331 Delaware St · Houston, TX 77029

$359,000

6 bd · 6.0 ba · 2,360 sqft · MultiFamily · 10 Days on market

Built 2026 Good condition 2,500 sqft lot ↓ 3% since listing

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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 +11.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Stunning New Construction Duplexes – Don’t miss this incredible opportunity to own brand-new duplexes just minutes from Downtown, NRG Stadium, and the Texas Medical Center. Perfectly positioned with easy access to major highways and freeways, including 610, this property offers unbeatable convenience for commuters and tenants alike. Each unit is thoughtfully designed with modern layouts and high-quality craftsmanship. Whether you’re looking for a smart investment or a contemporary living space in a rapidly growing area, this duplex checks all the boxes—location, flexibility, and long-term value. Schedule a consultation today and secure your spot before completion!

Key facts

• Rapidly growing area
• 2,500 sq ft lot
• Built 2026

Tags

• NEW CONSTRUCTION DUPLEXES
• MINUTES FROM DOWNTOWN
• EASY ACCESS TO MAJOR HIGHWAYS
• HIGH-QUALITY CRAFTSMANSHIP
• CONTEMPORARY LIVING SPACE
• RAPIDLY GROWING AREA

Property features AI

Exterior

• Utilities: Has heating and cooling; Electric heating and cooling
• Home design: Residential income property; New construction (built 2026); Total building area about 2,360
• Construction: Built by J Caste Construction LLC; Composition roof
• Exterior features: Composition roof; Lot dimensions approximately 25 x 100 feet

Interior

• Kitchen: Kitchen includes dishwasher, disposal, microwave, refrigerator
• Bedrooms: 2 total units (multifamily property)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator

🏗️ New construction. The $359,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $387,870.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $359k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative. Per door: $-67/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $322k (10.2% below list).
• Recommended offer: $322k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Galena Park ISD (suburban): math 32% / reading 33% proficiency, ranked #578 of 826 in TX (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jacinto City El (math 31% / reading 32%, grade F, #2,396 of 4,322 statewide, top 56%, 714 students, 89% FRL); Galena Park Middle (math 28% / reading 31%, grade F, #1,077 of 1,662 statewide, top 66%, 943 students, 88% FRL); Galena Park H S (math 37% / reading 36%, grade F, #924 of 1,632 statewide, top 57%, 1,914 students, 87% FRL).
• Market conditions: 153 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,223/mo this rent would consume 80% of the median local household income ($48k/yr) (locally 457% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $41k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $322,300 (10.2% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

• ARV (median comp): $387,870
• List price: $359,000
• Delta: -5.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330 Clearwater AB St	0.26mi	6/2.0	2,368 (+0%)	13mo	$369,900	$156	61
328 Clearwater AB St	0.26mi	6/2.0	2,368 (+0%)	13mo	$369,900	$156	61
405 Clearwater AB St	0.29mi	6/2.0	2,368 (+0%)	12mo	$369,900	$156	60
407 Clearwater AB St	0.29mi	6/2.0	2,368 (+0%)	12mo	$369,900	$156	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.87×
• Total profit: $202,738
• Equity at exit: $349,424

10-year hold

• IRR: 20.7%
• Equity multiple: 6.56×
• Total profit: $603,855
• Equity at exit: $753,546

Cash invested: $108,604 (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 77029

• Home prices YoY: 7.2%
• Active inventory: 153
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $3,223 high
• Mortgage (P&I): −$2,034
• Tax est. 1.5%: −$485 /mo · $5,818/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $-134

Break-even live

Break-even rent $3,393

Max offer price $368,435

Occupancy floor 99%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$3,222
Total (2 units)			$3,223

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: $96,967
• Closing costs: $11,636
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Armstrong St Houston, TX	5.0	2.0	1900	$2,000	$1.05	43d	1	0.15mi

Listing history 18 events

1. 2026-06-18
   days on market $359,000 Active 10 DOM
2. 2026-06-17
   days on market $359,000 Active 9 DOM
3. 2026-06-16
   days on market $359,000 Active 8 DOM
4. 2026-06-15
   days on market $359,000 Active 7 DOM
5. 2026-06-13
   days on market $359,000 Active 5 DOM
6. 2026-06-13
   days on market $359,000 Active 4 DOM
7. 2026-06-08
   pricedays on marketlisting id $359,000 Active 1 DOM
8. 2026-06-07
   days on market $364,900 Active 46 DOM
9. 2026-06-04
   days on market $364,900 Active 43 DOM
10. 2026-06-03
    days on market $364,900 Active 42 DOM
11. 2026-06-02
    days on market $364,900 Active 41 DOM
12. 2026-06-01
    days on market $364,900 Active 40 DOM
13. 2026-05-31
    days on market $364,900 Active 39 DOM
14. 2026-04-22
    historical
15. 2026-04-22
    listed $364,900 Active 696-char remark
16. 2026-02-19
    listed $364,900 Active
17. 2026-02-16
    historical
18. 2026-01-02
    listed $369,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $38,676
• − Mortgage interest: −$21,727
• − Property taxes: −$5,818
• − Insurance: −$1,939
• − Repairs & maintenance: −$3,094
• − Management: −$3,094
• − Depreciation: −$11,283
• Taxable loss: −$8,280
• Est. tax savings @ 24.0%: +$1,987
• After-tax cash flow: $375/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.

Condition & rehab AI · 4 photos

Good 80/100 Cosmetic rehab

This new construction duplex is in excellent condition with modern finishes and a prime location. It's ready for move-in and offers a great opportunity for investment or rental.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and can attract more tenants/investors.
• Both Add smart home features — Improves convenience and can increase both rental and resale value.
• Both Install energy-efficient windows — Reduces energy costs and enhances the home's appeal to eco-conscious buyers/tenants.
• Both Add a smart thermostat — Improves energy efficiency and adds a modern touch to the home.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the property's curb appeal and can attract more tenants/investors. ↑
• Both Add smart home features — Improves convenience and can increase both rental and resale value. ↑
• Both Install energy-efficient windows — Reduces energy costs and enhances the home's appeal to eco-conscious buyers/tenants. ↑
• Both Add a smart thermostat — Improves energy efficiency and adds a modern touch to the home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Galena Park ISD
• NCES district ID: 4820250
• Math proficiency: 32% ▼ -20.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $43,158
• Composite: 27.62/100
• National rank: #6927
• State rank: #578 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): 16,154
• Household income: $48,279
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 457.0

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 (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 32% Black 22% White 5%
• Hispanic origin (detail): Mexican 66%
• Foreign-born: 31% · Canada
• Languages at home: 39% English-only · Spanish 61%

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: ▲ 18.53%
• Current HPI: 276.1811
• Rent YoY: —
• 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

-2.7% since first listed

7 events — show timeline

• 2026-06-08 Listed $359,000 HARMLS
• 2026-06-07 Listing Removed — HARMLS
• 2026-04-22 Listing Removed — HARMLS
• 2026-04-22 Listed $364,900 HARMLS
• 2026-02-19 Listed $364,900 HARMLS
• 2026-02-16 Listing Removed — HARMLS
• 2026-01-02 Listed $369,000 HARMLS