700 Thicket Ln #606 · Houston, TX 77079

$125,000

2 bd · 2.0 ba · 978 sqft · Condo public records · 48 Days on market

Built 1979 $128/sqft · 8% below area Est $136k · 8% under $381/mo HOA · 25% 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).

• ARV discount +11.2/15.0
• Cash flow +7.8/30.0
• 1% rule +7.3/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

New carpet to be installed in Master, painted interior January 2009, Great location and very quiet neighbors, Wood floors throughout except for master bedroom, ceiling fans, art deco lighting, vaulted ceilings, extra large closets in both bedrooms, Owner will leave Refrigerator, large balcony off of living room with storage closet, A/C New in 2006, covered parking, Kitchen cabinets with glass insets and updated appliances, This unit has been professionally cleaned and ready for move in.

Key facts

• $381 HOA
• 2 parking spots
• Community pool

Property features AI

Finance

• HOA & community: Association managed by KRJ Management; Monthly association fee; Association amenities include pool and gated access; Association fee covers grounds and structure maintenance, sewer, trash, and water

Exterior

• Parking: Carport; Detached carport; 2 carport spaces
• Security: Gated community
• Utilities: Public water; Public sewer
• Home design: Residential property; North-facing; 1 story; Full ownership; Entry on second level
• Construction: Built in 1979; Brick and wood siding construction; Composition roof; Slab foundation
• Exterior features: Association pool; Security gate; Has view

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Dishwasher; Disposal
• Bedrooms: Primary bedroom (Second level); Bedroom (Second level)
• Flooring: Engineered hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Balcony; Pots & Pan drawers; Tub with shower; Ceiling fans; Electric fireplace (1)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (19.4% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $101k (19.4% below list) — sets the bar for cash-flow.
• Cap rate 5.0% 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.
• Spring Branch ISD (urban): math 47% / reading 46% proficiency, ranked #215 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nottingham El (math 58% / reading 54%, grade C+, #574 of 4,322 statewide, top 14%, 717 students, 38% FRL); Spring Forest Middle (math 39% / reading 44%, grade F, #595 of 1,662 statewide, top 37%, 962 students, 56% FRL); Stratford H S (math 52% / reading 59%, grade C, #364 of 1,632 statewide, top 23%, 2,272 students, 33% FRL).
• Market conditions: Rents soft (-0.8%/yr); 235 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $864 of loan paydown is wiped out by about $4k 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 48 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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.
• Current owner paid $35k; list at $125k implies a 257% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; HOA is 25% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,779 (19.4% 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. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.23% ✓
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 6.8

CMA / ARV

• ARV (median comp): $136,098
• List price: $125,000
• Delta: -8.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -29.7%
• Equity multiple: 0.05×
• Total profit: $-33,169
• Equity at exit: $18,638

10-year hold

• IRR: -68.3%
• Equity multiple: -0.61×
• Total profit: $-56,220
• Equity at exit: $10,808

Cash invested: $35,000 (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 77079

• Rents YoY: -0.8%
• Active inventory: 235
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,537 high
• Mortgage (P&I): −$656
• Tax from tax record: −$262 /mo · $3,149/yr
• Insurance: −$52
• HOA: −$381
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $-137

Break-even live

Break-even rent $1,710

Max offer price $100,779

Occupancy floor —

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14800 Memorial Dr Houston, TX	1.0–3.0	1.5–3.0	1371	$2,945	$2.15	1d	14	0.18mi
14800 Memorial Dr Houston, TX	1.0–3.0	1.5–3.0	1368	$3,038	$2.22	10d	21	0.18mi
681 Dairy Ashford Rd Houston, TX	1.0	1.0	768	$1,267	$1.65	24d	1	0.23mi
600 Nottingham Oaks Trl Houston, TX	1.0–2.0	1.0–2.0	883	$1,325	$1.50	5d	14	0.23mi
14814 Perthshire Rd Houston, TX	2.0–4.0	1.0–2.5	1381	$1,250	$0.90	2d	81	0.26mi
14900 Memorial Dr Houston, TX	1.0	1.0	632	$1,185	$1.88	14d	1	0.28mi
14900 Memorial Dr Unit 1162 Houston, TX	1.0	1.0	632	$1,265	$2.00	5d	1	0.29mi
14900 Memorial Dr Unit 1112 Houston, TX	1.0	1.0	632	$1,262	$2.00	2d	1	0.29mi
14900 Memorial Dr Apt 425 Houston, TX	2.0	2.0	1097	$1,832	$1.67	2d	1	0.33mi
14900 Memorial Dr Unit 2174 Houston, TX	2.0	2.0	1097	$1,864	$1.70	10d	1	0.33mi
14900 Memorial Dr Unit 14915 Houston, TX	1.0	1.0	632	$1,304	$2.06	10d	1	0.33mi
14900 Memorial Dr Apt 424 Houston, TX	2.0	2.0	1097	$1,840	$1.68	5d	1	0.33mi
14900 Memorial Dr Unit 14974 Houston, TX	1.0	1.0	632	$1,190	$1.88	14d	1	0.33mi
14900 Memorial Dr Unit 14951 Houston, TX	1.0	1.0	632	$1,185	$1.88	12d	1	0.33mi
14900 Memorial Dr Unit 14937 Houston, TX	2.0	2.0	1097	$1,914	$1.74	43d	1	0.33mi
14900 Memorial Dr Unit 14921 Houston, TX	1.0	1.0	632	$1,276	$2.02	43d	1	0.33mi
14855 Memorial Dr Houston, TX	1.0–2.0	1.0–2.0	1098	$2,040	$1.86	1d	29	0.33mi
14861 Memorial Dr Houston, TX	2.0	2.0	1100	$1,579	$1.44	43d	1	0.37mi
801 Country Place Dr Unit 1162 Houston, TX	1.0	1.0	743	$1,065	$1.43	5d	1	0.46mi
801 Country Place Dr Unit 822 Houston, TX	1.0	1.0	743	$1,100	$1.48	14d	1	0.46mi
801 Country Place Dr Unit 822 Houston, TX	1.0	1.0	743	$1,104	$1.49	10d	1	0.46mi
801 Country Place Dr Unit 2162 Houston, TX	2.0	2.0	975	$1,300	$1.33	5d	1	0.46mi
801 Country Place Dr Unit 1165 Houston, TX	1.0	1.0	743	$1,062	$1.43	2d	1	0.46mi
801 Country Place Dr Unit 2047 Houston, TX	2.0	2.0	975	$1,335	$1.37	11d	1	0.46mi
801 Country Place Dr Unit 2165 Houston, TX	2.0	2.0	975	$1,292	$1.33	2d	1	0.46mi
801 Country Place Dr Unit 1047 Houston, TX	1.0	1.0	743	$1,062	$1.43	18d	1	0.46mi
801 Country Place Dr Unit 858 Houston, TX	2.0	2.0	975	$1,324	$1.36	10d	1	0.46mi
801 Country Place Dr Unit 852 Houston, TX	1.0	1.0	743	$1,095	$1.47	43d	1	0.46mi
807 Country Place Dr Houston, TX	1.0	1.0	743	$1,159	$1.56	43d	1	0.51mi
14401 Mackilsee Ln Houston, TX	2.0	2.0	1081	$2,121	$1.96	11d	1	0.51mi
801 Country Pl Dr Houston, TX	1.0	1.0	743	$855	$1.15	43d	1	0.54mi
801 Country Pl Dr Houston, TX	1.0	1.0	743	$1,054	$1.42	12d	1	0.54mi
770 N Eldridge Pkwy Houston, TX	1.0–3.0	1.0–2.0	1099	$1,965	$1.79	2d	19	0.55mi
632 N Eldridge Pkwy Unit 1251 Houston, TX	1.0	1.0	902	$1,488	$1.65	43d	1	0.60mi
632 N Eldridge Pkwy Unit 225 Houston, TX	1.0	1.0	822	$1,333	$1.62	43d	1	0.60mi
851 Threadneedle St Unit 402 Houston, TX	1.0	1.0	625	$1,131	$1.81	24d	1	0.66mi
851 Threadneedle St Unit 704 Houston, TX	1.0	1.0	712	$1,282	$1.80	43d	1	0.66mi
851 Threadneedle St Apt 1206 Houston, TX	2.0	2.0	967	$1,417	$1.47	24d	1	0.66mi
851 Threadneedle St Unit 1110 Houston, TX	2.0	1.0	867	$1,226	$1.41	43d	1	0.66mi
851 Threadneedle St Unit 704 Houston, TX	1.0	1.0	712	$1,282	$1.80	24d	1	0.66mi

HOA detail condo

• Monthly dues: $381 · $4,572/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $125,000 Active 48 DOM
2. 2026-06-17
   days on market $125,000 Active 47 DOM
3. 2026-06-16
   days on market $125,000 Active 46 DOM
4. 2026-06-15
   days on market $125,000 Active 45 DOM
5. 2026-06-13
   days on market $125,000 Active 43 DOM
6. 2026-06-09
   days on market $125,000 Active 39 DOM
7. 2026-06-08
   days on market $125,000 Active 38 DOM
8. 2026-06-07
   days on market $125,000 Active 37 DOM
9. 2026-06-04
   days on market $125,000 Active 34 DOM
10. 2026-06-03
    days on market $125,000 Active 33 DOM
11. 2026-06-02
    days on market $125,000 Active 32 DOM
12. 2026-06-01
    days on market $125,000 Active 31 DOM
13. 2026-05-31
    days on market $125,000 Active 30 DOM
14. 2026-05-01
    listed $125,000 Active 718-char remark
15. 2026-04-30
    historical $125,000 718-char remark
16. 2009-02-19
    soldstatus 492-char remark

    Show marketing remark (492 chars)

    New carpet to be installed in Master, painted interior January 2009, Great location and very quiet neighbors, Wood floors throughout except for master bedroom, ceiling fans, art deco lighting, vaulted ceilings, extra large closets in both bedrooms, Owner will leave Refrigerator, large balcony off of living room with storage closet, A/C New in 2006, covered parking, Kitchen cabinets with glass insets and updated appliances, This unit has been professionally cleaned and ready for move in.

17. 2009-02-11
    historical 492-char remark

    Show marketing remark (492 chars)

    New carpet to be installed in Master, painted interior January 2009, Great location and very quiet neighbors, Wood floors throughout except for master bedroom, ceiling fans, art deco lighting, vaulted ceilings, extra large closets in both bedrooms, Owner will leave Refrigerator, large balcony off of living room with storage closet, A/C New in 2006, covered parking, Kitchen cabinets with glass insets and updated appliances, This unit has been professionally cleaned and ready for move in.

18. 2009-01-26
    listed $74,900 492-char remark

    Show marketing remark (492 chars)

    New carpet to be installed in Master, painted interior January 2009, Great location and very quiet neighbors, Wood floors throughout except for master bedroom, ceiling fans, art deco lighting, vaulted ceilings, extra large closets in both bedrooms, Owner will leave Refrigerator, large balcony off of living room with storage closet, A/C New in 2006, covered parking, Kitchen cabinets with glass insets and updated appliances, This unit has been professionally cleaned and ready for move in.

19. 2003-05-30
    soldstatus
20. 1994-05-10
    soldstatus $35,000

ⓘ 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: $3,149 · $262/mo
• Projected year-2 tax: $3,149 · $262/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 24 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: $18,440
• − Mortgage interest: −$7,002
• − Property taxes: −$3,149
• − Insurance: −$625
• − Repairs & maintenance: −$1,475
• − Management: −$1,475
• − HOA: −$4,572
• − Depreciation: −$3,636
• Taxable loss: −$3,495
• Est. tax savings @ 24.0%: +$839
• After-tax cash flow: $-806/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: Spring Branch ISD
• NCES district ID: 4841100
• Math proficiency: 47% ▼ -4.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $60,311
• Composite: 40.88/100
• National rank: #3624
• State rank: #215 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): 37,276
• Household income: $101,995
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1811.0

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 0.64)
• Race & ethnicity: White 55% Hispanic / Latino 20% Two or more races 15% Black 13% Asian 8%
• Hispanic origin (detail): Mexican 10% Cuban 1%
• Common ancestry: Lithuanian 4% Slovak 2% Italian 2%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 69% English-only · Spanish 15% Other Indo-European 5% Chinese 2%

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: ▼ -316.55%
• Current HPI: 286.7958
• Rent YoY: ▼ -0.80%
• 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

+257.1% since first listed

7 events — show timeline

• 2026-05-01 Listed $125,000 HARMLS
• 2026-04-30 Coming Soon $125,000 HARMLS
• 2009-02-19 Sold (MLS) — HARMLS
• 2009-02-11 Listing Removed — HARMLS
• 2009-01-26 Listed $74,900 HARMLS
• 2003-05-30 Sold (Public Records) — Public Records
• 1994-05-10 Sold (Public Records) $35,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $3,149 · +6.5% YoY. Source: county tax records.