2701 Westheimer Rd Unit 5GH · Houston, TX 77098

$690,000

3 bd · 3.0 ba · 2,108 sqft · Condo · 12 Days on market

Built 1963 Good condition $327/sqft · 40% below area Est $1.152M · 40% under $2682/mo HOA · 59% of rent ↓ 6% since listing

---

Why this score? — see what drove the F 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
• Schools +6.2/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.2/5.0
• 1% rule +1.6/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

One of the few large residences in the iconic Regency House, remodeled and offering a rare opportunity for tree top views over the highly coveted River Oaks area. Two units combined into over 2100 square feet of thoughtfuly designed space. New flooring, quartz countertops throughout, beautiful bathroom and kitchen updates. Multiple connecting living areas, each defined yet flowing seamlessly together. Walls of windows filling the home with beautiful northern light. A sought after in-unit washer/dryer adds modern convenience. 7 walk-in closets throughout and 2 storage closets. 3 bedrooms, 3 full baths.

Key facts

• Quartz countertops
• New flooring
• Kitchen updates

Tags

• RIVER OAKS AREA
• NEW FLOORING
• QUARTZ COUNTERTOPS
• BATHROOM UPDATES
• KITCHEN UPDATES
• IN-UNIT WASHER DRYER

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $690k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-4k ($-46k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (81.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $453k (34.4% below list).
• Recommended offer: $129k (81.2% below list) — sets the bar for cash-flow.
• Cap rate -0.4% vs local median 3.1% in Houston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Poe El (math 52% / reading 61%, grade C+, #559 of 4,322 statewide, top 13%, 790 students, 34% FRL); Lanier Middle (math 73% / reading 82%, grade A+, #27 of 1,662 statewide, top 2%, 1,434 students, 29% FRL); Lamar H S (math 38% / reading 65%, grade D+, #478 of 1,632 statewide, top 29%, 3,125 students, 49% FRL) — zoned schools average 37% FRL vs 71% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 31% district-wide (+31 pts) — the actual schools serving this property are materially stronger than the Houston ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-1.1%/yr); 200 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 35d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $4,528/mo this rent would consume 47% of the median local household income ($117k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 59% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $129,468 (81.2% 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. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.66% ✗
• Cap rate: -0.44%
• Cash-on-cash: -24.06%
• DSCR: -0.07
• GRM: 12.7

CMA / ARV

• ARV (median comp): $1,152,132
• List price: $690,000
• Delta: -40.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2703 Westgate St	0.39mi	3/2.5	2,268 (+8%)	1mo	$600,000	$265	66
1902 Driscoll St	0.99mi	3/2.5	2,112 (+0%)	1mo	$769,999	$365	62
1534 Harold St	1.31mi	3/1.5	2,114 (+0%)	0mo	$820,000	$388	58
2220 Welch St	0.63mi	2/2.5 (-1)	2,193 (+4%)	1mo	$435,000	$198	56
2005 Wroxton Rd	1.43mi	3/2.5	2,022 (-4%)	1mo	$1,200,000	$593	55
2801 Albans Rd	1.24mi	3/2.5	2,195 (+4%)	1mo	$1,599,900	$729	55
1935 Richmond Ave	0.90mi	2/1.0 (-1)	2,128 (+1%)	1mo	$500,000	$235	50
1005 S Shepherd Dr #616	1.30mi	2/2.0 (-1)	2,006 (-5%)	0mo	$629,000	$314	48
2708 Wroxton Rd	1.16mi	3/3.5	2,428 (+15%)	1mo	$875,000	$360	37
2309 Park St	1.11mi	2/2.0 (-1)	1,850 (-12%)	0mo	$800,000	$432	35
2520 Robinhood St #503	1.44mi	2/2.5 (-1)	1,820 (-14%)	2mo	$399,000	$219	34
1418 Kipling St	1.45mi	2/2.0 (-1)	2,414 (+14%)	1mo	$1,200,000	$497	31

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: -75.7%
• Equity multiple: -0.92×
• Total profit: $-370,080
• Equity at exit: $102,881

10-year hold

• IRR: —
• Equity multiple: -2.54×
• Total profit: $-684,252
• Equity at exit: $59,659

Cash invested: $193,200 (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 →

Active competition Active MLS

• For sale now: 1 active · 2 under contract
• Median asking: $1,650,000 ($699/sqft)
• Median days on market: 19 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -21.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 77098

• Rents YoY: -1.1%
• Active inventory: 200
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $4,528 high
• Mortgage (P&I): −$3,618
• Tax est. 1.5%: −$862 /mo · $10,350/yr
• Insurance: −$288
• HOA: −$2,682
• Vacancy / Maint / Mgmt: −$951
• Net cashflow: $-3,874

Break-even live

Break-even rent $9,431

Max offer price $129,468

Occupancy floor —

Sensitivity live

Price	-10% $-3,397	-5% $-3,635	+0% $-3,874	+5% $-4,112	+10% $-4,351
Rent	-10% $-4,231	-5% $-4,053	+0% $-3,874	+5% $-3,695	+10% $-3,516
Rate	-1.0pp $-3,526	-0.5pp $-3,698	base $-3,874	+0.5pp $-4,053	+1.0pp $-4,234

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: $172,500
• Closing costs: $20,700
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2701 Westheimer Rd Unit 2158 Houston, TX	2.0	2.0	1488	$2,211	$1.49	139d	1	0.02mi
2954 Westheimer Rd Unit 227 Houston, TX	2.0	2.0	1435	$4,014	$2.80	35d	1	0.07mi
2929 Westheimer Rd Houston, TX	1.0–2.0	1.0–2.0	1375	$4,427	$3.22	0d	4	0.08mi
2929 Westheimer Rd Unit 2952 Houston, TX	2.0	2.0	1435	$3,810	$2.66	139d	1	0.08mi
2935 Westheimer Rd Houston, TX	2.0	2.0	1815	$3,149	$1.73	20d	1	0.08mi
2993 Westheimer Rd Houston, TX	2.0	2.0	1435	$1,238	$0.86	18d	1	0.09mi
3025 Westheimer Rd #231 Houston, TX	2.0	2.0	1435	$4,019	$2.80	0d	1	0.09mi
2676 Kipling St Unit 227 Houston, TX	2.0	2.0	1470	$4,036	$2.75	35d	1	0.13mi
2796 Kirby Dr Houston, TX	2.0	2.0	1434	$2,177	$1.52	139d	1	0.14mi
2747 Kipling St #232 Houston, TX	2.0	2.0	1470	$4,041	$2.75	0d	1	0.15mi
2715 Kipling St Houston, TX	2.0	2.0	1470	$1,121	$0.76	18d	1	0.15mi
2651 Kipling St Unit 421 Houston, TX	2.0	2.0	1470	$4,006	$2.73	103d	1	0.15mi
2651 Kipling St Unit 510 Houston, TX	3.0	2.0	2739	$11,468	$4.19	80d	1	0.15mi
2651 Kipling St Unit 2674 Houston, TX	2.0	2.0	1470	$3,990	$2.71	70d	1	0.15mi
2651 Kipling St Unit 425 Houston, TX	2.0	2.0	1470	$4,041	$2.75	77d	1	0.19mi
2651 Kipling St Unit 3165 Houston, TX	3.0	2.0	2739	$11,452	$4.18	70d	1	0.19mi
2651 Kipling St Unit 306 Houston, TX	3.0	2.0	2739	$11,492	$4.20	24d	1	0.19mi
2651 Kipling St Unit 306 Houston, TX	3.0	2.0	2739	$11,468	$4.19	78d	1	0.19mi
2651 Kipling St Unit 2162 Houston, TX	2.0	2.0	1470	$4,006	$2.73	100d	1	0.19mi
2651 Kipling St Unit 209 Houston, TX	2.0	2.0	1470	$4,006	$2.73	78d	1	0.19mi
2651 Kipling St Unit 303 Houston, TX	3.0	2.0	2739	$11,498	$4.20	48d	1	0.19mi
2651 Kipling St Unit 207 Houston, TX	2.0	2.0	1470	$4,036	$2.75	48d	1	0.19mi
2651 Kipling St Unit 209 Houston, TX	2.0	2.0	1470	$4,030	$2.74	24d	1	0.19mi
2651 Kipling St Unit 2165 Houston, TX	2.0	2.0	1470	$4,041	$2.75	69d	1	0.19mi
2651 Kipling St Unit 2165 Houston, TX	2.0	2.0	1470	$3,998	$2.72	82d	1	0.19mi
2727 Kirby Dr Unit 6220 Houston, TX	2.0	2.0	1423	$4,995	$3.51	139d	1	0.20mi
2727 Kirby Dr Unit 1702 Houston, TX	2.0	2.0	1672	$5,300	$3.17	139d	1	0.20mi
2727 Kirby Dr Houston, TX	1.0–2.0	1.0–2.0	1162	$2,581	$2.22	38d	5	0.20mi
2727 Kirby Dr Houston, TX	1.0–2.0	1.0–2.0	1122	$2,581	$2.30	10d	5	0.20mi
2727 Kirby Dr Houston, TX	2.0	2.0	1279	$2,292	$1.79	139d	4	0.20mi
2936 Kirby Dr Houston, TX	3.0	3.0	2739	$8,323	$3.04	20d	1	0.22mi
2936 Kirby Dr Houston, TX	2.0	2.0	1728	$5,095	$2.95	11d	1	0.22mi
2407 Westheimer Rd #230 Houston, TX	2.0	2.0	1750	$5,340	$3.05	0d	1	0.26mi
2375 Westheimer Rd Houston, TX	2.0	2.0	1750	$1,182	$0.68	10d	1	0.28mi
2311 Westheimer Rd Houston, TX	1.0–3.0	1.0–3.0	1489	$13,975	$9.39	11d	18	0.31mi
2336 Westheimer Rd Unit 227 Houston, TX	2.0	2.0	1590	$4,658	$2.93	35d	1	0.32mi
3212 Revere St Houston, TX	3.0	3.0	1895	$3,530	$1.86	4d	1	0.41mi
3206 Kirby Dr Houston, TX	3.0	3.0	2650	$10,890	$4.11	10d	1	0.41mi
3206 Kirby Dr Houston, TX	2.0	2.0	1795	$3,845	$2.14	11d	1	0.41mi
3333 Lake St Houston, TX	2.0	2.0	1590	$5,455	$3.43	2d	1	0.41mi

HOA detail $2,682/mo · $32,184/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-09-23
   days on market $690,000 Active 12 DOM
2. 2026-09-22
   days on market $690,000 Active 11 DOM
3. 2026-09-21
   days on market $690,000 Active 10 DOM
4. 2026-09-20
   days on market $690,000 Active 9 DOM
5. 2026-09-19
   days on market $690,000 Active 8 DOM
6. 2026-09-18
   days on market $690,000 Active 7 DOM
7. 2026-09-17
   days on market $690,000 Active 6 DOM
8. 2026-09-16
   days on market $690,000 Active 5 DOM
9. 2026-09-15
   days on market $690,000 Active 4 DOM
10. 2026-09-14
    days on market $690,000 Active 3 DOM
11. 2026-09-13
    days on market $690,000 Active 2 DOM
12. 2026-09-12
    statusdays on market $690,000 Active 1 DOM
13. 2026-09-11
    pricestatusdays on marketlisting id $690,000 Coming Soon 2 DOM
14. 2026-05-18
    historical
15. 2026-04-28
    price $499,000
16. 2026-03-27
    listed $530,000 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 23 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: $54,330
• − Mortgage interest: −$38,651
• − Property taxes: −$10,350
• − Insurance: −$3,450
• − Repairs & maintenance: −$4,346
• − Management: −$4,346
• − HOA: −$32,184
• − Depreciation: −$20,073
• Taxable loss: −$59,070
• Est. tax savings @ 24.0%: +$14,177
• After-tax cash flow: $-32,308/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $10,540–$31,620 screening

This modern, well-maintained condo in the Regency House offers a unique opportunity with a spacious floor plan and stunning views. It is in good condition with minimal repairs needed, making it a great investment.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's appeal and value ↑
• Both Updating the flooring — Modern flooring can significantly increase the home's value ↑
• Both Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters ↑
• Both Landscaping improvements — A well-maintained outdoor area can increase the home's curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 62/100

Zoned Schools

Elementary Poe El C+ TX #559/4,322 Nat'l #9,263/41,679 Middle Lanier Middle A+ TX #27/1,662 Nat'l #380/14,009 High Lamar H S D+ TX #478/1,632 Nat'l #5,269/17,239

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

B Composite livability gradescore 74/100

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 · 5,571,493 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 17,210
• Household income: $116,650
• Rent vs Own: 65.9% rent · 34.1% own
• Severe rent burden: 8% of renters

---

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 0.57)
• Race & ethnicity: White 63% Hispanic / Latino 15% Asian 12% Two or more races 12% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 7% Romanian 5% Iranian 3%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 9% Chinese 4% Other Asian/Pacific 3%

---

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: ▼ -132.17%
• Current HPI: 219.3437
• Rent YoY: ▼ -1.13%
• 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

-5.8% since first listed

3 events — show timeline

• 2026-05-18 Listing Removed — HARMLS
• 2026-04-28 Price Changed $499,000 HARMLS
• 2026-03-27 Listed $530,000 HARMLS