2204 Carr St · Houston, TX 77026

$385,000

3 bd · 3.5 ba · 1,793 sqft · Land · 32 Days on market

Built 2026 1,950 sqft lot

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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).

• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Appreciation +6.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• 1% rule +0.9/10.0

Listing remarks

Welcome to 2204 Carr St — a modern new construction home designed for convenient city living just minutes from Downtown Houston & major freeways. This 3-story residence offers 1,793 sqft of thoughtfully designed living space on a 1,950 sqft lot, complete with a private driveway & fenced backyard. The second floor features an open-concept layout with the kitchen, dining, & living areas seamlessly connected, plus a private balcony that extends the living space outdoors — perfect for entertaining or relaxing. The third-floor primary suite includes a spa-inspired en suite bath with a large soaking tub, walk-in shower, & spacious layout. Enjoy modern finishes th

Key facts

• Private driveway
• Private balcony
• Fenced backyard

Tags

• NEW CONSTRUCTION HOME
• PRIVATE DRIVEWAY
• FENCED BACKYARD
• OPEN-CONCEPT LAYOUT
• PRIVATE BALCONY
• SPA-INSPIRED EN SUITE BATH

Property features AI

Finance

• Other: Builder: BRIGHTSTONE BUILDERS; Living area approximately 1,793; Lot area approximately 1,950 square feet

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Residential property; New construction (2026); Slab foundation
• Construction: Cement siding; Composition roof; Built in 2026
• Exterior features: Private yard; Cleared lot; Backs to greenbelt/park

Interior

• Kitchen: Electric cooktop; Electric range; Kitchen island; Pantry; Quartz countertops; Kitchen/family room combo
• Bedrooms: Primary Bedroom (third level) — 14 x 13; Bedroom (third level) — 11 x 11; Bedroom (first level) — 10 x 11
• Flooring: Plank flooring; Tile flooring; Vinyl flooring
• Bathrooms: 3 full bathrooms; 1 half bathroom; Primary Bathroom (third level) — 17 x 6; Bathroom (third level) — 12 x 5; Bathroom (first level) — 9 x 6
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: Double vanity; Kitchen island; Kitchen/family room combo; Primary bedroom with bath; Pantry; Quartz countertops; Self-closing cabinet doors; Soaking tub; Separate shower; Tub/shower combo
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath land listed at $385k.

Deal economics

• At list price, monthly cash flow is $-500 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (41.5% below list).
• Recommended offer: $225k (41.5% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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: Fleming Middle (math 10% / reading 15%, grade F, #1,616 of 1,662 statewide, top 97%, 384 students, 97% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 96% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 31% district-wide (-14 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 (+3.1%/yr); 445 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $2,252/mo this rent would consume 69% of the median local household income ($39k/yr) (locally 1531% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $18k of equity ($3k loan paydown + $15k appreciation (3.9% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.

Recommended offer $225,246 (41.5% 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 32 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.59% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• GRM: 14.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.89% appreciation · 3.08% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.31×
• Total profit: $33,012
• Equity at exit: $192,792

10-year hold

• IRR: 7.8%
• Equity multiple: 2.30×
• Total profit: $140,176
• Equity at exit: $313,421

Cash invested: $107,800 (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 77026

• Home prices YoY: 1.5%
• Rents YoY: 3.1%
• Active inventory: 445
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,252 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$100 /mo · $1,201/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-500

Break-even live

Break-even rent $2,885

Max offer price $296,668

Occupancy floor —

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3300 Lyons Ave Unit 304 Houston, TX	4.0	2.0	1393	$1,460	$1.05	43d	1	0.67mi
2706 Cochran St Houston, TX	3.0	3.5	1791	$2,700	$1.51	19d	1	0.72mi
1307 Bayou St Unit B Houston, TX	3.0	3.0	1814	$2,400	$1.32	7d	1	0.76mi
1513 Cage St Houston, TX	3.0	2.0	1467	$1,550	$1.06	43d	1	0.76mi
1303 Bayou St Unit C Houston, TX	3.0	3.0	1869	$3,200	$1.71	43d	1	0.77mi
1250 Leona St Houston, TX	2.0	1.0–2.0	885	$1,990	$2.25	1d	16	0.87mi
2905 Baer St Unit 1047953P Houston, TX	3.0	2.5	1991	$3,094	$1.55	5d	1	1.00mi
611 Sydnor St Houston, TX	3.0	4.0	2157	$2,400	$1.11	43d	1	1.06mi
2403 Everett St Unit A Houston, TX	3.0	3.5	2093	$2,800	$1.34	43d	1	1.09mi
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,354	$2.37	3d	42	1.10mi
914 Bunton St Houston, TX	3.0	2.0	1389	$1,950	$1.40	43d	1	1.14mi
3410 Baer St Houston, TX	3.0	4.0	2040	$3,500	$1.72	43d	1	1.14mi
410 James St Unit 1031793P Houston, TX	3.0	2.0	1593	$7,554	$4.74	16d	1	1.16mi
410 James St Houston, TX	3.0	2.0	1602	$6,750	$4.21	43d	1	1.16mi
4300 Lyons Ave Unit 304 Houston, TX	4.0	2.0	1393	$1,460	$1.05	43d	1	1.17mi
3419 Gillespie St Houston, TX	3.0	3.5	2168	$2,300	$1.06	43d	1	1.17mi
308 Grove St Houston, TX	3.0	3.0	1701	$2,350	$1.38	7d	1	1.23mi
4109 Hare St Unit A Houston, TX	4.0	2.5	1913	$6,950	$3.63	43d	1	1.25mi
4109 Hare St Unit 1019559P Houston, TX	4.0	2.5	1905	$6,852	$3.60	7d	1	1.25mi
4509 Courtney St Houston, TX	4.0	1.0	1456	$1,150	$0.79	22d	1	1.28mi
91 Jensen Dr Houston, TX	3.0	1.0–2.5	970	$3,420	$3.52	1d	69	1.30mi
207 Carl St Houston, TX	2.0	2.0	1230	$2,250	$1.83	43d	1	1.34mi
1222 Upton St Houston, TX	3.0	4.0	2055	$2,600	$1.27	43d	1	1.38mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	43d	1	1.38mi
6 N Main St Houston, TX	2.0	2.0	1248	$2,453	$1.97	20d	1	1.38mi
4712 Rawley St Unit B Houston, TX	3.0	2.5	1501	$2,045	$1.36	20d	1	1.38mi
4712 Rawley St Unit a Houston, TX	3.0	2.0	1501	$2,070	$1.38	20d	1	1.38mi
4706 Hershe St Houston, TX	3.0	2.5	2283	$3,300	$1.45	43d	1	1.39mi
1039 Hillstar St Houston, TX	3.0	2.5	1780	$2,750	$1.54	11d	1	1.44mi
2115 Runnels St Unit 2148 Houston, TX	3.0	2.0	1839	$3,045	$1.66	11d	1	1.46mi
2115 Runnels St Unit 3187 Houston, TX	3.0	2.0	1839	$3,013	$1.64	2d	1	1.46mi
2115 Runnels St Unit 3174 Houston, TX	3.0	2.0	1839	$3,056	$1.66	11d	1	1.46mi
1524 Evelyn St Houston, TX	3.0	2.5	1804	$2,800	$1.55	43d	1	1.48mi

Listing history 12 events

1. 2026-06-18
   days on market $385,000 Active 32 DOM
2. 2026-06-17
   days on market $385,000 Active 31 DOM
3. 2026-06-16
   days on market $385,000 Active 30 DOM
4. 2026-06-15
   days on market $385,000 Active 29 DOM
5. 2026-06-13
   days on market $385,000 Active 27 DOM
6. 2026-06-10
   days on market $385,000 Active 23 DOM
7. 2026-06-08
   days on market $385,000 Active 22 DOM
8. 2026-06-07
   days on market $385,000 Active 21 DOM
9. 2026-06-04
   days on market $385,000 Active 18 DOM
10. 2026-06-01
    days on market $385,000 Active 15 DOM
11. 2026-05-31
    days on market $385,000 Active 14 DOM
12. 2026-05-17
    listed $385,000 Active

ⓘ 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: $1,201 · $100/mo
• Projected year-2 tax: $7,046 · $587/mo
• Expected delta: +$5,845/yr (+$487/mo · 486.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,030
• − Mortgage interest: −$21,566
• − Property taxes: −$1,201
• − Insurance: −$1,925
• − Repairs & maintenance: −$2,162
• − Management: −$2,162
• − Depreciation: −$11,200
• Taxable loss: −$13,187
• Est. tax savings @ 24.0%: +$3,165
• After-tax cash flow: $-2,835/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): 21,981
• Household income: $39,211
• Rent vs Own: 56.3% rent · 43.7% own
• Severe rent burden: 1531.0

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 0.56)
• Race & ethnicity: Black 49% Hispanic / Latino 44% Two or more races 18% White 5% Native American 1%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Lithuanian 1%
• Foreign-born: 15% · Canada
• Languages at home: 61% English-only · Spanish 39%

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: ▲ 3.89%
• Current HPI: 267.5995
• Rent YoY: ▲ 3.08%
• 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

1 event — show timeline

• 2026-05-17 Listed $385,000 HARMLS

Property tax history

+1.6%/yr

Latest (2025): $1,201 · +1.6% YoY. Source: county tax records.