over

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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 +15.6/30.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.4/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to an affordable single family one story home with a modern floor plan. This all brick beautiful home offers a functional 3 bedroom, 2 full bath with a 2 car garage. Enjoy the open concept with modern finishes throughout. This home also includes kitchen stainless steel appliances. The covered patio provides the ideal setting for outdoor gatherings and everyday enjoyment. This home is part of the Midtown Redevelopment Program, CCPPI and City of Houston to provide affordable home opportunities.

Key facts

• Modern floor plan
• Covered patio
• 2 garage spots

Tags

• MODERN FLOOR PLAN
• COVERED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $248k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (7.2% below list).
• Recommended offer: $230k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.2% 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: schools D, 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.
• Market conditions: Rents soft (-0.3%/yr); 586 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 39% of the median local income ($71k/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 83 days — a 6% lower offer ($233k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $229,625 (7.2% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.93% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.79%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $220,893
• List price: $247,500
• Delta: 12.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2306 Hadley St	0.51mi	3/2.5	1,582 (-1%)	3mo	$339,000	$214	70
2409 Webster St	0.49mi	3/2.5	1,647 (+3%)	2mo	$397,500	$241	69
3417 Tuam St	0.36mi	3/2.5	1,732 (+8%)	7mo	$349,900	$202	62
3419 Tuam St	0.37mi	3/2.5	1,732 (+8%)	7mo	$349,000	$202	62
1762 Aden Mist Dr	0.51mi	2/2.5 (-1)	1,540 (-4%)	2mo	$282,000	$183	61
1768 Aden Dr	0.55mi	2/2.0 (-1)	1,688 (+6%)	1mo	$309,500	$183	59
2528 Live Oak St	0.32mi	3/3.5	1,790 (+12%)	3mo	$382,500	$214	56
1722 Aden Mist Dr	0.59mi	2/2.0 (-1)	1,688 (+6%)	5mo	$309,000	$183	54
3508 Sauer St	0.43mi	3/3.5	1,737 (+9%)	7mo	$375,000	$216	54
3522 Dennis St	0.55mi	4/2.0 (+1)	1,778 (+11%)	3mo	$295,000	$166	49
2210 Berry St	0.71mi	3/2.5	1,758 (+10%)	5mo	$410,000	$233	44
2915 Pease St	0.63mi	3/3.0	1,795 (+12%)	3mo	$349,000	$194	44

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: -16.9%
• Equity multiple: 0.42×
• Total profit: $-40,201
• Equity at exit: $36,903

10-year hold

• IRR: -15.5%
• Equity multiple: 0.24×
• Total profit: $-52,374
• Equity at exit: $21,399

Cash invested: $69,300 (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 77004

• Rents YoY: -0.3%
• Active inventory: 586
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,296 high
• Mortgage (P&I): −$1,298
• Tax est. 1.5%: −$309 /mo · $3,712/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $104

Break-even live

Break-even rent $2,165

Max offer price $247,500

Occupancy floor 90%

Sensitivity live

Price	-10% $275	-5% $189	+0% $104	+5% $18	+10% $-67
Rent	-10% $-78	-5% $13	+0% $104	+5% $194	+10% $285
Rate	-1.0pp $228	-0.5pp $167	base $104	+0.5pp $39	+1.0pp $-26

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: $61,875
• Closing costs: $7,425
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3034 Gray St Houston, TX	3.0	3.0	2081	$3,000	$1.44	44d	1	0.35mi
3012 Live Oak St Unit A Houston, TX	3.0	2.0	1188	$1,395	$1.17	21d	1	0.35mi
3309 Webster St Unit 1472545P Houston, TX	3.0	2.0	1334	$3,335	$2.50	0d	1	0.40mi
3229 Holman St Houston, TX	4.0	4.0	1632	$1,200	$0.74	44d	1	0.42mi
3448 Coyle St Unit 3174 Houston, TX	3.0	2.0	1151	$1,199	$1.04	0d	1	0.59mi
3448 Coyle St Unit 510 Houston, TX	3.0	2.0	1151	$1,215	$1.06	17d	1	0.59mi
3517 McIlhenny St Houston, TX	3.0	3.5	2000	$3,200	$1.60	4d	1	0.59mi
3213 Saint Emanuel St Houston, TX	4.0	3.5	2100	$3,300	$1.57	17d	1	0.65mi
3015 Isabella St Houston, TX	3.0	1.0	1452	$1,399	$0.96	0d	1	0.65mi
3507 Canfield St Houston, TX	3.0	2.5	2200	$2,350	$1.07	25d	1	0.66mi
2102 Gray St Unit Na Houston, TX	3.0	1.0	1267	$2,200	$1.74	23d	1	0.67mi
3719 Elgin St Houston, TX	1.0–5.0	1.0–5.0	1241	$1,374	$1.11	25d	14	0.69mi
3131 Leeland St Houston, TX	3.0	3.5	1966	$2,850	$1.45	25d	1	0.71mi
2209 Alabama St Unit B Houston, TX	3.0	2.5	2074	$2,350	$1.13	44d	1	0.75mi
2425 Bell St Houston, TX	2.0	1.0–2.0	860	$2,806	$3.26	0d	72	0.84mi
2216 Chenevert St Houston, TX	1.0–2.0	1.5–2.5	1380	$2,800	$2.03	25d	3	0.84mi
4306 Ennis St Houston, TX	3.0	3.0	1989	$2,500	$1.26	44d	1	0.85mi
2357 Jackson St Houston, TX	3.0	2.5	1908	$2,500	$1.31	23d	1	0.85mi
2401 Eagle St Houston, TX	4.0	4.0	1700	$2,800	$1.65	44d	1	0.86mi
1920 Hamilton St Houston, TX	2.0	2.0	1117	$2,160	$1.93	44d	1	0.88mi
1800 Saint Joseph Pkwy Unit 2187 Houston, TX	2.0	2.0	1117	$1,780	$1.59	5d	1	0.88mi
1800 Saint Joseph Pkwy Unit 2165 Houston, TX	2.0	2.0	1117	$1,729	$1.55	0d	1	0.88mi
1800 Saint Joseph Pkwy Unit 2187 Houston, TX	2.0	2.0	1117	$1,770	$1.58	0d	1	0.88mi
1800 St Joseph Pkwy Houston, TX	1.0–2.0	1.0–2.0	950	$1,900	$2.00	8d	3	0.88mi
1800 Saint Joseph Pkwy Unit 1837 Houston, TX	2.0	2.0	1117	$1,769	$1.58	11d	1	0.88mi
2311 Eagle St Houston, TX	3.0	4.0	1783	$2,500	$1.40	44d	1	0.89mi
2809 Crawford St Houston, TX	2.0	2.0	1928	$2,600	$1.35	44d	1	0.90mi
3603 Chenevert St Houston, TX	1.0–2.0	1.0–2.0	1020	$2,129	$2.09	14d	8	0.92mi
3609 Chenevert St Houston, TX	2.0	2.0	1168	$1,749	$1.50	20d	1	0.94mi
3609 Chenevert St Houston, TX	2.0	2.0	1168	$1,749	$1.50	23d	1	0.94mi
2340 Polk St Unit EEL1 Houston, TX	2.0	2.0	1053	$1,775	$1.69	44d	1	0.95mi
2319 Rosewood St Unit A Houston, TX	3.0	1.0	1333	$1,515	$1.14	25d	1	1.02mi
2703 Blodgett St Unit 1047952P Houston, TX	1.0–5.0	1.5–5.5	2497	$11,718	$4.69	2d	2	1.04mi
2111 Austin St Houston, TX	3.0	1.0–2.0	985	$3,095	$3.14	6d	25	1.08mi
2501 McKinney St Houston, TX	2.0	2.0	1210	$1,634	$1.35	0d	1	1.09mi
2501 McKinney St Unit CRT2 Houston, TX	2.0	2.0	1210	$1,634	$1.35	4d	1	1.09mi
1310 Anita St Houston, TX	2.0	2.0	1760	$2,695	$1.53	44d	1	1.09mi
2816 Rusk St Houston, TX	3.0	3.5	2107	$2,800	$1.33	44d	1	1.15mi
2615 Arbor St Unit 1047942P Houston, TX	2.0	2.0	1194	$2,742	$2.30	23d	1	1.16mi
2615 Arbor St Unit 1047947P Houston, TX	2.0	2.0	1194	$2,342	$1.96	0d	1	1.16mi

Listing history 13 events

1. 2026-06-21
   days on market $247,500 Active 83 DOM
2. 2026-06-18
   days on market $247,500 Active 80 DOM
3. 2026-06-17
   days on market $247,500 Active 79 DOM
4. 2026-06-16
   days on market $247,500 Active 78 DOM
5. 2026-06-15
   days on market $247,500 Active 77 DOM
6. 2026-06-13
   days on market $247,500 Active 75 DOM
7. 2026-06-10
   days on market $247,500 Active 71 DOM
8. 2026-06-08
   days on market $247,500 Active 70 DOM
9. 2026-06-07
   days on market $247,500 Active 69 DOM
10. 2026-06-04
    days on market $247,500 Active 66 DOM
11. 2026-06-01
    days on market $247,500 Active 63 DOM
12. 2026-05-31
    days on market $247,500 Active 62 DOM
13. 2026-03-11
    listed $247,500 Active 505-char remark

    Show marketing remark (505 chars)

    Welcome to an affordable single family one story home with a modern floor plan. This all brick beautiful home offers a functional 3 bedroom, 2 full bath with a 2 car garage. Enjoy the open concept with modern finishes throughout. This home also includes kitchen stainless steel appliances. The covered patio provides the ideal setting for outdoor gatherings and everyday enjoyment. This home is part of the Midtown Redevelopment Program, CCPPI and City of Houston to provide affordable home opportunities.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,555
• − Mortgage interest: −$13,864
• − Property taxes: −$3,712
• − Insurance: −$1,238
• − Repairs & maintenance: −$2,204
• − Management: −$2,204
• − Depreciation: −$7,200
• Taxable loss: −$2,868
• Est. tax savings @ 24.0%: +$688
• After-tax cash flow: $1,932/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 · 6 photos

Good 80/100 Cosmetic rehab

This single-family home is in good condition with a modern floor plan and well-maintained exterior. It offers a good return on investment with minor updates that can significantly enhance its value.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Resale New flooring in bathrooms — Modern flooring improves aesthetics and functionality
• Resale New kitchen appliances — Stainless steel appliances add value and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale New flooring in bathrooms — Modern flooring improves aesthetics and functionality ↑
• Resale New kitchen appliances — Stainless steel appliances add value and appeal ↑

ⓘ 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: 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): 35,997
• Household income: $71,199
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 3072.0

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 0.68)
• Race & ethnicity: Black 48% White 27% Hispanic / Latino 13% Two or more races 11% Asian 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 10% Chinese 2% Other Indo-European 2%

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: ▼ -139.34%
• Current HPI: 199.6066
• Rent YoY: ▼ -0.32%
• 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

1 event — show timeline

• 2026-03-11 Listed $247,500 HARMLS