22854 Fulton Landing Dr · Houston, TX 77447

$255,580

3 bd · 2.0 ba · 1,548 sqft · SingleFamily · 63 Days on market

Built 2026 Excellent condition $165/sqft · at area comps Est $259k · at est. $75/mo HOA · 3% of rent

---

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 +11.8/30.0
• ARV discount +8.1/15.0
• Condition / age +5.0/5.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• DSCR +3.5/10.0
• Schools +2.9/10.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

KB HOME UNDER CONSTRUCTION - Welcome to 22854 Fulton Landing Drive, located in the desirable Bauer Meadows and zoned to Waller ISD! This beautifully designed one-story home offers 3 bedrooms, 2 full bathrooms, and an attached 2-car garage. A charming front porch adds to its curb appeal. Inside, you'll find a spacious Great Room—perfect for entertaining family and friends. The kitchen is equipped with stainless steel Whirlpool appliances, a granite island, and an extended breakfast bar for casual dining. The primary suite features serene views of the backyard, while the en-suite bathroom includes dual vanities and a spacious walk-in closet. Step outside to enjoy the relaxing outdoor space on an extended patio slab—ideal for morning coffee or evening gatherings. Don’t miss the opportunity to make this stunning home yours. Call today to schedule your private tour!

Key facts

• Dual vanities
• Front porch
• Granite island

Tags

• FRONT PORCH
• GREAT ROOM
• STAINLESS STEEL APPLIANCES
• GRANITE ISLAND
• EXTENDED BREAKFAST BAR
• DUAL VANITIES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $256k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-72 ($-860/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (12.4% below list).
• Recommended offer: $224k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.2% 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: schools D, crime F.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.6%/yr); 1782 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $8k 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 ($240k) is reasonable based on typical stale-listing flexibility.

Recommended offer $223,996 (12.4% 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 12% 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: 0.88% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.20%
• DSCR: 0.95
• GRM: 9.5

CMA / ARV

• ARV (median comp): $259,245
• List price: $255,580
• Delta: -1.41%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19902 Thurlow Ln	0.12mi	3/2.0	1,548 (0%)	4mo	$245,930	$159	91
22859 Wolfshire Way	0.13mi	3/2.5	1,609 (+4%)	1mo	$264,995	$165	85
19743 Corberry Park Ln	0.16mi	3/2.5	1,609 (+4%)	3mo	$271,300	$169	82
22814 Fulton Landing Dr	0.08mi	4/2.0 (+1)	1,604 (+4%)	5mo	$275,169	$172	81
22850 Mahogany Hills Ln	0.20mi	4/2.0 (+1)	1,604 (+4%)	3mo	$252,397	$157	77
19807 Corberry Park Ln	0.14mi	3/2.0	1,377 (-11%)	1mo	$239,995	$174	75
22803 Gentle Shadow Dr	0.31mi	3/2.0	1,470 (-5%)	5mo	$280,000	$190	73
23123 Glory Orchid Dr	0.36mi	4/2.0 (+1)	1,506 (-3%)	1mo	$302,900	$201	73
22846 Mahogany Hills Ln	0.16mi	3/2.0	1,360 (-12%)	1mo	$219,995	$162	72
22855 Magnolia Haven Dr	0.25mi	3/2.0	1,377 (-11%)	4mo	$244,995	$178	67
20011 Epirus Shores Dr	0.55mi	3/2.0	1,350 (-13%)	4mo	$220,000	$163	50
20619 Stout Dr	0.65mi	3/2.0	1,766 (+14%)	3mo	$275,000	$156	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: -21.8%
• Equity multiple: 0.27×
• Total profit: $-52,465
• Equity at exit: $38,108

10-year hold

• IRR: -25.8%
• Equity multiple: -0.07×
• Total profit: $-76,610
• Equity at exit: $22,098

Cash invested: $71,562 (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 77447

• Home prices YoY: -31.1%
• Rents YoY: -1.6%
• Active inventory: 1782
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,240 high
• Mortgage (P&I): −$1,340
• Tax est. 1.5%: −$319 /mo · $3,834/yr
• Insurance: −$106
• HOA: −$75
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $-72

Break-even live

Break-even rent $2,331

Max offer price $245,207

Occupancy floor 98%

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: $63,895
• Closing costs: $7,667
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20313 Evergreen Cypress Dr Hockley, TX	2.0–5.0	2.0–3.5	2051	$2,353	$1.15	1d	1	0.35mi
22215 Scarlino Dr Hockley, TX	3.0	2.0	2099	$2,450	$1.17	22d	1	0.65mi
20718 Round Key Dr Hockley, TX	4.0	2.5	2133	$1,931	$0.91	5d	1	0.80mi
20703 Solstice Point Dr Hockley, TX	3.0	2.0	1912	$1,951	$1.02	2d	1	0.82mi
22023 Lost Lantern Dr Hockley, TX	3.0–4.0	2.0	1601	$1,863	$1.16	2d	1	1.03mi
22719 Klingamans Way Hockley, TX	3.0	2.0	1416	$1,689	$1.19	2d	1	1.03mi
21210 Echo Manor Dr Hockley, TX	4.0	2.5	2221	$2,150	$0.97	3d	1	1.11mi

HOA detail

• Monthly dues: $75 · $900/yr
• Likely covers: pool

Listing history 14 events

1. 2026-06-18
   days on market $255,580 Active 63 DOM
2. 2026-06-17
   days on market $255,580 Active 62 DOM
3. 2026-06-16
   days on market $255,580 Active 61 DOM
4. 2026-06-15
   days on market $255,580 Active 60 DOM
5. 2026-06-13
   days on market $255,580 Active 58 DOM
6. 2026-06-09
   days on market $255,580 Active 54 DOM
7. 2026-06-08
   days on market $255,580 Active 53 DOM
8. 2026-06-07
   days on market $255,580 Active 52 DOM
9. 2026-06-04
   days on market $255,580 Active 49 DOM
10. 2026-06-03
    days on market $255,580 Active 48 DOM
11. 2026-06-02
    days on market $255,580 Active 47 DOM
12. 2026-06-01
    days on market $255,580 Active 46 DOM
13. 2026-05-31
    days on market $255,580 Active 45 DOM
14. 2026-04-16
    listed $255,580 Active 891-char remark

    Show marketing remark (891 chars)

    KB HOME UNDER CONSTRUCTION - Welcome to 22854 Fulton Landing Drive, located in the desirable Bauer Meadows and zoned to Waller ISD! This beautifully designed one-story home offers 3 bedrooms, 2 full bathrooms, and an attached 2-car garage. A charming front porch adds to its curb appeal. Inside, you'll find a spacious Great Room—perfect for entertaining family and friends. The kitchen is equipped with stainless steel Whirlpool appliances, a granite island, and an extended breakfast bar for casual dining. The primary suite features serene views of the backyard, while the en-suite bathroom includes dual vanities and a spacious walk-in closet. Step outside to enjoy the relaxing outdoor space on an extended patio slab—ideal for morning coffee or evening gatherings. Don’t miss the opportunity to make this stunning home yours. Call today to schedule your private tour!

ⓘ 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: $26,880
• − Mortgage interest: −$14,316
• − Property taxes: −$3,834
• − Insurance: −$1,278
• − Repairs & maintenance: −$2,150
• − Management: −$2,150
• − HOA: −$900
• − Depreciation: −$7,435
• Taxable loss: −$5,184
• Est. tax savings @ 24.0%: +$1,244
• After-tax cash flow: $384/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 · 6 photos

Excellent 100/100 None rehab

This single-family home in Bauer Meadows is under construction and is already in excellent condition. It offers a spacious layout, modern appliances, and a well-maintained exterior. Potential buyers and renters will appreciate the curb appeal and smart home features that can be added to maximize value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances aesthetic appeal and could attract more buyers
• Both Add smart home features — Improves convenience and could increase market value
• Both Install energy-efficient windows — Reduces energy costs and enhances home value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances aesthetic appeal and could attract more buyers ↑
• Both Add smart home features — Improves convenience and could increase market value ↑
• Both Install energy-efficient windows — Reduces energy costs and enhances home value ↑

ⓘ 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: Waller ISD
• NCES district ID: 4844430
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $58,911
• Composite: 29.12/100
• National rank: #6593
• State rank: #532 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): 25,231
• Household income: $116,925
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 265.0

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 0.63)
• Race & ethnicity: White 44% Hispanic / Latino 41% Two or more races 16% Black 9% Asian 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 3% Slovak 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Dominican Republic
• Languages at home: 69% English-only · Spanish 28% Other Indo-European 1% Vietnamese 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: ▼ -112.73%
• Current HPI: 249.6969
• Rent YoY: ▼ -1.58%
• 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

1 event — show timeline

• 2026-04-16 Listed $255,580 HARMLS