22862 Fulton Landing Dr · Houston, TX 77447

$239,498

3 bd · 2.0 ba · 1,242 sqft · SingleFamily · 20 Days on market

Built 2026 Excellent condition $75/mo HOA · 3% of rent

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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).

• Cash flow +16.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Condition / age +5.0/5.0
• 1% rule +4.9/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

KB HOME UNDER CONSTRUCTION – Welcome home to 22862 Fulton Landing Drive, located in the desirable community of Bauer Meadows and zoned to Waller ISD! This beautiful single-story residence offers 3 bedrooms, 2 full baths, and an attached 2-car garage designed with comfort and convenience in mind. The thoughtfully appointed kitchen features stainless steel Whirlpool appliances, Woodmont cabinetry, and granite countertops, creating a stylish and functional space for everyday living. The primary suite includes dual vanities, while the secondary bathroom is enhanced with an extended vanity and knee space for added comfort. Additional highlights include an entry door with SmartKey hardware,

Key facts

• Knee space
• Dual vanities
• Extended vanity

Tags

• STAINLESS STEEL APPLIANCES
• WOODMONT CABINETRY
• GRANITE COUNTERTOPS
• DUAL VANITIES
• EXTENDED VANITY
• KNEE SPACE

Property features AI

Finance

• Other: Municipal Utility District disclosure
• HOA & community: Community association: Vision Communities Management; Association fee $900 annually; Community features include curbs and gutters

Exterior

• Parking: Attached garage; 2 garage spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential property; Under construction (new construction); Slab foundation; Composition roof; Built in 2026
• Construction: Brick and cement siding construction; KB Home builder
• Exterior features: Deck; Patio; Private backyard; Fence (back yard); Subdivision setting; Backs to greenbelt/park; Concrete road access

Interior

• Kitchen: Dishwasher; Free-standing range; Gas oven; Gas range; Microwave; Disposal
• Bedrooms: Primary bedroom (first floor) - 14 x 11; Bedroom (first floor) - 10 x 11; Bedroom (first floor) - 10 x 10
• Flooring: Carpet; Plank; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: Double vanity; Granite counters; Kitchen/family room combo; Pantry; Tub with shower; Window treatments; Kitchen/dining combo; Programmable thermostat; Low emissivity windows; Window coverings; ENERGY STAR qualified appliances; Tankless water heater
• Laundry & utility: Washer hookup; Electric dryer hookup

🏗️ New construction. The $239,498 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $223,560.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $239k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (7.3% below list).
• Recommended offer: $222k (7.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evelyn Turlington El (math 46% / reading 45%, grade D-, #1,112 of 4,322 statewide, top 26%, 1,084 students, 69% FRL); Schultz J H (math 31% / reading 37%, grade F, #892 of 1,662 statewide, top 55%, 1,120 students, 65% FRL); Waller H S (math 25% / reading 40%, grade F, #1,029 of 1,632 statewide, top 64%, 2,639 students, 62% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1791 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $7k 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 20 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Recommended offer $221,979 (7.3% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.99% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.56%
• DSCR: 1.11
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $223,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22862 Magnolia Haven Dr	0.22mi	3/2.0	1,242 (0%)	4mo	$234,995	$189	87
19719 Corberry Park Ln	0.11mi	3/2.0	1,242 (0%)	11mo	$242,287	$195	85
22846 Magnolia Haven Dr	0.22mi	3/2.0	1,242 (0%)	6mo	$232,995	$188	85
22843 Magnolia Haven Dr	0.23mi	3/2.0	1,242 (0%)	8mo	$246,315	$198	83
22846 Mahogany Hills Ln	0.16mi	3/2.0	1,360 (+10%)	1mo	$219,995	$162	76
19807 Corberry Park Ln	0.13mi	3/2.0	1,377 (+11%)	1mo	$239,995	$174	75
19723 Corberry Park Ln	0.11mi	3/2.0	1,360 (+10%)	8mo	$244,995	$180	72
19810 Kimball Ln	0.27mi	3/2.0	1,232 (-1%)	17mo	$215,900	$175	72
23031 Glory Orchid Dr	0.30mi	2/2.5 (-1)	1,186 (-4%)	1mo	$249,900	$211	71
22855 Magnolia Haven Dr	0.24mi	3/2.0	1,377 (+11%)	4mo	$244,995	$178	67
22807 Wolfshire Way	0.15mi	3/2.0	1,360 (+10%)	14mo	$234,478	$172	66
20011 Epirus Shores Dr	0.56mi	3/2.0	1,350 (+9%)	4mo	$220,000	$163	56

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: -15.8%
• Equity multiple: 0.45×
• Total profit: $-34,139
• Equity at exit: $33,334

10-year hold

• IRR: -14.1%
• Equity multiple: 0.30×
• Total profit: $-43,583
• Equity at exit: $19,329

Cash invested: $62,597 (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 77447

• Home prices YoY: -31.1%
• Rents YoY: -1.6%
• Active inventory: 1791
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,220 medium
• Mortgage (P&I): −$1,172
• Tax est. 1.5%: −$279 /mo · $3,353/yr
• Insurance: −$93
• HOA: −$75
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $134

Break-even live

Break-even rent $2,051

Max offer price $223,560

Occupancy floor 89%

Sensitivity live

Price	-10% $288	-5% $211	+0% $134	+5% $56	+10% $-21
Rent	-10% $-42	-5% $46	+0% $134	+5% $221	+10% $309
Rate	-1.0pp $246	-0.5pp $191	base $134	+0.5pp $76	+1.0pp $17

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: $55,890
• Closing costs: $6,707
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20313 Evergreen Cypress Dr Hockley, TX	2.0–5.0	2.0–3.5	2051	$2,353	$1.15	0d	1	0.35mi
22023 Lost Lantern Dr Hockley, TX	3.0–4.0	2.0	1601	$1,901	$1.19	0d	1	1.03mi
22719 Klingamans Way Hockley, TX	3.0	2.0	1416	$1,689	$1.19	3d	1	1.03mi

HOA detail

• Monthly dues: $75 · $900/yr
• Likely covers: pool

Listing history 13 events

1. 2026-06-21
   days on market $239,498 Active 20 DOM
2. 2026-06-18
   days on market $239,498 Active 17 DOM
3. 2026-06-17
   days on market $239,498 Active 16 DOM
4. 2026-06-16
   days on market $239,498 Active 15 DOM
5. 2026-06-15
   days on market $239,498 Active 14 DOM
6. 2026-06-13
   days on market $239,498 Active 12 DOM
7. 2026-06-09
   days on market $239,498 Active 8 DOM
8. 2026-06-08
   days on market $239,498 Active 7 DOM
9. 2026-06-07
   pricedays on market $239,498 Active 6 DOM
10. 2026-06-04
    days on market $236,990 Active 3 DOM
11. 2026-06-03
    days on market $236,990 Active 2 DOM
12. 2026-06-02
    remarks 693-char remark
13. 2026-06-02
    listed $236,990 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $26,637
• − Mortgage interest: −$12,523
• − Property taxes: −$3,353
• − Insurance: −$1,118
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − HOA: −$900
• − Depreciation: −$6,504
• Taxable loss: −$2,022
• Est. tax savings @ 24.0%: +$485
• After-tax cash flow: $2,089/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.

Condition & rehab AI · 3 photos

Excellent 100/100 None rehab

This single-story home in Bauer Meadows is under construction and will be move-in ready upon completion. It offers a well-designed layout with modern appliances and finishes, making it an excellent investment opportunity.

Value-add opportunities

• Both SmartKey entry door — Enhances security and convenience
• Both Smart home integration — Improves home automation and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both SmartKey entry door — Enhances security and convenience ↑
• Both Smart home integration — Improves home automation and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Waller ISD
• NCES district ID: 4844430
• Math proficiency: 30% ▼ -23.00%
• Reading proficiency: 35% ▼ -11.00%
• Median HH income: $58,911
• Composite: 29.12/100
• National rank: #6593
• State rank: #532 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

• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 25,231
• Household income: $116,925
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 265.0

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 44% Hispanic / Latino 41% Two or more races 16% Black 9% Asian 1%
• Hispanic origin (detail): Mexican 27%
• Common ancestry: Lithuanian 3% Slovak 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Dominican Republic
• Languages at home: 69% English-only · Spanish 28% Other Indo-European 1% Vietnamese 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: ▼ -112.73%
• Current HPI: 249.6969
• Rent YoY: ▼ -1.58%
• 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

1 event — show timeline

• 2026-06-01 Listed $236,990 HARMLS