15603 N Brentwood St

Channelview, TX 77530

$1,500,000F

3 bd · 2.0 ba · 1,064 sqft · Built 1985 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,973/mo
• Mortgage (P&I): −$7,866
• Tax + insurance: −$2,500
• HOA: −$0
• Vac / Maint / Mgmt: −$414
• Net cashflow: $-8,807/mo
• Annual: $-105,687/yr
• Cap rate: -0.75%
• Cash-on-cash: -25.16%
• DSCR: -0.12
• 1% rule: 0.13%
• Cash to close: $420,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $1.50M.
• At list price, monthly cash flow is $-9k ($-106k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (85.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (86.8% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $197k (86.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#598 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Channelview ISD (suburban): math 27% / reading 30% proficiency, ranked #640 of 826 in TX (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Channelview H S (math 24% / reading 35%, grade F, #1,112 of 1,632 statewide, top 70%, 2,893 students, 87% FRL) — zoned schools average 87% FRL vs 70% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+16.9%/yr); 100 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 4y 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.
• Cap rate -0.8% vs local median 4.8% in Channelview — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 38% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.
• 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.