602 Gammon Dr · Houston, TX 77022

$65,000

3 bd · 1.0 ba · 1,475 sqft · SingleFamily public records · 16 Days on market

Built 1955 0.35 ac lot $44/sqft · 70% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked away on a cul-de-sac lot, 602 Gammon Drive offers a combination of space, privacy, and convenience in a well-established Houston neighborhood. The home features a functional layout and a large yard with plenty of room to enjoy outdoor living, entertaining or future customization. Conveniently located near I-45, commuting to Downtown Houston, The Heights, shopping and dining is simple and accessible. Whether you’re looking for extra outdoor space or a property with flexibility, this home offers an opportunity to make it your own.

Key facts

• Expansive lot size
• Custom new build
• Oversized lot

Tags

• OVERSIZED LOT
• MATURE TREES
• COMPLETE RESTORATION
• CUSTOM NEW BUILD
• EXPANSIVE LOT SIZE
• EXTENSIVE OUTDOOR ADDITIONS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; One-story entry (first floor layout)
• Construction: Brick construction; Built in 1955; Slab foundation; Composition roof
• Exterior features: Located in a subdivision; Lot about 0.35 acres

Interior

• Kitchen: Kitchen (first floor)
• Bedrooms: Primary bedroom on the first floor (approx. 10 x 10); Bedroom on the first floor (approx. 10 x 10); Bedroom on the first floor (approx. 10 x 10)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: Living room on the first floor; Kitchen on the first floor; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.8% 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: Williams Middle (math 9% / reading 15%, grade F, #1,623 of 1,662 statewide, top 98%, 411 students, 98% FRL); Washington B T H S (math 27% / reading 25%, grade F, #1,234 of 1,632 statewide, top 76%, 878 students, 96% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 19% at this address vs 31% district-wide (-12 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.5%/yr); 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 39% of the median local income ($53k/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 $449 of loan paydown is wiped out by about $2k 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 + 4.5% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $64,025 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.61% ✓
• Cap rate: 22.77%
• Cash-on-cash: 58.85%
• DSCR: 3.62
• GRM: 3.2

CMA / ARV

• ARV (median comp): $215,676
• List price: $65,000
• Delta: -69.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 Gammon Dr	0.00mi	3/1.0	1,475 (0%)	0mo	$65,000	$44	100
627 Glenburnie Dr	0.06mi	4/2.0 (+1)	1,573 (+7%)	2mo	$219,900	$140	76
510 Victoria Dr	0.35mi	3/1.0	1,384 (-6%)	6mo	$280,000	$202	68
330 Spell St	0.39mi	2/1.0 (-1)	1,396 (-5%)	6mo	$185,000	$133	63
247 E Janisch Rd	0.45mi	3/2.0	1,340 (-9%)	1mo	$289,000	$216	59
707 Apogee Trl	0.54mi	3/2.5	1,592 (+8%)	2mo	$300,000	$188	54
4516 Werner St	0.64mi	4/2.5 (+1)	1,524 (+3%)	1mo	$219,000	$144	53
45 Wellford St	0.66mi	3/2.0	1,394 (-6%)	4mo	$299,900	$215	52
327 E Delz Dr	0.36mi	3/2.0	1,259 (-15%)	5mo	$225,000	$179	51
203 Spell St	0.60mi	4/1.0 (+1)	1,387 (-6%)	9mo	$179,000	$129	49
218 Victoria Dr	0.59mi	3/1.0	1,276 (-14%)	1mo	$135,000	$106	49
313 E Tidwell Rd	0.56mi	3/1.0	1,269 (-14%)	6mo	$220,000	$173	45

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 · 4.47% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 2.21×
• Total profit: $21,986
• Equity at exit: $9,692

10-year hold

• IRR: 36.9%
• Equity multiple: 4.81×
• Total profit: $69,311
• Equity at exit: $5,620

Cash invested: $18,200 (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 77022

• Home prices YoY: -33.2%
• Rents YoY: 4.5%
• Active inventory: 285
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,698 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $466

Break-even live

Break-even rent $1,109

Max offer price $65,000

Occupancy floor 68%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
450 E Rogers St Houston, TX	1.0–3.0	1.0–2.0	911	$1,505	$1.65	1d	14	0.31mi
5105 Airline Dr Houston, TX	1.0–2.0	1.0–2.0	862	$1,230	$1.43	20d	19	0.39mi
4515 Oxford St Houston, TX	2.0	1.0	950	$950	$1.00	43d	1	0.55mi
4513 Oxford St Houston, TX	2.0	1.0	950	$980	$1.03	24d	1	0.55mi
5050 Yale St Unit 510 Houston, TX	3.0	2.0	1020	$1,208	$1.18	2d	1	0.60mi
101 E Tidwell Rd Houston, TX	1.0–3.0	1.0	812	$1,599	$1.97	3d	3	0.66mi
101 E Tidwell Rd Houston, TX	1.0–3.0	1.0	812	$1,599	$1.97	19d	3	0.66mi
101 E Tidwell Rd Houston, TX	1.0–3.0	1.0	812	$1,599	$1.97	20d	4	0.66mi
148 Knightsbridge Park Ln Houston, TX	3.0	2.5	1580	$2,500	$1.58	43d	1	0.72mi
74 Lyerly St Houston, TX	1.0–2.0	1.0–2.0	775	$1,211	$1.56	20d	5	0.76mi
8520 Madie Dr Houston, TX	2.0	2.0	924	$1,395	$1.51	20d	1	0.82mi
8520 Madie Dr Houston, TX	2.0	2.0	924	$1,395	$1.51	43d	1	0.82mi
8520 Madie Dr Unit 8577 Houston, TX	2.0	2.0	924	$1,291	$1.40	43d	1	0.83mi
8520 Madie Dr Unit 422 Houston, TX	2.0	2.0	924	$1,320	$1.43	7d	1	0.83mi
8520 Madie Dr Unit 2174 Houston, TX	2.0	2.0	924	$1,344	$1.45	10d	1	0.83mi
8520 Madie Dr Unit 424 Houston, TX	2.0	2.0	924	$1,320	$1.43	5d	1	0.83mi
8520 Madie Dr Unit 2112 Houston, TX	2.0	2.0	924	$1,312	$1.42	2d	1	0.83mi
8217 Fulton St Houston, TX	2.0–3.0	1.0	785	$1,162	$1.48	2d	6	0.86mi
4605 Lavatera St Houston, TX	3.0	2.5	1686	$2,265	$1.34	21d	1	0.87mi
316 Thornton Rd Houston, TX	3.0	3.5	1828	$2,500	$1.37	43d	1	0.87mi
402 Del Norte St Houston, TX	4.0	2.0	1790	$2,300	$1.28	43d	1	0.90mi
5342 Donovan Gardens Ln Unit 1521013P Houston, TX	3.0	3.0	1743	$2,985	$1.71	7d	1	0.94mi
8185 Fulton St Houston, TX	2.0	2.0	924	$1,395	$1.51	24d	1	0.97mi
4132 Europa St Houston, TX	3.0	2.0	1259	$1,430	$1.14	12d	1	0.97mi
8502 N Main St Houston, TX	3.0	2.0	1514	$1,685	$1.11	20d	1	1.00mi
811 E 42nd St Houston, TX	4.0	2.0	1213	$1,600	$1.32	43d	1	1.00mi
268 W Crosstimbers St Houston, TX	2.0	2.0	965	$1,850	$1.92	18d	1	1.03mi
221 W 44th St Houston, TX	3.0	2.0	1300	$1,600	$1.23	43d	1	1.05mi
603 W Donovan St Houston, TX	3.0	1.0	948	$1,250	$1.32	21d	1	1.06mi
603 W Donovan St Houston, TX	3.0	1.0	948	$1,250	$1.32	43d	1	1.06mi
622 Janisch Rd Houston, TX	3.0	4.0	1785	$2,650	$1.48	43d	1	1.15mi
619 Thornton Oaks Ln Unit Labs Houston, TX	3.0	2.5	1657	$2,200	$1.33	7d	1	1.16mi
4840 N Shepherd Dr Houston, TX	3.0	1.0–2.0	870	$2,430	$2.79	3d	21	1.18mi
611 E 39th St Houston, TX	2.0	2.0	1326	$2,099	$1.58	43d	1	1.20mi
221 Oriole St Houston, TX	3.0	2.5	1461	$2,083	$1.43	24d	1	1.22mi
9910 Clark Rd Unit B Houston, TX	3.0	2.5	1695	$1,900	$1.12	7d	1	1.24mi
209 Clark Meadows Ln Houston, TX	3.0	2.5	1620	$2,399	$1.48	12d	1	1.25mi
313 Sunnyside St Houston, TX	1.0–2.0	1.0–1.5	880	$1,301	$1.48	1d	24	1.27mi
313 Sunnyside St Houston, TX	1.0–3.0	1.0–2.0	922	$1,386	$1.50	43d	16	1.27mi
9400 Bauman Rd Houston, TX	1.0–2.0	1.0	800	$1,207	$1.51	21d	6	1.28mi

Listing history 3 events

1. 2026-05-18
   status Pending 547-char remark
2. 2026-05-07
   listed $65,000 Active 547-char remark
3. 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.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 24% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,381
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$5,444
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$1,891
• Taxable income: $5,170
• Est. tax owed @ 24.0%: −$1,241
• After-tax cash flow: $4,352/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): 25,805
• Household income: $52,739
• Rent vs Own: 49.6% rent · 50.4% own
• Severe rent burden: 1354.0

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 24% Black 19% White 7% Native American 1%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Romanian 1% Portuguese 1%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 40% English-only · Spanish 59%

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: ▼ -151.13%
• Current HPI: 304.3745
• Rent YoY: ▲ 4.47%
• 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 events — show timeline

• 2026-06-05 Sold (MLS) — HARMLS
• 2026-05-23 Pending — HARMLS
• 2026-05-18 Pending — HARMLS
• 2026-05-07 Listed $65,000 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+8.0%/yr

Latest (2025): $4,254 · +11.7% YoY. Source: county tax records.