5602 Rivergate Dr · Spring, TX 77373

$233,000

4 bd · 3.0 ba · 2,266 sqft · SingleFamily public records · 73 Days on market

Built 1976 6,599 sqft lot Est $401k · 42% under $31/mo HOA · 1% of rent

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Why this score? — see what drove the C- 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 +14.7/30.0
• 1% rule +5.6/10.0
• DSCR +4.5/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

Key facts

• En suite bathroom
• Dual-primary setup
• Convenient location

Tags

• TWO PRIMARY BEDROOMS
• EN SUITE BATHROOM
• DUAL-PRIMARY SETUP
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Greengate Place association — $375 annually

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Residential property; Slab foundation
• Construction: Brick construction; Composition roof; Built in 1976
• Exterior features: Subdivision lot

Interior

• Bedrooms: Primary bedroom (First floor) — 18 x 19; Primary bedroom (First floor) — 20 x 14; Bedroom (First floor) — 12 x 11; Bedroom (First floor) — 11 x 10
• Bathrooms: Three full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: One fireplace; Five total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $233k.

Deal economics

• At list price, monthly cash flow is $61 ($731/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $233k).
• Recommended offer: $219k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 4.5% in Spring — 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 66/100 on livability (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D, amenities F, commute F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dueitt Middle (math 12% / reading 23%, grade F, #1,507 of 1,662 statewide, top 91%, 773 students, 84% FRL); Spring H S (math 12% / reading 21%, grade F, #1,497 of 1,632 statewide, top 92%, 2,760 students, 72% FRL).
• Market conditions: Rents soft (-0.3%/yr); 595 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 34% of the median local income ($89k/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 73 days — a 6% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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: property tax is 2.8% of price.
• 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 $219,020 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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?
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: 1.06% ✓
• Cap rate: 6.61%
• Cash-on-cash: 1.12%
• DSCR: 1.05
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $401,082
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22602 Jay Dr	0.44mi	4/2.5	2,145 (-5%)	11mo	$380,000	$177	59

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: -18.4%
• Equity multiple: 0.37×
• Total profit: $-40,920
• Equity at exit: $34,741

10-year hold

• IRR: -20.0%
• Equity multiple: 0.11×
• Total profit: $-57,819
• Equity at exit: $20,146

Cash invested: $65,240 (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 77373

• Rents YoY: -0.3%
• Active inventory: 595
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,477 medium
• Mortgage (P&I): −$1,222
• Tax from tax record: −$546 /mo · $6,547/yr
• Insurance: −$97
• HOA: −$31
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $61

Break-even live

Break-even rent $2,399

Max offer price $233,000

Occupancy floor 93%

Sensitivity live

Price	-10% $193	-5% $127	+0% $61	+5% $-5	+10% $-71
Rent	-10% $-135	-5% $-37	+0% $61	+5% $159	+10% $257
Rate	-1.0pp $178	-0.5pp $120	base $61	+0.5pp $1	+1.0pp $-61

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: $58,250
• Closing costs: $6,990
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $31 · $372/yr

Listing history 20 events

1. 2026-05-10
   status Pending
2. 2026-04-29
   status Pending
3. 2026-04-08
   price $233,000
4. 2026-03-16
   price $236,000
5. 2026-02-25
   listed $239,000 Active
6. 2023-03-24
   soldstatus
7. 2023-03-22
   soldstatus Sold 700-char remark

   Show marketing remark (700 chars)

   Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

8. 2023-02-28
   status Pending 700-char remark

   Show marketing remark (700 chars)

   Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

9. 2023-02-14
   status Active 700-char remark

   Show marketing remark (700 chars)

   Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

10. 2023-01-10
    historical 700-char remark

    Show marketing remark (700 chars)

    Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

11. 2023-01-05
    price $237,000 700-char remark

    Show marketing remark (700 chars)

    Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

12. 2022-12-08
    price $244,000 700-char remark

    Show marketing remark (700 chars)

    Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

13. 2022-09-23
    listed $250,000 Active 700-char remark

    Show marketing remark (700 chars)

    Fantastic home in sought after location! This home has fresh interior paint and partially replaced flooring in some areas. Discover a bright and open interior with plenty of natural light and a neutral color palate, complimented by a fireplace. Step into the kitchen, complete with an eye catching stylish backsplash. You won’t want to leave the serene primary suite, the perfect space to relax. Additional bedrooms provide nice living or office space. The primary bathroom features plenty of under sink storage waiting for your home organization needs. Take it easy in the fenced in back yard. The covered sitting area makes it great for BBQs! Don't wait! Make this beautiful home yours today.

14. 2022-07-18
    soldstatus Sold 423-char remark

    Show marketing remark (423 chars)

    Investor/Flip/Rental Property Special! This home has fantastic curb appeal and is surrounded by well maintained properties. The fourth bedroom listed on the tax records is a large mother in law/ guest suite with kitchen. Good size primary suite with attached office/study. HVAC 2016. There is a lot of potential for investors looking to flip or rent. Flip it, rent it or upgrade the home to your liking and make it yours!

15. 2022-06-06
    price $2,030
16. 2022-05-19
    status Option Pending 423-char remark

    Show marketing remark (423 chars)

    Investor/Flip/Rental Property Special! This home has fantastic curb appeal and is surrounded by well maintained properties. The fourth bedroom listed on the tax records is a large mother in law/ guest suite with kitchen. Good size primary suite with attached office/study. HVAC 2016. There is a lot of potential for investors looking to flip or rent. Flip it, rent it or upgrade the home to your liking and make it yours!

17. 2022-05-18
    historical 423-char remark

    Show marketing remark (423 chars)

    Investor/Flip/Rental Property Special! This home has fantastic curb appeal and is surrounded by well maintained properties. The fourth bedroom listed on the tax records is a large mother in law/ guest suite with kitchen. Good size primary suite with attached office/study. HVAC 2016. There is a lot of potential for investors looking to flip or rent. Flip it, rent it or upgrade the home to your liking and make it yours!

18. 2022-05-10
    price $200,000 423-char remark

    Show marketing remark (423 chars)

    Investor/Flip/Rental Property Special! This home has fantastic curb appeal and is surrounded by well maintained properties. The fourth bedroom listed on the tax records is a large mother in law/ guest suite with kitchen. Good size primary suite with attached office/study. HVAC 2016. There is a lot of potential for investors looking to flip or rent. Flip it, rent it or upgrade the home to your liking and make it yours!

19. 2022-04-28
    listed $225,000 Active 423-char remark

    Show marketing remark (423 chars)

    Investor/Flip/Rental Property Special! This home has fantastic curb appeal and is surrounded by well maintained properties. The fourth bedroom listed on the tax records is a large mother in law/ guest suite with kitchen. Good size primary suite with attached office/study. HVAC 2016. There is a lot of potential for investors looking to flip or rent. Flip it, rent it or upgrade the home to your liking and make it yours!

20. 1988-01-02
    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: $6,547 · $546/mo
• Projected year-2 tax: $6,547 · $546/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 ≥111°F today · 25 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,718
• − Mortgage interest: −$13,052
• − Property taxes: −$6,547
• − Insurance: −$1,165
• − Repairs & maintenance: −$2,377
• − Management: −$2,377
• − HOA: −$372
• − Depreciation: −$6,778
• Taxable loss: −$2,950
• Est. tax savings @ 24.0%: +$708
• After-tax cash flow: $1,439/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: Spring ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% Other Indo-European 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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+3.6% since first listed

20 events — show timeline

• 2026-05-10 Pending — HARMLS
• 2026-04-29 Pending — HARMLS
• 2026-04-08 Price Changed $233,000 HARMLS
• 2026-03-16 Price Changed $236,000 HARMLS
• 2026-02-25 Listed $239,000 HARMLS
• 2023-03-24 Sold (Public Records) — Public Records
• 2023-03-22 Sold (MLS) — HARMLS
• 2023-02-28 Pending — HARMLS
• 2023-02-14 Relisted — HARMLS
• 2023-01-10 Listing Removed — HARMLS
• 2023-01-05 Price Changed $237,000 HARMLS
• 2022-12-08 Price Changed $244,000 HARMLS
• 2022-09-23 Listed $250,000 HARMLS
• 2022-07-18 Sold (MLS) — HARMLS
• 2022-06-06 Price Changed $2,030 RENT.
• 2022-05-19 Pending — HARMLS
• 2022-05-18 Listing Removed — HARMLS
• 2022-05-10 Price Changed $200,000 HARMLS
• 2022-04-28 Listed $225,000 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+10.7%/yr

Latest (2025): $6,547 · +3.1% YoY. Source: county tax records.