6723 Avenue P · Houston, TX 77011

$279,000

3 bd · 2.0 ba · 1,478 sqft · MultiFamily public records · 64 Days on market

Built 1938 5,000 sqft lot $189/sqft · 53% above area Est $313k · 11% under

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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 +12.4/15.0
• Appreciation +10.0/10.0
• Cash flow +5.7/30.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Rent growth +1.8/5.0
• DSCR +0.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

MOTIVATED!! Total of 4 units, (1) large 2-bedroom up front, (1) 1-bedroom unit attached to rear of main home, plus a 2-story duplex in the back features 1-bedroom units each. Separate electric meters, tenants pay for their own electricity, owner pays for gas & water, long-term tenancy, double wide driveway, large carport for covered parking, 50% occupancy, opportunity to update and bump the rents in a desirable area of the East End!

Key facts

• Large carport
• Double wide driveway
• 5,000 sq ft lot

Tags

• LARGE CARPORT
• DOUBLE WIDE DRIVEWAY
• SEPARATE ELECTRIC METERS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $-569 ($-7k/yr) — negative. Per door: $-284/mo.
• To cash-flow at today's rent, offer at most $179k (36.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (25.5% below list).
• Recommended offer: $179k (36.0% below list) — sets the bar for cash-flow.
• Cap rate 3.8% vs local median 3.1% in Houston — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (-2.9%/yr); 161 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $2,078/mo this rent would consume 50% of the median local household income ($50k/yr) (locally 655% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $51k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $279k implies a 739% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• 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 $178,506 (36.0% 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 64 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 3.85%
• Cash-on-cash: -8.74%
• DSCR: 0.61
• GRM: 11.2

CMA / ARV

• ARV (median comp): $313,393
• List price: $279,000
• Delta: -10.97%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7006 Sherman St	0.70mi	3/2.0	1,479 (+0%)	11mo	$359,000	$243	58
6646 Sherman St	0.63mi	2/1.0 (-1)	1,408 (-5%)	6mo	$255,999	$182	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 2.41×
• Total profit: $109,834
• Equity at exit: $251,345

10-year hold

• IRR: 15.8%
• Equity multiple: 5.37×
• Total profit: $341,439
• Equity at exit: $542,036

Cash invested: $78,120 (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 77011

• Home prices YoY: 30.1%
• Rents YoY: -2.9%
• Active inventory: 161
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $2,078 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$631 /mo · $7,574/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $-569

Break-even live

Break-even rent $2,798

Max offer price $178,506

Occupancy floor —

Sensitivity live

Price	-10% $-411	-5% $-490	+0% $-569	+5% $-648	+10% $-727
Rent	-10% $-733	-5% $-651	+0% $-569	+5% $-487	+10% $-405
Rate	-1.0pp $-428	-0.5pp $-498	base $-569	+0.5pp $-641	+1.0pp $-715

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,078
Total (2 units)			$2,078

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7043 Avenue L Houston, TX	3.0	2.0	999	$1,845	$1.85	44d	1	0.51mi
6403 Avenue C Unit 1019625P Houston, TX	2.0–8.0	1.0–4.0	1232	$3,466	$2.81	3d	2	0.74mi
5601 Canal St Unit 2148 Houston, TX	2.0	2.0	943	$1,570	$1.66	0d	1	0.86mi
5601 Canal St Unit 2174 Houston, TX	2.0	2.0	943	$1,575	$1.67	12d	1	0.86mi
5601 Canal St Unit 424 Houston, TX	2.0	2.0	943	$1,540	$1.63	8d	1	0.86mi
5601 Canal St Unit 5658 Houston, TX	2.0	2.0	943	$1,564	$1.66	11d	1	0.88mi
217 N 72nd St Houston, TX	2.0	2.0	1017	$1,525	$1.50	44d	1	0.91mi
7250 Avenue C Houston, TX	1.0–3.0	1.0–2.0	886	$1,680	$1.90	0d	15	0.97mi
7310 Sherman St Houston, TX	1.0–3.0	1.0–2.0	879	$1,499	$1.71	0d	11	1.05mi
7334 Texas St Houston, TX	3.0	2.0	1782	$2,200	$1.23	44d	1	1.17mi
5504 Texas St Unit 1514810P Houston, TX	3.0	2.5	1808	$7,026	$3.89	3d	1	1.21mi
5502 Texas St Unit 1514806P Houston, TX	3.0	2.5	1808	$7,216	$3.99	8d	1	1.22mi
2203 Pearl St Houston, TX	3.0	2.0	1298	$1,570	$1.21	14d	1	1.33mi
6526 Jamail Dr Houston, TX	2.0	2.0	1025	$1,449	$1.41	44d	1	1.34mi
6520 Jamail Dr Houston, TX	1.0–2.0	1.0–2.0	903	$1,529	$1.69	0d	6	1.35mi
956 Villa De Matel Rd Houston, TX	2.0	1.0	928	$1,039	$1.12	25d	1	1.39mi
956 Villa De Matel Rd Houston, TX	2.0	1.0	928	$1,039	$1.12	22d	1	1.39mi
960 Villa De Matel Rd Houston, TX	2.0	1.0	1056	$1,129	$1.07	25d	1	1.40mi
1010 S Wayside Dr #101 Houston, TX	4.0	2.0	1400	$1,982	$1.42	44d	1	1.49mi
1010 S Wayside Dr #101 Houston, TX	4.0	2.0	1400	$1,199	$0.86	25d	1	1.49mi
1010 S Wayside Dr Unit 402 Houston, TX	2.0	2.0	950	$1,659	$1.75	44d	1	1.50mi

Listing history 23 events

1. 2026-06-18
   days on market $279,000 Active 64 DOM
2. 2026-06-17
   days on market $279,000 Active 63 DOM
3. 2026-06-16
   days on market $279,000 Active 62 DOM
4. 2026-06-15
   days on market $279,000 Active 61 DOM
5. 2026-06-13
   days on market $279,000 Active 59 DOM
6. 2026-06-10
   days on market $279,000 Active 55 DOM
7. 2026-06-08
   days on market $279,000 Active 54 DOM
8. 2026-06-07
   days on market $279,000 Active 53 DOM
9. 2026-06-04
   days on market $279,000 Active 50 DOM
10. 2026-06-01
    days on market $279,000 Active 47 DOM
11. 2026-05-31
    days on market $279,000 Active 46 DOM
12. 2026-05-09
    price $299,900 440-char remark

    Show marketing remark (440 chars)

    MOTIVATED!! Total of 4 units, (1) large 2-bedroom up front, (1) 1-bedroom unit attached to rear of main home, plus a 2-story duplex in the back features 1-bedroom units each. Separate electric meters, tenants pay for their own electricity, owner pays for gas & water, long-term tenancy, double wide driveway, large carport for covered parking, 50% occupancy, opportunity to update and bump the rents in a desirable area of the East End!

13. 2026-04-15
    listed $330,000 Active 440-char remark

    Show marketing remark (440 chars)

    MOTIVATED!! Total of 4 units, (1) large 2-bedroom up front, (1) 1-bedroom unit attached to rear of main home, plus a 2-story duplex in the back features 1-bedroom units each. Separate electric meters, tenants pay for their own electricity, owner pays for gas & water, long-term tenancy, double wide driveway, large carport for covered parking, 50% occupancy, opportunity to update and bump the rents in a desirable area of the East End!

14. 2010-11-10
    soldstatus 198-char remark

    Show marketing remark (198 chars)

    LARGE 2 BEDROOM SINGLE FAMILY HOME W/AN ATTACHED EFFICIENCY UNIT IN THE BACK PLUS A 2 STORY GARAGE APT. W/ 1 BEDROOM 1 BATH UNITS UPSTAIRS AND DOWNSTAIRS. ALL UNITS ARE CURRENTLY VACANT, SHORT SALE.

15. 2010-11-10
    soldstatus

    Show marketing remark (198 chars)

    LARGE 2 BEDROOM SINGLE FAMILY HOME W/AN ATTACHED EFFICIENCY UNIT IN THE BACK PLUS A 2 STORY GARAGE APT. W/ 1 BEDROOM 1 BATH UNITS UPSTAIRS AND DOWNSTAIRS. ALL UNITS ARE CURRENTLY VACANT, SHORT SALE.

16. 2010-10-01
    historical 198-char remark

    Show marketing remark (198 chars)

    LARGE 2 BEDROOM SINGLE FAMILY HOME W/AN ATTACHED EFFICIENCY UNIT IN THE BACK PLUS A 2 STORY GARAGE APT. W/ 1 BEDROOM 1 BATH UNITS UPSTAIRS AND DOWNSTAIRS. ALL UNITS ARE CURRENTLY VACANT, SHORT SALE.

17. 2010-04-07
    listed $119,000 198-char remark

    Show marketing remark (198 chars)

    LARGE 2 BEDROOM SINGLE FAMILY HOME W/AN ATTACHED EFFICIENCY UNIT IN THE BACK PLUS A 2 STORY GARAGE APT. W/ 1 BEDROOM 1 BATH UNITS UPSTAIRS AND DOWNSTAIRS. ALL UNITS ARE CURRENTLY VACANT, SHORT SALE.

18. 2008-09-30
    historical
19. 2008-07-17
    listed $185,000
20. 2008-07-10
    historical
21. 2008-04-01
    listed $189,000
22. 2006-03-01
    soldstatus
23. 1997-07-28
    soldstatus $33,250

ⓘ 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: $7,574 · $631/mo
• Projected year-2 tax: $7,574 · $631/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) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,936
• − Mortgage interest: −$15,628
• − Property taxes: −$7,574
• − Insurance: −$1,395
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − Depreciation: −$8,116
• Taxable loss: −$11,767
• Est. tax savings @ 24.0%: +$2,824
• After-tax cash flow: $-4,002/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): 14,940
• Household income: $50,133
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 655.0

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: Predominantly Hispanic (88%)
• Race & ethnicity: Hispanic / Latino 88% Two or more races 29% White 7% Black 3%
• Hispanic origin (detail): Mexican 81%
• Foreign-born: 33% · Canada
• Languages at home: 24% English-only · Spanish 76%

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: ▲ 68.18%
• Current HPI: 295.1198
• Rent YoY: ▼ -2.93%
• 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

+802.0% since first listed

12 events — show timeline

• 2026-05-09 Price Changed $299,900 HARMLS
• 2026-04-15 Listed $330,000 HARMLS
• 2010-11-10 Sold (Public Records) — Public Records
• 2010-11-10 Sold (MLS) — HARMLS
• 2010-10-01 Listing Removed — HARMLS
• 2010-04-07 Listed $119,000 HARMLS
• 2008-09-30 Listing Removed — HARMLS
• 2008-07-17 Listed $185,000 HARMLS
• 2008-07-10 Listing Removed — HARMLS
• 2008-04-01 Listed $189,000 HARMLS
• 2006-03-01 Sold (Public Records) — Public Records
• 1997-07-28 Sold (Public Records) $33,250 Public Records

Property tax history

+8.3%/yr

Latest (2025): $7,574 · +20.5% YoY. Source: county tax records.