1116 Harris Way · Galveston, TX 77551

$50,000

2 bd · 1.0 ba · 826 sqft · SingleFamily public records · 36 Days on market

Built 1970 5,501 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover a prime investment opportunity at 1116 Harris Way in Galveston, TX, perfectly positioned just moments from Broadway Street and the water. This property offers incredible potential for renovation, rental income, or a future coastal getaway. Situated in a desirable and rapidly developing area, this lot places you near Galveston’s beaches, dining, historic attractions, and major thoroughfares—making it ideal for both short-term and long-term investment strategies. Whether you're looking to transform it into a charming island retreat or capitalize on Galveston’s strong rental market, the possibilities are endless. Don’t miss your chance to secure a property in o

Key facts

• Near dining
• Prime location
• 5,501 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• PRIME LOCATION
• NEAR GALVESTON BEACHES
• NEAR DINING
• NEAR HISTORIC ATTRACTIONS
• NEAR MAJOR THOROUGHFARES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.1% vs local median 0.1% in Galveston — 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 76/100 on livability (#108 in TX, #3,559 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, employment D, crime F.
• Galveston ISD (town): math 33% / reading 39% proficiency, ranked #514 of 826 in TX (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.3%/yr); 380 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.54% ✓
• Cap rate: 22.12%
• Cash-on-cash: 56.52%
• DSCR: 3.51
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $219,716
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5624 Avenue P 1/2	0.52mi	2/1.0	840 (+2%)	10mo	$215,000	$256	65
5728 Sylvia Dr	0.62mi	2/1.0	844 (+2%)	7mo	$189,500	$225	62
4816 Avenue O 1/2	0.74mi	2/1.0	824 (-0%)	10mo	$275,000	$334	57
5507 Avenue Q 1/2	0.69mi	2/1.5	836 (+1%)	13mo	$225,000	$269	53
6906 Bernardo De Galvez Ave	0.47mi	2/1.0	784 (-5%)	20mo	$245,000	$313	52
5005 Avenue K	0.50mi	2/1.0	768 (-7%)	20mo	$185,000	$241	48
5306 Avenue H	0.37mi	2/1.0	744 (-10%)	22mo	$169,000	$227	48
5413 Ave Q	0.64mi	2/1.5	910 (+10%)	5mo	$199,500	$219	46
4906 Avenue O	0.64mi	1/1.0 (-1)	760 (-8%)	9mo	$289,000	$380	44
2114 52nd St	0.74mi	2/1.0	772 (-6%)	18mo	$255,000	$330	40
5122 Avenue M 1/2	0.42mi	3/2.0 (+1)	902 (+9%)	21mo	$240,000	$266	38
2028 Neumann	0.58mi	2/1.0	946 (+14%)	17mo	$215,000	$227	34

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 · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 15.0%
• Equity multiple: 1.62×
• Total profit: $8,667
• Equity at exit: $7,455

10-year hold

• IRR: 25.5%
• Equity multiple: 3.48×
• Total profit: $34,773
• Equity at exit: $4,323

Cash invested: $14,000 (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 77551

• Home prices YoY: -23.3%
• Rents YoY: 4.3%
• Active inventory: 380
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,272 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $233

Break-even live

Break-even rent $977

Max offer price $50,000

Occupancy floor 77%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5501 Menard Ave Galveston, TX	2.0	2.0	900	$1,200	$1.33	43d	1	0.30mi
5313 Perry Ave Galveston, TX	2.0	2.0	1036	$1,595	$1.54	22d	1	0.41mi
5523 Avenue O 1/2 Galveston, TX	2.0	1.0	900	$1,010	$1.12	44d	1	0.43mi
5006 Avenue M Unit 2 Galveston, TX	1.0	1.0	570	$850	$1.49	16d	1	0.52mi
5006 Bernardo De Galvez Ave Unit RL14 Galveston, TX	2.0	1.0	1080	$1,350	$1.25	43d	1	0.68mi
2311 56th St Unit 1223250P Galveston, TX	2.0	1.0	1033	$2,667	$2.58	15d	1	0.73mi
5312 Avenue S Galveston, TX	2.0	1.0	552	$1,200	$2.17	43d	1	0.86mi
4715 Avenue P 1/2 Unit 1/2 REAR Galveston, TX	1.0	1.0	748	$1,395	$1.86	5d	1	0.90mi
4818 Avenue R 1/2 Galveston, TX	1.0–3.0	1.0–2.0	1264	$1,462	$1.16	1d	2	0.99mi
3423 N AVE Unit 1 Galveston, TX	1.0	1.0	650	$950	$1.46	43d	1	1.07mi
4217 Sealy St Galveston, TX	2.0	1.0	900	$850	$0.94	43d	1	1.09mi
49 Back Bay Cir Galveston, TX	2.0	2.0	876	$1,016	$1.16	43d	1	1.12mi
4020 Avenue O 1/2 Galveston, TX	3.0	1.0	916	$1,350	$1.47	1d	1	1.27mi
7302 Heards Ln Galveston, TX	1.0–2.0	1.0–2.0	774	$1,331	$1.72	3d	1	1.29mi
2311 71st St Galveston, TX	2.0	1.0	800	$900	$1.12	43d	1	1.29mi
2219 72nd St Unit B Galveston, TX	2.0	1.0	1100	$1,395	$1.27	17d	1	1.30mi
2828 61st St Unit 906 Galveston, TX	1.0	1.0	680	$925	$1.36	24d	1	1.34mi
6424 Central City Blvd Galveston, TX	1.0–2.0	1.0–2.0	925	$1,776	$1.92	1d	13	1.37mi
2828 61st St Unit 1302 Galveston, TX	2.0	1.0	820	$1,225	$1.49	24d	1	1.37mi
3102 69th St Galveston, TX	1.0–2.0	1.0–2.0	773	$1,226	$1.59	1d	27	1.39mi
4931 Fort Crockett Blvd Galveston, TX	2.0	2.0	981	$1,550	$1.58	43d	1	1.44mi
3718 Avenue M 1/2 Unit Rear Up Galveston, TX	3.0	1.0	936	$1,275	$1.36	43d	1	1.44mi
7400 Jones Dr Galveston, TX	1.0–2.0	1.0–2.0	665	$1,500	$2.26	1d	24	1.45mi
6321 Central City Blvd Galveston, TX	1.0	1.0	850	$1,311	$1.54	43d	1	1.47mi

Listing history 2 events

1. 2026-01-09
   status Pending
2. 2025-12-04
   listed $50,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,264
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$5,368
• − Repairs & maintenance: −$1,221
• − Management: −$1,221
• − Depreciation: −$1,455
• Taxable income: $2,448
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $2,206/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: Galveston ISD
• NCES district ID: 4820280
• Math proficiency: 33% ▼ -14.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $40,162
• Composite: 30.22/100
• National rank: #6299
• State rank: #514 of 826 in TX

Livability — Galveston

• Score: 76/100
• State rank: #108
• US rank: #3559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galveston, TX
• County: Galveston County · 357,330 people
• City population: 55,599
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 21,696
• Household income: $58,344
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1626.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 35% Two or more races 19% Black 14% Asian 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica
• Languages at home: 69% English-only · Spanish 25% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.84%
• Current HPI: 273.0717
• Rent YoY: ▲ 4.28%
• 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

2 events — show timeline

• 2026-01-09 Pending — HARMLS
• 2025-12-04 Listed $50,000 HARMLS

Property tax history

+8.7%/yr

Latest (2025): $2,806 · -15.1% YoY. Source: county tax records.