10113 Spring Place Dr · Houston, TX 77070

$309,000

6 bd · 5.0 ba · 2,576 sqft · MultiFamily public records · 158 Days on market

Built 1983 6,380 sqft lot $120/sqft · at area comps Est $321k · at est.

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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 +16.9/30.0
• ARV discount +9.2/15.0
• 1% rule +5.6/10.0
• DSCR +5.3/10.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

Key facts

• 6,380 sq ft lot
• Built 1983
• Listed 158 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $309k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive. Per door: $103/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $309k).
• Recommended offer: $272k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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: schools D, crime F.
• Cypress-Fairbanks ISD (suburban): math 45% / reading 52% proficiency, ranked #161 of 826 in TX (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 235 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,276/mo this rent would consume 51% of the median local household income ($77k/yr) (locally 2924% 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 $2k of loan paydown is wiped out by about $9k 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 158 days — a 12% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 15y ago; this cycle's ask has dropped $21k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $309k implies a 259% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $271,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 7.09%
• Cash-on-cash: 2.86%
• DSCR: 1.13
• GRM: 7.9

CMA / ARV

• ARV (median comp): $320,907
• List price: $309,000
• Delta: -3.71%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10033 Emerald Creek Dr	0.09mi	6/4.0	2,576 (0%)	14mo	$330,000	$128	81
10040 Spring Place Dr	0.08mi	6/4.0	2,576 (0%)	16mo	$330,000	$128	78
10012 Spring Place Dr	0.16mi	6/2.0	2,507 (-3%)	18mo	$330,000	$132	61

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 · 0.91% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.50×
• Total profit: $-43,493
• Equity at exit: $46,073

10-year hold

• IRR: -9.8%
• Equity multiple: 0.46×
• Total profit: $-46,709
• Equity at exit: $26,717

Cash invested: $86,520 (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 77070

• Rents YoY: 0.9%
• Active inventory: 235
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $3,276 high
• Mortgage (P&I): −$1,620
• Tax from tax record: −$633 /mo · $7,593/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$688
• Net cashflow: $206

Break-even live

Break-even rent $3,015

Max offer price $309,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,276
Total (2 units)			$3,276

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $309,000 Active 158 DOM
2. 2026-06-17
   days on market $309,000 Active 157 DOM
3. 2026-06-16
   days on market $309,000 Active 156 DOM
4. 2026-06-15
   price $309,000 Active 155 DOM
5. 2026-06-15
   days on market $310,500 Active 155 DOM
6. 2026-06-13
   days on market $310,500 Active 153 DOM
7. 2026-06-13
   days on market $310,500 Active 152 DOM
8. 2026-06-09
   days on market $310,500 Active 149 DOM
9. 2026-06-08
   days on market $310,500 Active 148 DOM
10. 2026-06-07
    days on market $310,500 Active 147 DOM
11. 2026-06-04
    days on market $310,500 Active 144 DOM
12. 2026-06-03
    days on market $310,500 Active 143 DOM
13. 2026-06-02
    days on market $310,500 Active 142 DOM
14. 2026-06-02
    days on market $310,500 Active 141 DOM
15. 2026-05-31
    days on market $310,500 Active 140 DOM
16. 2026-05-15
    price $310,500 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

17. 2026-05-15
    status Active 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

18. 2026-05-15
    historical 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

19. 2026-05-01
    price $311,000 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

20. 2026-04-22
    status Active 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

21. 2026-04-22
    historical 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

22. 2026-04-21
    price $314,000 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

23. 2026-03-23
    historical 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

24. 2026-03-23
    status Active 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

25. 2026-03-08
    status Active 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

26. 2026-03-08
    historical 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

27. 2026-03-07
    price $314,900 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

28. 2026-02-28
    price $327,500 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

29. 2026-01-12
    listed $329,900 Active 234-char remark

    Show marketing remark (234 chars)

    BACK ON THE MARKET!! PRICE REDUCED!! I have a copy of an appraisal that was done in June, 2025. We have an existing survey, tenants been on property for roughly a decade. Tenants pay utilities. NO gas lines. NEW roof in November, 2024

30. 2025-12-30
    historical
31. 2025-09-29
    status Active
32. 2025-09-28
    historical
33. 2025-09-18
    price $334,000
34. 2025-08-30
    status Active
35. 2025-08-14
    historical
36. 2025-08-08
    price $334,500
37. 2025-08-05
    status Active
38. 2025-07-08
    listed
39. 2025-06-27
    historical
40. 2025-06-19
    status Active
41. 2025-06-18
    historical
42. 2025-04-25
    price $335,000
43. 2025-04-17
    status Active
44. 2025-04-17
    historical
45. 2025-04-09
    price $337,500
46. 2025-03-27
    listed $339,000 Active
47. 2024-04-14
    historical
48. 2024-04-05
    price $339,900
49. 2024-03-16
    status Active
50. 2024-03-16
    historical

ⓘ 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: $7,593 · $633/mo
• Projected year-2 tax: $7,593 · $633/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 (shaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $39,312
• − Mortgage interest: −$17,309
• − Property taxes: −$7,593
• − Insurance: −$1,545
• − Repairs & maintenance: −$3,145
• − Management: −$3,145
• − Depreciation: −$8,989
• Taxable loss: −$2,414
• Est. tax savings @ 24.0%: +$579
• After-tax cash flow: $3,053/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: Cypress-Fairbanks ISD
• NCES district ID: 4816110
• Math proficiency: 45% ▼ -12.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $72,025
• Composite: 43.63/100
• National rank: #2968
• State rank: #161 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): 58,229
• Household income: $77,397
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 2924.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 35% Hispanic / Latino 31% Black 19% Two or more races 16% Asian 11% Native American 1%
• Hispanic origin (detail): Mexican 20% Cuban 1%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 23% · Canada, Vietnam, Jamaica
• Languages at home: 64% English-only · Spanish 24% Vietnamese 4% Other Indo-European 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: ▼ -130.95%
• Current HPI: 232.3128
• Rent YoY: ▲ 0.91%
• 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

+261.0% since first listed

50 events — show timeline

• 2026-05-15 Price Changed $310,500 HARMLS
• 2026-05-15 Relisted — HARMLS
• 2026-05-15 Listing Removed — HARMLS
• 2026-05-01 Price Changed $311,000 HARMLS
• 2026-04-22 Relisted — HARMLS
• 2026-04-22 Listing Removed — HARMLS
• 2026-04-21 Price Changed $314,000 HARMLS
• 2026-03-23 Listing Removed — HARMLS
• 2026-03-23 Relisted — HARMLS
• 2026-03-08 Relisted — HARMLS
• 2026-03-08 Listing Removed — HARMLS
• 2026-03-07 Price Changed $314,900 HARMLS
• 2026-02-28 Price Changed $327,500 HARMLS
• 2026-01-12 Listed $329,900 HARMLS
• 2025-12-30 Listing Removed — HARMLS
• 2025-09-29 Relisted — HARMLS
• 2025-09-28 Listing Removed — HARMLS
• 2025-09-18 Price Changed $334,000 HARMLS
• 2025-08-30 Relisted — HARMLS
• 2025-08-14 Listing Removed — HARMLS
• 2025-08-08 Price Changed $334,500 HARMLS
• 2025-08-05 Relisted — HARMLS
• 2025-07-08 Listed for Rent — HARMLS
• 2025-06-27 Listing Removed — HARMLS
• 2025-06-19 Relisted — HARMLS
• 2025-06-18 Listing Removed — HARMLS
• 2025-04-25 Price Changed $335,000 HARMLS
• 2025-04-17 Relisted — HARMLS
• 2025-04-17 Listing Removed — HARMLS
• 2025-04-09 Price Changed $337,500 HARMLS
• 2025-03-27 Listed $339,000 HARMLS
• 2024-04-14 Listing Removed — HARMLS
• 2024-04-05 Price Changed $339,900 HARMLS
• 2024-03-16 Relisted — HARMLS
• 2024-03-16 Listing Removed — HARMLS
• 2024-03-12 Price Changed $345,500 HARMLS
• 2024-03-04 Relisted — HARMLS
• 2024-03-03 Listing Removed — HARMLS
• 2024-02-16 Price Changed $347,500 HARMLS
• 2024-01-26 Price Changed $349,900 HARMLS
• 2024-01-26 Relisted — HARMLS
• 2023-12-19 Listing Removed — HARMLS
• 2023-12-07 Listed $359,900 HARMLS
• 2015-09-23 Listing Removed — HARMLS
• 2015-07-25 Listed $175,000 HARMLS
• 2012-04-16 Sold (Public Records) — Public Records
• 2012-04-05 Sold (MLS) — HARMLS
• 2011-12-02 Listing Removed — HARMLS
• 2011-09-29 Listed $130,000 HARMLS
• 1996-11-01 Sold (Public Records) $86,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $7,593 · +15.8% YoY. Source: county tax records.