4831 Sycamore Ave #16 · Pasadena, TX 77503

$1,360,000

17 bd · 17.0 ba · 3,264 sqft · MultiFamily public records · 362 Days on market

Built 1963 0.56 ac lot

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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 +27.9/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +0.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 17 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Sycamore Flats is a 17-unit multifamily asset built in 1963 and underwent an extensive renovation in 2022-23. Strategically located just 20 miles southeast of downtown Houston, this property offers exceptional access to major employment centers, highways, and airports. The recent renovations have transformed Sycamore Flats into a modern and desirable living space, featuring modernized interiors, durable metal roofing, and virtually no deferred maintenance. This turnkey investment provides immediate growth potential, allowing investors to capitalize on a 5-year hold by maximizing rents and addressing loss to lease. Don't miss out on this incredible opportunity! Sycamore Flats is a rare find in today's market, offering a combination of strong location, recent renovations, and immediate growth potential. Contact us today to learn more and secure your investment.

Key facts

• Extensive renovation
• Modernized interiors
• Strong location

Tags

• EXTENSIVE RENOVATION
• MODERNIZED INTERIORS
• DURABLE METAL ROOFING
• STRONG LOCATION

What this means for you Summary

Snapshot

• This is a 17 × 1-bed/?-bath units multifamily listed at $1.36M.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $248/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.36M).
• Recommended offer: $1.20M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.5% in Pasadena — 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 66/100 on livability (#600 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Pasadena ISD (suburban): math 29% / reading 32% proficiency, ranked #612 of 826 in TX (top 74%) — 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: Golden Acres El (math 17% / reading 22%, grade F, #3,583 of 4,322 statewide, top 86%, 382 students, 90% FRL); Bondy Int (math 44% / reading 45%, grade D, #491 of 1,662 statewide, top 31%, 966 students, 75% FRL); Sam Rayburn H S (math 52% / reading 36%, grade F, #697 of 1,632 statewide, top 43%, 2,645 students, 86% FRL).
• Market conditions: Rents falling (-9.4%/yr); 82 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $15,977/mo this rent would consume 287% of the median local household income ($67k/yr) (locally 1101% 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 $9k of loan paydown is wiped out by about $41k 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

• It's been on market 362 days — a 12% lower offer ($1.20M) is reasonable based on typical stale-listing flexibility.
• 3 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: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,196,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 362 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. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.17% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.26%
• DSCR: 1.59
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $425
• Equity at exit: $202,780

10-year hold

• IRR: 6.6%
• Equity multiple: 1.43×
• Total profit: $163,021
• Equity at exit: $117,588

Cash invested: $380,800 (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 77503

• Home prices YoY: -13.7%
• Rents YoY: -9.4%
• Active inventory: 82
• Price-to-rent: 120.6×

Monthly cashflow live

• Estimated rent: $15,977 high
• Mortgage (P&I): −$7,132
• Tax from tax record: −$715 /mo · $8,586/yr
• Insurance: −$567
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,355
• Net cashflow: $4,208

Break-even live

Break-even rent $10,651

Max offer price $1,360,000

Occupancy floor 69%

Sensitivity live

Price	-10% $4,978	-5% $4,593	+0% $4,208	+5% $3,823	+10% $3,438
Rent	-10% $2,945	-5% $3,577	+0% $4,208	+5% $4,839	+10% $5,470
Rate	-1.0pp $4,893	-0.5pp $4,554	base $4,208	+0.5pp $3,855	+1.0pp $3,497

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

Units	Beds	Baths	Est. rent
▸ 17× units	1	—	$15,980
Total (17 units)			$15,977

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: $340,000
• Closing costs: $40,800
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $1,360,000 Active 362 DOM
2. 2026-06-18
   days on market $1,360,000 Active 359 DOM
3. 2026-06-17
   days on market $1,360,000 Active 358 DOM
4. 2026-06-16
   days on market $1,360,000 Active 357 DOM
5. 2026-06-15
   days on market $1,360,000 Active 356 DOM
6. 2026-06-13
   days on market $1,360,000 Active 354 DOM
7. 2026-06-10
   days on market $1,360,000 Active 350 DOM
8. 2026-06-08
   days on market $1,360,000 Active 349 DOM
9. 2026-06-07
   days on market $1,360,000 Active 348 DOM
10. 2026-06-04
    days on market $1,360,000 Active 345 DOM
11. 2026-06-03
    days on market $1,360,000 Active 344 DOM
12. 2026-06-02
    days on market $1,360,000 Active 343 DOM
13. 2026-06-01
    days on market $1,360,000 Active 342 DOM
14. 2026-05-31
    days on market $1,360,000 Active 341 DOM
15. 2026-02-15
    historical
16. 2025-07-08
    listed
17. 2025-06-24
    listed $1,360,000 Active 877-char remark

    Show marketing remark (877 chars)

    Sycamore Flats is a 17-unit multifamily asset built in 1963 and underwent an extensive renovation in 2022-23. Strategically located just 20 miles southeast of downtown Houston, this property offers exceptional access to major employment centers, highways, and airports. The recent renovations have transformed Sycamore Flats into a modern and desirable living space, featuring modernized interiors, durable metal roofing, and virtually no deferred maintenance. This turnkey investment provides immediate growth potential, allowing investors to capitalize on a 5-year hold by maximizing rents and addressing loss to lease. Don't miss out on this incredible opportunity! Sycamore Flats is a rare find in today's market, offering a combination of strong location, recent renovations, and immediate growth potential. Contact us today to learn more and secure your investment.

18. 2020-12-11
    soldstatus Sold 166-char remark

    Show marketing remark (166 chars)

    Great opportunity to build on your own lot. No metal buildings- all structures must be 25 feet away from any property lines per city. Call for more information today!

19. 2020-11-21
    status Pending 166-char remark

    Show marketing remark (166 chars)

    Great opportunity to build on your own lot. No metal buildings- all structures must be 25 feet away from any property lines per city. Call for more information today!

20. 2020-11-11
    status Option Pending 166-char remark

    Show marketing remark (166 chars)

    Great opportunity to build on your own lot. No metal buildings- all structures must be 25 feet away from any property lines per city. Call for more information today!

21. 2020-09-22
    listed $83,000 Active 166-char remark

    Show marketing remark (166 chars)

    Great opportunity to build on your own lot. No metal buildings- all structures must be 25 feet away from any property lines per city. Call for more information today!

22. 2018-12-18
    soldstatus
23. 2013-09-20
    soldstatus
24. 2005-01-11
    soldstatus

ⓘ 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: $8,586 · $715/mo
• Projected year-2 tax: $24,888 · $2,074/mo
• Expected delta: +$16,302/yr (+$1,359/mo · 189.9%)

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

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 · 22 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: $191,724
• − Mortgage interest: −$76,181
• − Property taxes: −$8,586
• − Insurance: −$6,800
• − Repairs & maintenance: −$15,338
• − Management: −$15,338
• − Depreciation: −$39,564
• Taxable income: $29,917
• Est. tax owed @ 24.0%: −$7,180
• After-tax cash flow: $43,312/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: Pasadena ISD
• NCES district ID: 4834320
• Math proficiency: 29% ▼ -17.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,163
• Composite: 26.15/100
• National rank: #7275
• State rank: #612 of 826 in TX

Livability — Pasadena

• Score: 66/100
• State rank: #600
• US rank: #11438

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, TX
• County: Harris County · 4,702,590 people
• City population: 109,190
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 23,866
• Household income: $66,797
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1101.0

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 (75%)
• Race & ethnicity: Hispanic / Latino 75% Two or more races 34% White 20% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 62% Puerto Rican 3%
• Common ancestry: Italian 3% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada
• Languages at home: 50% English-only · Spanish 49%

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: ▼ -46.01%
• Current HPI: 288.9079
• Rent YoY: ▼ -9.41%
• 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

+1538.6% since first listed

10 events — show timeline

• 2026-02-15 Rental Removed — HARMLS
• 2025-07-08 Listed for Rent — HARMLS
• 2025-06-24 Listed $1,360,000 HARMLS
• 2020-12-11 Sold (MLS) — HARMLS
• 2020-11-21 Pending — HARMLS
• 2020-11-11 Pending — HARMLS
• 2020-09-22 Listed $83,000 HARMLS
• 2018-12-18 Sold (Public Records) — Public Records
• 2013-09-20 Sold (Public Records) — Public Records
• 2005-01-11 Sold (Public Records) — Public Records

Property tax history

+4.8%/yr

Latest (2025): $8,586 · -48.1% YoY. Source: county tax records.