10110 Forum West Dr #633 · Houston, TX 77036

$42,000

1 bd · 1.0 ba · 713 sqft · Condo public records · 43 Days on market

Built 1981 $59/sqft · 23% below area Est $54k · 23% under $300/mo HOA · 36% of rent ↓ 40% since listing

---

Why this score? — see what drove the C+ 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 +17.8/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +5.6/10.0
• Appreciation +4.6/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Rent growth +0.8/5.0

Key facts

• $300 HOA
• Community pool
• Built 1981

Property features AI

Finance

• HOA & community: Managed by RANDALL MANAGMENT; Monthly association fee of $300 covering water, sewer, and trash; Community pool

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story residential property; Built in 1981; Slab foundation
• Construction: Brick and wood siding construction; Composition roof; Built in 1981; Slab foundation
• Exterior features: Composition roof; Brick and wood siding exterior

Interior

• Bedrooms: Primary bedroom on the first floor (12 x 12)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: One fireplace

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $42k.

Deal economics

• At list price, monthly cash flow is $-32 ($-384/yr) — negative.
• To cash-flow at today's rent, offer at most $36k (13.5% below list).
• Meets the 1% rule at list price ($842 rent vs $42k).
• Recommended offer: $36k (13.5% below list) — sets the bar for cash-flow.
• Cap rate 7.3% 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.
• Alief ISD (urban): math 23% / reading 28% proficiency, ranked #717 of 826 in TX (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Olle Middle (math 16% / reading 32%, grade F, #1,301 of 1,662 statewide, top 79%, 1,067 students, 90% FRL) — zoned schools average 90% FRL vs 74% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-6.6%/yr); 200 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 $290 of loan paydown is wiped out by about $307 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 43 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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: property tax is 2.7% of price; flood insurance adds $66/mo; HOA is 36% of rent.
• 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 $36,345 (13.5% 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 43 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 2.01% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• GRM: 4.2

CMA / ARV

• ARV (median comp): $54,415
• List price: $42,000
• Delta: -22.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.0%
• Equity multiple: 0.41×
• Total profit: $-6,895
• Equity at exit: $10,683

10-year hold

• IRR: -14.6%
• Equity multiple: -0.12×
• Total profit: $-13,144
• Equity at exit: $11,689

Cash invested: $11,760 (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: 200
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $842 high
• Mortgage (P&I): −$220
• Tax from tax record: −$93 /mo · $1,118/yr
• Insurance: −$18
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$300
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $-32

Break-even live

Break-even rent $883

Max offer price $36,345

Occupancy floor 99%

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: $10,500
• Closing costs: $1,260
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10107 Forum Park Dr Houston, TX	1.0	1.0	550	$770	$1.40	43d	1	0.21mi
10107 Forum Park Dr Houston, TX	1.0	1.0	550	$770	$1.40	22d	1	0.21mi
10286 Forum West Dr Houston, TX	1.0	1.0	553	$830	$1.50	18d	1	0.26mi
10286 Forum West Dr Houston, TX	1.0	1.0	553	$830	$1.50	43d	1	0.26mi
10101 Forum Park Dr Houston, TX	1.0–2.0	1.0–2.0	825	$859	$1.04	2d	21	0.26mi
9898 Forum Park Dr Unit 6406 Houston, TX	1.0	1.0	750	$925	$1.23	43d	1	0.28mi
10009 Forum Park Dr Houston, TX	1.0	1.0	543	$819	$1.51	43d	1	0.32mi
10009 Forum Park Dr Houston, TX	1.0	1.0	543	$819	$1.51	22d	1	0.32mi
10101 W Sam Houston Pkwy S Houston, TX	1.0–2.0	1.0–2.0	809	$850	$1.05	43d	1	0.33mi
10225 Bissonnet St Houston, TX	1.0–2.0	1.0–2.5	992	$795	$0.80	2d	49	0.38mi
13 South Dr Houston, TX	1.0	1.0	588	$894	$1.52	43d	1	0.53mi
9502 Woodfair Dr Houston, TX	1.0–2.0	1.0–2.0	711	$640	$0.90	3d	31	0.62mi
9502 Woodfair Dr Houston, TX	1.0–2.0	1.0	636	$640	$1.01	43d	31	0.62mi
10440 South Dr Houston, TX	1.0–2.0	1.0–2.0	773	$965	$1.25	1d	27	0.63mi
9430 Concourse Dr Houston, TX	1.0	1.0	719	$842	$1.17	12d	1	0.76mi
9445 Concourse Dr Houston, TX	1.0–2.0	1.0–2.0	715	$603	$0.84	1d	21	0.76mi
9475 W Sam Houston Pkwy S Houston, TX	1.0–2.0	1.0–2.0	725	$773	$1.07	5d	18	0.79mi
14 W Sam Houston Pkwy S Houston, TX	1.0	1.0	619	$779	$1.26	22d	1	0.83mi
14 W Sam Houston Pkwy S Houston, TX	1.0	1.0	619	$779	$1.26	43d	1	0.83mi
9303 Woodfair Dr Houston, TX	1.0–2.0	1.0–2.0	791	$795	$1.01	43d	42	0.87mi
10300 S Wilcrest Dr Unit 10351 Houston, TX	1.0	1.0	650	$733	$1.13	12d	1	0.94mi
10300 S Wilcrest Dr Unit 10374 Houston, TX	1.0	1.0	650	$741	$1.14	2d	1	0.94mi
10300 S Wilcrest Dr Unit 10374 Houston, TX	1.0	1.0	650	$779	$1.20	12d	1	0.94mi
10411 South Dr Houston, TX	1.0–2.0	1.0–2.0	757	$899	$1.19	43d	1	0.95mi
9907 Club Creek Dr Houston, TX	1.0	1.0	510	$795	$1.56	43d	1	0.97mi
9907 Club Creek Dr Houston, TX	1.0	1.0	510	$795	$1.56	22d	1	0.97mi
9901 Club Creek Dr Houston, TX	1.0–3.0	1.0–2.0	855	$645	$0.75	1d	13	0.99mi
9255 W Sam Houston Pkwy S Houston, TX	1.0	1.0	750	$1,049	$1.40	43d	1	1.12mi
8600 S Course Dr Houston, TX	1.0–2.0	1.0–2.0	706	$675	$0.96	1d	31	1.15mi
10000 Club Creek Dr Houston, TX	2.0	1.0–2.0	670	$808	$1.20	10d	1	1.20mi
10919 Stancliff Rd Unit 10934 Houston, TX	1.0	1.0	673	$1,303	$1.94	10d	1	1.20mi
10919 Stancliff Rd Unit 1162 Houston, TX	1.0	1.0	673	$1,264	$1.88	5d	1	1.20mi
10919 Stancliff Rd Unit 10940 Houston, TX	1.0	1.0	673	$1,299	$1.93	12d	1	1.20mi
10919 Stancliff Rd Unit 324 Houston, TX	1.0	1.0	673	$1,264	$1.88	7d	1	1.20mi
10919 Stancliff Rd Unit 1112 Houston, TX	1.0	1.0	673	$1,261	$1.87	2d	1	1.20mi
10919 Stancliff Rd Houston, TX	1.0	1.0	673	$1,253	$1.86	12d	1	1.21mi
9001 S Braeswood Blvd Houston, TX	1.0–2.0	1.0–2.0	739	$604	$0.82	1d	26	1.22mi
9001 S Braeswood Blvd Houston, TX	1.0–2.0	1.0–2.0	739	$728	$0.99	43d	26	1.22mi
10256 Lands End Dr Houston, TX	1.0	1.0	659	$929	$1.41	43d	1	1.29mi
10250 Lands End Dr Houston, TX	2.0	1.0–2.0	750	$1,089	$1.45	24d	16	1.33mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $42,000 Active 43 DOM
2. 2026-06-17
   days on market $42,000 Active 42 DOM
3. 2026-06-16
   days on market $42,000 Active 41 DOM
4. 2026-06-15
   days on market $42,000 Active 40 DOM
5. 2026-06-13
   days on market $42,000 Active 38 DOM
6. 2026-06-09
   days on market $42,000 Active 34 DOM
7. 2026-06-08
   days on market $42,000 Active 33 DOM
8. 2026-06-07
   days on market $42,000 Active 32 DOM
9. 2026-06-04
   days on market $42,000 Active 29 DOM
10. 2026-06-03
    days on market $42,000 Active 28 DOM
11. 2026-06-02
    days on market $42,000 Active 27 DOM
12. 2026-06-01
    days on market $42,000 Active 26 DOM
13. 2026-05-31
    days on market $42,000 Active 25 DOM
14. 2026-05-06
    listed $42,000 Active 673-char remark
15. 2026-04-29
    historical $42,000 673-char remark
16. 2025-11-28
    historical
17. 2025-06-19
    listed $67,500 Active
18. 2025-05-22
    historical
19. 2024-12-15
    listed $70,000 Active
20. 2024-11-23
    historical
21. 2024-10-02
    listed $70,000 Active
22. 2015-02-25
    soldstatus
23. 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: $1,118 · $93/mo
• Projected year-2 tax: $1,118 · $93/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 (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°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: $10,107
• − Mortgage interest: −$2,353
• − Property taxes: −$1,118
• − Insurance: −$1,008
• − Repairs & maintenance: −$809
• − Management: −$809
• − HOA: −$3,600
• − Depreciation: −$1,222
• Taxable loss: −$810
• Est. tax savings @ 24.0%: +$194
• After-tax cash flow: $-190/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: Alief ISD
• NCES district ID: 4807830
• Math proficiency: 23% ▼ -19.00%
• Reading proficiency: 28% ▼ -8.00%
• Median HH income: $37,775
• Composite: 21.29/100
• National rank: #8391
• State rank: #717 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

-40.0% since first listed

10 events — show timeline

• 2026-05-06 Listed $42,000 HARMLS
• 2026-04-29 Coming Soon $42,000 HARMLS
• 2025-11-28 Listing Removed — HARMLS
• 2025-06-19 Listed $67,500 HARMLS
• 2025-05-22 Listing Removed — HARMLS
• 2024-12-15 Listed $70,000 HARMLS
• 2024-11-23 Listing Removed — HARMLS
• 2024-10-02 Listed $70,000 HARMLS
• 2015-02-25 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+11.2%/yr

Latest (2025): $1,118 · -2.7% YoY. Source: county tax records.