5342 Leeland St · Houston, TX 77023

$450,000

4 bd · None ba · 2,574 sqft · MultiFamily · 17 Days on market

Built 1940 8,000 sqft lot Est $535k · 16% under

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Why this score? — see what drove the C- 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 +17.7/30.0
• ARV discount +14.7/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

2 Story Fourplex in the front 4 1 bedroom units. with a 2 Story single family 3 bedroom home in the back. Back house and one unit in 4 plex rented. so front units available for looking close to U of H and train line great property for owner occupy or investor. no carpet!!! All 4 units recently updated.

Key facts

• Recently updated
• 2 story fourplex
• Single family home

Tags

• 2 STORY FOURPLEX
• SINGLE FAMILY HOME
• RECENTLY UPDATED

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Security: Security gate
• Utilities: Has heating and cooling
• Home design: Residential income property; Built in 1940
• Construction: Composition roof
• Exterior features: 8,000 sq ft lot

Interior

• Bedrooms: One bedroom in Unit 1; Five units total (four 1-bedroom units + one additional unit)
• Heating & cooling: Central heating (gas); Window cooling units
• Interior features: Security gate

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/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 $440k (2.3% below list).
• Recommended offer: $440k (2.3% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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.
• 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.
• Zoned schools: Carrillo El (math 25% / reading 35%, grade F, #2,500 of 4,322 statewide, top 58%, 358 students, 87% FRL); Navarro Middle (math 8% / reading 13%, grade F, #1,639 of 1,662 statewide, top 99%, 547 students, 98% FRL); Austin H S (math 9% / reading 18%, grade F, #1,530 of 1,632 statewide, top 94%, 1,448 students, 97% FRL) — zoned schools average 94% FRL vs 71% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 31% district-wide (-13 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.4%/yr); 170 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $4,396/mo this rent would consume 103% of the median local household income ($51k/yr) (locally 1311% 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 $3k of loan paydown is wiped out by about $14k 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 17 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask has dropped $49k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $439,600 (2.3% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.98% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $535,392
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5201 Claremont St	0.26mi	4/1.0	2,642 (+3%)	14mo	$499,000	$189	72
1510 Munger St	0.68mi	5/5.0 (+1)	2,616 (+2%)	13mo	$675,000	$258	50
1505 Scharpe St	0.71mi	4/1.0	2,758 (+7%)	16mo	$450,000	$163	42
1514 Scharpe St	0.73mi	4/2.0	2,305 (-10%)	23mo	$479,000	$208	29

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 · 2.43% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.59×
• Total profit: $-52,241
• Equity at exit: $67,096

10-year hold

• IRR: -3.1%
• Equity multiple: 0.80×
• Total profit: $-25,621
• Equity at exit: $38,908

Cash invested: $126,000 (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 77023

• Rents YoY: 2.4%
• Active inventory: 170
• Price-to-rent: 38.5×

Monthly cashflow live

• Estimated rent: $4,396 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$923
• Net cashflow: $363

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 87%

Sensitivity live

Price	-10% $674	-5% $518	+0% $363	+5% $207	+10% $52
Rent	-10% $16	-5% $189	+0% $363	+5% $537	+10% $710
Rate	-1.0pp $590	-0.5pp $477	base $363	+0.5pp $246	+1.0pp $128

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,925
1× unit	3	1	$1,471
Total (4 units)			$4,396

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5504 Texas St Unit 1514810P Houston, TX	3.0	2.5	1808	$7,146	$3.95	0d	1	0.58mi
5502 Texas St Unit 1514806P Houston, TX	3.0	2.5	1808	$7,179	$3.97	0d	1	0.58mi
6403 Avenue C Unit 1019625P Houston, TX	2.0–8.0	1.0–4.0	1232	$4,801	$3.90	0d	2	0.77mi
207 Edgewood St Houston, TX	3.0	4.0	2577	$3,250	$1.26	45d	1	0.83mi
4535 Polk St Houston, TX	5.0	4.0	3364	$10,000	$2.97	18d	1	0.85mi
1907 Cullen Blvd Houston, TX	5.0	5.0	1990	$999	$0.50	26d	1	1.29mi
4001 Dallas St Unit 1029264P Houston, TX	3.0	3.0	2174	$5,220	$2.40	0d	1	1.32mi

Listing history 11 events

1. 2026-06-21
   days on market $450,000 Active 17 DOM
2. 2026-06-18
   price $450,000 Active 14 DOM
3. 2026-06-18
   days on market $499,000 Active 14 DOM
4. 2026-06-17
   days on market $499,000 Active 13 DOM
5. 2026-06-16
   days on market $499,000 Active 12 DOM
6. 2026-06-15
   days on market $499,000 Active 11 DOM
7. 2026-06-13
   days on market $499,000 Active 9 DOM
8. 2026-06-09
   days on market $499,000 Active 5 DOM
9. 2026-06-08
   days on market $499,000 Active 4 DOM
10. 2026-06-07
    remarks 304-char remark
11. 2026-06-07
    listed $499,000 Active 3 DOM

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,752
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,220
• − Management: −$4,220
• − Depreciation: −$13,091
• Taxable loss: −$2,986
• Est. tax savings @ 24.0%: +$717
• After-tax cash flow: $5,073/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: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 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): 24,281
• Household income: $51,430
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1311.0

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: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 24% White 16% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 64% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 23% · Canada, China, Vietnam
• Languages at home: 36% English-only · Spanish 62%

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: ▼ -162.09%
• Current HPI: 284.0587
• Rent YoY: ▲ 2.43%
• 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

+103.7% since first listed

17 events — show timeline

• 2026-06-04 Listed $499,000 HARMLS
• 2026-01-05 Listing Removed — HARMLS
• 2025-11-07 Listed $555,000 HARMLS
• 2013-02-22 Listing Removed — HARMLS
• 2013-02-14 Relisted — HARMLS
• 2013-01-28 Pending — HARMLS
• 2013-01-17 Price Changed $149,900 HARMLS
• 2012-09-04 Listed $155,000 HARMLS
• 2009-06-01 Sold (MLS) — HARMLS
• 2009-04-21 Listing Removed — HARMLS
• 2009-03-30 Listed $185,000 HARMLS
• 2009-02-03 Listing Removed — HARMLS
• 2008-10-02 Listed $219,000 HARMLS
• 2008-09-28 Listing Removed — HARMLS
• 2008-05-30 Listing Removed — HARMLS
• 2008-05-30 Listed $219,000 HARMLS
• 2008-05-29 Listed $245,000 HARMLS