5902 Grace Ln · Houston, TX 77021

$120,000

2 bd · 1.0 ba · 1,086 sqft · SingleFamily public records · 214 Days on market

Built 1940 5,000 sqft lot $110/sqft · 36% below area Est $189k · 36% under ↓ 20% since listing

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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 +16.2/30.0
• ARV discount +15.0/15.0
• 1% rule +5.5/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1-story, 2bed 1bath home in Grigg Terrace ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 1990690, 24409647, 26696173, 49038010, 59916271, 49999437, 7468649, 74766011, 75960757, 8783915

Key facts

• 5,000 sq ft lot
• Parking
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $65 ($777/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• 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.
• Market conditions: Rents rising (+2.2%/yr); 467 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 33% of the median local income ($46k/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 $830 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 214 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 6.94%
• Cash-on-cash: 2.31%
• DSCR: 1.10
• GRM: 7.9

CMA / ARV

• ARV (median comp): $188,908
• List price: $120,000
• Delta: -36.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5822 Grace Ln	0.03mi	2/1.0	1,178 (+8%)	5mo	$90,000	$76	80
4613 Kingsbury St	0.19mi	2/1.0	1,036 (-5%)	6mo	$105,000	$101	79
4523 Keystone St	0.32mi	3/2.0 (+1)	1,073 (-1%)	4mo	$195,000	$182	71
6320 Paris St	0.45mi	3/2.0 (+1)	1,089 (+0%)	0mo	$230,000	$211	69
4521 Kingsbury St	0.30mi	3/2.0 (+1)	1,100 (+1%)	7mo	$214,900	$195	69
6427 Paris St	0.52mi	3/2.0 (+1)	1,089 (+0%)	0mo	$205,000	$188	66
4935 Enyart St	0.41mi	3/1.0 (+1)	1,141 (+5%)	8mo	$129,000	$113	61
6111 Cavanaugh St	0.61mi	2/1.0	1,136 (+5%)	8mo	$144,900	$128	57
6418 Calhoun Rd	0.49mi	2/1.5	945 (-13%)	2mo	$190,000	$201	52
5111 Cosby St	0.40mi	3/2.0 (+1)	1,225 (+13%)	4mo	$225,000	$184	48
5035 Andrea St	0.74mi	3/2.0 (+1)	1,156 (+6%)	5mo	$195,000	$169	41
5014 Yellowstone Blvd	0.71mi	3/2.0 (+1)	1,190 (+10%)	6mo	$189,900	$160	37

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 · 2.17% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.52×
• Total profit: $-16,283
• Equity at exit: $17,892

10-year hold

• IRR: -6.1%
• Equity multiple: 0.62×
• Total profit: $-12,755
• Equity at exit: $10,375

Cash invested: $33,600 (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 77021

• Home prices YoY: -23.6%
• Rents YoY: 2.2%
• Active inventory: 467
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,265 high
• Mortgage (P&I): −$629
• Tax from tax record: −$255 /mo · $3,063/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $65

Break-even live

Break-even rent $1,183

Max offer price $120,000

Occupancy floor 90%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	22d	1	0.15mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	43d	1	0.15mi
5924 Schroeder Rd Houston, TX	1.0	1.0	800	$795	$0.99	24d	1	0.15mi
5918 Schroeder Rd Houston, TX	1.0–2.0	1.0	850	$1,000	$1.18	43d	1	0.15mi
6030 Schroeder Rd Houston, TX	1.0	1.0	740	$850	$1.15	43d	1	0.26mi
5116 Griggs Rd Houston, TX	3.0	2.0	1131	$1,316	$1.16	43d	1	0.35mi
5154 Griggs Rd Unit CAVE Houston, TX	2.0	2.0	1322	$1,420	$1.07	3d	1	0.39mi
4515 Dewberry St Houston, TX	1.0	1.0	1400	$664	$0.47	20d	1	0.40mi
4722 Old Spanish Trl Unit B301 Houston, TX	2.0	2.0	1027	$1,695	$1.65	44d	1	0.49mi
6528 Weston St Unit A Houston, TX	3.0	3.0	1484	$2,200	$1.48	43d	1	0.57mi
6532 Weston St Unit A Houston, TX	3.0	3.0	1484	$2,200	$1.48	18d	1	0.58mi
5813 England St Unit A Houston, TX	3.0	2.5	1473	$2,195	$1.49	4d	1	0.61mi
5610 Royal Palms St Houston, TX	2.0	1.0	900	$950	$1.06	24d	1	0.65mi
5101 Martin Luther King Blvd Unit MO54 Houston, TX	2.0	2.0	1322	$1,210	$0.92	12d	1	0.67mi
5514 Griggs Rd Unit 1047 Houston, TX	1.0	1.0	1003	$1,005	$1.00	11d	1	0.76mi
5514 Griggs Rd Unit 2047 Houston, TX	2.0	2.0	1322	$1,214	$0.92	3d	1	0.76mi
5514 Griggs Rd Unit 2047 Houston, TX	2.0	2.0	1322	$1,225	$0.93	11d	1	0.76mi
5514 Griggs Rd Houston, TX	1.0	1.0	1003	$935	$0.93	14d	1	0.77mi
5514 Griggs Rd Houston, TX	2.0	2.0	1322	$1,210	$0.92	43d	1	0.77mi
5514 Griggs Rd Unit 1165 Houston, TX	1.0	1.0	1003	$962	$0.96	3d	1	0.78mi
5514 Griggs Rd Unit 2162 Houston, TX	2.0	2.0	1322	$1,190	$0.90	5d	1	0.78mi
5514 Griggs Rd Unit 1162 Houston, TX	1.0	1.0	1003	$965	$0.96	5d	1	0.78mi
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$940	$0.94	14d	1	0.78mi
5514 Griggs Rd Unit 2187 Houston, TX	2.0	2.0	1322	$1,182	$0.89	3d	1	0.78mi
5514 Griggs Rd Unit 324 Houston, TX	1.0	1.0	1003	$965	$0.96	7d	1	0.78mi
5514 Griggs Rd Unit 5565 Houston, TX	1.0	1.0	1003	$935	$0.93	43d	1	0.78mi
5514 Griggs Rd Unit 5571 Houston, TX	2.0	2.0	1322	$1,214	$0.92	11d	1	0.78mi
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$1,004	$1.00	11d	1	0.78mi
5514 Griggs Rd Unit 422 Houston, TX	2.0	2.0	1322	$1,190	$0.90	7d	1	0.78mi
5520 Griggs Rd Houston, TX	1.0	1.0	1003	$1,030	$1.03	24d	1	0.81mi
5520 Griggs Rd Houston, TX	2.0	2.0	1322	$1,241	$0.94	22d	1	0.81mi
5520 Griggs Rd Houston, TX	2.0	2.0	1322	$1,241	$0.94	43d	1	0.81mi
5537 Bataan Rd Houston, TX	2.0	1.0	880	$1,300	$1.48	43d	1	1.08mi
5835 Southmont St Houston, TX	3.0	2.0	1200	$1,700	$1.42	43d	1	1.11mi
3716 Southmore Blvd Houston, TX	2.0	1.0	850	$1,000	$1.18	43d	1	1.20mi
3644 Griggs Rd Unit 1047940P Houston, TX	3.0	2.5	1399	$2,161	$1.54	2d	1	1.21mi
7032 Conley St Houston, TX	3.0	2.0	1220	$2,850	$2.34	43d	1	1.28mi
3629 N MacGregor Way Houston, TX	1.0	1.0	700	$775	$1.11	43d	1	1.29mi
3620 Southmore Blvd Houston, TX	2.0	1.0	780	$1,100	$1.41	13d	1	1.32mi
3560 Dixie Dr Unit 2165 Houston, TX	2.0	2.0	1322	$1,402	$1.06	3d	1	1.41mi

Listing history 13 events

1. 2026-06-18
   days on market $120,000 Active 214 DOM
2. 2026-06-17
   days on market $120,000 Active 213 DOM
3. 2026-06-16
   days on market $120,000 Active 212 DOM
4. 2026-06-15
   days on market $120,000 Active 211 DOM
5. 2026-06-13
   days on market $120,000 Active 209 DOM
6. 2026-06-10
   days on market $120,000 Active 205 DOM
7. 2026-06-08
   days on market $120,000 Active 204 DOM
8. 2026-06-07
   days on market $120,000 Active 203 DOM
9. 2026-06-04
   days on market $120,000 Active 200 DOM
10. 2026-05-31
    days on market $120,000 Active 197 DOM
11. 2026-03-24
    price $120,000 233-char remark

    Show marketing remark (233 chars)

    1-story, 2bed 1bath home in Grigg Terrace ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 1990690, 24409647, 26696173, 49038010, 59916271, 49999437, 7468649, 74766011, 75960757, 8783915

12. 2025-11-15
    listed $150,000 Active 233-char remark

    Show marketing remark (233 chars)

    1-story, 2bed 1bath home in Grigg Terrace ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 1990690, 24409647, 26696173, 49038010, 59916271, 49999437, 7468649, 74766011, 75960757, 8783915

13. 1988-01-02
    soldstatus

ⓘ 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: $3,063 · $255/mo
• Projected year-2 tax: $3,063 · $255/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) · 73% 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: $15,179
• − Mortgage interest: −$6,722
• − Property taxes: −$3,063
• − Insurance: −$600
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$3,491
• Taxable loss: −$1,125
• Est. tax savings @ 24.0%: +$270
• After-tax cash flow: $1,047/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): 26,153
• Household income: $45,574
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 2532.0

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 0.55)
• Race & ethnicity: Black 62% Hispanic / Latino 22% Two or more races 12% White 10% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 77% English-only · Spanish 19% French/Haitian/Cajun 1% Other Indo-European 1%

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: ▼ -71.22%
• Current HPI: 230.2869
• Rent YoY: ▲ 2.17%
• 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

-20.0% since first listed

3 events — show timeline

• 2026-03-24 Price Changed $120,000 HARMLS
• 2025-11-15 Listed $150,000 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+7.5%/yr

Latest (2025): $3,063 · +1.5% YoY. Source: county tax records.