218 Olive Ave · Pasadena, TX 77506

$159,900

3 bd · 1.0 ba · 1,674 sqft · SingleFamily public records · 15 Days on market

Built 1940 5,998 sqft lot $96/sqft · 8% below area Est $173k · 8% under

---

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 +11.9/30.0
• ARV discount +11.0/15.0
• 1% rule +4.1/10.0
• DSCR +3.5/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 218 Olive Avenue, where charm meets smart living at an approachable price. Recent updates, including a new HVAC system, dishwasher, microwave & gas dryer provide modern convenience without sacrificing the home’s classic appeal. Plus, there's a large floored attic in the house & amp; the garage. Out back, you’ll find a separate efficiency apartment that could open the door to rental income, guest space, or a private work-from-home setup. Step inside & feel the warmth of original hardwood floors in your main living area. This is not just a feature, but the kind of craftsmanship that gives every morning a sense of history & every evening a cozy,

Key facts

• Large floored attic
• New hvac system
• 5,998 sq ft lot

Tags

• NEW HVAC SYSTEM
• LARGE FLOORED ATTIC
• SEPARATE EFFICIENCY APARTMENT
• ORIGINAL HARDWOOD FLOORS
• PASADENA PLACE SUBDIVISION

Property features AI

Exterior

• Parking: Attached carport; Carport with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Residential property; Single-story (all main rooms listed on first floor)
• Construction: Built in 1940; Aluminum siding; Vinyl siding; Composition roof
• Exterior features: Covered patio; Patio; Deck; Private yard; Back yard fencing; Workshop; Garage apartment

Interior

• Kitchen: Dishwasher; Garbage disposal; Gas oven; Gas range; Microwave
• Bedrooms: Primary bedroom on first floor; Two additional bedrooms on first floor; Guest quarters on first floor
• Flooring: Carpet; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (gas); Central air (electric)
• Interior features: Tub shower; Ceiling fans
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-41 ($-488/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (8.8% below list).
• Recommended offer: $146k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: employment D+, crime F, amenities 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.
• Zoned schools: De Zavala Middle (math 17% / reading 23%, grade F, #1,428 of 1,662 statewide, top 87%, 563 students, 96% FRL); Pasadena H S (math 41% / reading 31%, grade F, #930 of 1,632 statewide, top 57%, 2,221 students, 90% FRL) — zoned schools average 93% FRL vs 71% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 104 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 15 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $23k; list at $160k implies a 586% gain — meaningful room to come down on a strong offer.

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 $145,836 (8.8% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.91% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 9.1

CMA / ARV

• ARV (median comp): $173,441
• List price: $159,900
• Delta: -1.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 Oakdale St	0.26mi	3/1.0	1,578 (-6%)	4mo	$120,000	$76	75
306 Live Oak St	0.67mi	3/2.0	1,690 (+1%)	9mo	$129,000	$76	56
411 Wafer St	0.55mi	3/2.0	1,559 (-7%)	10mo	$280,000	$180	51
438 Winona Dr	0.43mi	3/2.0	1,552 (-7%)	19mo	$139,900	$90	48
503 Main St	0.35mi	3/2.0	1,536 (-8%)	23mo	$269,900	$176	47
515 Johnson St	0.54mi	3/2.0	1,822 (+9%)	12mo	$339,000	$186	46
410 Live Oak St	0.71mi	3/1.0	1,604 (-4%)	22mo	$140,000	$87	42
605 Live Oak St	0.75mi	3/2.0	1,537 (-8%)	20mo	$114,900	$75	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-28,426
• Equity at exit: $23,842

10-year hold

• IRR: -10.1%
• Equity multiple: 0.38×
• Total profit: $-27,782
• Equity at exit: $13,825

Cash invested: $44,772 (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 77506

• Home prices YoY: -15.5%
• Active inventory: 104
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,458 high
• Mortgage (P&I): −$839
• Tax from tax record: −$288 /mo · $3,452/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $-41

Break-even live

Break-even rent $1,510

Max offer price $152,712

Occupancy floor 98%

Sensitivity live

Price	-10% $50	-5% $5	+0% $-41	+5% $-86	+10% $-131
Rent	-10% $-156	-5% $-98	+0% $-41	+5% $17	+10% $75
Rate	-1.0pp $40	-0.5pp $0	base $-41	+0.5pp $-82	+1.0pp $-124

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 S Richey St Unit 440 Pasadena, TX	3.0	2.0	1100	$1,345	$1.22	13d	1	0.30mi
727 S Richey St Pasadena, TX	3.0	2.0	1100	$1,275	$1.16	44d	1	0.56mi
621 Richey St Unit 654 Pasadena, TX	3.0	2.0	1100	$1,332	$1.21	3d	1	0.63mi
133 Pomeroy Ave Pasadena, TX	3.0	1.0	1300	$1,875	$1.44	25d	1	0.75mi
1007 Spooner St Pasadena, TX	3.0	2.0	1182	$1,650	$1.40	44d	1	0.96mi
1009 Richey St Pasadena, TX	1.0–3.0	1.0–2.0	885	$1,499	$1.69	3d	26	0.96mi

Listing history 13 events

1. 2026-06-13
   statusdays on market $159,900 Pending 15 DOM
2. 2026-06-09
   days on market $159,900 Active 12 DOM
3. 2026-06-08
   days on market $159,900 Active 11 DOM
4. 2026-06-07
   days on market $159,900 Active 10 DOM
5. 2026-06-04
   days on market $159,900 Active 7 DOM
6. 2026-06-03
   days on market $159,900 Active 6 DOM
7. 2026-06-02
   days on market $159,900 Active 5 DOM
8. 2026-06-01
   days on market $159,900 Active 4 DOM
9. 2026-05-31
   days on market $159,900 Active 3 DOM
10. 2026-04-10
    listed $170,000 Active 1036-char remark
11. 2003-06-09
    historical
12. 2003-04-17
    listed $93,500
13. 1988-09-29
    soldstatus $23,300

ⓘ 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: $3,452 · $288/mo
• Projected year-2 tax: $3,452 · $288/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 (shaded) · 27% 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: $17,500
• − Mortgage interest: −$8,957
• − Property taxes: −$3,452
• − Insurance: −$800
• − Repairs & maintenance: −$1,400
• − Management: −$1,400
• − Depreciation: −$4,652
• Taxable loss: −$3,159
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $270/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
• City population: 109,190
• Population (ZIP): 35,243

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 (89%)
• Race & ethnicity: Hispanic / Latino 89% Two or more races 36% White 9% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 77%
• Common ancestry: Italian 1%
• Foreign-born: 39% · Canada
• Languages at home: 30% English-only · Spanish 69%

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: ▼ -57.82%
• Current HPI: 315.9695
• Rent YoY: —
• Metro: —
• 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

+586.3% since first listed

7 events — show timeline

• 2026-06-12 Pending — HARMLS
• 2026-05-28 Listing Removed — HARMLS
• 2026-05-28 Listed $159,900 HARMLS
• 2026-04-10 Listed $170,000 HARMLS
• 2003-06-09 Listing Removed — HARMLS
• 2003-04-17 Listed $93,500 HARMLS
• 1988-09-29 Sold (Public Records) $23,300 Public Records

Property tax history

+4.3%/yr

Latest (2025): $3,452 · +8.1% YoY. Source: county tax records.