21638 Carbonari Dr

Houston, TX 77447

$270,340F

3 bd · 2.0 ba · 1,724 sqft · Built 2026 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,248/mo
• Mortgage (P&I): −$1,720
• Tax + insurance: −$547
• HOA: −$135
• Vac / Maint / Mgmt: −$472
• Net cashflow: $-626/mo
• Annual: $-7,512/yr
• Cap rate: 4.00%
• Cash-on-cash: -8.18%
• DSCR: 0.64
• 1% rule: 0.69%
• Cash to close: $91,837

Investor read

• This is a 3-bed/2.0-bath single-family listed at $270k. Condition is rated good.
• At list price, monthly cash flow is $-626 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (16.9% below list).
• It's been on market 15 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (16.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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.
• Waller ISD (rural): math 30% / reading 35% proficiency, ranked #532 of 826 in TX (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evelyn Turlington El (math 46% / reading 45%, grade D-, #1,112 of 4,322 statewide, top 26%, 1,084 students, 69% FRL); Schultz J H (math 31% / reading 37%, grade F, #892 of 1,662 statewide, top 55%, 1,120 students, 65% FRL); Waller H S (math 25% / reading 40%, grade F, #1,029 of 1,632 statewide, top 64%, 2,639 students, 62% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1791 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.0% vs local median 3.2% in Houston — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.