1021 Tealway Dr · Pasadena, TX 77504

$145,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured public records · 328 Days on market

Built 1984 6,860 sqft lot $86/sqft · 43% below area Est $253k · 43% under

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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).

• Cash flow +22.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.4/10.0
• Livability +3.3/5.0
• Rent growth +2.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Light fixer upper up for grabs! 3 Beds 2 bath custom property ready for your touches to call home! Won't last!

Key facts

• 6,860 sq ft lot
• 2 garage spots
• Built 1984

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.4% in Pasadena — 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 (#600 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D+, crime F.
• Pasadena ISD (suburban): math 29% / reading 32% proficiency, ranked #612 of 826 in TX (top 74%) — 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 rising (+1.3%/yr); 79 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 35% of the median local income ($51k/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 $1k of loan paydown is wiped out by about $4k 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 328 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 8.0

CMA / ARV

• ARV (median comp): $252,653
• List price: $145,000
• Delta: -42.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-10,043
• Equity at exit: $21,620

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,683
• Equity at exit: $12,537

Cash invested: $40,600 (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 77504

• Home prices YoY: -24.7%
• Rents YoY: 1.3%
• Active inventory: 79
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$760
• Tax from tax record: −$115 /mo · $1,380/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $252

Break-even live

Break-even rent $1,185

Max offer price $145,000

Occupancy floor 78%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 Kenwick Pl Pasadena, TX	3.0	2.0	1596	$1,951	$1.22	5d	1	0.70mi
3602 Burke Rd Pasadena, TX	1.0–2.0	1.0	881	$1,375	$1.56	5d	1	0.76mi
3602 Burke Rd Unit 3659 Pasadena, TX	2.0	2.0	1090	$1,192	$1.09	3d	1	0.77mi
3907 Ecuador Dr Pasadena, TX	2.0	1.0	1090	$1,100	$1.01	43d	1	0.86mi
4025 Burke Rd Unit 4058 Pasadena, TX	3.0	2.0	1104	$1,621	$1.47	3d	1	0.88mi
4201 Fairmont Pkwy Pasadena, TX	1.0–3.0	1.0–2.0	867	$1,790	$2.06	1d	61	0.93mi
3635 Shaver St Pasadena, TX	1.0–3.0	1.0–2.0	975	$1,499	$1.54	43d	36	0.99mi
4209 Colombia Dr Pasadena, TX	3.0	2.0	1170	$1,785	$1.53	43d	1	1.06mi
4100 Vista Rd Pasadena, TX	1.0–3.0	1.0–2.0	868	$1,611	$1.86	1d	9	1.12mi
4100 Vista Rd Pasadena, TX	1.0–3.0	1.0–2.0	868	$1,670	$1.92	2d	15	1.12mi
3200 Federal Rd Pasadena, TX	1.0–3.0	1.0–2.0	900	$1,399	$1.55	2d	7	1.20mi
211 Knox St Pasadena, TX	3.0	2.0	1106	$1,266	$1.14	43d	1	1.20mi
227 Knox St Pasadena, TX	3.0	2.0	1111	$1,310	$1.18	43d	1	1.21mi
801 S Allen-Genoa Rd Unit 834 South Houston, TX	3.0	2.0	1265	$1,370	$1.08	3d	1	1.22mi
4515 Tuscarora St Pasadena, TX	4.0	2.0	2033	$2,031	$1.00	43d	1	1.29mi
3954 Arlington Square Dr Houston, TX	1.0–4.0	1.0–3.0	975	$1,366	$1.40	1d	23	1.31mi
3101 Spencer Hwy Unit 3158 Pasadena, TX	2.0	2.0	1050	$1,229	$1.17	10d	1	1.33mi
3101 Spencer Hwy Unit 2165 Pasadena, TX	2.0	2.0	1050	$1,197	$1.14	3d	1	1.33mi
3101 Spencer Hwy Unit 421 Pasadena, TX	2.0	2.0	1050	$1,205	$1.15	5d	1	1.38mi
3925 Arlington Square Dr Houston, TX	2.0	1.0–2.5	930	$1,190	$1.28	2d	23	1.47mi

Listing history 25 events

1. 2026-06-16
   days on market $145,000 Active 328 DOM
2. 2026-06-15
   days on market $145,000 Active 327 DOM
3. 2026-06-13
   days on market $145,000 Active 325 DOM
4. 2026-06-10
   days on market $145,000 Active 321 DOM
5. 2026-06-08
   days on market $145,000 Active 320 DOM
6. 2026-06-07
   days on market $145,000 Active 319 DOM
7. 2026-06-04
   days on market $145,000 Active 316 DOM
8. 2026-06-03
   days on market $145,000 Active 315 DOM
9. 2026-06-02
   days on market $145,000 Active 314 DOM
10. 2026-06-01
    days on market $145,000 Active 313 DOM
11. 2026-05-31
    days on market $145,000 Active 312 DOM
12. 2025-10-22
    price $145,000
13. 2025-09-18
    price $150,000
14. 2025-09-02
    price $155,000
15. 2025-08-13
    price $162,000
16. 2025-07-23
    listed $170,000 Active
17. 2022-07-06
    soldstatus
18. 2022-07-05
    soldstatus Sold 110-char remark

    Show marketing remark (110 chars)

    Light fixer upper up for grabs! 3 Beds 2 bath custom property ready for your touches to call home! Won't last!

19. 2022-03-23
    status Pending 110-char remark

    Show marketing remark (110 chars)

    Light fixer upper up for grabs! 3 Beds 2 bath custom property ready for your touches to call home! Won't last!

20. 2022-03-22
    listed $99,000 Active 110-char remark

    Show marketing remark (110 chars)

    Light fixer upper up for grabs! 3 Beds 2 bath custom property ready for your touches to call home! Won't last!

21. 2022-03-22
    historical

    Show marketing remark (110 chars)

    Light fixer upper up for grabs! 3 Beds 2 bath custom property ready for your touches to call home! Won't last!

22. 2022-02-07
    listed $119,000 Active
23. 2022-01-27
    soldstatus
24. 2021-10-19
    soldstatus
25. 1997-08-04
    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: $1,380 · $115/mo
• Projected year-2 tax: $2,654 · $221/mo
• Expected delta: +$1,273/yr (+$106/mo · 92.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,038
• − Mortgage interest: −$8,122
• − Property taxes: −$1,380
• − Insurance: −$725
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$4,218
• Taxable income: $706
• Est. tax owed @ 24.0%: −$170
• After-tax cash flow: $2,851/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: Pasadena ISD
• NCES district ID: 4834320
• Math proficiency: 29% ▼ -17.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,163
• Composite: 26.15/100
• National rank: #7275
• State rank: #612 of 826 in TX

Livability — Pasadena

• Score: 66/100
• State rank: #600
• US rank: #11438

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, TX
• County: Harris County · 4,702,590 people
• City population: 109,190
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 25,779
• Household income: $51,478
• Rent vs Own: 58.0% rent · 42.0% own
• Severe rent burden: 1191.0

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 (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 25% White 25% Black 6% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 46% Cuban 2%
• Common ancestry: Italian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 47% Other Indo-European 1% Other Asian/Pacific 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: ▼ -86.91%
• Current HPI: 264.4782
• Rent YoY: ▲ 1.28%
• 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

+21.8% since first listed

14 events — show timeline

• 2025-10-22 Price Changed $145,000 HARMLS
• 2025-09-18 Price Changed $150,000 HARMLS
• 2025-09-02 Price Changed $155,000 HARMLS
• 2025-08-13 Price Changed $162,000 HARMLS
• 2025-07-23 Listed $170,000 HARMLS
• 2022-07-06 Sold (Public Records) — Public Records
• 2022-07-05 Sold (MLS) — HARMLS
• 2022-03-23 Pending — HARMLS
• 2022-03-22 Listing Removed — HARMLS
• 2022-03-22 Listed $99,000 HARMLS
• 2022-02-07 Listed $119,000 HARMLS
• 2022-01-27 Sold (Public Records) — Public Records
• 2021-10-19 Sold (Public Records) — Public Records
• 1997-08-04 Sold (Public Records) — Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,380 · -1.7% YoY. Source: county tax records.