121 E 32nd St · Houston, TX 77018

$279,999

3 bd · 1.0 ba · 946 sqft · SingleFamily public records · 19 Days on market

Built 1937 5,000 sqft lot $296/sqft · 14% below area Est $325k · 14% under

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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).

• ARV discount +13.7/15.0
• Cash flow +10.7/30.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• 1% rule +3.0/10.0
• Rent growth +2.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PROPERTY IS LOCATED IN DESIRABLE AREA OF THE HEIGHTS. HOME HAS ORIGINAL WOOD FLOORS, NEEDS TLC BUT HAS GREAT POTENTIAL! PROPERTY IS CONVENIENTLY LOCATED TO 610 LOOP! PROPERTY SITS ON 2 LOTS, THE CURRENT SITS ON THE FRONT LOT AND BACK LOT IS EMPTY.

Key facts

• Modern townhomes
• New construction
• 5,000 sq ft lot

Tags

• INDEPENDENCE HEIGHTS AREA
• NEW CONSTRUCTION
• MODERN TOWNHOMES
• BEAUTIFULLY REVITALIZED HOMES
• MAJOR FREEWAYS ACCESS
• CLOSE PROXIMITY TO THE HEIGHTS

Property features AI

Finance

• Other: Seller disclosure available
• Financial info: Lease not considered

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1937
• Construction: Stucco construction; Block foundation; Composition roof
• Exterior features: Lot approximately 5,000 sq. ft.; Lot features: Other

Interior

• Bedrooms: Two bedrooms on the first floor (each approx. 10 x 10)
• Bathrooms: One full bathroom
• Heating & cooling: Wall furnace heating; Window unit(s) for cooling
• Interior features: No fireplaces; Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (19.8% below list).
• Recommended offer: $224k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: crime F.
• Houston ISD (urban): math 27% / reading 35% proficiency, ranked #593 of 826 in TX (top 72%) — 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.
• Zoned schools: Hamilton Middle (math 30% / reading 44%, grade F, #756 of 1,662 statewide, top 47%, 823 students, 86% FRL); Washington B T H S (math 27% / reading 25%, grade F, #1,234 of 1,632 statewide, top 76%, 878 students, 96% FRL) — zoned schools average 91% FRL vs 71% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.1%/yr); 508 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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 19 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,482 (19.8% 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. Built in 1937 — 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. 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?
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: 0.80% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• GRM: 10.4

CMA / ARV

• ARV (median comp): $324,925
• List price: $279,999
• Delta: -13.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 E 31st 1/2 St	0.07mi	2/1.0 (-1)	962 (+2%)	9mo	$399,000	$415	82
210 E 37th St	0.24mi	2/1.0 (-1)	940 (-1%)	19mo	$210,000	$223	66
716 E 40th St	0.62mi	3/1.0	940 (-1%)	7mo	$205,000	$218	64
804 E 39th St	0.65mi	2/1.0 (-1)	960 (+2%)	0mo	$179,900	$187	62
622 E 27th St	0.50mi	2/2.0 (-1)	960 (+2%)	5mo	$385,000	$401	61
118 E 24th St	0.58mi	2/1.0 (-1)	888 (-6%)	2mo	$495,000	$557	56
8406 N Main St	0.62mi	3/1.0	936 (-1%)	19mo	$265,000	$283	53
209 Hyta St	0.67mi	3/1.0	886 (-6%)	7mo	$239,500	$270	52
105 Munford St	0.52mi	3/1.0	1,030 (+9%)	11mo	$399,900	$388	52
707 E 40th 1/2 St	0.63mi	2/1.0 (-1)	1,025 (+8%)	3mo	$110,000	$107	49
820 E 28th St	0.62mi	2/1.0 (-1)	1,068 (+13%)	6mo	$480,000	$449	40
715 E 41st St	0.67mi	2/1.0 (-1)	1,068 (+13%)	13mo	$175,000	$164	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 · 1.08% rent growth · sell at horizon

5-year hold

• IRR: -21.9%
• Equity multiple: 0.26×
• Total profit: $-58,221
• Equity at exit: $41,749

10-year hold

• IRR: -21.0%
• Equity multiple: -0.00×
• Total profit: $-78,515
• Equity at exit: $24,209

Cash invested: $78,400 (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 77018

• Rents YoY: 1.1%
• Active inventory: 508
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,245 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$324 /mo · $3,883/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-135

Break-even live

Break-even rent $2,416

Max offer price $256,115

Occupancy floor —

Sensitivity live

Price	-10% $23	-5% $-56	+0% $-135	+5% $-214	+10% $-294
Rent	-10% $-313	-5% $-224	+0% $-135	+5% $-47	+10% $42
Rate	-1.0pp $6	-0.5pp $-64	base $-135	+0.5pp $-208	+1.0pp $-282

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
322 E 33rd St Houston, TX	2.0	1.0	1100	$1,500	$1.36	45d	1	0.19mi
401 W 25th St Houston, TX	1.0–2.0	1.0–2.0	974	$3,481	$3.57	2d	19	0.58mi
2125 Yale St Houston, TX	2.0	2.0	1087	$2,500	$2.30	22d	1	0.74mi
525 W 24th St Houston, TX	1.0–2.0	1.0–2.0	926	$2,740	$2.96	0d	24	0.74mi
2125 Yale St Unit 2187 Houston, TX	2.0	2.0	1087	$2,540	$2.34	6d	1	0.75mi
2125 Yale St Apt 425 Houston, TX	2.0	2.0	1087	$2,505	$2.30	9d	1	0.75mi
2125 Yale St Unit 2148 Houston, TX	2.0	2.0	1087	$2,529	$2.33	12d	1	0.75mi
2125 Yale St Unit 2187 Houston, TX	2.0	2.0	1087	$2,489	$2.29	0d	1	0.75mi
3405 N Shepherd Dr Houston, TX	1.0–3.0	1.0–2.0	833	$1,968	$2.36	0d	12	0.80mi
268 W Crosstimbers St Houston, TX	2.0	2.0	965	$1,850	$1.92	20d	1	0.89mi
698 W 24th St Houston, TX	2.0	2.0	1123	$2,488	$2.22	25d	1	0.92mi
515 W 20th St Houston, TX	1.0–2.0	1.0–2.0	942	$2,444	$2.59	0d	22	0.96mi
641 W Crosstimbers St Houston, TX	1.0–2.0	1.0–2.0	866	$2,237	$2.58	0d	38	0.97mi
3219 Werner St Houston, TX	2.0	1.0	851	$1,010	$1.19	45d	1	1.01mi
4503 Werner St Houston, TX	2.0	1.0	850	$1,125	$1.32	3d	3	1.02mi
500 W Crosstimbers St Houston, TX	1.0–2.0	1.0	769	$1,130	$1.47	45d	1	1.03mi
447 E Whitney St Unit A Houston, TX	2.0	1.0	850	$1,050	$1.24	18d	1	1.04mi
447 E Whitney St Unit 411 M Houston, TX	2.0	1.0	850	$1,050	$1.24	0d	1	1.04mi
880 W 34th St Unit 422 Houston, TX	2.0	2.0	1027	$2,271	$2.21	9d	1	1.05mi
880 W 34th St Unit 2165 Houston, TX	2.0	2.0	1027	$2,296	$2.24	0d	1	1.05mi
880 W 34th St Unit 2148 Houston, TX	2.0	2.0	1027	$2,255	$2.20	0d	1	1.05mi
880 W 34th St Unit 903 Houston, TX	2.0	2.0	1027	$2,255	$2.20	13d	1	1.05mi
880 W 34th St Unit 2174 Houston, TX	2.0	2.0	1027	$2,306	$2.25	12d	1	1.05mi
880 W 34th St Unit 917 Houston, TX	2.0	2.0	1027	$2,295	$2.23	12d	1	1.05mi
880 W 34th St Unit 2187 Houston, TX	2.0	2.0	1027	$2,306	$2.25	6d	1	1.05mi
214 W 17th St Unit 03 Houston, TX	2.0	1.0	667	$1,395	$2.09	45d	1	1.06mi
551 W 19th St Houston, TX	2.0	2.0	1098	$2,800	$2.55	45d	1	1.06mi
555 W 19th St Houston, TX	1.0–2.0	1.0–2.0	907	$3,027	$3.34	0d	20	1.07mi
4513 Oxford St Houston, TX	2.0	1.0	950	$980	$1.03	25d	1	1.08mi
4515 Oxford St Houston, TX	2.0	1.0	950	$950	$1.00	45d	1	1.09mi
220 W 16th St Houston, TX	2.0	1.0	928	$2,650	$2.86	45d	1	1.13mi
3409 Brinkman St Houston, TX	1.0–2.0	1.0–2.0	982	$2,445	$2.49	0d	40	1.14mi
1520 Yale St Unit 17 Houston, TX	2.0	1.0	700	$1,195	$1.71	45d	1	1.18mi
1521 Rutland St Houston, TX	2.0	1.0	800	$1,295	$1.62	45d	1	1.20mi
1690 North Loop Houston, TX	1.0–2.0	1.0–2.0	876	$2,269	$2.59	0d	41	1.23mi
925 W 20th St Houston, TX	2.0	1.0–2.0	954	$3,486	$3.65	0d	23	1.31mi
4742 Yale St Houston, TX	2.0	1.0	851	$1,040	$1.22	15d	5	1.34mi
1111 W 23rd St Houston, TX	1.0–2.0	1.0–2.0	889	$2,798	$3.15	0d	7	1.38mi
58 Bennington St Houston, TX	2.0	1.0	950	$950	$1.00	25d	1	1.42mi
611 W Cavalcade St Houston, TX	1.0–2.0	1.0	775	$1,339	$1.73	3d	12	1.43mi

Listing history 23 events

1. 2026-06-21
   days on market $279,999 Pending 19 DOM
2. 2026-06-18
   days on market $279,999 Pending 16 DOM
3. 2026-06-17
   days on market $279,999 Pending 15 DOM
4. 2026-06-16
   days on market $279,999 Pending 14 DOM
5. 2026-06-15
   days on market $279,999 Pending 13 DOM
6. 2026-06-13
   days on market $279,999 Pending 11 DOM
7. 2026-06-09
   statusdays on market $279,999 Pending 7 DOM
8. 2026-06-08
   days on market $279,999 Active 6 DOM
9. 2026-06-07
   days on market $279,999 Active 5 DOM
10. 2026-06-04
    days on market $279,999 Active 2 DOM
11. 2026-06-02
    days on marketlisting id $279,999 Active 1 DOM
12. 2026-06-01
    days on market $279,999 Active 181 DOM
13. 2026-05-31
    days on market $279,999 Active 180 DOM
14. 2026-05-12
    price $279,999 869-char remark
15. 2026-04-25
    price $305,000 869-char remark
16. 2026-01-11
    price $315,000 869-char remark
17. 2025-12-02
    listed $349,000 Active 869-char remark
18. 2011-12-22
    soldstatus
19. 2011-12-20
    soldstatus 247-char remark

    Show marketing remark (247 chars)

    PROPERTY IS LOCATED IN DESIRABLE AREA OF THE HEIGHTS. HOME HAS ORIGINAL WOOD FLOORS, NEEDS TLC BUT HAS GREAT POTENTIAL! PROPERTY IS CONVENIENTLY LOCATED TO 610 LOOP! PROPERTY SITS ON 2 LOTS, THE CURRENT SITS ON THE FRONT LOT AND BACK LOT IS EMPTY.

20. 2011-11-27
    historical 247-char remark

    Show marketing remark (247 chars)

    PROPERTY IS LOCATED IN DESIRABLE AREA OF THE HEIGHTS. HOME HAS ORIGINAL WOOD FLOORS, NEEDS TLC BUT HAS GREAT POTENTIAL! PROPERTY IS CONVENIENTLY LOCATED TO 610 LOOP! PROPERTY SITS ON 2 LOTS, THE CURRENT SITS ON THE FRONT LOT AND BACK LOT IS EMPTY.

21. 2010-02-03
    listed $40,000 247-char remark

    Show marketing remark (247 chars)

    PROPERTY IS LOCATED IN DESIRABLE AREA OF THE HEIGHTS. HOME HAS ORIGINAL WOOD FLOORS, NEEDS TLC BUT HAS GREAT POTENTIAL! PROPERTY IS CONVENIENTLY LOCATED TO 610 LOOP! PROPERTY SITS ON 2 LOTS, THE CURRENT SITS ON THE FRONT LOT AND BACK LOT IS EMPTY.

22. 2004-03-22
    soldstatus
23. 1988-01-02
    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: $3,883 · $324/mo
• Projected year-2 tax: $5,124 · $427/mo
• Expected delta: +$1,241/yr (+$103/mo · 32.0%)

ⓘ 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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,938
• − Mortgage interest: −$15,684
• − Property taxes: −$3,883
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,155
• − Management: −$2,155
• − Depreciation: −$8,145
• Taxable loss: −$6,485
• Est. tax savings @ 24.0%: +$1,556
• After-tax cash flow: $-66/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: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 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

• Census place: Houston, TX
• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 31,031
• Household income: $127,017
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1324.0

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 52% Hispanic / Latino 31% Two or more races 18% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Lithuanian 3% Romanian 3% Italian 2%
• Foreign-born: 13% · Canada
• Languages at home: 74% English-only · Spanish 22% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -532.49%
• Current HPI: 263.9321
• Rent YoY: ▲ 1.08%
• 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

+600.0% since first listed

13 events — show timeline

• 2026-06-09 Pending — HARMLS
• 2026-06-02 Listed $279,999 HARMLS
• 2026-06-01 Listing Removed — HARMLS
• 2026-05-12 Price Changed $279,999 HARMLS
• 2026-04-25 Price Changed $305,000 HARMLS
• 2026-01-11 Price Changed $315,000 HARMLS
• 2025-12-02 Listed $349,000 HARMLS
• 2011-12-22 Sold (Public Records) — Public Records
• 2011-12-20 Sold (MLS) — HARMLS
• 2011-11-27 Listing Removed — HARMLS
• 2010-02-03 Listed $40,000 HARMLS
• 2004-03-22 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $3,883 · +2.9% YoY. Source: county tax records.