537 Stone Placa Trl · Pattison, TX 77423

$254,990

3 bd · 2.5 ba · 1,566 sqft · Land · 110 Days on market

Built 2026 $163/sqft · 6% below area Est $272k · 6% under $83/mo HOA · 4% of rent ↓ 6% 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 +13.0/30.0
• ARV discount +10.3/15.0
• DSCR +3.9/10.0
• Livability +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the Cardinal II by Smith Douglas Homes a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

Key facts

• Spacious island
• Quartz countertops
• No rear neighbors

Tags

• STONE EXTERIOR
• NO REAR NEIGHBORS
• OPEN-CONCEPT LAYOUT
• VINYL PLANK FLOORING
• QUARTZ COUNTERTOPS
• SPACIOUS ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $255k.

Deal economics

• At list price, monthly cash flow is $-13 ($-161/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (21.2% below list).
• Recommended offer: $201k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.4% in Pattison — 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 63/100 on livability (#876 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: schools F, amenities F, commute F.
• Royal ISD (rural): math 23% / reading 23% proficiency, ranked #744 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.0%/yr); 997 active listings in the ZIP; solid renter incomes; 483 units permitted in Waller County in 2024 (89 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 $8k of value loss. Plan a longer hold.
• Waller County population projected at +62% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $17k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,877 (21.2% 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. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 0.79% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• GRM: 10.6

CMA / ARV

• ARV (median comp): $272,000
• List price: $254,990
• Delta: -6.25%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.8%
• Equity multiple: 0.33×
• Total profit: $-48,129
• Equity at exit: $38,020

10-year hold

• IRR: -20.0%
• Equity multiple: 0.08×
• Total profit: $-66,041
• Equity at exit: $22,047

Cash invested: $71,397 (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 77423

• Rents YoY: -1.0%
• Active inventory: 997
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,009 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$74 /mo · $887/yr
• Insurance: −$106
• HOA: −$83
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $-13

Break-even live

Break-even rent $2,026

Max offer price $252,622

Occupancy floor 96%

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: $63,748
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $83 · $996/yr
• Likely covers: electriclandscaping

Listing history 15 events

1. 2026-06-08
   statusdays on market $254,990 Pending 110 DOM
2. 2026-06-07
   days on market $254,990 Active 109 DOM
3. 2026-06-04
   days on market $254,990 Active 106 DOM
4. 2026-06-03
   days on market $254,990 Active 105 DOM
5. 2026-06-02
   days on market $254,990 Active 104 DOM
6. 2026-06-01
   days on market $254,990 Active 103 DOM
7. 2026-05-31
   days on market $254,990 Active 102 DOM
8. 2026-05-09
   price $254,990 728-char remark

   Show marketing remark (728 chars)

   Discover the Cardinal II by Smith Douglas Homes a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

9. 2026-05-08
   price $269,995 728-char remark

   Show marketing remark (736 chars)

   Discover the Cardinal II by Smith Douglas Homes — a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

10. 2026-05-08
    price $254,990 736-char remark

    Show marketing remark (736 chars)

    Discover the Cardinal II by Smith Douglas Homes — a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

11. 2026-05-08
    price $269,995 736-char remark

    Show marketing remark (736 chars)

    Discover the Cardinal II by Smith Douglas Homes — a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

12. 2026-04-10
    status Active 728-char remark

    Show marketing remark (728 chars)

    Discover the Cardinal II by Smith Douglas Homes a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

13. 2026-03-12
    historical 728-char remark

    Show marketing remark (728 chars)

    Discover the Cardinal II by Smith Douglas Homes a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

14. 2026-02-19
    listed $271,715 Active 728-char remark

    Show marketing remark (728 chars)

    Discover the Cardinal II by Smith Douglas Homes a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

15. 2026-02-18
    listed $271,715 Active 736-char remark

    Show marketing remark (736 chars)

    Discover the Cardinal II by Smith Douglas Homes — a beautifully designed one-story home with stone exterior, ideally situated on a homesite with no rear neighbors and just minutes from Katy and Brookshire. This 3-bedroom, 2-bath plan features an open-concept layout with vinyl plank flooring throughout the main living areas. The kitchen offers quartz countertops and a spacious island, perfect for everyday living and entertaining. The private primary suite includes a tray ceiling, dual vanities, and a large walk-in shower. Enjoy a linear electric fireplace in the family room and a covered patio for outdoor relaxation. Zoned to Royal ISD, the community will feature walking trails, ponds, and playgrounds. AVAILABLE MAY/JUNE!

ⓘ 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: $887 · $74/mo
• Projected year-2 tax: $4,666 · $389/mo
• Expected delta: +$3,780/yr (+$315/mo · 426.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 21 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: $24,105
• − Mortgage interest: −$14,283
• − Property taxes: −$887
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − HOA: −$996
• − Depreciation: −$7,418
• Taxable loss: −$4,611
• Est. tax savings @ 24.0%: +$1,107
• After-tax cash flow: $946/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: Royal ISD
• NCES district ID: 4838190
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 23% ▼ -6.00%
• Median HH income: $41,059
• Composite: 19.55/100
• National rank: #8760
• State rank: #744 of 826 in TX

Livability — Pattison

• Score: 63/100
• State rank: #876
• US rank: #15789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Waller County · 18,767 people
• City population: 18,767
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 18,767
• Household income: $84,490
• Rent vs Own: 20.6% rent · 79.4% own
• Severe rent burden: 20.0

Population outlook (Waller County) Hauer SSP2

• Today (2025): 60,772 people
• By 2030: 67,616 · +11.3%
• By 2040: 82,283 · +35.4%
• By 2050: 98,276 · +61.7%
• By 2075: 142,860 · +135.1%
• By 2100: 175,596 · +188.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 41% White 41% Black 14% Two or more races 13% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 30% Cuban 2%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 17% · Canada, China, Dominican Republic
• Languages at home: 65% English-only · Spanish 32% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Waller

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.0% · Other 1.0%
• 2008→2024 swing: -17.9pp toward R · 2008: -7.2pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+26.7 2016: R+28.6 2012: R+17.6 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.28%
• Current HPI: 204.8709
• Rent YoY: ▼ -1.01%
• 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

-6.2% since first listed

8 events — show timeline

• 2026-05-09 Price Changed $254,990 Zillow
• 2026-05-08 Price Changed $269,995 Zillow
• 2026-05-08 Price Changed $254,990 HARMLS
• 2026-05-08 Price Changed $269,995 HARMLS
• 2026-04-10 Relisted — Zillow
• 2026-03-12 Delisted — Zillow
• 2026-02-19 Listed $271,715 Zillow
• 2026-02-18 Listed $271,715 HARMLS