4818 Paula St · Houston, TX 77033

$414,000

3 bd · 2.0 ba · 2,458 sqft · MultiFamily · 81 Days on market

Built 2021 Excellent condition 7,068 sqft lot $168/sqft · 17% below area Est $496k · 17% 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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• Condition / age +4.8/5.0
• DSCR +4.0/10.0
• Rent growth +3.9/5.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Are you ready to start investing in the future? Here's a great place to start and get landlord experience. Two 3-bedrooms, 2-baths units that feature modern comforts including separate tubs and showers in Primary Baths, open living/dining/kitchen areas, self-closing kitchen cabinets, high ceilings, recessed lighting. and more. Traditional front porch/deck for that early morning cup of coffee. Short commute times to Medical Center, downtown, Pearland or Clear Lake. Private backyard for entertaining. Unit A is vacant. Unit B was leased May 11, 2026, for one year at $1,650.00 per month.

Key facts

• 7,068 sq ft lot
• Built 2021
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $414k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2 ($23/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $362k (12.5% below list).
• Recommended offer: $362k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: schools D, 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.
• Market conditions: Rents rising fast (+5.5%/yr); 338 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,624/mo this rent would consume 114% of the median local household income ($38k/yr) (locally 1728% 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 $3k of loan paydown is wiped out by about $12k 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 81 days — a 6% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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

• Climate carrying-cost: 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 $362,400 (12.5% below list)

Questions for the listing agent

1. It's been on market 81 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 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: 0.88% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $496,147
• List price: $414,000
• Delta: -16.56%
• 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
4902 Higgins St Unit A and B	0.08mi	3/2.0	2,559 (+4%)	10mo	$514,900	$201	81
4834 Higgins St Unit A and B	0.06mi	3/4.0	2,559 (+4%)	10mo	$514,900	$201	74
4606 Mallow St	0.52mi	3/2.0	2,442 (-1%)	1mo	$429,000	$176	73
4533 Larkspur St Unit A/B	0.64mi	3/2.0	2,450 (-0%)	6mo	$500,000	$204	65
4754 Sunbeam St Unit A/B	0.36mi	3/2.0	2,600 (+6%)	11mo	$470,000	$181	64
4739 Reed Rd	0.29mi	2/3.0 (-1)	2,604 (+6%)	5mo	$513,000	$197	64
9032 Jutland Rd	0.43mi	4/2.0 (+1)	2,616 (+6%)	5mo	$355,000	$136	60
4710 Mallow St Unit A/B	0.37mi	2/2.0 (-1)	2,102 (-14%)	1mo	$450,000	$214	52
5009 Mallow St Unit A/B	0.41mi	4/4.0 (+1)	2,584 (+5%)	10mo	$285,000	$110	51
4710 Mallow St Unit E/F	0.37mi	2/2.0 (-1)	2,102 (-14%)	4mo	$440,000	$209	50
4710 Mallow St Unit C/D	0.37mi	2/2.0 (-1)	2,102 (-14%)	7mo	$425,500	$202	48
4358 Clover St	0.73mi	3/2.0	2,663 (+8%)	10mo	$479,900	$180	44

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 · 5.45% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.50×
• Total profit: $-57,758
• Equity at exit: $61,729

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-10,428
• Equity at exit: $35,795

Cash invested: $115,920 (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 77033

• Home prices YoY: -16.3%
• Rents YoY: 5.5%
• Active inventory: 338
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $3,624 high
• Mortgage (P&I): −$2,171
• Tax est. 1.5%: −$518 /mo · $6,210/yr
• Insurance: −$172
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $2

Break-even live

Break-even rent $3,622

Max offer price $414,000

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,624
Total (2 units)			$3,624

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: $103,500
• Closing costs: $12,420
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4921a Pederson St Unit A Houston, TX	3.0	2.0	1765	$2,150	$1.22	13d	1	0.17mi
5012 Higgins St Unit B Houston, TX	3.0	2.5	1611	$1,650	$1.02	24d	1	0.25mi
4538 Clover St Houston, TX	4.0	2.0	1768	$1,595	$0.90	44d	1	0.55mi
10217 Teneha Dr Houston, TX	4.0	3.0	3292	$2,100	$0.64	44d	1	0.71mi
4514 Galesburg St Unit B Houston, TX	3.0	2.5	1680	$3,500	$2.08	24d	1	0.87mi
3710 Rockingham St Houston, TX	3.0	2.0	1890	$1,700	$0.90	44d	1	1.04mi
4835 Sunflower St Unit 1546466P Houston, TX	3.0	2.0	1883	$4,516	$2.40	15d	1	1.04mi
4406 Sterling St Houston, TX	3.0	2.5	1840	$1,999	$1.09	17d	1	1.10mi
5726 Waterford Dr Houston, TX	3.0	2.0	2000	$1,850	$0.93	11d	1	1.14mi
4601 White Rock St Unit A Houston, TX	3.0	2.5	1700	$2,500	$1.47	44d	1	1.18mi
5458 Osprey Dr Houston, TX	3.0	2.0	1614	$1,595	$0.99	21d	1	1.21mi
9606 Ashville Dr Unit B Houston, TX	3.0	2.0	1610	$1,570	$0.98	44d	1	1.23mi
4613 Bricker St Unit B Houston, TX	3.0	2.5	1600	$2,300	$1.44	44d	1	1.25mi
5201 Kenilwood Dr Unit B Houston, TX	3.0	2.0	2442	$1,725	$0.71	14d	1	1.33mi
7710 Darnay Dr Houston, TX	3.0	3.0	1635	$2,095	$1.28	44d	1	1.33mi
5314 Longmeadow St Houston, TX	3.0	3.0	1646	$1,900	$1.15	44d	1	1.41mi

Listing history 13 events

1. 2026-06-18
   days on market $414,000 Active 81 DOM
2. 2026-06-18
   days on market $414,000 Active 80 DOM
3. 2026-06-13
   days on market $414,000 Active 79 DOM
4. 2026-06-10
   days on market $414,000 Active 75 DOM
5. 2026-06-08
   days on market $414,000 Active 74 DOM
6. 2026-06-07
   days on market $414,000 Active 73 DOM
7. 2026-06-04
   days on market $414,000 Active 70 DOM
8. 2026-06-01
   remarks 641-char remark
9. 2026-06-01
   pricedays on market $414,000 Active 67 DOM
10. 2026-05-31
    days on market $415,000 Active 66 DOM
11. 2026-03-26
    listed $415,000 Active 597-char remark

    Show marketing remark (597 chars)

    Are you ready to start investing in the future? Here's a great place to start and get landlord experience. Two 3-bedrooms, 2-baths units that feature modern comforts including separate tubs and showers in Primary Baths, open living/dining/kitchen areas, self-closing kitchen cabinets, high ceilings, recessed lighting. and more. Traditional front porch/deck for that early morning cup of coffee. Short commute times to Medical Center, downtown, Pearland or Clear Lake. Private backyard for entertaining. Unit A is vacant. Unit B was leased May 11, 2026, for one year at $1,650.00 per month.

12. 2020-07-18
    historical
13. 2020-03-21
    listed $45,000 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 3/10 Moderate FEMA zone X (shaded) · 10% 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: $43,488
• − Mortgage interest: −$23,190
• − Property taxes: −$6,210
• − Insurance: −$2,070
• − Repairs & maintenance: −$3,479
• − Management: −$3,479
• − Depreciation: −$12,044
• Taxable loss: −$6,984
• Est. tax savings @ 24.0%: +$1,676
• After-tax cash flow: $1,699/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 · 14 photos

Excellent 95/100 None rehab

This multi-family property is in excellent condition with modern amenities and a well-maintained exterior. Minor updates to the exterior and interior paint could further enhance its appeal.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics, attracting more potential buyers or renters.
• Both Landscaping improvements — Well-maintained landscaping can improve the home's curb appeal and add value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics, attracting more potential buyers or renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can improve the home's curb appeal and add value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 29,154
• Household income: $38,071
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1728.0

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: Majority Black (55%)
• Race & ethnicity: Black 55% Hispanic / Latino 43% Two or more races 17% Native American 1%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 39%

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: ▼ -41.49%
• Current HPI: 212.6472
• Rent YoY: ▲ 5.45%
• 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

+822.2% since first listed

3 events — show timeline

• 2026-03-26 Listed $415,000 HARMLS
• 2020-07-18 Listing Removed — HARMLS
• 2020-03-21 Listed $45,000 HARMLS