508 E Castle Harbour Dr · Friendswood, TX 77546

$325,000

3 bd · 2.0 ba · 1,682 sqft · SingleFamily public records · 21 Days on market

Built 1978 0.25 ac lot Est $309k · 5% over $7/mo HOA

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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 +10.5/30.0
• Schools +6.1/10.0
• ARV discount +5.2/15.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Rent growth +3.2/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming, updated single story 3/2 bungalow in established Sunmeadow subdivision in FISD! Home boasts wood-look laminate flooring, vaulted ceiling, fresh interior paint, recessed lighting, updated ceiling fans, kitchen with breakfast bar, 5 burner glass cooktop, and spacious laundry room nearby. Oversized bedrooms with updated bathrooms that include granite countertops, framed mirrors, and a glass door shower with river rock floor! Outdoors, a peaceful backyard shaded by Bradford Pear trees offers a built-in fire pit and no back neighbors.

Key facts

• Dual sinks
• Walk-in closet
• Granite countertops

Tags

• LARGE LIVING AND DINING COMBO
• SOARING VAULTED CEILINGS
• DUAL SINKS
• GRANITE COUNTERTOPS
• WALK-IN CLOSET
• UPDATED WALK-IN SHOWER

Property features AI

Finance

• Other: Full ownership
• HOA & community: Sunmeadow Community Improvement association with an $83 annual fee

Exterior

• Parking: Attached garage (2 spaces)
• Utilities: Public water; Public sewer
• Home design: Residential property; Faces east; Built in 1978; Slab foundation
• Construction: Brick and vinyl siding; Composition roof
• Exterior features: Concrete road access; Subdivision lot

Interior

• Kitchen: Double oven; Electric oven; Electric range; Dishwasher; Disposal; Microwave
• Bedrooms: Three bedrooms on the first floor (approx. 10x12, 11x13, 14x19)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Wet bar; Breakfast bar; Double vanity; High ceilings; Vaulted ceilings; Laminate countertops
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (16.9% below list).
• Recommended offer: $270k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.3% in Friendswood — 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 70/100 on livability (#338 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Friendswood ISD (suburban): math 64% / reading 65% proficiency, ranked #15 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Friendswood J H (math 62% / reading 59%, grade B+, #154 of 1,662 statewide, top 9%, 1,467 students, 0% FRL); Friendswood H S (math 61% / reading 76%, grade B, #144 of 1,632 statewide, top 9%, 1,980 students, 0% FRL).
• Market conditions: Rents rising (+2.7%/yr); 502 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 3,258 units permitted in Galveston County in 2024 (0 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.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,030 (16.9% 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.83% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.21%
• DSCR: 0.90
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $309,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
644 E Castle Harbour Dr	0.23mi	3/2.0	1,692 (+1%)	6mo	$260,000	$154	83
528 Belmont Dr	0.27mi	3/2.0	1,608 (-4%)	0mo	$325,000	$202	80
621 W Castle Harbour Dr	0.28mi	3/2.0	1,608 (-4%)	1mo	$349,900	$218	79
602 W Castle Harbour Dr	0.34mi	3/2.0	1,608 (-4%)	3mo	$310,000	$193	74
235 E Castle Harbour Dr	0.50mi	3/2.0	1,712 (+2%)	10mo	$305,000	$178	66
406 W W Castle Harbour Dr	0.40mi	3/2.0	1,756 (+4%)	12mo	$305,000	$174	64
402 W Castle Harbour Dr	0.41mi	4/2.0 (+1)	1,804 (+7%)	2mo	$350,000	$194	62
408 Broadmoor St	0.34mi	3/2.0	1,884 (+12%)	4mo	$329,900	$175	61
2403 S Mission Cir	0.66mi	3/2.0	1,624 (-3%)	12mo	$329,000	$203	53
501 Point Clear Dr	0.36mi	4/2.0 (+1)	1,872 (+11%)	12mo	$289,000	$154	49
1803 Presidio St	0.56mi	3/2.0	1,893 (+12%)	11mo	$325,000	$172	44
2514 S Mission Cir	0.70mi	3/2.0	1,842 (+10%)	9mo	$339,000	$184	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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-63,983
• Equity at exit: $48,459

10-year hold

• IRR: -13.8%
• Equity multiple: 0.21×
• Total profit: $-72,051
• Equity at exit: $28,100

Cash invested: $91,000 (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 77546

• Rents YoY: 2.7%
• Active inventory: 502
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,700 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$454 /mo · $5,452/yr
• Insurance: −$135
• HOA: −$7
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-168

Break-even live

Break-even rent $2,913

Max offer price $295,354

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 Saint Cloud Dr Unit 1472546P Friendswood, TX	3.0	2.0	2045	$4,662	$2.28	1d	1	0.80mi

HOA detail

• Monthly dues: $7 · $84/yr

Listing history 22 events

1. 2026-06-18
   days on market $325,000 Active 21 DOM
2. 2026-06-17
   days on market $325,000 Active 20 DOM
3. 2026-06-16
   days on market $325,000 Active 19 DOM
4. 2026-06-15
   days on market $325,000 Active 18 DOM
5. 2026-06-13
   days on market $325,000 Active 16 DOM
6. 2026-06-09
   days on market $325,000 Active 12 DOM
7. 2026-06-08
   days on market $325,000 Active 11 DOM
8. 2026-06-07
   days on market $325,000 Active 10 DOM
9. 2026-06-04
   days on market $325,000 Active 7 DOM
10. 2026-06-03
    days on market $325,000 Active 6 DOM
11. 2026-06-02
    days on market $325,000 Active 5 DOM
12. 2026-06-01
    days on market $325,000 Active 4 DOM
13. 2026-05-31
    days on market $325,000 Active 3 DOM
14. 2026-05-28
    listed $325,000 Active
15. 2018-03-05
    soldstatus
16. 2018-03-02
    soldstatus Sold 547-char remark

    Show marketing remark (547 chars)

    Charming, updated single story 3/2 bungalow in established Sunmeadow subdivision in FISD! Home boasts wood-look laminate flooring, vaulted ceiling, fresh interior paint, recessed lighting, updated ceiling fans, kitchen with breakfast bar, 5 burner glass cooktop, and spacious laundry room nearby. Oversized bedrooms with updated bathrooms that include granite countertops, framed mirrors, and a glass door shower with river rock floor! Outdoors, a peaceful backyard shaded by Bradford Pear trees offers a built-in fire pit and no back neighbors.

17. 2018-01-25
    status Pending 547-char remark

    Show marketing remark (547 chars)

    Charming, updated single story 3/2 bungalow in established Sunmeadow subdivision in FISD! Home boasts wood-look laminate flooring, vaulted ceiling, fresh interior paint, recessed lighting, updated ceiling fans, kitchen with breakfast bar, 5 burner glass cooktop, and spacious laundry room nearby. Oversized bedrooms with updated bathrooms that include granite countertops, framed mirrors, and a glass door shower with river rock floor! Outdoors, a peaceful backyard shaded by Bradford Pear trees offers a built-in fire pit and no back neighbors.

18. 2018-01-16
    status Option Pending 547-char remark

    Show marketing remark (547 chars)

    Charming, updated single story 3/2 bungalow in established Sunmeadow subdivision in FISD! Home boasts wood-look laminate flooring, vaulted ceiling, fresh interior paint, recessed lighting, updated ceiling fans, kitchen with breakfast bar, 5 burner glass cooktop, and spacious laundry room nearby. Oversized bedrooms with updated bathrooms that include granite countertops, framed mirrors, and a glass door shower with river rock floor! Outdoors, a peaceful backyard shaded by Bradford Pear trees offers a built-in fire pit and no back neighbors.

19. 2018-01-11
    listed $189,900 Active 547-char remark

    Show marketing remark (547 chars)

    Charming, updated single story 3/2 bungalow in established Sunmeadow subdivision in FISD! Home boasts wood-look laminate flooring, vaulted ceiling, fresh interior paint, recessed lighting, updated ceiling fans, kitchen with breakfast bar, 5 burner glass cooktop, and spacious laundry room nearby. Oversized bedrooms with updated bathrooms that include granite countertops, framed mirrors, and a glass door shower with river rock floor! Outdoors, a peaceful backyard shaded by Bradford Pear trees offers a built-in fire pit and no back neighbors.

20. 2009-01-30
    historical
21. 2009-01-02
    listed $129,900
22. 2007-10-05
    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: $5,452 · $454/mo
• Projected year-2 tax: $5,948 · $496/mo
• Expected delta: +$496/yr (+$41/mo · 9.1%)

ⓘ 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 (unshaded) · 84% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,404
• − Mortgage interest: −$18,205
• − Property taxes: −$5,452
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − HOA: −$84
• − Depreciation: −$9,455
• Taxable loss: −$7,601
• Est. tax savings @ 24.0%: +$1,824
• After-tax cash flow: $-190/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: Friendswood ISD
• NCES district ID: 4819950
• Math proficiency: 64% ▼ -12.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $109,699
• Composite: 60.52/100
• National rank: #841
• State rank: #15 of 826 in TX

Livability — Friendswood

• Score: 70/100
• State rank: #338
• US rank: #7362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendswood, TX
• County: Galveston County · 357,330 people
• City population: 54,789
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 54,789
• Household income: $123,756
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 1350.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 11% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.03%
• Current HPI: 243.7934
• Rent YoY: ▲ 2.74%
• 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

+150.2% since first listed

9 events — show timeline

• 2026-05-28 Listed $325,000 HARMLS
• 2018-03-05 Sold (Public Records) — Public Records
• 2018-03-02 Sold (MLS) — HARMLS
• 2018-01-25 Pending — HARMLS
• 2018-01-16 Pending — HARMLS
• 2018-01-11 Listed $189,900 HARMLS
• 2009-01-30 Listing Removed — HARMLS
• 2009-01-02 Listed $129,900 HARMLS
• 2007-10-05 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $5,452 · +7.0% YoY. Source: county tax records.