1515 19th St · Galveston, TX 77550

$849,900

18 bd · 0.0 ba · 3,761 sqft · MultiFamily · 72 Days on market

Built 1970 Good condition 8,350 sqft lot $226/sqft · 62% above area ↓ 3% since listing

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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 +10.1/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Schools +3.0/10.0
• DSCR +2.9/10.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey 6 unit- income producing property just minutes from UTMB and the beach. Fully remodeled and 100% occupied, this Galveston multifamily offers strong in place income with immediate cash flow and future upside. The property features six units total: One 2- bedroom 1 bath, four 1-bedroom 1 baths and one efficiency. All units are fully furnished and beautifully updated, making them ideal for long term or short term rental flexibility. A true standout is the expansive outdoor pavilion, designed for gathering entertaining, It includes multiple seating ares, custom pergolas, string lighting and a central fountain space., creating a resort-like atmosphere. The pavilion also offers room for expansion, adding additional income potential, Located just six blocks from the beach on an extra-wide street with bike lanes and less then 2 miles from the UT Medical Branch. Property is perfectly positioned for consistent tenant demand from medical professionals, students, and vacation renters.

Key facts

• 8,350 sq ft lot
• Built 1970
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 5×1bd/1ba units multifamily listed at $850k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-503 ($-6k/yr) — negative. Per door: $-84/mo.
• To cash-flow at today's rent, offer at most $777k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $680k (20.0% below list).
• Recommended offer: $680k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 0.1% in Galveston — 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 76/100 on livability (#108 in TX, #3,559 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, employment D, crime F.
• Galveston ISD (town): math 33% / reading 39% proficiency, ranked #514 of 826 in TX (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.1%/yr); 627 active listings in the ZIP; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• At $6,798/mo this rent would consume 181% of the median local household income ($45k/yr) (locally 2193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k 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.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($799k) is reasonable based on typical stale-listing flexibility.

Recommended offer $679,800 (20.0% 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 72 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.80% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $525,207
• List price: $849,900
• Delta: 61.82%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.9%
• Equity multiple: 0.20×
• Total profit: $-189,579
• Equity at exit: $126,723

10-year hold

• IRR: -30.5%
• Equity multiple: -0.19×
• Total profit: $-282,913
• Equity at exit: $73,484

Cash invested: $237,972 (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 77550

• Home prices YoY: -32.9%
• Rents YoY: -1.1%
• Active inventory: 627
• Price-to-rent: 59.7×

Monthly cashflow live

• Estimated rent: $6,798 high
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,748/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,428
• Net cashflow: $-503

Break-even live

Break-even rent $7,435

Max offer price $777,108

Occupancy floor —

Sensitivity live

Price	-10% $84	-5% $-209	+0% $-503	+5% $-797	+10% $-1,090
Rent	-10% $-1,040	-5% $-772	+0% $-503	+5% $-235	+10% $34
Rate	-1.0pp $-75	-0.5pp $-287	base $-503	+0.5pp $-723	+1.0pp $-947

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,186
▸ 5× units	1	1	$5,610
Total (6 units)			$6,798

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $849,900 Active 72 DOM
2. 2026-06-18
   days on market $849,900 Active 69 DOM
3. 2026-06-17
   days on market $849,900 Active 68 DOM
4. 2026-06-16
   days on market $849,900 Active 67 DOM
5. 2026-06-15
   days on market $849,900 Active 66 DOM
6. 2026-06-13
   days on market $849,900 Active 64 DOM
7. 2026-06-09
   days on market $849,900 Active 60 DOM
8. 2026-06-08
   days on market $849,900 Active 59 DOM
9. 2026-06-07
   days on market $849,900 Active 58 DOM
10. 2026-06-04
    days on market $849,900 Active 55 DOM
11. 2026-06-03
    days on market $849,900 Active 54 DOM
12. 2026-06-02
    days on market $849,900 Active 53 DOM
13. 2026-06-01
    days on market $849,900 Active 52 DOM
14. 2026-05-31
    days on market $849,900 Active 51 DOM
15. 2026-05-02
    price $899,900 995-char remark

    Show marketing remark (995 chars)

    Turnkey 6 unit- income producing property just minutes from UTMB and the beach. Fully remodeled and 100% occupied, this Galveston multifamily offers strong in place income with immediate cash flow and future upside. The property features six units total: One 2- bedroom 1 bath, four 1-bedroom 1 baths and one efficiency. All units are fully furnished and beautifully updated, making them ideal for long term or short term rental flexibility. A true standout is the expansive outdoor pavilion, designed for gathering entertaining, It includes multiple seating ares, custom pergolas, string lighting and a central fountain space., creating a resort-like atmosphere. The pavilion also offers room for expansion, adding additional income potential, Located just six blocks from the beach on an extra-wide street with bike lanes and less then 2 miles from the UT Medical Branch. Property is perfectly positioned for consistent tenant demand from medical professionals, students, and vacation renters.

16. 2026-04-10
    listed $925,000 Active 995-char remark

    Show marketing remark (995 chars)

    Turnkey 6 unit- income producing property just minutes from UTMB and the beach. Fully remodeled and 100% occupied, this Galveston multifamily offers strong in place income with immediate cash flow and future upside. The property features six units total: One 2- bedroom 1 bath, four 1-bedroom 1 baths and one efficiency. All units are fully furnished and beautifully updated, making them ideal for long term or short term rental flexibility. A true standout is the expansive outdoor pavilion, designed for gathering entertaining, It includes multiple seating ares, custom pergolas, string lighting and a central fountain space., creating a resort-like atmosphere. The pavilion also offers room for expansion, adding additional income potential, Located just six blocks from the beach on an extra-wide street with bike lanes and less then 2 miles from the UT Medical Branch. Property is perfectly positioned for consistent tenant demand from medical professionals, students, and vacation renters.

ⓘ 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: $81,576
• − Mortgage interest: −$47,608
• − Property taxes: −$12,748
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,526
• − Management: −$6,526
• − Depreciation: −$24,724
• Taxable loss: −$20,806
• Est. tax savings @ 24.0%: +$4,993
• After-tax cash flow: $-1,043/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 · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a well-maintained exterior and interior. It offers strong in-place income and has a large outdoor pavilion, making it ideal for both rental and resale purposes.

Value-add opportunities

• Both Landscaping — A well-maintained landscape can enhance both the resale and rental value of the property.
• Both Painting — Refreshing the exterior paint can significantly improve the curb appeal and value of the property.
• Both Landscaping — A well-maintained landscape can enhance both the resale and rental value of the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — A well-maintained landscape can enhance both the resale and rental value of the property. ↑
• Both Painting — Refreshing the exterior paint can significantly improve the curb appeal and value of the property. ↑
• Both Landscaping — A well-maintained landscape can enhance both the resale and rental value of the property. ↑

ⓘ 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: Galveston ISD
• NCES district ID: 4820280
• Math proficiency: 33% ▼ -14.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $40,162
• Composite: 30.22/100
• National rank: #6299
• State rank: #514 of 826 in TX

Livability — Galveston

• Score: 76/100
• State rank: #108
• US rank: #3559

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galveston, TX
• County: Galveston County · 357,330 people
• City population: 55,599
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 23,489
• Household income: $45,047
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 2193.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 46% Hispanic / Latino 30% Two or more races 19% Black 19% Asian 3%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 1%
• Foreign-born: 11% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 18% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

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: ▼ -158.96%
• Current HPI: 324.2159
• Rent YoY: ▼ -1.12%
• 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

-2.7% since first listed

2 events — show timeline

• 2026-05-02 Price Changed $899,900 HARMLS
• 2026-04-10 Listed $925,000 HARMLS