1322 Avenue L · Galveston, TX 77550

$949,000

21 bd · 2.0 ba · 3,780 sqft · MultiFamily public records · 9 Days on market

Built 1970 5,136 sqft lot

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 7 units. estimate disagrees with records

Listing remarks

Charming 7-Unit Apartment Building in Prime Galveston Location Nestled on a quiet residential street, this 7-unit apartment building presents a rare opportunity in one of Galveston’s most desirable areas. Each unit features a thoughtfully designed layout, with several offering private porches or decks that blend coastal charm with modern comfort. Residents enjoy off-street, assigned parking in the rear, a highly sought-after amenity that adds convenience and value in this central location. The building’s mix of floor plans (1 / 2 / 3 bedroom apartments) appeals to a diverse range of tenants—from medical professionals to those seeking a serene island retreat. With UTMB, the

Key facts

• Private porches
• Assigned parking
• 5,136 sq ft lot

Tags

• PRIME GALVESTON LOCATION
• PRIVATE PORCHES
• ASSIGNED PARKING
• SHORT DISTANCE TO BEACH

Property features AI

Finance

• Financial info: Multi-unit building with seven total units; Building area approximately 3,780 total square feet

Exterior

• Utilities: Has heating; Has cooling
• Home design: Residential income property; Built in 1970
• Exterior features: Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator
• Bedrooms: Five 1-bedroom units; One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Seven total units with one full bathroom each
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Granite counters

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/1.0-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $266/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $949k).
• Cap rate 9.2% 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 $10,477/mo this rent would consume 279% 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 $7k of loan paydown is wiped out by about $28k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $949,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.10% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.32%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-65,986
• Equity at exit: $141,499

10-year hold

• IRR: -1.5%
• Equity multiple: 0.91×
• Total profit: $-23,337
• Equity at exit: $82,052

Cash invested: $265,720 (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: 52.8×

Monthly cashflow live

• Estimated rent: $10,477 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$619 /mo · $7,426/yr
• Insurance: −$395
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,200
• Net cashflow: $1,859

Break-even live

Break-even rent $8,123

Max offer price $949,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,397	-5% $2,128	+0% $1,859	+5% $1,591	+10% $1,322
Rent	-10% $1,032	-5% $1,446	+0% $1,859	+5% $2,273	+10% $2,687
Rate	-1.0pp $2,337	-0.5pp $2,101	base $1,859	+0.5pp $1,613	+1.0pp $1,363

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

Units	Beds	Baths	Est. rent
▸ 7× units	3	1	$10,479
Total (7 units)			$10,477

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $949,000 Active 9 DOM
2. 2026-06-18
   days on market $949,000 Active 6 DOM
3. 2026-06-17
   days on market $949,000 Active 5 DOM
4. 2026-06-16
   days on market $949,000 Active 4 DOM
5. 2026-06-15
   days on market $949,000 Active 3 DOM
6. 2026-06-13
   remarks 681-char remark
7. 2026-06-13
   listed $949,000 Active 1 DOM

ⓘ 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: $7,426 · $619/mo
• Projected year-2 tax: $17,367 · $1,447/mo
• Expected delta: +$9,941/yr (+$828/mo · 133.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,724
• − Mortgage interest: −$53,159
• − Property taxes: −$7,426
• − Insurance: −$9,864
• − Repairs & maintenance: −$10,058
• − Management: −$10,058
• − Depreciation: −$27,607
• Taxable income: $7,553
• Est. tax owed @ 24.0%: −$1,813
• After-tax cash flow: $20,500/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: 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

+110.9% since first listed

5 events — show timeline

• 2026-06-12 Listed $949,000 HARMLS
• 2022-04-05 Sold (Public Records) — Public Records
• 2021-09-20 Sold (Public Records) — Public Records
• 2021-02-10 Price Changed $449,900 Galveston MLS
• 1998-02-25 Sold (Public Records) — Public Records

Property tax history

+5.1%/yr

Latest (2025): $7,426 · +17.6% YoY. Source: county tax records.