1535 Golden Iris Dr · Houston, TX 77532

$188,990

3 bd · 2.0 ba · 1,311 sqft · SingleFamily · 63 Days on market

Built 2026 Good condition $192/mo HOA · 10% of rent ↓ 6% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• 1% rule +2.9/10.0
• Rent growth +2.9/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

Key facts

• Walk-in closet
• Open floorplan
• Secondary bedrooms

Tags

• OPEN FLOORPLAN
• OWNER'S SUITE
• EN-SUITE BATHROOM
• WALK-IN CLOSET
• SECONDARY BEDROOMS

Property features AI

Finance

• HOA & community: Community Solutions association; Annual association fee of $2,300

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Residential property; Under construction (new construction); Slab foundation
• Construction: Built in 2026; Brick and cement siding exterior; Composition roof
• Exterior features: Back yard fence

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Gas oven; Gas range
• Bedrooms: Primary bedroom on the first floor (approx. 14 x 13); Two additional bedrooms on the first floor (each approx. 11 x 10); Total rooms: 5; Dining room on the first floor (approx. 10 x 7); Family room on the first floor (approx. 15 x 13)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric and gas); Central air conditioning (electric and gas)
• Interior features: Breakfast bar; Kitchen open to family room; Separate shower; Tub with shower
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

🏗️ New construction. The $188,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $248,687.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $189k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-359 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 4.6% vs local median 3.1% in Houston — 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 74/100 on livability (#184 in TX, #4,771 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F.
• Crosby ISD (rural): math 39% / reading 40% proficiency, ranked #369 of 826 in TX (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crosby Middle (math 36% / reading 37%, grade F, #786 of 1,662 statewide, top 48%, 1,549 students, 60% FRL); Crosby H S (math 44% / reading 45%, grade F, #652 of 1,632 statewide, top 43%, 1,937 students, 54% FRL).
• Market conditions: Rents rising (+1.5%/yr); 1193 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 63 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $177,650 (6.0% 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 63 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 4.56%
• Cash-on-cash: -6.19%
• DSCR: 0.72
• GRM: 10.6

CMA / ARV

• ARV (median comp): $248,687
• List price: $188,990
• Delta: -24.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1546 Gardenia Blossom Ln	0.08mi	3/2.0	1,311 (0%)	1mo	$239,990	$183	95
18666 Periwinkle Brook Dr	0.15mi	3/2.0	1,311 (0%)	1mo	$241,990	$185	92
1510 Gardenia Grove Ln	0.12mi	3/2.0	1,302 (-1%)	2mo	$260,990	$200	92
1610 Golden Iris Dr	0.05mi	3/2.0	1,451 (+11%)	0mo	$194,290	$134	80
1623 Golden Iris Dr	0.05mi	3/2.0	1,451 (+11%)	1mo	$248,990	$172	79
1566 Gardenia Blossom Ln	0.08mi	3/2.0	1,461 (+11%)	1mo	$172,340	$118	76
1547 Gardenia Blossom Ln	0.11mi	3/2.0	1,451 (+11%)	1mo	$180,590	$124	76
1523 Gardenia Blossom Ln	0.13mi	3/2.0	1,451 (+11%)	1mo	$173,740	$120	75
18650 Periwinkle Brook Dr	0.14mi	3/2.0	1,451 (+11%)	0mo	$179,240	$124	75
18630 Periwinkle Brook Dr	0.13mi	3/2.0	1,451 (+11%)	2mo	$252,990	$174	75
18626 Periwinkle Brook Dr	0.13mi	3/2.0	1,461 (+11%)	1mo	$186,990	$128	74
18654 Periwinkle Brook Dr	0.14mi	3/2.0	1,461 (+11%)	1mo	$254,990	$175	73

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 · 1.48% rent growth · sell at horizon

5-year hold

• IRR: -28.8%
• Equity multiple: 0.05×
• Total profit: $-65,985
• Equity at exit: $37,080

10-year hold

• IRR: -36.8%
• Equity multiple: -0.41×
• Total profit: $-98,090
• Equity at exit: $21,502

Cash invested: $69,632 (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 77532

• Home prices YoY: -28.6%
• Rents YoY: 1.5%
• Active inventory: 1193
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,964 medium
• Mortgage (P&I): −$1,304
• Tax est. 1.5%: −$311 /mo · $3,730/yr
• Insurance: −$104
• HOA: −$192
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-359

Break-even live

Break-even rent $2,419

Max offer price $196,716

Occupancy floor —

Sensitivity live

Price	-10% $-187	-5% $-273	+0% $-359	+5% $-445	+10% $-531
Rent	-10% $-514	-5% $-437	+0% $-359	+5% $-282	+10% $-204
Rate	-1.0pp $-234	-0.5pp $-296	base $-359	+0.5pp $-424	+1.0pp $-489

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: $62,172
• Closing costs: $7,461
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1519 Gardenia Grove Ln Crosby, TX	3.0	2.0	1461	$1,800	$1.23	26d	1	0.12mi

HOA detail

• Monthly dues: $192 · $2,304/yr

Listing history 26 events

1. 2026-06-22
   statusdays on market $188,990 Pending 63 DOM
2. 2026-06-21
   days on market $188,990 Active 62 DOM
3. 2026-06-18
   days on market $188,990 Active 59 DOM
4. 2026-06-17
   days on market $188,990 Active 58 DOM
5. 2026-06-16
   days on market $188,990 Active 57 DOM
6. 2026-06-15
   days on market $188,990 Active 56 DOM
7. 2026-06-13
   days on market $188,990 Active 54 DOM
8. 2026-06-10
   price $188,990 Active 50 DOM

   Show marketing remark (414 chars)

   This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

9. 2026-06-09
   days on market $187,990 Active 50 DOM
10. 2026-06-08
    days on market $187,990 Active 49 DOM
11. 2026-06-07
    days on market $187,990 Active 48 DOM
12. 2026-06-04
    days on market $187,990 Active 45 DOM
13. 2026-06-03
    days on market $187,990 Active 44 DOM
14. 2026-06-02
    days on market $187,990 Active 43 DOM
15. 2026-06-01
    days on market $187,990 Active 42 DOM
16. 2026-05-31
    days on market $187,990 Active 41 DOM
17. 2026-05-19
    price $199,990 602-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

18. 2026-05-18
    price $213,290 414-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

19. 2026-05-08
    price $216,690 414-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

20. 2026-05-07
    price $216,690 602-char remark
21. 2026-05-05
    price $213,340 414-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

22. 2026-05-04
    price $213,340 602-char remark
23. 2026-04-29
    price $206,590 602-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

24. 2026-04-29
    price $206,590 414-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

25. 2026-04-20
    listed $199,990 Active 414-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

26. 2026-04-20
    listed $199,990 Active 602-char remark

    Show marketing remark (414 chars)

    This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home, which are ideal for household members and hosting overnight guests.

ⓘ 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: $23,566
• − Mortgage interest: −$13,930
• − Property taxes: −$3,730
• − Insurance: −$1,243
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − HOA: −$2,304
• − Depreciation: −$7,235
• Taxable loss: −$8,647
• Est. tax savings @ 24.0%: +$2,075
• After-tax cash flow: $-2,235/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This single-family home is in good condition with a modern design and well-maintained exterior. It has the potential for minor cosmetic improvements to further enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract more potential buyers
• Both Add smart home features — Smart home features can increase both resale and rental value by making the home more convenient and energy-efficient

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract more potential buyers ↑
• Both Add smart home features — Smart home features can increase both resale and rental value by making the home more convenient and energy-efficient ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Crosby ISD
• NCES district ID: 4815750
• Math proficiency: 39% ▼ -13.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $61,079
• Composite: 35.14/100
• National rank: #5012
• State rank: #369 of 826 in TX

Livability — Houston

• Score: 74/100
• State rank: #184
• US rank: #4771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 33,780
• Household income: $92,201
• Rent vs Own: 13.9% rent · 86.1% own
• Severe rent burden: 382.0

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 0.60)
• Race & ethnicity: White 54% Hispanic / Latino 31% Two or more races 16% Black 9%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 78% English-only · Spanish 21%

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: ▼ -105.63%
• Current HPI: 264.0126
• Rent YoY: ▲ 1.48%
• 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

-5.5% since first listed

19 events — show timeline

• 2026-06-11 Price Changed $188,990 Zillow
• 2026-06-11 Price Changed $187,990 Zillow
• 2026-06-10 Price Changed $188,990 Zillow
• 2026-06-09 Price Changed $188,990 HARMLS
• 2026-05-28 Price Changed $187,990 HARMLS
• 2026-05-27 Price Changed $187,990 Zillow
• 2026-05-26 Price Changed $194,990 HARMLS
• 2026-05-26 Price Changed $194,990 Zillow
• 2026-05-19 Price Changed $199,990 Zillow
• 2026-05-19 Price Changed $199,990 HARMLS
• 2026-05-18 Price Changed $213,290 Zillow
• 2026-05-08 Price Changed $216,690 Zillow
• 2026-05-07 Price Changed $216,690 HARMLS
• 2026-05-05 Price Changed $213,340 Zillow
• 2026-05-04 Price Changed $213,340 HARMLS
• 2026-04-29 Price Changed $206,590 HARMLS
• 2026-04-29 Price Changed $206,590 Zillow
• 2026-04-20 Listed $199,990 Zillow
• 2026-04-20 Listed $199,990 HARMLS