435 Old Course Dr Dr · Friendswood, TX 77546

$362,800

4 bd · 2.0 ba · 2,177 sqft · SingleFamily public records · 2 Days on market

Built 1979 0.27 ac lot Est $364k · at est. $9/mo HOA

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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 +9.8/30.0
• ARV discount +7.6/15.0
• Schools +6.1/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Rent growth +3.2/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This lovely home has 4 bedrooms/2 bathrooms. The Kitchen & Breakfast room overlook the oversized backyard. Step thru the Anderson Slider door to relax on the upstairs balcony or walk down the stairway to the pool. Walk-In Pantry. The large living room is also on the 2nd floor & includes a designated dining area. You will find three bedrooms & a full bathroom. Plenty of closet space. Downstairs is a den with exposed beautiful red brick and a fireplace. The massive master ensuite is very private and has a wall of built-in drawers/storage. Walk thru the French doors to a 16X8 covered patio. The Backyard boast a 25X16 covered patio that opens up to the pool paradise area located on a green belt. No backdoor neighbors. Plenty of space to Entertain! 2011/All Front Windows. 2016/New Roof. 2016/New Gutters. 2017/Re-plastered Pool. 2019/Rebuilt Back Stairs from kitchen to pool area. 2019/New Back Gate. Original Owner. NEVER FLOODED!

Key facts

• 0.27 acre lot
• 2 garage spots
• Pool

Property features AI

Finance

• HOA & community: Association: Beacon Residential Management; Association fee $102 annually; Community pool

Exterior

• Parking: Attached 2-car garage; Driveway
• Security: Security gate; Owned security system
• Utilities: Public water; Public sewer
• Home design: Residential property; Full ownership; Slab foundation; Composition roof; Built in 1979
• Construction: Brick construction
• Exterior features: Covered patio; Deck; Patio; Private yard; Fully fenced backyard; Backs to greenbelt/park; Subdivision setting

Interior

• Kitchen: Electric cooktop; Electric oven; Kitchen with breakfast nook (10x10) and 11x10 breakfast room/nook; Kitchen/dining and kitchen/family combos
• Bedrooms: Primary bedroom on first level (18x13); Bedroom on second level (14x13); Bedroom on second level (15x9); Bedroom on second level (13x7)
• Flooring: Laminate; Tile; Wood
• Bathrooms: 3 full bathrooms; Primary bathroom on first level (8x5); Bathroom on first level (8x8); Bathroom on second level (8x5)
• Heating & cooling: Central heating (gas); Central air (electric); Programmable thermostat
• Interior features: Breakfast bar; Kitchen/family room combo; Walk-in pantry; Ceiling fans; Kitchen/dining combo; Living/dining room; Programmable thermostat; Has fireplace (gas, outside) - 1 total
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $363k.

Deal economics

• At list price, monthly cash flow is $-233 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $322k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (18.1% below list).
• Recommended offer: $297k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.3% in Friendswood — 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 70/100 on livability (#338 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Friendswood ISD (suburban): math 64% / reading 65% proficiency, ranked #15 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Friendswood J H (math 62% / reading 59%, grade B+, #154 of 1,662 statewide, top 9%, 1,467 students, 0% FRL); Friendswood H S (math 61% / reading 76%, grade B, #144 of 1,632 statewide, top 9%, 1,980 students, 0% FRL).
• Market conditions: Rents rising (+2.7%/yr); 502 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $297,075 (18.1% 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. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $363,559
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
377 Dawn Hill Dr	0.21mi	4/2.0	2,186 (+0%)	8mo	$290,000	$133	83
613 E Castle Harbour Dr	0.26mi	4/2.0	2,045 (-6%)	1mo	$335,000	$164	77
306 W Castle Harbour Dr	0.40mi	4/2.0	2,239 (+3%)	0mo	$359,900	$161	76
100 Saint Andrews Dr	0.58mi	4/2.5	2,157 (-1%)	8mo	$385,000	$178	63
1809 Desota St	0.57mi	3/2.0 (-1)	2,194 (+1%)	8mo	$344,900	$157	60
408 Broadmoor St	0.21mi	3/2.0 (-1)	1,884 (-14%)	4mo	$329,900	$175	59
301 W Castle Harbour Dr	0.40mi	3/2.5 (-1)	2,302 (+6%)	10mo	$324,900	$141	57
2211 S Mission Cir	0.65mi	4/2.5	2,330 (+7%)	2mo	$419,999	$180	54
112 Saint Cloud Dr	0.67mi	4/2.5	2,278 (+5%)	10mo	$380,000	$167	51
1903 San Joaquin Pkwy	0.57mi	4/2.0	2,438 (+12%)	9mo	$355,000	$146	46
1803 Presidio St	0.56mi	3/2.0 (-1)	1,893 (-13%)	11mo	$325,000	$172	38
1702 Pensacola Ln	0.58mi	3/2.5 (-1)	2,455 (+13%)	8mo	$465,000	$189	38

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.27×
• Total profit: $-74,304
• Equity at exit: $54,095

10-year hold

• IRR: -15.2%
• Equity multiple: 0.15×
• Total profit: $-86,598
• Equity at exit: $31,368

Cash invested: $101,584 (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 77546

• Rents YoY: 2.7%
• Active inventory: 502
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,971 medium
• Mortgage (P&I): −$1,903
• Tax from tax record: −$517 /mo · $6,204/yr
• Insurance: −$151
• HOA: −$9
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $-233

Break-even live

Break-even rent $3,265

Max offer price $321,670

Occupancy floor —

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: $90,700
• Closing costs: $10,884
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 Saint Cloud Dr Unit 1472546P Friendswood, TX	3.0	2.0	2045	$4,662	$2.28	1d	1	0.66mi

HOA detail

• Monthly dues: $9 · $108/yr
• Likely covers: pool

Listing history 3 events

1. 2026-06-18
   days on market $362,800 Active 2 DOM
2. 2026-06-16
   remarks 695-char remark
3. 2026-06-16
   listed $362,800 Active 1 DOM

ⓘ 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: $6,204 · $517/mo
• Projected year-2 tax: $6,639 · $553/mo
• Expected delta: +$435/yr (+$36/mo · 7.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 36% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,649
• − Mortgage interest: −$20,322
• − Property taxes: −$6,204
• − Insurance: −$1,814
• − Repairs & maintenance: −$2,852
• − Management: −$2,852
• − HOA: −$108
• − Depreciation: −$10,554
• Taxable loss: −$9,057
• Est. tax savings @ 24.0%: +$2,174
• After-tax cash flow: $-620/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: Friendswood ISD
• NCES district ID: 4819950
• Math proficiency: 64% ▼ -12.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $109,699
• Composite: 60.52/100
• National rank: #841
• State rank: #15 of 826 in TX

Livability — Friendswood

• Score: 70/100
• State rank: #338
• US rank: #7362

Category grades

Amenities F Commute F Cost of living B- Crime A+ Employment A+ Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendswood, TX
• County: Galveston County · 357,330 people
• City population: 54,789
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 54,789
• Household income: $123,756
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 1350.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 11% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.03%
• Current HPI: 243.7934
• Rent YoY: ▲ 2.74%
• 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

+31.4% since first listed

9 events — show timeline

• 2026-06-16 Relisted — HARMLS
• 2026-06-16 Relisted — HARMLS
• 2026-05-25 Listed $362,800 HARMLS
• 2026-05-25 Listing Removed — HARMLS
• 2026-05-25 Listing Removed — HARMLS
• 2021-02-01 Sold (Public Records) — Public Records
• 2021-01-29 Sold (MLS) — HARMLS
• 2020-12-30 Pending — HARMLS
• 2020-12-11 Listed $276,000 HARMLS

Property tax history

+4.6%/yr

Latest (2025): $6,204 · +9.2% YoY. Source: county tax records.