2308 Grape Ln · Pasadena, TX 77502

$145,000

3 bd · 2.0 ba · 945 sqft · SingleFamily public records · 56 Days on market

Built 1960 5,501 sqft lot $153/sqft · 21% below area Est $185k · 21% under ↓ 12% since listing

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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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.8/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

Key facts

• 5,501 sq ft lot
• Built 1960
• Listed 56 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

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 $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.4% in Pasadena — 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 (#600 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D+, crime F.
• Pasadena ISD (suburban): math 29% / reading 32% proficiency, ranked #612 of 826 in TX (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 99 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $4k 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 56 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (15%) 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 7.7

CMA / ARV

• ARV (median comp): $184,606
• List price: $145,000
• Delta: -21.45%
• 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
2703 Cypress St	0.62mi	3/2.0	1,037 (+10%)	4mo	$199,000	$192	52
2711 Cypress St	0.63mi	3/1.0	1,068 (+13%)	16mo	$204,900	$192	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-12,165
• Equity at exit: $21,620

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $4,153
• Equity at exit: $12,537

Cash invested: $40,600 (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 77502

• Home prices YoY: -14.2%
• Active inventory: 99
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,559 high
• Mortgage (P&I): −$760
• Tax from tax record: −$234 /mo · $2,808/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $177

Break-even live

Break-even rent $1,335

Max offer price $145,000

Occupancy floor 84%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3508 Tulip St Pasadena, TX	3.0	2.0	1100	$1,650	$1.50	44d	1	0.42mi
3402 Preston Ave Pasadena, TX	1.0–2.0	1.0–2.0	775	$1,502	$1.94	2d	16	0.53mi
4100 Vista Rd Pasadena, TX	1.0–3.0	1.0–2.0	868	$1,611	$1.86	1d	9	0.63mi
4100 Vista Rd Pasadena, TX	1.0–3.0	1.0–2.0	868	$1,670	$1.92	2d	15	0.63mi
2306 Cherry Brook Ln Pasadena, TX	2.0	1.0	882	$1,076	$1.22	44d	1	0.76mi
3907 Ecuador Dr Pasadena, TX	2.0	1.0	1090	$1,100	$1.01	44d	1	0.84mi
3002 Strawberry Rd Pasadena, TX	2.0	1.0	910	$982	$1.08	13d	10	0.90mi
3602 Burke Rd Unit 3659 Pasadena, TX	2.0	2.0	1090	$1,192	$1.09	3d	1	0.91mi
3602 Burke Rd Pasadena, TX	1.0–2.0	1.0	881	$1,375	$1.56	5d	1	0.92mi
3200 Federal Rd Pasadena, TX	1.0–3.0	1.0–2.0	900	$1,399	$1.55	2d	7	1.01mi
4201 Fairmont Pkwy Pasadena, TX	1.0–3.0	1.0–2.0	867	$1,790	$2.06	1d	61	1.02mi
3101 Spencer Hwy Unit 421 Pasadena, TX	2.0	2.0	1050	$1,205	$1.15	5d	1	1.05mi
3101 Spencer Hwy Unit 3158 Pasadena, TX	2.0	2.0	1050	$1,229	$1.17	10d	1	1.05mi
3101 Spencer Hwy Unit 2165 Pasadena, TX	2.0	2.0	1050	$1,197	$1.14	3d	1	1.05mi
2001 Burke Rd Pasadena, TX	1.0–3.0	1.0–1.5	989	$1,479	$1.50	2d	6	1.16mi
1110 Parkside Dr Pasadena, TX	2.0	2.0	1120	$1,167	$1.04	44d	1	1.18mi
2730 Lafferty Rd Pasadena, TX	1.0–3.0	1.0–2.0	966	$1,505	$1.56	44d	19	1.19mi
2730 Lafferty Rd Pasadena, TX	1.0–3.0	1.0–2.0	966	$1,505	$1.56	15d	10	1.19mi
4025 Burke Rd Unit 4082 Pasadena, TX	2.0	2.0	800	$1,114	$1.39	3d	1	1.21mi
4025 Burke Rd Unit 4058 Pasadena, TX	3.0	2.0	1104	$1,621	$1.47	3d	1	1.21mi
4000 Lily St Pasadena, TX	2.0	2.0	1039	$1,672	$1.61	11d	1	1.33mi

Listing history 15 events

1. 2026-06-07
   status $145,000 Pending 56 DOM
2. 2026-06-04
   days on market $145,000 Active 56 DOM
3. 2026-06-03
   days on market $145,000 Active 55 DOM
4. 2026-06-02
   pricedays on market $145,000 Active 54 DOM
5. 2026-06-01
   days on market $148,000 Active 53 DOM
6. 2026-05-31
   days on market $148,000 Active 52 DOM
7. 2026-05-07
   price $149,999 392-char remark

   Show marketing remark (392 chars)

   Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

8. 2026-05-07
   status Active 392-char remark

   Show marketing remark (392 chars)

   Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

9. 2026-05-06
   status Pending 392-char remark

   Show marketing remark (392 chars)

   Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

10. 2026-05-01
    price $155,000 392-char remark

    Show marketing remark (392 chars)

    Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

11. 2026-04-21
    price $165,000 392-char remark

    Show marketing remark (392 chars)

    Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

12. 2026-04-08
    listed $169,999 Active 392-char remark

    Show marketing remark (392 chars)

    Investor special or perfect starter opportunity in the heart of Pasadena! This 3-bedroom, 2-bath, 1-car garage home offers great potential for buyers looking to add their personal touch. Featuring a functional layout, spacious living area, and a nice-sized yard, this property is ready for your vision. Home needs TLC and is being sold as-is — ideal for investors, flippers, or buyers.

13. 2011-09-12
    soldstatus
14. 2011-09-12
    soldstatus
15. 1999-07-07
    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: $2,808 · $234/mo
• Projected year-2 tax: $2,808 · $234/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,711
• − Mortgage interest: −$8,122
• − Property taxes: −$2,808
• − Insurance: −$725
• − Repairs & maintenance: −$1,497
• − Management: −$1,497
• − Depreciation: −$4,218
• Taxable loss: −$156
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $2,162/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: Pasadena ISD
• NCES district ID: 4834320
• Math proficiency: 29% ▼ -17.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,163
• Composite: 26.15/100
• National rank: #7275
• State rank: #612 of 826 in TX

Livability — Pasadena

• Score: 66/100
• State rank: #600
• US rank: #11438

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, TX
• County: Harris County · 4,702,590 people
• City population: 109,190
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 36,371
• Household income: $62,500
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1285.0

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: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 37% White 12% Black 4%
• Hispanic origin (detail): Mexican 75% Puerto Rican 1% Cuban 2%
• Common ancestry: Italian 1%
• Foreign-born: 30% · Canada
• Languages at home: 40% English-only · Spanish 60%

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: ▼ -46.12%
• Current HPI: 278.9293
• Rent YoY: —
• 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

-11.8% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $149,999 HARMLS
• 2026-05-07 Relisted — HARMLS
• 2026-05-06 Pending — HARMLS
• 2026-05-01 Price Changed $155,000 HARMLS
• 2026-04-21 Price Changed $165,000 HARMLS
• 2026-04-08 Listed $169,999 HARMLS
• 2011-09-12 Sold (Public Records) — Public Records
• 2011-09-12 Sold (Public Records) — Public Records
• 1999-07-07 Sold (Public Records) — Public Records

Property tax history

+6.8%/yr

Latest (2025): $2,808 · -1.1% YoY. Source: county tax records.