32111 Morning Luster Ct · Fulshear, TX 77441

$354,990

4 bd · 3.0 ba · 2,146 sqft · SingleFamily · 97 Days on market

Built 2025 6,167 sqft lot $61/mo HOA · 2% of rent ↓ 11% 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 +16.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.8/10.0
• Schools +4.6/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

READY NOW! Welcome to the Esperanza, a beautifully designed single-story home offering 4 bedrooms, 2 bathrooms, and a thoughtfully planned living space. From the inviting covered porch to the open-concept layout, this home blends comfort, flexibility, and style. Step inside to a spacious foyer that leads to an open family room, dining area, and kitchen with a sloped ceiling that adds an airy feel. The kitchen features a large island, abundant counter space, and a walk-in pantry, making it ideal for cooking and entertaining. The owner’s suite sits in its own private corner of the home and includes a luxurious bath with dual vanities, a walk-in shower, and a generous walk-in closet. Th

Key facts

• Covered porch
• Private corner
• Large island

Tags

• COVERED PORCH
• OPEN CONCEPT LAYOUT
• SPACIOUS FOYER
• LARGE ISLAND
• WALK IN PANTRY
• PRIVATE CORNER

Property features AI

Finance

• Other: Builder: M/I Homes; Full ownership
• HOA & community: Community managed by King Property Management; Annual association fee

Exterior

• Parking: Attached garage (2 spaces)
• Security: Owned security system
• Utilities: Public sewer
• Home design: Residential property; New construction; Faces north; Slab foundation
• Construction: Brick construction; Composition roof; Built in 2025
• Exterior features: Covered patio; Patio; Deck; Fence (back yard); Located in a subdivision; Cul-de-sac lot

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Gas range; Microwave
• Bedrooms: Primary bedroom on first floor (12 x 19); Bedroom on first floor (12 x 13); Bedroom on first floor (12 x 10); Bedroom on first floor (11 x 10); Dining room on first floor (11 x 11); Family room on first floor (15 x 22)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (gas); Central electric air conditioning; Has heating; Has cooling
• Interior features: Double vanity; Kitchen island; Kitchen and family room combined; Pantry; Soaking tub; Separate shower; Tub/shower combo; Ceiling fans; Kitchen and dining combined; Programmable thermostat
• Laundry & utility: Programmable thermostat (HVAC control)

🏗️ New construction. The $354,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $321,900.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $355k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• To cash-flow at today's rent, offer at most $353k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $316k (10.9% below list).
• Recommended offer: $316k (10.9% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.2% in Fulshear — 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 69/100 on livability (#430 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lamar CISD (suburban): math 50% / reading 53% proficiency, ranked #116 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dean Leaman J H School (math 59% / reading 56%, grade B, #206 of 1,662 statewide, top 13%, 2,191 students, 32% FRL); Fulshear H S (math 52% / reading 70%, grade C+, #258 of 1,632 statewide, top 16%, 2,464 students, 30% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1213 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 12,093 units permitted in Fort Bend County in 2024 (815 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Fort Bend County population projected at +75% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($323k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $42k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $316,160 (10.9% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.98% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $321,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32107 Morning Luster Ct	0.01mi	4/3.0	2,402 (+12%)	1mo	$369,990	$154	79
32407 Sunbeam Dr	0.18mi	4/3.0	2,353 (+10%)	2mo	$352,990	$150	74
32503 Midsummer Dr	0.21mi	4/2.5	2,342 (+9%)	1mo	$324,990	$139	72
32511 Midsummer Dr	0.22mi	4/2.5	2,342 (+9%)	1mo	$350,990	$150	72
32455 Sunbeam Dr	0.21mi	4/2.5	2,342 (+9%)	2mo	$329,990	$141	71
32447 Sunbeam Dr	0.21mi	4/2.5	2,342 (+9%)	2mo	$326,990	$140	71
32215 Sunbeam Dr	0.15mi	4/3.0	2,417 (+13%)	1mo	$364,990	$151	71
5711 Sunland Trl	0.18mi	4/3.0	2,402 (+12%)	1mo	$391,990	$163	71
32415 Sunbeam Dr	0.18mi	4/2.5	2,342 (+9%)	4mo	$320,990	$137	70
32439 Sunbeam Dr	0.20mi	4/3.0	2,386 (+11%)	6mo	$362,990	$152	67
5727 Daylight Cv	0.22mi	4/3.0	2,412 (+12%)	3mo	$310,000	$129	67
31423 Splitting Willow Way	0.71mi	4/3.0	2,242 (+4%)	1mo	$349,999	$156	59

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.47×
• Total profit: $-47,834
• Equity at exit: $47,996

10-year hold

• IRR: -13.2%
• Equity multiple: 0.34×
• Total profit: $-59,721
• Equity at exit: $27,832

Cash invested: $90,132 (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 77441

• Rents YoY: -1.6%
• Active inventory: 1213
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,162 high
• Mortgage (P&I): −$1,688
• Tax est. 1.5%: −$402 /mo · $4,828/yr
• Insurance: −$134
• HOA: −$61
• Vacancy / Maint / Mgmt: −$664
• Net cashflow: $212

Break-even live

Break-even rent $2,893

Max offer price $321,900

Occupancy floor 88%

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: $80,475
• Closing costs: $9,657
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5462 Grand View Dr Unit 1568482P Pattison, TX	5.0	3.5	2992	$3,637	$1.22	1d	1	0.50mi
7302 New Pecan Dr Fulshear, TX	4.0	4.0	2844	$3,299	$1.16	43d	1	0.82mi
5222 Wyatt James Ln Brookshire, TX	4.0	2.5	2487	$3,250	$1.31	12d	1	0.93mi
31043 Vintage Creek Ln Fulshear, TX	4.0	3.5	2800	$3,300	$1.18	22d	1	1.12mi
31123 Brightwell Bnd Fulshear, TX	4.0	3.0	2400	$2,400	$1.00	12d	1	1.30mi
31419 Horseshoe Meadow Bend Ln Fulshear, TX	3.0	2.0	1588	$2,100	$1.32	43d	1	1.36mi

HOA detail

• Monthly dues: $61 · $732/yr

Listing history 8 events

1. 2026-04-27
   status Pending
2. 2026-04-20
   price $354,990
3. 2026-04-13
   price $359,990
4. 2026-03-02
   price $367,990
5. 2026-02-25
   status Active
6. 2026-01-28
   historical
7. 2026-01-07
   price $373,990
8. 2025-12-23
   listed $396,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,939
• − Mortgage interest: −$18,031
• − Property taxes: −$4,828
• − Insurance: −$1,610
• − Repairs & maintenance: −$3,035
• − Management: −$3,035
• − HOA: −$732
• − Depreciation: −$9,364
• Taxable loss: −$2,697
• Est. tax savings @ 24.0%: +$647
• After-tax cash flow: $3,192/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: Lamar CISD
• NCES district ID: 4826580
• Math proficiency: 50% ▼ -12.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $75,213
• Composite: 46.43/100
• National rank: #2452
• State rank: #116 of 826 in TX

Livability — Fulshear

• Score: 69/100
• State rank: #430
• US rank: #8901

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Fort Bend County · 836,777 people
• City population: 41,324
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 41,324
• Household income: $184,390
• Rent vs Own: 8.0% rent · 92.0% own
• Severe rent burden: 301.0

Population outlook (Fort Bend County) Hauer SSP2

• Today (2025): 1,004,526 people
• By 2030: 1,153,104 · +14.8%
• By 2040: 1,453,718 · +44.7%
• By 2050: 1,753,781 · +74.6%
• By 2075: 2,455,772 · +144.5%
• By 2100: 2,930,528 · +191.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Hispanic / Latino 20% Two or more races 15% Asian 12% Black 6%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 5% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 17% German/W. Germanic 4% Chinese 4%

Political lean MEDSL · Fort Bend

• 2024 margin: Toss-up / Even · D 49.5% · R 47.9% · Other 2.6%
• 2008→2024 swing: +4.0pp toward D · 2008: -2.4pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+10.6 2016: D+6.6 2012: R+6.8 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.74%
• Current HPI: 275.8798
• Rent YoY: ▼ -1.63%
• 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

-10.6% since first listed

8 events — show timeline

• 2026-04-27 Pending — HARMLS
• 2026-04-20 Price Changed $354,990 HARMLS
• 2026-04-13 Price Changed $359,990 HARMLS
• 2026-03-02 Price Changed $367,990 HARMLS
• 2026-02-25 Relisted — HARMLS
• 2026-01-28 Listing Removed — HARMLS
• 2026-01-07 Price Changed $373,990 HARMLS
• 2025-12-23 Listed $396,990 HARMLS