2201 Blodgett St · Houston, TX 77004

$450,000

6 bd · 6.0 ba · 3,072 sqft · MultiFamily · 512 Days on market

Built 1935 5,606 sqft lot Est $670k · 33% under ↓ 35% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Income producing 6 unit multi-family located in the Historic Third Ward. The main structure has the address of 2201 Blodgett and has 4 - 1 bedroom 1 bathroom units. The 2 units above the 4 car garage are a 1 bedroom 1 bath and an efficiency and they have the address 4615 South Freeway. All units are month to month. Refrigerator and stove are owned by the seller and will convey with the sell. Each unit is separately metered for electricity. Water is currently the only utility that is paid by the seller. Property is minutes away from the major universities, Downtown Houston, Museum District and the Texas Medical Center

Key facts

• 5,606 sq ft lot
• Built 1935
• Listed 512 days

🏷️ Possibly a rental listed for sale. The $450,000 price doesn't fit this home's estimated sale value (~$669,696) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $561/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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: Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Yates H S (math 12% / reading 23%, grade F, #1,451 of 1,632 statewide, top 89%, 851 students, 96% FRL) — zoned schools average 98% FRL vs 71% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 31% district-wide (-17 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 soft (-0.3%/yr); 581 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $14k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 512 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $135k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 512 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. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 1.82% ✓
• Cap rate: 15.27%
• Cash-on-cash: 32.07%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $669,696
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2218 Arbor St	0.15mi	5/3.0 (-1)	2,628 (-14%)	4mo	$420,000	$160	49
2705 Cleburne St	0.45mi	6/2.0	3,397 (+11%)	4mo	$660,000	$194	41
5215 Palmer St	0.70mi	6/5.0	3,286 (+7%)	19mo	$715,000	$218	36
2809 Rosedale St	0.42mi	6/2.0	3,363 (+10%)	19mo	$1,300,000	$387	32

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 1.93×
• Total profit: $117,645
• Equity at exit: $67,096

10-year hold

• IRR: 29.5%
• Equity multiple: 3.27×
• Total profit: $286,250
• Equity at exit: $38,908

Cash invested: $126,000 (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 77004

• Rents YoY: -0.3%
• Active inventory: 581
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $8,199 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,722
• Net cashflow: $3,367

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$8,196
Total (6 units)			$8,199

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2703 Blodgett St Unit 1047952P Houston, TX	1.0–5.0	1.5–5.5	2497	$13,847	$5.55	2d	2	0.31mi

Listing history 23 events

1. 2026-05-25
   status Pending
2. 2026-04-28
   status Pending
3. 2026-04-23
   price $450,000
4. 2026-04-20
   status Active
5. 2026-03-18
   status Pending
6. 2026-03-06
   status Pending
7. 2026-01-13
   price $500,000
8. 2025-04-04
   price $545,000
9. 2024-11-24
   listed $585,000 Active
10. 2024-11-11
    price $585,000
11. 2024-11-11
    historical
12. 2024-09-06
    price $610,000
13. 2024-07-02
    price $650,000
14. 2024-07-02
    status Active
15. 2021-05-21
    status Pending
16. 2021-04-24
    status Option Pending
17. 2021-04-19
    status Active
18. 2021-04-18
    historical
19. 2021-03-21
    price $595,000
20. 2021-01-18
    status Active
21. 2021-01-16
    historical
22. 2020-12-02
    price $620,000
23. 2020-10-26
    listed $695,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $98,388
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$7,871
• − Management: −$7,871
• − Depreciation: −$13,091
• Taxable income: $35,348
• Est. tax owed @ 24.0%: −$8,484
• After-tax cash flow: $31,925/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): 35,997
• Household income: $71,199
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 3072.0

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 0.68)
• Race & ethnicity: Black 48% White 27% Hispanic / Latino 13% Two or more races 11% Asian 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 10% Chinese 2% 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: ▼ -139.34%
• Current HPI: 199.6066
• Rent YoY: ▼ -0.32%
• 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

-35.3% since first listed

23 events — show timeline

• 2026-05-25 Pending — HARMLS
• 2026-04-28 Pending — HARMLS
• 2026-04-23 Price Changed $450,000 HARMLS
• 2026-04-20 Relisted — HARMLS
• 2026-03-18 Pending — HARMLS
• 2026-03-06 Pending — HARMLS
• 2026-01-13 Price Changed $500,000 HARMLS
• 2025-04-04 Price Changed $545,000 HARMLS
• 2024-11-24 Listed $585,000 HARMLS
• 2024-11-11 Price Changed $585,000 HARMLS
• 2024-11-11 Listing Removed — HARMLS
• 2024-09-06 Price Changed $610,000 HARMLS
• 2024-07-02 Price Changed $650,000 HARMLS
• 2024-07-02 Relisted — HARMLS
• 2021-05-21 Pending — HARMLS
• 2021-04-24 Pending — HARMLS
• 2021-04-19 Relisted — HARMLS
• 2021-04-18 Listing Removed — HARMLS
• 2021-03-21 Price Changed $595,000 HARMLS
• 2021-01-18 Relisted — HARMLS
• 2021-01-16 Listing Removed — HARMLS
• 2020-12-02 Price Changed $620,000 HARMLS
• 2020-10-26 Listed $695,000 HARMLS