7323 Lindencrest St #13 · Houston, TX 77061

$925,000

2 bd · 1.0 ba · 7,696 sqft · MultiFamily public records · 126 Days on market

Built 1963 9,600 sqft lot

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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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Nice complex, 1and 2 bedrooms by Hobby airport. good condition, no smoking no pets. opportunity for value add, .

Key facts

• 9,600 sq ft lot
• Built 1963
• Listed 126 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $925k).
• Recommended offer: $814k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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 soft (-0.3%/yr); 48 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $10,571/mo this rent would consume 281% of the median local household income ($45k/yr) (locally 1546% 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 $6k of loan paydown is wiped out by about $28k 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 126 days — a 12% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $814,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-40,406
• Equity at exit: $137,921

10-year hold

• IRR: 1.6%
• Equity multiple: 1.10×
• Total profit: $25,983
• Equity at exit: $79,977

Cash invested: $259,000 (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 77061

• Home prices YoY: -19.7%
• Rents YoY: -0.3%
• Active inventory: 48
• Price-to-rent: 87.5×

Monthly cashflow live

• Estimated rent: $10,571 high
• Mortgage (P&I): −$4,851
• Tax from tax record: −$910 /mo · $10,915/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,220
• Net cashflow: $2,205

Break-even live

Break-even rent $7,780

Max offer price $925,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$10,572
Total (12 units)			$10,571

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $925,000 Active 126 DOM
2. 2026-06-17
   days on market $925,000 Active 125 DOM
3. 2026-06-16
   days on market $925,000 Active 124 DOM
4. 2026-06-15
   days on market $925,000 Active 123 DOM
5. 2026-06-13
   days on market $925,000 Active 121 DOM
6. 2026-06-10
   days on market $925,000 Active 117 DOM
7. 2026-06-08
   days on market $925,000 Active 116 DOM
8. 2026-06-07
   days on market $925,000 Active 115 DOM
9. 2026-06-04
   days on market $925,000 Active 112 DOM
10. 2026-06-01
    days on market $925,000 Active 109 DOM
11. 2026-05-31
    days on market $925,000 Active 108 DOM
12. 2026-02-12
    listed $925,000 Active 112-char remark

    Show marketing remark (112 chars)

    Nice complex, 1and 2 bedrooms by Hobby airport. good condition, no smoking no pets. opportunity for value add, .

13. 2014-09-04
    soldstatus
14. 2014-08-29
    soldstatus Sold 453-char remark

    Show marketing remark (453 chars)

    VALUE ADD OPPORTUNITY - 1 Block from Hobby Airport. The Perfect apartment complex with Long term tenants (some more than 10 years). VALUE ADD in terms of raising rents as rents are WELL BELOW MARKET as long term owner has not raised rents for years. 100% occupied! 12 LARGE 1 Bedroom Units Property has had one owner for over 20 years and he took very good care of the property. Onsite handyman/resident maintains the property. THIS IS AN ESTATE SALE.

15. 2014-08-20
    status Pending, Continue to Show 453-char remark

    Show marketing remark (453 chars)

    VALUE ADD OPPORTUNITY - 1 Block from Hobby Airport. The Perfect apartment complex with Long term tenants (some more than 10 years). VALUE ADD in terms of raising rents as rents are WELL BELOW MARKET as long term owner has not raised rents for years. 100% occupied! 12 LARGE 1 Bedroom Units Property has had one owner for over 20 years and he took very good care of the property. Onsite handyman/resident maintains the property. THIS IS AN ESTATE SALE.

16. 2014-07-03
    status Option Pending 453-char remark

    Show marketing remark (453 chars)

    VALUE ADD OPPORTUNITY - 1 Block from Hobby Airport. The Perfect apartment complex with Long term tenants (some more than 10 years). VALUE ADD in terms of raising rents as rents are WELL BELOW MARKET as long term owner has not raised rents for years. 100% occupied! 12 LARGE 1 Bedroom Units Property has had one owner for over 20 years and he took very good care of the property. Onsite handyman/resident maintains the property. THIS IS AN ESTATE SALE.

17. 2014-06-17
    listed $219,900 Active 453-char remark

    Show marketing remark (453 chars)

    VALUE ADD OPPORTUNITY - 1 Block from Hobby Airport. The Perfect apartment complex with Long term tenants (some more than 10 years). VALUE ADD in terms of raising rents as rents are WELL BELOW MARKET as long term owner has not raised rents for years. 100% occupied! 12 LARGE 1 Bedroom Units Property has had one owner for over 20 years and he took very good care of the property. Onsite handyman/resident maintains the property. THIS IS AN ESTATE SALE.

18. 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: $10,915 · $910/mo
• Projected year-2 tax: $16,928 · $1,411/mo
• Expected delta: +$6,012/yr (+$501/mo · 55.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $126,852
• − Mortgage interest: −$51,814
• − Property taxes: −$10,915
• − Insurance: −$4,625
• − Repairs & maintenance: −$10,148
• − Management: −$10,148
• − Depreciation: −$26,909
• Taxable income: $12,292
• Est. tax owed @ 24.0%: −$2,950
• After-tax cash flow: $23,513/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): 24,004
• Household income: $45,115
• Rent vs Own: 62.1% rent · 37.9% own
• Severe rent burden: 1546.0

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 Hispanic (64%)
• Race & ethnicity: Hispanic / Latino 64% Black 21% Two or more races 20% White 7% Asian 6% Native American 3%
• Hispanic origin (detail): Mexican 42% Puerto Rican 2% Cuban 2%
• Common ancestry: Italian 1% Lithuanian 1%
• Foreign-born: 37% · Canada, Vietnam
• Languages at home: 35% English-only · Spanish 58% Vietnamese 6% French/Haitian/Cajun 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: ▼ -74.75%
• Current HPI: 303.8705
• Rent YoY: ▼ -0.30%
• 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

+320.6% since first listed

7 events — show timeline

• 2026-02-12 Listed $925,000 HARMLS
• 2014-09-04 Sold (Public Records) — Public Records
• 2014-08-29 Sold (MLS) — HARMLS
• 2014-08-20 Pending — HARMLS
• 2014-07-03 Pending — HARMLS
• 2014-06-17 Listed $219,900 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+5.7%/yr

Latest (2025): $10,915 · -7.1% YoY. Source: county tax records.