7510 Hornwood Dr #201 · Houston, TX 77036

$88,000

2 bd · 2.0 ba · 870 sqft · Condo public records · 33 Days on market

Built 1966

---

Why this score? — see what drove the F 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
• 1% rule +6.4/10.0
• Appreciation +4.6/10.0
• Cash flow +4.2/30.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +0.8/5.0
• DSCR +0.0/10.0

Listing remarks

This second-floor, 2-bedroom, 2-bathroom apartment features a rare split-unit layout that maximizes privacy for tenants, roommates, or . Located within a secure, gated community featuring a guarded vehicle entrance, residents gain access to premium shared amenities including a swimming pool and tennis court. The fully electric property features durable engineered wood flooring throughout the living spaces. Recent capital improvements include an upgraded kitchen with granite countertops, a stone-like backsplash, and partially new cabinets, alongside five-year-old bathroom tiles and vanities. While a newer water heater reduces immediate utility risks, the property is strictly sold "as-is

Key facts

• Gated community
• Tennis court
• Swimming pool

Tags

• GATED COMMUNITY
• GUARDED VEHICLE ENTRANCE
• PREMIUM SHARED AMENITIES
• SWIMMING POOL
• TENNIS COURT
• ENGINEERED WOOD FLOORING

Property features AI

Finance

• Other: Building name: THE SUSSEX
• HOA & community: Sussex HOA; Community pool; Elevator

Exterior

• Parking: Assigned parking (1 space)
• Security: Doorman; Key card entry; Smoke detectors
• Utilities: Has heating; Has cooling
• Home design: Residential property; Entry on 2nd level
• Construction: Concrete construction; Built in 1966
• Exterior features: Play structure; Tennis courts; Asphalt road access

Interior

• Kitchen: Electric cooktop; Electric oven/range; Oven; Instant hot water; Refrigerator
• Bedrooms: 2nd floor entry level
• Flooring: Engineered hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Window heating unit; Window cooling unit
• Interior features: Entrance foyer; Granite counters; Separate shower; Tub with shower; Window treatments; Combined living and dining area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $88k.

Deal economics

• At list price, monthly cash flow is $-238 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.

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: Sharpstown H S (math 7% / reading 23%, grade F, #1,507 of 1,632 statewide, top 93%, 1,855 students, 89% FRL) — zoned schools average 89% FRL vs 71% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 31% district-wide (-16 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 falling (-6.6%/yr); 202 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $608 of loan paydown is wiped out by about $643 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 33 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 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

• Watch-outs: HOA is 36% of rent.
• Climate carrying-cost: major 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 $85,360 (3.0% 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 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.14% ✓
• Cap rate: 3.05%
• Cash-on-cash: -11.59%
• DSCR: 0.48
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.73% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.05×
• Total profit: $-23,382
• Equity at exit: $22,383

10-year hold

• IRR: -21.1%
• Equity multiple: -0.70×
• Total profit: $-41,859
• Equity at exit: $24,491

Cash invested: $24,640 (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 77036

• Home prices YoY: -0.3%
• Rents YoY: -6.6%
• Active inventory: 202
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,006 high
• Mortgage (P&I): −$461
• Tax from tax record: −$169 /mo · $2,034/yr
• Insurance: −$37
• HOA est. from 5 same-building comps: −$365
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $-238

Break-even live

Break-even rent $1,307

Max offer price $45,962

Occupancy floor —

Sensitivity live

Price	-10% $-188	-5% $-213	+0% $-238	+5% $-263	+10% $-288
Rent	-10% $-317	-5% $-278	+0% $-238	+5% $-198	+10% $-159
Rate	-1.0pp $-194	-0.5pp $-216	base $-238	+0.5pp $-261	+1.0pp $-284

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: $22,000
• Closing costs: $2,640
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7500 Clarewood Dr Houston, TX	2.0	2.0	1025	$1,015	$0.99	16d	1	0.07mi
6203 Marinette Dr Houston, TX	1.0–2.0	1.0–2.0	935	$1,144	$1.22	0d	9	0.10mi
7506 Clarewood Dr Houston, TX	1.0	1.0	715	$830	$1.16	45d	1	0.11mi
6106 Marinette Dr Houston, TX	1.0	1.0	685	$800	$1.17	16d	1	0.15mi
6106 Marinette Dr Houston, TX	1.0	1.0	685	$800	$1.17	45d	1	0.15mi
6106 Marinette Dr Houston, TX	2.0	2.0	985	$990	$1.01	25d	1	0.15mi
6200 Marinette Dr Houston, TX	1.0–3.0	1.0–2.5	912	$1,002	$1.10	0d	21	0.19mi
7506 Bellerive Dr Houston, TX	2.0	2.0	970	$1,100	$1.13	45d	1	0.24mi
7500 Bellerive Dr Houston, TX	2.0	1.0–2.0	692	$1,055	$1.52	14d	1	0.25mi
5959 Bonhomme Rd Houston, TX	2.0	2.0	692	$1,278	$1.85	0d	28	0.30mi
5959 Bonhomme Rd Unit 6010 Houston, TX	1.0	1.0	539	$771	$1.43	45d	1	0.31mi
5959 Bonhomme Rd Unit 423 Houston, TX	2.0	2.0	853	$986	$1.16	45d	1	0.31mi
7211 Bellerive Dr Houston, TX	1.0	1.0	807	$1,153	$1.43	45d	1	0.33mi
7391 Regency Square Ct Houston, TX	1.0	1.0	661	$849	$1.28	45d	1	0.39mi
7581 Bellaire Blvd Houston, TX	2.0	2.0	834	$1,350	$1.62	25d	1	0.41mi
7581 Bellaire Blvd Houston, TX	1.0	1.0	691	$1,010	$1.46	21d	1	0.41mi
7581 Bellaire Blvd Houston, TX	1.0	1.0	691	$1,010	$1.46	45d	1	0.41mi
5815 Gulfton St Houston, TX	1.0	1.0	855	$940	$1.10	45d	1	0.44mi
7637 Harwin Dr Houston, TX	1.0–2.0	1.0	908	$1,119	$1.23	3d	12	0.46mi
5810 Fondren Rd Houston, TX	1.0–3.0	1.0–2.0	1000	$1,158	$1.16	16d	1	0.51mi
7900 Bellaire Blvd Houston, TX	1.0–3.0	1.0–2.0	942	$1,180	$1.25	19d	1	0.68mi
6960 Bellaire Blvd Houston, TX	1.0	1.0	713	$945	$1.33	22d	1	0.70mi
6960 Bellaire Blvd Houston, TX	1.0	1.0	727	$935	$1.29	45d	1	0.70mi
6602 Harbor Town Dr Houston, TX	1.0–2.0	1.0–2.0	770	$1,200	$1.56	0d	2	0.72mi
8100 Bellaire Blvd Houston, TX	1.0–3.0	1.0–2.0	881	$1,115	$1.26	0d	26	0.79mi
22 Sands Point Dr Houston, TX	1.0	1.0	610	$955	$1.57	45d	1	0.81mi
6718 De Moss Dr Houston, TX	1.0–3.0	1.0–2.5	978	$1,054	$1.08	3d	34	0.86mi
8100 Sands Point Dr Houston, TX	1.0–3.0	1.0–2.0	953	$1,256	$1.32	0d	28	0.88mi
8155 Richmond Ave Houston, TX	1.0–2.0	1.0–2.0	746	$1,024	$1.37	0d	15	1.17mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,050	$1.31	12d	1	1.20mi
9221 Pagewood Ln Unit 1047 Houston, TX	1.0	1.0	668	$790	$1.18	0d	1	1.20mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,040	$1.29	0d	1	1.20mi
9221 Pagewood Ln Unit 9272 Houston, TX	1.0	1.0	668	$749	$1.12	14d	1	1.22mi
9221 Pagewood Ln Unit 9295 Houston, TX	1.0	1.0	668	$749	$1.12	0d	1	1.22mi
9221 Pagewood Ln Unit 2162 Houston, TX	2.0	2.0	804	$1,015	$1.26	9d	1	1.22mi
9221 Pagewood Ln Unit 1162 Houston, TX	1.0	1.0	668	$760	$1.14	9d	1	1.22mi
8168 Richmond Ave Houston, TX	2.0	2.0	917	$1,165	$1.27	25d	1	1.28mi
8168 Richmond Ave Houston, TX	1.0	1.0	676	$920	$1.36	23d	1	1.28mi
8168 Richmond Ave Houston, TX	1.0	1.0	676	$920	$1.36	45d	1	1.28mi
3401 Ocee St Houston, TX	2.0	1.0	825	$940	$1.14	45d	1	1.31mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterelectricpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $88,000 Active 33 DOM
2. 2026-06-18
   days on market $88,000 Active 30 DOM
3. 2026-06-17
   days on market $88,000 Active 29 DOM
4. 2026-06-16
   days on market $88,000 Active 28 DOM
5. 2026-06-15
   days on market $88,000 Active 27 DOM
6. 2026-06-13
   days on market $88,000 Active 25 DOM
7. 2026-06-10
   days on market $88,000 Active 21 DOM
8. 2026-06-08
   days on market $88,000 Active 20 DOM
9. 2026-06-07
   days on market $88,000 Active 19 DOM
10. 2026-06-04
    days on market $88,000 Active 16 DOM
11. 2026-06-01
    days on market $88,000 Active 13 DOM
12. 2026-05-31
    days on market $88,000 Active 12 DOM
13. 2026-05-19
    listed $88,000 Active
14. 2026-01-29
    historical
15. 2026-01-20
    price $90,800
16. 2024-07-25
    listed $108,000 Active
17. 2020-12-10
    historical
18. 2020-12-04
    price $99,900
19. 2020-09-14
    price $79,900
20. 2020-08-31
    price $85,900
21. 2020-08-15
    price $89,900
22. 2020-08-15
    listed $89,000 Active
23. 2019-12-26
    historical
24. 2019-11-15
    price $69,900
25. 2019-11-14
    listed $69,000 Active
26. 2016-09-27
    soldstatus
27. 2014-07-18
    soldstatus
28. 2007-08-09
    soldstatus
29. 2000-12-15
    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: $2,034 · $169/mo
• Projected year-2 tax: $2,034 · $169/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 6/10 Major FEMA zone X (unshaded) · 69% 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: $12,070
• − Mortgage interest: −$4,929
• − Property taxes: −$2,034
• − Insurance: −$440
• − Repairs & maintenance: −$966
• − Management: −$966
• − HOA: −$4,380
• − Depreciation: −$2,560
• Taxable loss: −$4,204
• Est. tax savings @ 24.0%: +$1,009
• After-tax cash flow: $-1,847/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): 71,770
• Household income: $45,716
• Rent vs Own: 82.3% rent · 17.7% own
• Severe rent burden: 4374.0

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: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Two or more races 28% Black 11% Asian 9% White 7%
• Hispanic origin (detail): Mexican 33% Cuban 3%
• Foreign-born: 55% · Canada, China, Vietnam
• Languages at home: 20% English-only · Spanish 66% Chinese 5% Vietnamese 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: ▼ -0.73%
• Current HPI: 221.1045
• Rent YoY: ▼ -6.62%
• 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

+27.5% since first listed

17 events — show timeline

• 2026-05-19 Listed $88,000 HARMLS
• 2026-01-29 Listing Removed — HARMLS
• 2026-01-20 Price Changed $90,800 HARMLS
• 2024-07-25 Listed $108,000 HARMLS
• 2020-12-10 Listing Removed — HARMLS
• 2020-12-04 Price Changed $99,900 HARMLS
• 2020-09-14 Price Changed $79,900 HARMLS
• 2020-08-31 Price Changed $85,900 HARMLS
• 2020-08-15 Price Changed $89,900 HARMLS
• 2020-08-15 Listed $89,000 HARMLS
• 2019-12-26 Listing Removed — HARMLS
• 2019-11-15 Price Changed $69,900 HARMLS
• 2019-11-14 Listed $69,000 HARMLS
• 2016-09-27 Sold (Public Records) — Public Records
• 2014-07-18 Sold (Public Records) — Public Records
• 2007-08-09 Sold (Public Records) — Public Records
• 2000-12-15 Sold (Public Records) — Public Records

Property tax history

+3.9%/yr

Latest (2025): $2,034 · +11.7% YoY. Source: county tax records.