6011 Pineapple St

Houston, TX 77048

$234,990F

3 bd · 2.0 ba · 1,023 sqft · Built 2026 · Land · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,426/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$392
• HOA: −$38
• Vac / Maint / Mgmt: −$299
• Net cashflow: $-535/mo
• Annual: $-6,423/yr
• Cap rate: 3.56%
• Cash-on-cash: -9.76%
• DSCR: 0.57
• 1% rule: 0.61%
• Cash to close: $65,797

Investor read

• This is a 3-bed/2.0-bath land listed at $235k.
• At list price, monthly cash flow is $-535 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (33.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (39.3% below list).
• It's been on market 72 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (39.3% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (2.6% local appreciation)).
• 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.
• 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.
• Market conditions: Rents rising (+1.2%/yr); 303 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 30% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?