1409 Wheeler St · Houston, TX 77004

$224,900

3 bd · 1.0 ba · 1,070 sqft · SingleFamily public records · 13 Days on market

Built 1925 1,751 sqft lot Est $249k · 10% under

---

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 +23.0/30.0
• ARV discount +11.9/15.0
• DSCR +7.4/10.0
• 1% rule +5.4/10.0
• 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

Listing remarks

Welcome to the 3-bedroom home nestled in the heart of downtown Houston, just minutes away from the renowned MD Anderson Cancer Center. This charming property offers a seamless blend of comfort and convenience, making it an ideal choice for those seeking a tranquil retreat in the midst of the city's vibrant energy. The kitchen boasts modern appliances, sleek countertops, and plenty of storage space, making it a chef's dream. The home's three bedrooms are thoughtfully designed to offer comfort and privacy. With its prime location in downtown Houston, this home offers easy access to a wealth of dining, shopping, and entertainment options. Whether you're exploring the city's cultural attraction

Key facts

• Modern appliances
• Downtown houston
• Sleek countertops

Tags

• DOWNTOWN HOUSTON
• MD ANDERSON CANCER CENTER
• MODERN APPLIANCES
• SLEEK COUNTERTOPS
• PLENTY OF STORAGE SPACE
• EASY ACCESS TO DINING

Property features AI

Finance

• Other: Owner is listing agent
• Financial info: Leasing is considered
• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1925; Slab foundation; Composition roof
• Construction: Brick construction
• Exterior features: Lot approximately 1,750 square feet; Lot includes other features

Interior

• Bedrooms: Space for 3 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heating provided (window unit); Window unit cooling
• Interior features: Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.4% 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: Macgregor El (math 22% / reading 37%, grade F, #2,525 of 4,322 statewide, top 62%, 444 students, 83% FRL); Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Lamar H S (math 38% / reading 65%, grade D+, #478 of 1,632 statewide, top 29%, 3,125 students, 49% FRL).
• Market conditions: Rents soft (-0.3%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 40% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 17y 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.
• Current owner paid $60k; list at $225k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $224,900

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $249,310
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3550 Main St Unit 6227	0.50mi	3/2.0	1,112 (+4%)	19mo	$214,990	$193	50
2513 Isabella St	0.72mi	3/1.0	1,176 (+10%)	8mo	$274,299	$233	43

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: -7.9%
• Equity multiple: 0.72×
• Total profit: $-17,896
• Equity at exit: $33,533

10-year hold

• IRR: -2.6%
• Equity multiple: 0.85×
• Total profit: $-9,479
• Equity at exit: $19,445

Cash invested: $62,972 (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: 8.0×

Monthly cashflow live

• Estimated rent: $2,344 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$179 /mo · $2,151/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $399

Break-even live

Break-even rent $1,838

Max offer price $224,900

Occupancy floor 78%

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4001 Fannin St Houston, TX	3.0	1.0–3.0	1536	$3,158	$2.06	3d	16	0.27mi
4704 Chenevert St Unit B Houston, TX	2.0	1.0	1200	$1,700	$1.42	43d	1	0.27mi
4899 La Branch St Houston, TX	2.0	2.0	1175	$2,191	$1.86	24d	1	0.33mi
1802 Wentworth St Unit 1542674P Houston, TX	1.0–2.0	1.0–2.0	1016	$6,374	$6.27	2d	2	0.34mi
4921 Crawford St Houston, TX	2.0	1.0	750	$1,225	$1.63	24d	1	0.39mi
3609 Chenevert St Houston, TX	2.0	2.0	1168	$1,749	$1.50	19d	1	0.41mi
3609 Chenevert St Houston, TX	2.0	2.0	1168	$1,749	$1.50	22d	1	0.41mi
1711 Wichita St Unit 14 Houston, TX	2.0	1.0	913	$1,059	$1.16	18d	1	0.42mi
3800 Main St Houston, TX	1.0–2.0	1.0–2.0	933	$2,094	$2.24	2d	24	0.43mi
4920 Chenevert St Houston, TX	2.0	1.0	911	$1,050	$1.15	43d	3	0.43mi
3603 Chenevert St Houston, TX	1.0–2.0	1.0–2.0	1020	$2,129	$2.09	13d	8	0.44mi
510 Richmond Ave Houston, TX	1.0–2.0	1.0–2.0	960	$2,000	$2.08	2d	14	0.49mi
3550 Main St Houston, TX	2.0	1.0–2.0	633	$2,405	$3.80	2d	22	0.49mi
5280 Caroline St Houston, TX	1.0–3.0	1.0–3.5	1880	$6,216	$3.31	2d	20	0.54mi
5350 Crawford St Houston, TX	2.0	2.0	977	$2,525	$2.58	22d	1	0.57mi
5350 Crawford St Unit 422 Houston, TX	2.0	2.0	977	$2,366	$2.42	7d	1	0.57mi
5350 Crawford St Unit 2165 Houston, TX	2.0	2.0	977	$2,358	$2.41	3d	1	0.57mi
5350 Crawford St Unit 5387 Houston, TX	2.0	2.0	977	$2,390	$2.45	11d	1	0.57mi
2319 Rosewood St Unit A Houston, TX	3.0	1.0	1333	$1,515	$1.14	24d	1	0.57mi
414 Marshall St Houston, TX	1.0–2.0	1.0	720	$1,195	$1.66	5d	3	0.58mi
5353 Fannin St Houston, TX	1.0–2.0	1.0–2.0	1293	$3,337	$2.58	1d	10	0.59mi
514 Branard St Houston, TX	2.0	1.0	1200	$1,650	$1.38	43d	1	0.59mi
3501 Milam St Houston, TX	2.0	2.0	1065	$2,295	$2.15	24d	1	0.61mi
3300 Main St Unit 2162 Houston, TX	2.0	2.0	1383	$2,773	$2.01	5d	1	0.61mi
3300 Main St Unit 2187 Houston, TX	2.0	2.0	1383	$2,765	$2.00	3d	1	0.61mi
1000 Oakdale St Houston, TX	2.0	2.0	1148	$2,016	$1.76	12d	1	0.61mi
2307 Arbor St Houston, TX	2.0	1.0	1325	$2,295	$1.73	43d	1	0.61mi
5359 Fannin St Houston, TX	2.0	2.0	1446	$2,423	$1.68	43d	1	0.62mi
3300 Main St Unit 3337 Houston, TX	2.0	2.0	1383	$2,619	$1.89	43d	1	0.62mi
3300 Main St Unit 3323 Houston, TX	2.0	2.0	1383	$2,797	$2.02	11d	1	0.62mi
3300 Main St Unit 422 Houston, TX	2.0	2.0	1383	$2,773	$2.01	7d	1	0.62mi
400 Westmoreland St Unit 11 Houston, TX	2.0	1.0	1050	$1,800	$1.71	18d	1	0.64mi
4 Chelsea Blvd Houston, TX	1.0–3.0	1.0–2.0	1237	$3,850	$3.11	2d	24	0.64mi
10 Chelsea Blvd Houston, TX	2.0	2.0	1496	$3,000	$2.01	43d	1	0.66mi
5501 La Branch St Houston, TX	3.0	3.0	964	$4,875	$5.06	4d	245	0.67mi
4402 Roseland St Houston, TX	2.0	1.0	1050	$1,325	$1.26	43d	1	0.67mi
1942 Prospect St Unit OHNP2 Houston, TX	2.0	2.0	1279	$3,397	$2.66	4d	1	0.69mi
1942 Prospect St Unit OHNP2 Houston, TX	2.0	2.0	1279	$3,397	$2.66	5d	1	0.69mi
2800 Kirby Dr Houston, TX	2.0	2.0	1255	$2,292	$1.83	43d	2	0.70mi
4641 Montrose Blvd Houston, TX	1.0–2.0	1.0–2.0	1002	$3,748	$3.74	2d	40	0.71mi

Listing history 30 events

1. 2026-06-04
   days on market $224,900 Active 13 DOM
2. 2026-06-01
   days on market $224,900 Active 10 DOM
3. 2026-05-31
   days on market $224,900 Active 9 DOM
4. 2026-05-22
   listed $224,900 Active
5. 2025-12-30
   historical $1,500
6. 2025-12-29
   price $119,000
7. 2025-12-29
   historical
8. 2025-12-26
   listed $1,500
9. 2025-12-24
   listed $224,900 Active
10. 2025-09-25
    historical $1,550
11. 2025-09-24
    historical
12. 2025-09-23
    listed $1,550
13. 2025-09-22
    listed $224,900 Active
14. 2025-01-26
    historical $1,550
15. 2025-01-20
    historical
16. 2025-01-13
    listed $1,550
17. 2025-01-07
    listed $255,000 Active
18. 2024-08-07
    historical
19. 2024-06-10
    listed $284,900 Active
20. 2024-03-06
    historical
21. 2024-02-29
    listed $295,000 Active
22. 2017-08-27
    historical
23. 2017-08-24
    listed $150,000 Active
24. 2010-07-26
    soldstatus
25. 2010-07-15
    historical
26. 2010-02-16
    listed $53,000
27. 2010-02-16
    historical
28. 2009-09-16
    listed $145,000
29. 1999-03-08
    soldstatus
30. 1999-03-01
    soldstatus $60,000

ⓘ 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: $2,151 · $179/mo
• Projected year-2 tax: $4,116 · $343/mo
• Expected delta: +$1,965/yr (+$164/mo · 91.4%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $28,129
• − Mortgage interest: −$12,598
• − Property taxes: −$2,151
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,250
• − Management: −$2,250
• − Depreciation: −$6,543
• Taxable income: $1,213
• Est. tax owed @ 24.0%: −$291
• After-tax cash flow: $4,503/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

+274.8% since first listed

27 events — show timeline

• 2026-05-22 Listed $224,900 HARMLS
• 2025-12-30 Rental Removed $1,500 HARMLS
• 2025-12-29 Price Changed $119,000 HARMLS
• 2025-12-29 Listing Removed — HARMLS
• 2025-12-26 Listed for Rent $1,500 HARMLS
• 2025-12-24 Listed $224,900 HARMLS
• 2025-09-25 Rental Removed $1,550 HARMLS
• 2025-09-24 Listing Removed — HARMLS
• 2025-09-23 Listed for Rent $1,550 HARMLS
• 2025-09-22 Listed $224,900 HARMLS
• 2025-01-26 Rental Removed $1,550 HARMLS
• 2025-01-20 Listing Removed — HARMLS
• 2025-01-13 Listed for Rent $1,550 HARMLS
• 2025-01-07 Listed $255,000 HARMLS
• 2024-08-07 Listing Removed — HARMLS
• 2024-06-10 Listed $284,900 HARMLS
• 2024-03-06 Listing Removed — HARMLS
• 2024-02-29 Listed $295,000 HARMLS
• 2017-08-27 Listing Removed — HARMLS
• 2017-08-24 Listed $150,000 HARMLS
• 2010-07-26 Sold (MLS) — HARMLS
• 2010-07-15 Listing Removed — HARMLS
• 2010-02-16 Listing Removed — HARMLS
• 2010-02-16 Listed $53,000 HARMLS
• 2009-09-16 Listed $145,000 HARMLS
• 1999-03-08 Sold (Public Records) — Public Records
• 1999-03-01 Sold (Public Records) $60,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $2,151 · +21.8% YoY. Source: county tax records.