3804-3808 Mount Pleasant St #9 · Houston, TX 77021

$1,199,900

30 bd · 15.0 ba · 5,094 sqft · MultiFamily public records · 123 Days on market

Built 1950 0.41 ac lot ↓ 50% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This is a great chance to pick up a 15 unit apartment complex in the growing South Union area. The property offers a mix of 4 one bedroom units and 11 two bedroom units. Included in the sale are parcel 0741520480001 and 0741520480003. This location and unit mix make it a strong value add opportunity. Listing may incorporate floorplan and virtual furnishings to help visualize its potential. Property is being sold in “as-is condition”, dimensions and information are approximate and buyer/representation responsibility to verify.

Key facts

• South union area
• Tree lined streets
• 0.41 acre lot

Tags

• SOUTH UNION AREA
• TREE LINED STREETS
• QUICK ACCESS TO MEDICAL CENTER
• QUICK ACCESS TO DOWNTOWN
• STRONG VALUE ADD OPPORTUNITY

Property features AI

Finance

• Financial info: Annual property tax listed (see broker for details)

Exterior

• Utilities: Property has heating and cooling (central, electric)
• Home design: Residential income property; Built in 1950
• Construction: Total building area approximately 9,358 square feet
• Exterior features: Large lot totaling 17,760 square feet

Interior

• Bedrooms: Four 1-bedroom units; Eleven 2-bedroom units
• Bathrooms: Units include full bathrooms (at least one full bathroom per unit type listed)
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Multi-unit building with 15 total units

What this means for you Summary

Snapshot

• This is a 11×2bd/1.0ba + 4×1bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $458/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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: 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.
• Zoned schools: Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Yates H S (math 12% / reading 23%, grade F, #1,451 of 1,632 statewide, top 89%, 851 students, 96% FRL) — zoned schools average 98% FRL vs 71% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 31% district-wide (-17 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.2%/yr); 467 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,055,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.54% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.55%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.17% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 1.68×
• Total profit: $227,962
• Equity at exit: $178,909

10-year hold

• IRR: 24.9%
• Equity multiple: 3.08×
• Total profit: $700,182
• Equity at exit: $103,745

Cash invested: $335,972 (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 77021

• Home prices YoY: -23.6%
• Rents YoY: 2.2%
• Active inventory: 467
• Price-to-rent: 79.1×

Monthly cashflow live

• Estimated rent: $18,455 medium
• Mortgage (P&I): −$6,292
• Tax from tax record: −$914 /mo · $10,965/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,876
• Net cashflow: $6,873

Break-even live

Break-even rent $9,755

Max offer price $1,199,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 11× units	2	1	$13,904
▸ 4× units	1	1	$4,548
Total (15 units)			$18,455

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: $299,975
• Closing costs: $35,997
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $1,199,900 Active 123 DOM
2. 2026-06-17
   days on market $1,199,900 Active 122 DOM
3. 2026-06-16
   days on market $1,199,900 Active 121 DOM
4. 2026-06-15
   days on market $1,199,900 Active 120 DOM
5. 2026-06-13
   days on market $1,199,900 Active 118 DOM
6. 2026-06-10
   days on market $1,199,900 Active 114 DOM
7. 2026-06-08
   days on market $1,199,900 Active 113 DOM
8. 2026-06-07
   pricedays on market $1,199,900 Active 112 DOM
9. 2026-06-04
   days on market $1,249,000 Active 109 DOM
10. 2026-06-01
    days on market $1,249,000 Active 106 DOM
11. 2026-05-31
    days on market $1,249,000 Active 105 DOM
12. 2026-05-25
    status Active
13. 2026-05-25
    status Pending
14. 2026-04-23
    status Pending
15. 2026-03-23
    status Active
16. 2025-12-25
    status Pending
17. 2025-12-03
    status Pending
18. 2025-11-17
    listed $1,249,000 Active
19. 2025-09-15
    historical
20. 2025-02-13
    listed $2,500,000 Active
21. 2025-02-13
    historical
22. 2019-12-12
    soldstatus
23. 1997-11-21
    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: $10,965 · $914/mo
• Projected year-2 tax: $21,958 · $1,830/mo
• Expected delta: +$10,993/yr (+$916/mo · 100.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 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: $221,460
• − Mortgage interest: −$67,213
• − Property taxes: −$10,965
• − Insurance: −$6,000
• − Repairs & maintenance: −$17,717
• − Management: −$17,717
• − Depreciation: −$34,906
• Taxable income: $66,943
• Est. tax owed @ 24.0%: −$16,066
• After-tax cash flow: $66,414/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): 26,153
• Household income: $45,574
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 2532.0

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 0.55)
• Race & ethnicity: Black 62% Hispanic / Latino 22% Two or more races 12% White 10% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 77% English-only · Spanish 19% French/Haitian/Cajun 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: ▼ -71.22%
• Current HPI: 230.2869
• Rent YoY: ▲ 2.17%
• 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

-50.0% since first listed

12 events — show timeline

• 2026-05-25 Relisted — HARMLS
• 2026-05-25 Pending — HARMLS
• 2026-04-23 Pending — HARMLS
• 2026-03-23 Relisted — HARMLS
• 2025-12-25 Pending — HARMLS
• 2025-12-03 Pending — HARMLS
• 2025-11-17 Listed $1,249,000 HARMLS
• 2025-09-15 Listing Removed — HARMLS
• 2025-02-13 Listed $2,500,000 HARMLS
• 2025-02-13 Coming Soon — HARMLS
• 2019-12-12 Sold (Public Records) — Public Records
• 1997-11-21 Sold (Public Records) — Public Records

Property tax history

+10.7%/yr

Latest (2025): $10,965 · -17.6% YoY. Source: county tax records.