5607 Circlegate Dr · Spring, TX 77373

$195,000

3 bd · 2.0 ba · 1,424 sqft · SingleFamily public records · 345 Days on market

Built 1975 7,605 sqft lot $137/sqft · 7% below area Est $209k · 7% under $31/mo HOA · 1% of rent

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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 +21.0/30.0
• ARV discount +10.4/15.0
• DSCR +6.7/10.0
• 1% rule +6.5/10.0
• 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

Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

Key facts

• Small deck
• Vinyl flooring
• Large backyard

Tags

• VINYL FLOORING
• BRIGHT LIVING ROOM
• GRANITE COUNTERTOPS
• AMPLE CABINET SPACE
• LARGE BACKYARD
• SMALL DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/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 8.0% 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); 595 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 30% 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 345 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask is 11371% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $43k; list at $195k implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 345 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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 1.15% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• GRM: 7.2

CMA / ARV

• ARV (median comp): $208,627
• List price: $195,000
• Delta: -6.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5715 Walnutgate Dr	0.22mi	3/2.0	1,565 (+10%)	4mo	$220,000	$141	70
5603 Rivergate Dr	0.11mi	3/2.0	1,537 (+8%)	20mo	$190,000	$124	65
22731 Melham Ln	0.46mi	3/2.0	1,533 (+8%)	13mo	$190,000	$124	55
6422 Brookgate Dr	0.75mi	3/2.0	1,446 (+2%)	12mo	$187,900	$130	52

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: -10.7%
• Equity multiple: 0.62×
• Total profit: $-20,518
• Equity at exit: $29,075

10-year hold

• IRR: -6.8%
• Equity multiple: 0.63×
• Total profit: $-20,229
• 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: 595
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,249 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$367 /mo · $4,398/yr
• Insurance: −$81
• HOA: −$31
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $275

Break-even live

Break-even rent $1,900

Max offer price $195,000

Occupancy floor 83%

Sensitivity live

Price	-10% $386	-5% $331	+0% $275	+5% $220	+10% $165
Rent	-10% $98	-5% $187	+0% $275	+5% $364	+10% $453
Rate	-1.0pp $374	-0.5pp $325	base $275	+0.5pp $225	+1.0pp $174

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 34 events

1. 2026-05-14
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

2. 2026-05-09
   status Pending 461-char remark

   Show marketing remark (461 chars)

   Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

3. 2026-04-22
   price $195,000 461-char remark

   Show marketing remark (461 chars)

   Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

4. 2026-04-11
   historical $1,650
5. 2026-03-29
   price $1,650
6. 2026-02-27
   listed $1,700
7. 2026-02-27
   historical $1,700
8. 2026-02-20
   price $199,000 461-char remark

   Show marketing remark (461 chars)

   Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

9. 2025-12-19
   soldstatus
10. 2025-11-22
    listed $1,700
11. 2025-11-21
    historical $1,700
12. 2025-09-26
    listed $1,700
13. 2025-09-24
    price $208,000 461-char remark

    Show marketing remark (461 chars)

    Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

14. 2025-07-25
    price $212,000 461-char remark

    Show marketing remark (461 chars)

    Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

15. 2025-06-02
    listed $217,000 Active 461-char remark

    Show marketing remark (461 chars)

    Charming and spacious 3-bedroom home featuring a cozy fireplace, recently updated with brand-new LVP flooring for a sleek, low-maintenance look and a bright living room with plenty of space to relax or entertain. The kitchen offers granite countertops and ample cabinet space. Step outside to enjoy a large backyard with a small deck—perfect for outdoor gatherings or quiet evenings. Don’t miss out on this great opportunity to make this home yours!

16. 2017-05-16
    soldstatus
17. 2015-03-13
    soldstatus
18. 2015-02-14
    historical
19. 2015-01-28
    price $89,999
20. 2015-01-21
    listed $94,999 Active
21. 2009-06-03
    historical
22. 2009-03-14
    listed $85,000
23. 2009-01-02
    soldstatus
24. 2008-12-30
    soldstatus
25. 2008-12-18
    historical
26. 2008-12-16
    listed $18,000
27. 2008-12-16
    soldstatus
28. 2008-12-12
    historical
29. 2008-07-24
    listed $88,800
30. 2002-09-09
    soldstatus
31. 1998-03-20
    soldstatus $43,491
32. 1998-03-20
    soldstatus $47,215
33. 1998-03-02
    soldstatus $43,491
34. 1998-03-01
    soldstatus $53,700

ⓘ 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: $4,398 · $367/mo
• Projected year-2 tax: $4,398 · $367/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 25 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $26,989
• − Mortgage interest: −$10,923
• − Property taxes: −$4,398
• − Insurance: −$975
• − Repairs & maintenance: −$2,159
• − Management: −$2,159
• − HOA: −$372
• − Depreciation: −$5,673
• Taxable income: $330
• Est. tax owed @ 24.0%: −$79
• After-tax cash flow: $3,226/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

+263.1% since first listed

34 events — show timeline

• 2026-05-14 Pending — HARMLS
• 2026-05-09 Pending — HARMLS
• 2026-04-22 Price Changed $195,000 HARMLS
• 2026-04-11 Rental Removed $1,650 RENTLY
• 2026-03-29 Price Changed $1,650 RENTLY
• 2026-02-27 Listed for Rent $1,700 RENTLY
• 2026-02-27 Rental Removed $1,700 APPFOLIO
• 2026-02-20 Price Changed $199,000 HARMLS
• 2025-12-19 Sold (Public Records) — Public Records
• 2025-11-22 Listed for Rent $1,700 APPFOLIO
• 2025-11-21 Rental Removed $1,700 HARMLS
• 2025-09-26 Listed for Rent $1,700 HARMLS
• 2025-09-24 Price Changed $208,000 HARMLS
• 2025-07-25 Price Changed $212,000 HARMLS
• 2025-06-02 Listed $217,000 HARMLS
• 2017-05-16 Sold (Public Records) — Public Records
• 2015-03-13 Sold (Public Records) — Public Records
• 2015-02-14 Listing Removed — HARMLS
• 2015-01-28 Price Changed $89,999 HARMLS
• 2015-01-21 Listed $94,999 HARMLS
• 2009-06-03 Listing Removed — HARMLS
• 2009-03-14 Listed $85,000 HARMLS
• 2009-01-02 Sold (Public Records) — Public Records
• 2008-12-30 Sold (MLS) — HARMLS
• 2008-12-18 Listing Removed — HARMLS
• 2008-12-16 Sold (Public Records) — Public Records
• 2008-12-16 Listed $18,000 HARMLS
• 2008-12-12 Listing Removed — HARMLS
• 2008-07-24 Listed $88,800 HARMLS
• 2002-09-09 Sold (Public Records) — Public Records
• 1998-03-20 Sold (Public Records) $47,215 Public Records
• 1998-03-20 Sold (Public Records) $43,491 Public Records
• 1998-03-02 Sold (Public Records) $43,491 Public Records
• 1998-03-01 Sold (Public Records) $53,700 Public Records

Property tax history

+8.4%/yr

Latest (2025): $4,398 · -5.9% YoY. Source: county tax records.