927 27th St · San Leon, TX 77539

$178,500

1 bd · 1.0 ba · 1,100 sqft · MultiFamily · 103 Days on market

Built 2010 Good condition 5,489 sqft lot $162/sqft · 28% below area Est $246k · 28% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coastal Cottages near Galveston Bay with easy access to Texas City, La Porte, League City and Dickinson- Galveston 30 Minutes and Houston 45 minutes from Property. Great Investment property without restrictions- Rental, office, Business location, or residence with additional rental for extra income! The Lot is highly elevated and fully concreted with parking spaces. Unit One is newly updated and fully operational, ready for move in! Bright and refreshing, Large open living room and Kitchen with custom cabinetry, Private Patio, Spacious Bedroom and Full Bathroom. Windstorm engineered and insurable. Unit Two is a One bedroom, full bathroom, Kitchen space, plenty of space for private patio. This unit can be set up and operating quickly, and is easily movable if looking for additional parking for a business from Unit One.

Key facts

• Custom cabinetry
• Windstorm engineered
• Newly updated unit

Tags

• HIGHLY ELEVATED LOT
• FULLY CONCRETED PARKING SPACES
• NEWLY UPDATED UNIT
• CUSTOM CABINETRY
• PRIVATE PATIO
• WINDSTORM ENGINEERED

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $178k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $178k).
• Recommended offer: $162k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 1.7% in San Leon — 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 62/100 on livability (#899 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; 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: San Leon El (math 27% / reading 23%, grade F, #3,013 of 4,322 statewide, top 70%, 658 students, 84% FRL); R D Mcadams J H (math 32% / reading 40%, grade F, #805 of 1,662 statewide, top 50%, 950 students, 65% FRL); Dickinson H S (math 30% / reading 46%, grade F, #880 of 1,632 statewide, top 54%, 3,619 students, 64% FRL).
• Market conditions: 844 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 60d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask is 11056% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $162,435 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. 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.
6. 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.
7. 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: 1.68% ✓
• Cap rate: 13.93%
• Cash-on-cash: 27.29%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (median comp): $246,411
• List price: $178,500
• Delta: -27.56%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 Donna Ln	1.47mi	2/1.0 (+1)	1,120 (+2%)	2mo	$99,000	$88	55
2331 Rue De Lafitte Dr	1.21mi	2/1.0 (+1)	1,184 (+8%)	3mo	$195,000	$165	45
623 28th St	0.49mi	1/1.0	1,280 (+16%)	9mo	$299,888	$234	45
282 Debbie Ln	0.93mi	2/2.0 (+1)	1,170 (+6%)	1mo	$230,000	$197	44
502 Jenni Ln	0.60mi	2/2.0 (+1)	1,000 (-9%)	7mo	$239,500	$240	42
1314 Sapphire Palms Ct	0.97mi	2/2.0 (+1)	1,143 (+4%)	10mo	$257,500	$225	41
2717 Avenue D	0.74mi	2/1.0 (+1)	834 (-24%)	7mo	$195,000	$234	29
827 22nd St	1.34mi	2/2.0 (+1)	850 (-23%)	6mo	$184,500	$217	26
1206 Island Dr	1.14mi	2/2.0 (+1)	1,267 (+15%)	11mo	$399,900	$316	22
825 22nd St	1.34mi	2/2.0 (+1)	850 (-23%)	12mo	$230,000	$271	21
2365 Avenue D	1.17mi	2/2.0 (+1)	913 (-17%)	17mo	$195,000	$214	17
2730 Avenue D	0.80mi	2/1.5 (+1)	1,271 (+16%)	23mo	$275,000	$216	14

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.87×
• Total profit: $43,500
• Equity at exit: $26,615

10-year hold

• IRR: 29.4%
• Equity multiple: 3.63×
• Total profit: $131,263
• Equity at exit: $15,433

Cash invested: $49,980 (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%
• Active inventory: 844
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,000 high
• Mortgage (P&I): −$936
• Tax est. 1.5%: −$223 /mo · $2,678/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $1,136

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,000
Total (2 units)			$3,000

Break-even live

Break-even rent $1,561

Max offer price $178,500

Occupancy floor 57%

Sensitivity live

Price	-10% $1,260	-5% $1,198	+0% $1,136	+5% $1,075	+10% $1,013
Rent	-10% $899	-5% $1,018	+0% $1,136	+5% $1,255	+10% $1,373
Rate	-1.0pp $1,226	-0.5pp $1,182	base $1,136	+0.5pp $1,090	+1.0pp $1,043

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: $44,625
• Closing costs: $5,355
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
927 27th St San Leon, TX	1.0	1.0	—	$1,500	—	38d	1	0.02mi
1103 27th St Unit 06 San Leon, TX	1.0	1.0	399	$995	$2.49	67d	1	0.12mi
2724 Avenue D Unit 4 San Leon, TX	2.0	1.0	—	$1,400	—	60d	1	0.79mi
2724 Avenue D Unit 11 San Leon, TX	2.0	2.0	—	$1,550	—	68d	1	0.79mi
2724 Avenue D Unit 9 San Leon, TX	2.0	2.0	—	$1,500	—	54d	1	0.79mi
915 24th St San Leon, TX	2.0	2.0	—	$1,400	—	2d	1	0.86mi
2466 Avenue D Unit 16 San Leon, TX	1.0	1.0	—	$850	—	93d	1	0.99mi
2466 Avenue D Unit 13 San Leon, TX	1.0	1.0	—	$850	—	73d	1	0.99mi
1564 Railroad Ave San Leon, TX	1.0	2.0	—	$1,395	—	2d	1	1.02mi
2331 Rue de Lafitte Dr Dickinson, TX	2.0	1.0	—	$1,750	—	39d	1	1.23mi
1031 Star Dr Dickinson, TX	2.0	1.0	—	$1,975	—	93d	1	1.25mi

Listing history 32 events

1. 2026-06-30
   days on market $178,500 Active 103 DOM
2. 2026-06-29
   days on market $178,500 Active 102 DOM
3. 2026-06-28
   days on market $178,500 Active 101 DOM
4. 2026-06-27
   days on market $178,500 Active 100 DOM
5. 2026-06-26
   days on market $178,500 Active 99 DOM
6. 2026-06-24
   days on market $178,500 Active 97 DOM
7. 2026-06-22
   days on market $178,500 Active 95 DOM
8. 2026-06-21
   days on market $178,500 Active 94 DOM
9. 2026-06-18
   days on market $178,500 Active 91 DOM
10. 2026-06-17
    days on market $178,500 Active 90 DOM
11. 2026-06-16
    days on market $178,500 Active 89 DOM
12. 2026-06-15
    days on market $178,500 Active 88 DOM
13. 2026-06-13
    days on market $178,500 Active 86 DOM
14. 2026-06-09
    days on market $178,500 Active 82 DOM
15. 2026-06-08
    days on market $178,500 Active 81 DOM
16. 2026-06-07
    days on market $178,500 Active 80 DOM
17. 2026-06-04
    days on market $178,500 Active 77 DOM
18. 2026-06-03
    days on market $178,500 Active 76 DOM
19. 2026-06-02
    days on market $178,500 Active 75 DOM
20. 2026-06-01
    days on market $178,500 Active 74 DOM
21. 2026-05-31
    days on market $178,500 Active 73 DOM
22. 2026-03-20
    listed $1,600
23. 2026-03-19
    listed $180,000 Active 833-char remark

    Show marketing remark (833 chars)

    Coastal Cottages near Galveston Bay with easy access to Texas City, La Porte, League City and Dickinson- Galveston 30 Minutes and Houston 45 minutes from Property. Great Investment property without restrictions- Rental, office, Business location, or residence with additional rental for extra income! The Lot is highly elevated and fully concreted with parking spaces. Unit One is newly updated and fully operational, ready for move in! Bright and refreshing, Large open living room and Kitchen with custom cabinetry, Private Patio, Spacious Bedroom and Full Bathroom. Windstorm engineered and insurable. Unit Two is a One bedroom, full bathroom, Kitchen space, plenty of space for private patio. This unit can be set up and operating quickly, and is easily movable if looking for additional parking for a business from Unit One.

24. 2025-12-09
    historical
25. 2025-12-08
    price $205,000
26. 2025-07-18
    listed $178,000 Active
27. 2025-06-30
    historical
28. 2025-05-21
    price $178,000
29. 2025-03-19
    listed $195,000 Active
30. 2025-01-31
    historical
31. 2024-11-20
    price $215,000
32. 2024-10-28
    listed $225,000 Active

ⓘ 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: $36,000
• − Mortgage interest: −$9,999
• − Property taxes: −$2,678
• − Insurance: −$892
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − Depreciation: −$5,193
• Taxable income: $11,478
• Est. tax owed @ 24.0%: −$2,755
• After-tax cash flow: $10,882/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 · 10 photos

Good 80/100 Cosmetic rehab Est. rehab $5,500–$16,500 screening

This multi-family property is in good condition with a good condition score of 80. It is ready for move-in and has a good investment potential with minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 39/100

Zoned Schools

Elementary San Leon El F TX #3,013/4,322 Nat'l #29,899/41,679 Middle John And Shamarion Barber Middle C+ TX #275/1,662 Nat'l #2,785/14,009 High Dickinson H S F TX #880/1,632 Nat'l #8,877/17,239

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

C Composite livability gradescore 62/100

Livability — San Leon

• Score: 62/100
• State rank: #899
• US rank: #16159

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Leon, TX
• County: Galveston County · 390,640 people
• 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: 10% of renters

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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%

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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%

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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: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

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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

-99.3% since first listed

11 events — show timeline

• 2026-03-20 Listed for Rent $1,600 HARMLS
• 2026-03-19 Listed $180,000 HARMLS
• 2025-12-09 Listing Removed — HARMLS
• 2025-12-08 Price Changed $205,000 HARMLS
• 2025-07-18 Listed $178,000 HARMLS
• 2025-06-30 Listing Removed — HARMLS
• 2025-05-21 Price Changed $178,000 HARMLS
• 2025-03-19 Listed $195,000 HARMLS
• 2025-01-31 Listing Removed — HARMLS
• 2024-11-20 Price Changed $215,000 HARMLS
• 2024-10-28 Listed $225,000 HARMLS