4808 35th St E · Dickinson, TX 77539

$169,900

4 bd · 2.0 ba · 1,548 sqft · MultiFamily public records · 27 Days on market

Built 1972 6,250 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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investment Opportunity! 100% occupied. Charming duplex featuring 2 cozy one-bedroom, one-bath units, boasting stylish tile and laminate flooring, complemented by refreshing ceiling fans and a fresh coat of paint throughout. Perfect for comfortable living or as an investment opportunity in a desirable location. Mini splits offer cool air-conditioning throughout. Room measurements are approximate. MAKE AN APPOINTMENT TO VIEW TODAY! 48 Hour advance notice to show.

Key facts

• Laminate flooring
• Fresh coat of paint
• Ceiling fans

Tags

• TILE FLOORING
• LAMINATE FLOORING
• CEILING FANS
• MINI SPLITS
• FRESH COAT OF PAINT
• DESIRABLE LOCATION

Property features AI

Finance

• Other: Building total area: 1,548; Annual tax information available

Exterior

• Utilities: Lot area: 6,250 square feet
• Home design: Residential income property
• Construction: Built in 1972; Composition roof

Interior

• Kitchen: Refrigerator
• Bedrooms: Total of 1 bedroom in Unit 1; 2 total residential units
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms (total)
• Interior features: Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive. Per door: $278/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.4% in Dickinson — 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 67/100 on livability (#533 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety F.
• Dickinson ISD (suburban): math 39% / reading 40% proficiency, ranked #366 of 826 in TX (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hughes Road El (math 36% / reading 31%, grade F, #2,174 of 4,322 statewide, top 51%, 707 students, 67% FRL); John And Shamarion Barber Middle (math 59% / reading 48%, grade C+, #275 of 1,662 statewide, top 17%, 568 students, 74% FRL); Dickinson H S (math 30% / reading 46%, grade F, #880 of 1,632 statewide, top 54%, 3,619 students, 64% FRL).
• Market conditions: Rents soft (-0.1%/yr); 676 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 $5k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,351 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.69%
• DSCR: 1.70
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.01×
• Total profit: $625
• Equity at exit: $25,333

10-year hold

• IRR: 6.1%
• Equity multiple: 1.38×
• Total profit: $18,221
• Equity at exit: $14,690

Cash invested: $47,572 (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 77539

• Home prices YoY: -29.8%
• Rents YoY: -0.1%
• Active inventory: 676
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,536 high
• Mortgage (P&I): −$891
• Tax from tax record: −$420 /mo · $5,036/yr
• Insurance: −$71
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $556

Break-even live

Break-even rent $1,833

Max offer price $169,900

Occupancy floor 73%

Sensitivity live

Price	-10% $652	-5% $604	+0% $556	+5% $507	+10% $459
Rent	-10% $355	-5% $455	+0% $556	+5% $656	+10% $756
Rate	-1.0pp $641	-0.5pp $599	base $556	+0.5pp $511	+1.0pp $467

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,536
Total (2 units)			$2,536

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3206 Teakwood Cir Dickinson, TX	3.0	2.0	1323	$1,915	$1.45	23d	1	0.59mi
5008 Asia Ln Dickinson, TX	3.0	2.0	1475	$1,739	$1.18	14d	1	0.62mi
5049 Hauna Ln Dickinson, TX	3.0	2.0	1272	$1,795	$1.41	5d	1	0.63mi
5101 Coba Calle Dickinson, TX	3.0	2.0	1140	$1,500	$1.32	45d	1	0.79mi
5139 Martinique Calle Dickinson, TX	3.0	2.0	1140	$1,750	$1.54	6d	1	0.82mi
3705 Misty Cove Ct Dickinson, TX	3.0	2.0	1609	$2,400	$1.49	45d	1	0.83mi
5601 FM 517 Rd E Dickinson, TX	1.0–3.0	1.0–2.0	922	$1,509	$1.64	0d	3	0.95mi
5313 Palm Dr Unit 1546303P Dickinson, TX	3.0	2.0	1636	$5,645	$3.45	18d	1	1.45mi

Listing history 46 events

1. 2026-06-21
   days on market $169,900 Active 27 DOM
2. 2026-06-18
   days on market $169,900 Active 24 DOM
3. 2026-06-17
   days on market $169,900 Active 23 DOM
4. 2026-06-16
   days on market $169,900 Active 22 DOM
5. 2026-06-15
   days on market $169,900 Active 21 DOM
6. 2026-06-13
   days on market $169,900 Active 19 DOM
7. 2026-06-09
   days on market $169,900 Active 15 DOM
8. 2026-06-08
   days on market $169,900 Active 14 DOM
9. 2026-06-07
   days on market $169,900 Active 13 DOM
10. 2026-06-04
    days on market $169,900 Active 10 DOM
11. 2026-06-03
    days on market $169,900 Active 9 DOM
12. 2026-06-02
    days on market $169,900 Active 8 DOM
13. 2026-06-01
    days on market $169,900 Active 7 DOM
14. 2026-05-31
    days on market $169,900 Active 6 DOM
15. 2026-05-25
    listed $169,900 Active
16. 2026-01-31
    historical
17. 2025-05-01
    historical $850
18. 2025-04-24
    historical $850
19. 2025-04-15
    price $850
20. 2025-04-15
    price $850
21. 2025-04-08
    price $875
22. 2025-04-08
    price $875
23. 2025-04-01
    price $900
24. 2025-03-30
    listed $900
25. 2025-03-08
    listed $169,900 Active
26. 2025-02-28
    historical
27. 2025-02-25
    listed $950
28. 2025-02-18
    historical $950
29. 2025-02-04
    listed $950
30. 2024-04-09
    listed $169,900 Active
31. 2024-02-28
    historical $850
32. 2024-02-05
    price $850
33. 2024-01-21
    listed $875
34. 2018-08-07
    soldstatus
35. 2018-08-03
    soldstatus Sold
36. 2018-07-15
    status Pending
37. 2018-06-25
    status Option Pending
38. 2018-04-24
    price $150,000
39. 2018-04-09
    listed $165,000 Active
40. 2017-07-03
    soldstatus
41. 2017-06-30
    soldstatus Sold
42. 2017-06-30
    status Pending
43. 2017-06-26
    status Option Pending
44. 2017-03-25
    listed $79,900 Active
45. 2017-02-28
    historical
46. 2016-09-01
    listed $79,900 Active

ⓘ 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: $5,036 · $420/mo
• Projected year-2 tax: $5,036 · $420/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 7/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 26 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,432
• − Mortgage interest: −$9,517
• − Property taxes: −$5,036
• − Insurance: −$1,647
• − Repairs & maintenance: −$2,435
• − Management: −$2,435
• − Depreciation: −$4,943
• Taxable income: $4,420
• Est. tax owed @ 24.0%: −$1,061
• After-tax cash flow: $5,606/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: Dickinson ISD
• NCES district ID: 4817070
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $61,318
• Composite: 35.16/100
• National rank: #5005
• State rank: #366 of 826 in TX

Livability — Dickinson

• Score: 67/100
• State rank: #533
• US rank: #10431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dickinson, TX
• County: Galveston County · 357,330 people
• City population: 49,375
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 49,375
• Household income: $89,111
• Rent vs Own: 24.3% rent · 75.7% own
• Severe rent burden: 869.0

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 37% Two or more races 19% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 29% Puerto Rican 2%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 24% Vietnamese 1% Other Indo-European 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: ▼ -109.46%
• Current HPI: 258.0104
• Rent YoY: ▼ -0.12%
• 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

+112.6% since first listed

32 events — show timeline

• 2026-05-25 Listed $169,900 HARMLS
• 2026-01-31 Listing Removed — HARMLS
• 2025-05-01 Rental Removed $850 RENT.
• 2025-04-24 Rental Removed $850 HARMLS
• 2025-04-15 Price Changed $850 RENT.
• 2025-04-15 Price Changed $850 HARMLS
• 2025-04-08 Price Changed $875 RENT.
• 2025-04-08 Price Changed $875 HARMLS
• 2025-04-01 Price Changed $900 RENT.
• 2025-03-30 Listed for Rent $900 HARMLS
• 2025-03-08 Listed $169,900 HARMLS
• 2025-02-28 Listing Removed — HARMLS
• 2025-02-25 Listed for Rent $950 RENT.
• 2025-02-18 Rental Removed $950 RENT.
• 2025-02-04 Listed for Rent $950 RENT.
• 2024-04-09 Listed $169,900 HARMLS
• 2024-02-28 Rental Removed $850 HARMLS
• 2024-02-05 Price Changed $850 HARMLS
• 2024-01-21 Listed for Rent $875 HARMLS
• 2018-08-07 Sold (Public Records) — Public Records
• 2018-08-03 Sold (MLS) — HARMLS
• 2018-07-15 Pending — HARMLS
• 2018-06-25 Pending — HARMLS
• 2018-04-24 Price Changed $150,000 HARMLS
• 2018-04-09 Listed $165,000 HARMLS
• 2017-07-03 Sold (Public Records) — Public Records
• 2017-06-30 Sold (MLS) — HARMLS
• 2017-06-30 Pending — HARMLS
• 2017-06-26 Pending — HARMLS
• 2017-03-25 Listed $79,900 HARMLS
• 2017-02-28 Listing Removed — HARMLS
• 2016-09-01 Listed $79,900 HARMLS

Property tax history

+13.9%/yr

Latest (2025): $5,036 · +13.3% YoY. Source: county tax records.