5254 Perry St · Houston, TX 77021

$135,000

2 bd · 1.0 ba · 907 sqft · SingleFamily public records · 138 Days on market

Built 1949 6,324 sqft lot $149/sqft · 16% below area Est $179k · 25% under

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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 +15.0/15.0
• Cash flow +10.1/30.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• Rent growth +3.0/5.0
• DSCR +2.9/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3/1 is occupied and leased for $1,200/month. Occupied- DO NOT DISTURB TENANT. Located in a well-established area, this home combines convenience to major highways and just 15 minutes from the Medical Center. Don’t miss the opportunity to walk into immediate cash flow for a great price!

Key facts

• 6,324 sq ft lot
• Built 1949
• Listed 137 days

🏷️ Possibly a rental listed for sale. The $135,000 price doesn't fit this home's estimated sale value (~$179,159) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (15.9% below list).
• Recommended offer: $109k (19.0% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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 138 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $109,302 (19.0% 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 138 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 9.9

CMA / ARV

• ARV (median comp): $179,159
• List price: $135,000
• Delta: -24.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5250 Cosby St	0.06mi	3/1.0 (+1)	1,005 (+11%)	16mo	$189,000	$188	61
5613 Malmedy Rd	0.35mi	2/1.0	839 (-8%)	17mo	$99,000	$118	57
6418 Calhoun Rd	0.74mi	2/1.5	945 (+4%)	2mo	$190,000	$201	55
5617 Malmedy Rd	0.35mi	2/1.0	832 (-8%)	19mo	$119,000	$143	54
5010 Gren St	0.50mi	3/1.0 (+1)	1,017 (+12%)	9mo	$135,000	$133	44
4613 Kingsbury St	0.67mi	2/1.0	1,036 (+14%)	6mo	$105,000	$101	40
5421 Bataan Rd	0.50mi	3/1.0 (+1)	986 (+9%)	21mo	$124,900	$127	40
5942 Southridge St	0.52mi	3/1.0 (+1)	1,039 (+15%)	9mo	$105,000	$101	39
4616 Keystone St	0.63mi	3/1.0 (+1)	1,014 (+12%)	18mo	$170,000	$168	30
5810 Southurst St	0.55mi	3/1.0 (+1)	1,038 (+14%)	21mo	$89,000	$86	28

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: -25.1%
• Equity multiple: 0.15×
• Total profit: $-31,997
• Equity at exit: $20,129

10-year hold

• IRR: -23.9%
• Equity multiple: -0.14×
• Total profit: $-43,244
• Equity at exit: $11,672

Cash invested: $37,800 (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 77021

• Home prices YoY: -23.6%
• Rents YoY: 2.2%
• Active inventory: 467
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,135 high
• Mortgage (P&I): −$708
• Tax from tax record: −$211 /mo · $2,535/yr
• Insurance: −$56
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-145

Break-even live

Break-even rent $1,319

Max offer price $109,302

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$1,004	$1.00	11d	1	0.39mi
5514 Griggs Rd Unit 1165 Houston, TX	1.0	1.0	1003	$962	$0.96	3d	1	0.39mi
5514 Griggs Rd Unit 1162 Houston, TX	1.0	1.0	1003	$965	$0.96	5d	1	0.39mi
5514 Griggs Rd Unit 5565 Houston, TX	1.0	1.0	1003	$935	$0.93	43d	1	0.39mi
5514 Griggs Rd Unit 324 Houston, TX	1.0	1.0	1003	$965	$0.96	7d	1	0.39mi
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$940	$0.94	14d	1	0.39mi
5514 Griggs Rd Houston, TX	1.0	1.0	1003	$935	$0.93	14d	1	0.40mi
5537 Bataan Rd Houston, TX	2.0	1.0	880	$1,300	$1.48	43d	1	0.43mi
6030 Schroeder Rd Houston, TX	1.0	1.0	740	$850	$1.15	43d	1	0.43mi
5514 Griggs Rd Unit 1047 Houston, TX	1.0	1.0	1003	$1,005	$1.00	11d	1	0.44mi
5520 Griggs Rd Houston, TX	1.0	1.0	1003	$1,030	$1.03	24d	1	0.50mi
5918 Schroeder Rd Houston, TX	1.0–2.0	1.0	850	$1,000	$1.18	43d	1	0.51mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	22d	1	0.51mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	43d	1	0.51mi
5924 Schroeder Rd Houston, TX	1.0	1.0	800	$795	$0.99	24d	1	0.51mi
5610 Royal Palms St Houston, TX	1.0	1.0	560	$875	$1.56	43d	1	0.53mi
5610 Royal Palms St Houston, TX	2.0	1.0	900	$950	$1.06	24d	1	0.53mi
5600 Royal Palms St Unit 22 Houston, TX	1.0	1.0	560	$875	$1.56	43d	1	0.58mi
4977 Martin Luther King Blvd Houston, TX	1.0	1.0	630	$1,630	$2.59	22d	1	1.09mi
4977 Martin Luther King Blvd Houston, TX	1.0	1.0	630	$1,630	$2.59	43d	1	1.09mi
4722 Old Spanish Trl Unit B301 Houston, TX	2.0	2.0	1027	$1,695	$1.65	44d	1	1.10mi
6420 Conley St Unit 7 Houston, TX	2.0	1.0	652	$975	$1.50	43d	1	1.21mi

Listing history 8 events

1. 2026-01-22
   price $135,000 297-char remark

   Show marketing remark (297 chars)

   This 3/1 is occupied and leased for $1,200/month. Occupied- DO NOT DISTURB TENANT. Located in a well-established area, this home combines convenience to major highways and just 15 minutes from the Medical Center. Don’t miss the opportunity to walk into immediate cash flow for a great price!

2. 2026-01-08
   listed $145,000 Active 297-char remark

   Show marketing remark (297 chars)

   This 3/1 is occupied and leased for $1,200/month. Occupied- DO NOT DISTURB TENANT. Located in a well-established area, this home combines convenience to major highways and just 15 minutes from the Medical Center. Don’t miss the opportunity to walk into immediate cash flow for a great price!

3. 2025-09-30
   historical $1,200
4. 2025-09-06
   price $1,200
5. 2025-08-28
   price $1,350
6. 2025-08-17
   listed $1,400
7. 2025-07-01
   soldstatus
8. 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: $2,535 · $211/mo
• Projected year-2 tax: $2,535 · $211/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 23 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: $13,617
• − Mortgage interest: −$7,562
• − Property taxes: −$2,535
• − Insurance: −$1,472
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − Depreciation: −$3,927
• Taxable loss: −$4,059
• Est. tax savings @ 24.0%: +$974
• After-tax cash flow: $-772/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

+9542.9% since first listed

8 events — show timeline

• 2026-01-22 Price Changed $135,000 HARMLS
• 2026-01-08 Listed $145,000 HARMLS
• 2025-09-30 Rental Removed $1,200 HARMLS
• 2025-09-06 Price Changed $1,200 HARMLS
• 2025-08-28 Price Changed $1,350 HARMLS
• 2025-08-17 Listed for Rent $1,400 HARMLS
• 2025-07-01 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,535 · -6.1% YoY. Source: county tax records.