610 Lettie St · Richmond, TX 77469

$245,000

3 bd · 2.0 ba · 1,356 sqft · Land · 23 Days on market

Built 2026 3,868 sqft lot $181/sqft · 775% above area

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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).

• Cash flow +12.7/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Introducing this beautifully designed 3-bedroom home in a desirable Richmond location, featuring a modern open-concept layout that seamlessly connects the living, dining, and kitchen areas. The kitchen offers a clean, contemporary feel with durable countertops, while the spacious primary suite provides a private retreat with an en-suite bath. Two additional bedrooms offer flexibility for guests or a home office. With all-new systems, a new roof, and a convenient location near schools, shopping, dining, and major roadways, this home offers both comfort and convenience.

Key facts

• En-suite bath
• Private retreat
• Convenient location

Tags

• OPEN-CONCEPT LAYOUT
• DURABLE COUNTERTOPS
• PRIVATE RETREAT
• EN-SUITE BATH
• NEW ROOF
• CONVENIENT LOCATION

Property features AI

Finance

• Financial info: Lease considered

Exterior

• Parking: No designated parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential property; New construction (built 2026); Southeast facing; Pillar/post/pier foundation
• Construction: Brick and cement siding exterior; Composition roof; Built in 2026
• Exterior features: Fence with private backyard; Cleared lot; Concrete road access

Interior

• Kitchen: Dishwasher; Electric oven; Gas cooktop; Garbage disposal; Microwave
• Bedrooms: 3 rooms total
• Flooring: Plank flooring; Tile flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: High ceilings; Ceiling fans; Programmable thermostat; Electric fireplace (1)
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $245k.

Deal economics

• At list price, monthly cash flow is $-28 ($-332/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (27.2% below list).
• Recommended offer: $178k (27.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.6% in Richmond — 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 70/100 on livability (#363 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime C-, amenities F, commute F.
• Lamar CISD (suburban): math 50% / reading 53% proficiency, ranked #116 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: T L Pink El (math 32% / reading 25%, grade F, #2,706 of 4,322 statewide, top 63%, 486 students, 93% FRL); Lamar J H (math 30% / reading 34%, grade F, #971 of 1,662 statewide, top 60%, 1,246 students, 71% FRL); Lamar Cons H S (math 26% / reading 48%, grade F, #897 of 1,632 statewide, top 57%, 1,762 students, 62% FRL) — zoned schools average 75% FRL vs 43% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 52% district-wide (-19 pts) — the specific schools serving this property underperform the Lamar CISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.8%/yr); 1345 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 12,093 units permitted in Fort Bend County in 2024 (815 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Fort Bend County population projected at +75% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,449 (27.2% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.73% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.48%
• DSCR: 0.98
• GRM: 11.4

CMA / ARV

• ARV (median comp): $28,000
• List price: $245,000
• Delta: 775.00%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.1%
• Equity multiple: 0.32×
• Total profit: $-46,823
• Equity at exit: $36,530

10-year hold

• IRR: -19.9%
• Equity multiple: 0.07×
• Total profit: $-63,781
• Equity at exit: $21,183

Cash invested: $68,600 (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 77469

• Home prices YoY: -25.1%
• Rents YoY: -1.8%
• Active inventory: 1345
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,784 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$51 /mo · $606/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-28

Break-even live

Break-even rent $1,820

Max offer price $240,112

Occupancy floor 97%

Sensitivity live

Price	-10% $111	-5% $42	+0% $-28	+5% $-97	+10% $-166
Rent	-10% $-169	-5% $-98	+0% $-28	+5% $43	+10% $113
Rate	-1.0pp $96	-0.5pp $35	base $-28	+0.5pp $-91	+1.0pp $-156

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1108 Fort St Unit 1108 Richmond, TX	3.0	1.0	1000	$1,450	$1.45	18d	1	0.62mi
1217 Westwood Dr Unit 1274 Rosenberg, TX	2.0	2.0	900	$1,113	$1.24	0d	1	1.03mi
1217 Westwood Dr Unit 424 Rosenberg, TX	2.0	2.0	900	$1,129	$1.25	6d	1	1.03mi
1308 Wilson Dr Rosenberg, TX	3.0	2.0	1835	$2,171	$1.18	45d	1	1.16mi
4932 Vancouver Blvd Richmond, TX	3.0	2.0	1321	$3,500	$2.65	14d	1	1.42mi

Listing history 42 events

1. 2026-06-01
   days on market $245,000 Active 23 DOM
2. 2026-05-31
   days on market $245,000 Active 22 DOM
3. 2026-05-09
   listed $245,000 Active 574-char remark
4. 2026-04-20
   historical
5. 2026-04-16
   listed $2,000
6. 2026-04-10
   price $240,000
7. 2026-03-26
   listed $250,000 Active
8. 2026-03-25
   historical
9. 2026-02-17
   price $265,000
10. 2026-01-05
    listed $275,000 Active
11. 2025-12-31
    historical
12. 2025-12-01
    historical $2,250
13. 2025-10-11
    listed $2,250
14. 2025-07-24
    listed $305,000 Active
15. 2025-07-02
    soldstatus
16. 2024-06-05
    soldstatus
17. 2024-06-03
    soldstatus Sold
18. 2024-05-17
    status Pending
19. 2024-05-13
    status Option Pending
20. 2024-05-03
    status Active
21. 2024-05-02
    status Pending
22. 2024-04-17
    status Option Pending
23. 2024-01-28
    price $46,000
24. 2024-01-23
    price $59,000
25. 2023-10-30
    listed $65,000 Active
26. 2022-04-20
    soldstatus Sold
27. 2022-04-20
    soldstatus
28. 2022-04-02
    status Pending
29. 2021-12-22
    price $50,000
30. 2021-12-03
    listed $45,000 Active
31. 2020-06-25
    soldstatus Sold
32. 2020-06-25
    soldstatus
33. 2020-06-08
    status Pending, Continue to Show
34. 2020-05-26
    historical
35. 2020-05-25
    listed $39,900 Active
36. 2020-05-21
    listed $39,000 Active
37. 2019-02-18
    soldstatus Sold
38. 2019-01-28
    status Pending
39. 2019-01-11
    listed $22,000 Active
40. 2018-12-12
    soldstatus
41. 2008-11-26
    soldstatus
42. 1993-04-22
    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: $606 · $51/mo
• Projected year-2 tax: $4,484 · $374/mo
• Expected delta: +$3,877/yr (+$323/mo · 639.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,414
• − Mortgage interest: −$13,724
• − Property taxes: −$606
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,713
• − Management: −$1,713
• − Depreciation: −$7,127
• Taxable loss: −$4,695
• Est. tax savings @ 24.0%: +$1,127
• After-tax cash flow: $795/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: Lamar CISD
• NCES district ID: 4826580
• Math proficiency: 50% ▼ -12.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $75,213
• Composite: 46.43/100
• National rank: #2452
• State rank: #116 of 826 in TX

Livability — Richmond

• Score: 70/100
• State rank: #363
• US rank: #7780

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment C Housing A+ Health & safety B+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, TX
• County: Fort Bend County · 836,777 people
• City population: 158,237
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,826
• Household income: $102,125
• Rent vs Own: 20.6% rent · 79.4% own
• Severe rent burden: 1292.0

Population outlook (Fort Bend County) Hauer SSP2

• Today (2025): 1,004,526 people
• By 2030: 1,153,104 · +14.8%
• By 2040: 1,453,718 · +44.7%
• By 2050: 1,753,781 · +74.6%
• By 2075: 2,455,772 · +144.5%
• By 2100: 2,930,528 · +191.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: Hispanic / Latino 29% White 27% Black 25% Two or more races 15% Asian 15%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 24% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 17% Other Indo-European 7% Other Asian/Pacific 2%

Political lean MEDSL · Fort Bend

• 2024 margin: Toss-up / Even · D 49.5% · R 47.9% · Other 2.6%
• 2008→2024 swing: +4.0pp toward D · 2008: -2.4pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+10.6 2016: D+6.6 2012: R+6.8 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.66%
• Current HPI: 234.9892
• Rent YoY: ▼ -1.81%
• 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

-90.9% since first listed

42 events — show timeline

• 2026-06-01 Rental Removed $2,000 HARMLS
• 2026-06-01 Listing Removed — HARMLS
• 2026-05-09 Listed $245,000 HARMLS
• 2026-04-20 Listing Removed — HARMLS
• 2026-04-16 Listed for Rent $2,000 HARMLS
• 2026-04-10 Price Changed $240,000 HARMLS
• 2026-03-26 Listed $250,000 HARMLS
• 2026-03-25 Listing Removed — HARMLS
• 2026-02-17 Price Changed $265,000 HARMLS
• 2026-01-05 Listed $275,000 HARMLS
• 2025-12-31 Listing Removed — HARMLS
• 2025-12-01 Rental Removed $2,250 HARMLS
• 2025-10-11 Listed for Rent $2,250 HARMLS
• 2025-07-24 Listed $305,000 HARMLS
• 2025-07-02 Sold (Public Records) — Public Records
• 2024-06-05 Sold (Public Records) — Public Records
• 2024-06-03 Sold (MLS) — HARMLS
• 2024-05-17 Pending — HARMLS
• 2024-05-13 Pending — HARMLS
• 2024-05-03 Relisted — HARMLS
• 2024-05-02 Pending — HARMLS
• 2024-04-17 Pending — HARMLS
• 2024-01-28 Price Changed $46,000 HARMLS
• 2024-01-23 Price Changed $59,000 HARMLS
• 2023-10-30 Listed $65,000 HARMLS
• 2022-04-20 Sold (Public Records) — Public Records
• 2022-04-20 Sold (MLS) — HARMLS
• 2022-04-02 Pending — HARMLS
• 2021-12-22 Price Changed $50,000 HARMLS
• 2021-12-03 Listed $45,000 HARMLS
• 2020-06-25 Sold (Public Records) — Public Records
• 2020-06-25 Sold (MLS) — HARMLS
• 2020-06-08 Pending — HARMLS
• 2020-05-26 Listing Removed — HARMLS
• 2020-05-25 Listed $39,900 HARMLS
• 2020-05-21 Listed $39,000 HARMLS
• 2019-02-18 Sold (MLS) — HARMLS
• 2019-01-28 Pending — HARMLS
• 2019-01-11 Listed $22,000 HARMLS
• 2018-12-12 Sold (Public Records) — Public Records
• 2008-11-26 Sold (Public Records) — Public Records
• 1993-04-22 Sold (Public Records) — Public Records

Property tax history

-0.8%/yr

Latest (2025): $606 · -5.4% YoY. Source: county tax records.