5023 Glendower Dr · Spring, TX 77373

$195,000

3 bd · 2.5 ba · 2,349 sqft · SingleFamily public records · 254 Days on market

Built 1977 6,050 sqft lot $83/sqft · 22% below area Est $249k · 22% under $31/mo HOA · 1% of rent

---

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 +18.3/30.0
• ARV discount +15.0/15.0
• 1% rule +6.6/10.0
• DSCR +5.7/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

Key facts

• Cozy fireplace
• Granite countertops
• Fully fenced yard

Tags

• COZY FIREPLACE
• GRANITE COUNTERTOPS
• BREAKFAST BAR
• FULLY FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.5% in Spring — 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 (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools C-, crime D, amenities F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.3%/yr); 599 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($89k/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 $1k of loan paydown is wiped out by about $6k 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 254 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $195k implies a 271% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.
• Climate carrying-cost: 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 $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 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 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 7.2

CMA / ARV

• ARV (median comp): $248,547
• List price: $195,000
• Delta: -21.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23114 Calico Corners Ln	0.19mi	3/2.0	2,070 (-12%)	9mo	$200,000	$97	62
22602 Jay Dr	0.58mi	4/2.5 (+1)	2,145 (-9%)	11mo	$380,000	$177	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.51×
• Total profit: $-26,707
• Equity at exit: $29,075

10-year hold

• IRR: -12.3%
• Equity multiple: 0.39×
• Total profit: $-33,443
• Equity at exit: $16,860

Cash invested: $54,600 (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 77373

• Rents YoY: -0.3%
• Active inventory: 599
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,253 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$467 /mo · $5,608/yr
• Insurance: −$81
• HOA: −$31
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $177

Break-even live

Break-even rent $2,028

Max offer price $195,000

Occupancy floor 87%

Sensitivity live

Price	-10% $288	-5% $233	+0% $177	+5% $122	+10% $67
Rent	-10% $-1	-5% $88	+0% $177	+5% $266	+10% $355
Rate	-1.0pp $276	-0.5pp $227	base $177	+0.5pp $127	+1.0pp $76

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $31 · $372/yr

Listing history 50 events

1. 2026-06-21
   days on market $195,000 Active 254 DOM
2. 2026-06-18
   days on market $195,000 Active 251 DOM
3. 2026-06-17
   days on market $195,000 Active 250 DOM
4. 2026-06-16
   days on market $195,000 Active 249 DOM
5. 2026-06-15
   days on market $195,000 Active 248 DOM
6. 2026-06-13
   days on market $195,000 Active 246 DOM
7. 2026-06-13
   days on market $195,000 Active 245 DOM
8. 2026-06-09
   days on market $195,000 Active 242 DOM
9. 2026-06-08
   days on market $195,000 Active 241 DOM
10. 2026-06-07
    days on market $195,000 Active 240 DOM
11. 2026-06-04
    days on market $195,000 Active 237 DOM
12. 2026-06-03
    days on market $195,000 Active 236 DOM
13. 2026-06-02
    days on market $195,000 Active 235 DOM
14. 2026-06-01
    days on market $195,000 Active 234 DOM
15. 2026-05-31
    days on market $195,000 Active 233 DOM
16. 2026-05-15
    price $195,000 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

17. 2026-04-03
    price $199,000 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

18. 2026-02-20
    price $201,000 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

19. 2026-01-09
    price $203,000 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

20. 2025-12-05
    price $205,000 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

21. 2025-10-10
    listed $207,000 Active 896-char remark

    Show marketing remark (896 chars)

    Welcome to this inviting 2-story home that perfectly blends comfort and style. With 3 spacious bedrooms and 3 full bathrooms, this home offers room to spread out and enjoy. The exterior boasts great curb appeal and a 2-car garage, setting the tone for what’s inside. Step into the living room where a cozy fireplace creates a warm focal point, flowing effortlessly into the breakfast area and kitchen. The kitchen features granite countertops, a convenient breakfast bar, a pantry, and plenty of cabinet space—ideal for cooking and entertaining. Upstairs, the bedrooms provide privacy and comfort, while the layout offers functionality throughout. Out back, enjoy the fully fenced yard—perfect for relaxing or entertaining in a private outdoor space. This home checks all the boxes with thoughtful finishes and a layout designed for everyday living. Schedule a showing today!

22. 2025-10-09
    historical
23. 2025-10-03
    status Active
24. 2025-10-03
    price $207,000
25. 2025-10-02
    historical
26. 2025-09-19
    price $211,000
27. 2025-08-29
    price $213,000
28. 2025-08-15
    price $215,000
29. 2025-07-29
    status Active
30. 2025-07-24
    status Pending
31. 2025-07-18
    price $219,000
32. 2025-07-03
    price $223,000
33. 2025-06-20
    price $232,000
34. 2025-06-05
    price $242,000
35. 2025-05-09
    price $255,000
36. 2025-04-18
    listed $262,000 Active
37. 2017-12-27
    soldstatus
38. 2017-12-22
    soldstatus Sold
39. 2017-12-09
    status Pending
40. 2017-12-04
    status Option Pending
41. 2017-11-27
    listed $159,999 Active
42. 2015-01-06
    soldstatus
43. 2015-01-05
    soldstatus Sold
44. 2014-12-29
    soldstatus
45. 2014-12-02
    status Pending
46. 2014-12-01
    status Pending, Continue to Show
47. 2014-11-24
    status Option Pending
48. 2014-10-06
    price $119,495
49. 2014-09-15
    listed $129,495 Active
50. 2014-08-21
    historical

ⓘ 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: $5,608 · $467/mo
• Projected year-2 tax: $5,608 · $467/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,033
• − Mortgage interest: −$10,923
• − Property taxes: −$5,608
• − Insurance: −$975
• − Repairs & maintenance: −$2,163
• − Management: −$2,163
• − HOA: −$372
• − Depreciation: −$5,673
• Taxable loss: −$843
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $2,332/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: Spring ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% Other Indo-European 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: ▼ -142.98%
• Current HPI: 251.7231
• 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

+271.4% since first listed

46 events — show timeline

• 2026-05-15 Price Changed $195,000 HARMLS
• 2026-04-03 Price Changed $199,000 HARMLS
• 2026-02-20 Price Changed $201,000 HARMLS
• 2026-01-09 Price Changed $203,000 HARMLS
• 2025-12-05 Price Changed $205,000 HARMLS
• 2025-10-10 Listed $207,000 HARMLS
• 2025-10-09 Listing Removed — HARMLS
• 2025-10-03 Relisted — HARMLS
• 2025-10-03 Price Changed $207,000 HARMLS
• 2025-10-02 Listing Removed — HARMLS
• 2025-09-19 Price Changed $211,000 HARMLS
• 2025-08-29 Price Changed $213,000 HARMLS
• 2025-08-15 Price Changed $215,000 HARMLS
• 2025-07-29 Relisted — HARMLS
• 2025-07-24 Pending — HARMLS
• 2025-07-18 Price Changed $219,000 HARMLS
• 2025-07-03 Price Changed $223,000 HARMLS
• 2025-06-20 Price Changed $232,000 HARMLS
• 2025-06-05 Price Changed $242,000 HARMLS
• 2025-05-09 Price Changed $255,000 HARMLS
• 2025-04-18 Listed $262,000 HARMLS
• 2017-12-27 Sold (Public Records) — Public Records
• 2017-12-22 Sold (MLS) — HARMLS
• 2017-12-09 Pending — HARMLS
• 2017-12-04 Pending — HARMLS
• 2017-11-27 Listed $159,999 HARMLS
• 2015-01-06 Sold (Public Records) — Public Records
• 2015-01-05 Sold (MLS) — HARMLS
• 2014-12-29 Sold (Public Records) — Public Records
• 2014-12-02 Pending — HARMLS
• 2014-12-01 Pending — HARMLS
• 2014-11-24 Pending — HARMLS
• 2014-10-06 Price Changed $119,495 HARMLS
• 2014-09-15 Listed $129,495 HARMLS
• 2014-08-21 Listing Removed — HARMLS
• 2014-08-18 Price Changed $129,700 HARMLS
• 2014-07-29 Price Changed $138,700 HARMLS
• 2014-07-13 Price Changed $146,300 HARMLS
• 2014-05-20 Listed $154,800 HARMLS
• 2011-05-18 Sold (Public Records) — Public Records
• 2011-04-29 Sold (MLS) — HARMLS
• 2011-04-15 Listing Removed — HARMLS
• 2010-10-21 Listed $55,000 HARMLS
• 2005-10-08 Listing Removed — HARMLS
• 2005-10-06 Listed $109,000 HARMLS
• 1995-05-09 Sold (Public Records) $52,500 Public Records

Property tax history

+11.1%/yr

Latest (2025): $5,608 · -15.3% YoY. Source: county tax records.