3508 Omega St · Houston, TX 77022

$115,000

2 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 78 Days on market

Built 1940 3,249 sqft lot $115/sqft · 46% below area Est $214k · 46% under

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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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity is knocking in a neighborhood where new construction is already setting the tone. This property gives you the freedom to reimagine what’s here; whether that’s a full renovation, a rental hold, or starting fresh with a brand-new build. Want to skip the demo process? The seller is willing to take care of it for you. With surrounding homes showcasing what’s possible, this is your chance to bring your vision to life and maximize value in an area on the rise.

Key facts

• 3,249 sq ft lot
• Built 1940
• Listed 78 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $-18 ($-219/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (2.8% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.1% 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 (+4.5%/yr); 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 37% of the median local income ($53k/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 $795 of loan paydown is wiped out by about $3k 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 78 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $108,100 (6.0% 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 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.41% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.21%
• DSCR: 1.68
• GRM: 5.9

CMA / ARV

• ARV (median comp): $214,355
• List price: $115,000
• Delta: -46.35%
• 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
804 E 39th St	0.31mi	2/1.0	960 (-4%)	0mo	$179,900	$187	79
707 E 40th 1/2 St	0.48mi	2/1.0	1,025 (+2%)	3mo	$110,000	$107	71
1119 E 25th St	0.64mi	2/1.0	956 (-4%)	0mo	$399,500	$418	62
716 E 40th St	0.39mi	3/1.0 (+1)	940 (-6%)	7mo	$205,000	$218	61
820 E 28th St	0.48mi	2/1.0	1,068 (+7%)	6mo	$480,000	$449	61
1107 E 27th St	0.44mi	2/1.0	880 (-12%)	2mo	$379,000	$431	58
1406 E 35th St	0.26mi	3/1.5 (+1)	1,120 (+12%)	4mo	$175,000	$156	58
925 E 32nd 1/2 St	0.18mi	3/1.5 (+1)	1,136 (+14%)	7mo	$335,000	$295	56
622 E 27th St	0.63mi	2/2.0	960 (-4%)	5mo	$385,000	$401	55
2416 Eastman St	0.68mi	2/1.5	882 (-12%)	2mo	$399,900	$453	45
4305 Castor St	0.66mi	3/1.0 (+1)	1,125 (+12%)	6mo	$109,000	$97	38
4303 Cadmus St	0.73mi	2/1.0	858 (-14%)	6mo	$160,000	$186	37

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 · 4.47% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.47×
• Total profit: $-17,023
• Equity at exit: $17,147

10-year hold

• IRR: -1.9%
• Equity multiple: 0.86×
• Total profit: $-4,639
• Equity at exit: $9,943

Cash invested: $32,200 (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 →

ZIP-level market 77022

• Home prices YoY: -33.2%
• Rents YoY: 4.5%
• Active inventory: 285
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,626 high
• Mortgage (P&I): −$603
• Tax from tax record: −$225 /mo · $2,702/yr
• Insurance: −$48
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-18

Break-even live

Break-even rent $1,649

Max offer price $111,770

Occupancy floor 96%

Sensitivity live

Price	-10% $47	-5% $14	+0% $-18	+5% $-51	+10% $-83
Rent	-10% $-147	-5% $-83	+0% $-18	+5% $46	+10% $110
Rate	-1.0pp $40	-0.5pp $11	base $-18	+0.5pp $-48	+1.0pp $-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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4132 Europa St Houston, TX	3.0	2.0	1259	$1,430	$1.14	13d	1	0.45mi
611 E 39th St Houston, TX	2.0	2.0	1326	$2,099	$1.58	44d	1	0.46mi
58 Bennington St Houston, TX	1.0	1.0	725	$850	$1.17	18d	1	0.61mi
58 Bennington St Houston, TX	1.0	1.0	725	$850	$1.17	44d	1	0.61mi
58 Bennington St Houston, TX	2.0	1.0	950	$950	$1.00	25d	1	0.61mi
322 E 33rd St Houston, TX	2.0	1.0	1100	$1,500	$1.36	44d	1	0.62mi
1690 North Loop Houston, TX	1.0–2.0	1.0–2.0	876	$2,269	$2.59	0d	42	0.63mi
770 Strawberry Pines Ct Houston, TX	2.0–3.0	2.5	1422	$2,501	$1.76	2d	12	0.85mi
207 Lindale St Unit 1316403P Houston, TX	2.0	1.0	1119	$3,187	$2.85	0d	1	0.89mi
447 E Whitney St Unit A Houston, TX	2.0	1.0	850	$1,050	$1.24	17d	1	0.98mi
447 E Whitney St Unit 411 M Houston, TX	2.0	1.0	850	$1,100	$1.29	0d	1	0.98mi
4513 Oxford St Houston, TX	2.0	1.0	950	$980	$1.03	25d	1	0.98mi
139 Van Molan St Houston, TX	1.0	1.0	1056	$925	$0.88	44d	1	0.99mi
4515 Oxford St Houston, TX	2.0	1.0	950	$950	$1.00	44d	1	1.00mi
221 Oriole St Houston, TX	3.0	2.5	1461	$2,083	$1.43	25d	1	1.03mi
1617 Enid St Houston, TX	1.0–2.0	1.0–2.0	974	$2,417	$2.48	0d	55	1.03mi
706 W Cavalcade St Houston, TX	1.0	1.0	746	$1,463	$1.96	44d	1	1.04mi
3219 Werner St Houston, TX	2.0	1.0	851	$1,010	$1.19	44d	1	1.07mi
221 W 44th St Houston, TX	3.0	2.0	1300	$1,600	$1.23	44d	1	1.07mi
74 Lyerly St Houston, TX	1.0–2.0	1.0–2.0	775	$1,211	$1.56	21d	5	1.09mi
228 W 27th St Unit House Houston, TX	3.0	2.0	1200	$2,550	$2.12	15d	1	1.09mi
4503 Werner St Houston, TX	2.0	1.0	850	$1,125	$1.32	2d	3	1.09mi
611 W Cavalcade St Houston, TX	1.0–2.0	1.0	775	$1,339	$1.73	2d	12	1.11mi
8185 Fulton St Houston, TX	2.0	2.0	924	$1,395	$1.51	25d	1	1.19mi
2200 Yale St Unit 2226124 Houston, TX	2.0	2.0	1258	$1,899	$1.51	44d	1	1.19mi
2200 Yale St Unit 4127 Houston, TX	1.0	1.0	828	$1,355	$1.64	44d	1	1.19mi
2200 Yale St Unit 1478 Houston, TX	2.0	2.0	1408	$2,001	$1.42	44d	1	1.19mi
2200 Yale St Unit 1315 Houston, TX	1.0	1.0	748	$1,331	$1.78	44d	1	1.19mi
268 W Crosstimbers St Houston, TX	2.0	2.0	965	$1,850	$1.92	19d	1	1.24mi
8217 Fulton St Houston, TX	2.0–3.0	1.0	785	$930	$1.18	3d	6	1.24mi
1127 Walling St Unit R Houston, TX	2.0	2.0	1400	$2,295	$1.64	44d	1	1.27mi
1209 Cordell St Houston, TX	2.0	2.0	990	$2,000	$2.02	3d	1	1.28mi
2125 Yale St Houston, TX	2.0	2.0	1087	$2,500	$2.30	21d	1	1.29mi
2125 Yale St Unit 435 Houston, TX	1.0	1.0	761	$2,043	$2.68	44d	1	1.29mi
22 W 20th St Houston, TX	1.0	2.0	1195	$2,900	$2.43	44d	1	1.30mi
2125 Yale St Unit 2162 Houston, TX	2.0	2.0	1145	$2,530	$2.21	44d	1	1.31mi
2125 Yale St Unit 1187 Houston, TX	1.0	1.0	761	$2,070	$2.72	0d	1	1.31mi
2125 Yale St Apt 425 Houston, TX	2.0	2.0	1087	$2,505	$2.30	8d	1	1.31mi
2125 Yale St Apt 321 Houston, TX	1.0	1.0	761	$2,035	$2.67	8d	1	1.31mi
2125 Yale St Unit 2140 Houston, TX	1.0	1.0	761	$2,074	$2.73	11d	1	1.31mi

Listing history 21 events

1. 2026-06-18
   days on market $115,000 Pending 78 DOM
2. 2026-06-17
   days on market $115,000 Pending 77 DOM
3. 2026-06-16
   days on market $115,000 Pending 76 DOM
4. 2026-06-15
   status $115,000 Pending 75 DOM
5. 2026-06-15
   days on market $115,000 Active 75 DOM
6. 2026-06-13
   days on market $115,000 Active 73 DOM
7. 2026-06-10
   days on market $115,000 Active 69 DOM
8. 2026-06-08
   days on market $115,000 Active 68 DOM
9. 2026-06-07
   days on market $115,000 Active 67 DOM
10. 2026-06-04
    days on market $115,000 Active 64 DOM
11. 2026-06-01
    days on market $115,000 Active 61 DOM
12. 2026-05-31
    days on market $115,000 Active 60 DOM
13. 2026-04-01
    listed $115,000 Active 488-char remark

    Show marketing remark (488 chars)

    Opportunity is knocking in a neighborhood where new construction is already setting the tone. This property gives you the freedom to reimagine what’s here; whether that’s a full renovation, a rental hold, or starting fresh with a brand-new build. Want to skip the demo process? The seller is willing to take care of it for you. With surrounding homes showcasing what’s possible, this is your chance to bring your vision to life and maximize value in an area on the rise.

14. 2025-10-31
    soldstatus
15. 2025-10-30
    soldstatus Closed
16. 2025-10-23
    status Pending
17. 2025-10-08
    listed $110,000 Active
18. 2024-03-07
    historical
19. 2024-02-19
    listed $399,990 Active
20. 2022-03-22
    soldstatus $65,000
21. 1974-06-04
    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: $2,702 · $225/mo
• Projected year-2 tax: $2,702 · $225/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 AE · 68% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,510
• − Mortgage interest: −$6,442
• − Property taxes: −$2,702
• − Insurance: −$5,694
• − Repairs & maintenance: −$1,561
• − Management: −$1,561
• − Depreciation: −$3,345
• Taxable loss: −$1,794
• Est. tax savings @ 24.0%: +$431
• After-tax cash flow: $211/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): 25,805
• Household income: $52,739
• Rent vs Own: 49.6% rent · 50.4% own
• Severe rent burden: 1354.0

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 (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 24% Black 19% White 7% Native American 1%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Romanian 1% Portuguese 1%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 40% English-only · Spanish 59%

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: ▼ -151.13%
• Current HPI: 304.3745
• Rent YoY: ▲ 4.47%
• 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

+76.9% since first listed

9 events — show timeline

• 2026-04-01 Listed $115,000 HARMLS
• 2025-10-31 Sold (Public Records) — Public Records
• 2025-10-30 Sold (MLS) — HARMLS
• 2025-10-23 Pending — HARMLS
• 2025-10-08 Listed $110,000 HARMLS
• 2024-03-07 Listing Removed — HARMLS
• 2024-02-19 Listed $399,990 HARMLS
• 2022-03-22 Sold (Public Records) $65,000 Public Records
• 1974-06-04 Sold (Public Records) — Public Records

Property tax history

+12.2%/yr

Latest (2025): $2,702 · +1.5% YoY. Source: county tax records.