5623 Barremore St Unit A B 1 2 · Houston, TX 77023

$450,000

24 bd · 16.0 ba · 3,932 sqft · MultiFamily · 133 Days on market

Built 1940 Fair condition 5,800 sqft lot $114/sqft · 8% below area Est $491k · 8% under ↓ 5% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

GREAT FOURPLEX INVESTMENT OPPORTUNITY IN HOUSTON! This income-producing property offers a rare combination of long-term rental stability and value-add potential. Three of the four units are occupied, with long-standing tenants in place for over 10 years. Each unit has a private entrance, increasing privacy and rental appeal. Ideally located near public transportation and just minutes from major freeways—approximately 10 minutes to Downtown Houston and 15 minutes to the Texas Medical Center. The front 2 bed/1 bath units offer potential to be converted into 3 bed/1 bath, providing an excellent upside opportunity for investors looking to increase rents and maximize returns. Don’t miss this multi-family gem! ***PICTURES COMING SOON****

Key facts

• Value add potential
• Private entrance
• 5,800 sq ft lot

Tags

• INCOME PRODUCING PROPERTY
• PRIVATE ENTRANCE
• LONG TERM RENTAL STABILITY
• VALUE ADD POTENTIAL
• NEAR PUBLIC TRANSPORTATION
• MINUTES FROM MAJOR FREEWAYS

What this means for you Summary

Snapshot

• This is a 3×6bd/4.0ba + 1×2bd/1.0ba units multifamily listed at $450k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $793/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 3.1% 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: schools D, 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.
• Market conditions: Rents rising (+2.4%/yr); 166 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $7,954/mo this rent would consume 186% of the median local household income ($51k/yr) (locally 1311% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.77% ✓
• Cap rate: 14.76%
• Cash-on-cash: 30.23%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (median comp): $491,467
• List price: $450,000
• Delta: -8.44%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.43% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 1.99×
• Total profit: $124,806
• Equity at exit: $67,096

10-year hold

• IRR: 31.7%
• Equity multiple: 3.79×
• Total profit: $351,055
• Equity at exit: $38,908

Cash invested: $126,000 (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 77023

• Rents YoY: 2.4%
• Active inventory: 166
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $7,954 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,670
• Net cashflow: $3,174

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 55%

Sensitivity live

Price	-10% $3,485	-5% $3,329	+0% $3,174	+5% $3,018	+10% $2,863
Rent	-10% $2,545	-5% $2,860	+0% $3,174	+5% $3,488	+10% $3,802
Rate	-1.0pp $3,400	-0.5pp $3,288	base $3,174	+0.5pp $3,057	+1.0pp $2,939

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

Units	Beds	Baths	Est. rent
▸ 3× units	6	4	$6,780
1× unit	2	1	$1,173
Total (4 units)			$7,954

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $450,000 Active 133 DOM
2. 2026-06-17
   days on market $450,000 Active 132 DOM
3. 2026-06-16
   days on market $450,000 Active 131 DOM
4. 2026-06-15
   days on market $450,000 Active 130 DOM
5. 2026-06-13
   pricedays on market $450,000 Active 128 DOM
6. 2026-06-10
   days on market $475,000 Active 124 DOM
7. 2026-06-08
   days on market $475,000 Active 123 DOM
8. 2026-06-07
   days on market $475,000 Active 122 DOM
9. 2026-06-04
   days on market $475,000 Active 119 DOM
10. 2026-06-01
    days on market $475,000 Active 116 DOM
11. 2026-05-31
    days on market $475,000 Active 115 DOM
12. 2026-04-28
    price $475,000 753-char remark

    Show marketing remark (753 chars)

    GREAT FOURPLEX INVESTMENT OPPORTUNITY IN HOUSTON! This income-producing property offers a rare combination of long-term rental stability and value-add potential. Three of the four units are occupied, with long-standing tenants in place for over 10 years. Each unit has a private entrance, increasing privacy and rental appeal. Ideally located near public transportation and just minutes from major freeways—approximately 10 minutes to Downtown Houston and 15 minutes to the Texas Medical Center. The front 2 bed/1 bath units offer potential to be converted into 3 bed/1 bath, providing an excellent upside opportunity for investors looking to increase rents and maximize returns. Don’t miss this multi-family gem! ***PICTURES COMING SOON****

13. 2026-02-05
    listed $499,900 Active 753-char remark

    Show marketing remark (753 chars)

    GREAT FOURPLEX INVESTMENT OPPORTUNITY IN HOUSTON! This income-producing property offers a rare combination of long-term rental stability and value-add potential. Three of the four units are occupied, with long-standing tenants in place for over 10 years. Each unit has a private entrance, increasing privacy and rental appeal. Ideally located near public transportation and just minutes from major freeways—approximately 10 minutes to Downtown Houston and 15 minutes to the Texas Medical Center. The front 2 bed/1 bath units offer potential to be converted into 3 bed/1 bath, providing an excellent upside opportunity for investors looking to increase rents and maximize returns. Don’t miss this multi-family gem! ***PICTURES COMING SOON****

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $95,448
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$7,636
• − Management: −$7,636
• − Depreciation: −$13,091
• Taxable income: $32,878
• Est. tax owed @ 24.0%: −$7,891
• After-tax cash flow: $30,195/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

Fair 45/100 Moderate rehab

This fourplex presents as a moderate rehab opportunity with average exterior and interior conditions. Simple updates like landscaping and exterior painting can significantly boost its value.

Repairs flagged

• Minor Landscaping — Overgrown areas need trimming
• Minor Exterior paint — Light discoloration on siding

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and property value
• Rental HVAC maintenance — Ensures comfort and reduces utility costs
• Resale Interior painting — Fresh paint enhances the home's appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown areas need trimming	Minor	$500–3,000
Exterior paint · Light discoloration on siding	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and property value ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs ↑
• Resale Interior painting — Fresh paint enhances the home's appearance ↑

ⓘ 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: 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): 24,281
• Household income: $51,430
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1311.0

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 (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 24% White 16% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 64% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 23% · Canada, China, Vietnam
• Languages at home: 36% English-only · Spanish 62%

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: ▼ -162.09%
• Current HPI: 284.0587
• Rent YoY: ▲ 2.43%
• 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

-5.0% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $475,000 HARMLS
• 2026-02-05 Listed $499,900 HARMLS