1658 W Main St #8 · Houston, TX 77006

$1,480,248

64 bd · None ba · 8,200 sqft · MultiFamily public records · 54 Days on market

Built 1940 8,177 sqft lot $181/sqft · 6% below area Est $1541k · at est. ↓ 9% since listing

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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).

• Cash flow +12.8/30.0
• ARV discount +9.3/15.0
• 1% rule +4.3/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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 MLS

Inner Loop West is pleased to offer for sale 1658 W Main in Houston's most dynamic submarket - Montrose. The location is directly across the street from an HEB supermarket parking lot. The site's best use is to renovate the 8 unit apartment building built in 1940. Each unit is a large 1 bedroom +/-950nrsf units, please do not disturb the tenants and do schedule in advance any site visits with listing broker by email or text for further details and questions.

Key facts

• Montrose location
• 8,177 sq ft lot
• Built 1940

Tags

• MONTROSE LOCATION
• ACROSS FROM HEB SUPERMARKET
• 8 UNIT APARTMENT BUILDING
• DEED RESTRICTIONS ALLOW SFH

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $1.48M.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative. Per door: $-17/mo.
• To cash-flow at today's rent, offer at most $1.46M (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.37M (7.4% below list).
• Recommended offer: $1.37M (7.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Ella J Baker Montessori School (math 32% / reading 47%, grade F, #1,545 of 4,322 statewide, top 38%, 607 students, 37% 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 38% FRL vs 71% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 56% at this address vs 31% district-wide (+25 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 (-1.3%/yr); 267 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $13,701/mo this rent would consume 154% of the median local household income ($107k/yr) (locally 1688% of renters already pay >50% of income on rent) — 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 $10k of loan paydown is wiped out by about $44k 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 54 days — a 3% lower offer ($1.44M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,370,100 (7.4% 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 54 days. Have you received any prior offers? Is the seller open to a 7% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
10. 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.
11. 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.
12. 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: 0.93% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.0

CMA / ARV

• ARV (median comp): $1,541,258
• List price: $1,480,248
• Delta: -3.96%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.6%
• Equity multiple: 0.31×
• Total profit: $-287,777
• Equity at exit: $220,710

10-year hold

• IRR: -23.3%
• Equity multiple: 0.00×
• Total profit: $-413,946
• Equity at exit: $127,985

Cash invested: $414,469 (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 77006

• Rents YoY: -1.3%
• Active inventory: 267
• Price-to-rent: 72.0×

Monthly cashflow live

• Estimated rent: $13,701 high
• Mortgage (P&I): −$7,763
• Tax from tax record: −$2,577 /mo · $30,919/yr
• Insurance: −$617
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,877
• Net cashflow: $-132

Break-even live

Break-even rent $13,868

Max offer price $1,456,910

Occupancy floor 96%

Sensitivity live

Price	-10% $706	-5% $287	+0% $-132	+5% $-551	+10% $-970
Rent	-10% $-1,214	-5% $-673	+0% $-132	+5% $409	+10% $950
Rate	-1.0pp $613	-0.5pp $244	base $-132	+0.5pp $-516	+1.0pp $-906

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$13,704
Total (8 units)			$13,701

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: $370,062
• Closing costs: $44,407
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-28
   price $1,480,248 463-char remark

   Show marketing remark (463 chars)

   Inner Loop West is pleased to offer for sale 1658 W Main in Houston's most dynamic submarket - Montrose. The location is directly across the street from an HEB supermarket parking lot. The site's best use is to renovate the 8 unit apartment building built in 1940. Each unit is a large 1 bedroom +/-950nrsf units, please do not disturb the tenants and do schedule in advance any site visits with listing broker by email or text for further details and questions.

2. 2026-04-02
   listed $1,635,400 Active 463-char remark

   Show marketing remark (463 chars)

   Inner Loop West is pleased to offer for sale 1658 W Main in Houston's most dynamic submarket - Montrose. The location is directly across the street from an HEB supermarket parking lot. The site's best use is to renovate the 8 unit apartment building built in 1940. Each unit is a large 1 bedroom +/-950nrsf units, please do not disturb the tenants and do schedule in advance any site visits with listing broker by email or text for further details and questions.

3. 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: $30,919 · $2,577/mo
• Projected year-2 tax: $30,919 · $2,577/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 6/10 Major FEMA zone X (unshaded) · 69% 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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $164,412
• − Mortgage interest: −$82,917
• − Property taxes: −$30,919
• − Insurance: −$7,401
• − Repairs & maintenance: −$13,153
• − Management: −$13,153
• − Depreciation: −$43,062
• Taxable loss: −$26,192
• Est. tax savings @ 24.0%: +$6,286
• After-tax cash flow: $4,701/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): 24,892
• Household income: $106,533
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 1688.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 16% Two or more races 12% Asian 9% Black 8%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 16% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% Chinese 2%

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: ▼ -273.34%
• Current HPI: 204.0321
• Rent YoY: ▼ -1.29%
• 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

-9.5% since first listed

3 events — show timeline

• 2026-04-28 Price Changed $1,480,248 HARMLS
• 2026-04-02 Listed $1,635,400 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+6.3%/yr

Latest (2025): $30,919 · +2.0% YoY. Source: county tax records.