2203 Salinas Dr · Iowa Colony, TX 77583

$295,990

4 bd · 2.5 ba · 1,782 sqft · Land · 18 Days on market

Built 2025 $133/mo HOA · 5% of rent

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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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.9/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW! Lennar Texas Villas "Alamo" Plan with Brick Elevation "E" in Sierra Vista! This new two-story paired home is ready for modern households. The first floor features an open-concept floorplan shared between the kitchen, living and dining areas to maximize interior space. All four bedrooms are located on the second floor for optimal comfort and privacy, including a lavish owner’s suite with a full bathroom and dual walk-in closets. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

Key facts

• $133 HOA
• Garage
• Built 2025

Property features AI

Finance

• HOA & community: Sierra Vista HOA; Annual association fee of $1,591; HOA fee includes internet

Exterior

• Parking: Attached garage
• Security: Security system
• Utilities: Utilities information not detailed beyond heating and cooling
• Home design: Residential property; 2 stories; Slab foundation; Living area approximately 1,782; Facing/entry level information not provided
• Construction: Built in 2025; Brick and cement siding exterior
• Exterior features: Security system; Composition roof

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: Primary bedroom located on the second floor; Three additional bedrooms on the second floor (total 4 bedrooms) — other bedrooms on second floor
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: Under construction (new construction by Lennar); 6 total rooms

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath land listed at $296k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $292k (1.3% below list).
• Recommended offer: $292k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.2% in Iowa Colony — 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 64/100 on livability (#757 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Alvin ISD (suburban): math 39% / reading 48% proficiency, ranked #255 of 826 in TX (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Iowa Colony H S (792 students, 56% FRL).
• Market conditions: Rents flat; 1147 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,960 units permitted in Brazoria County in 2024 (593 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Brazoria County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($292k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,550 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.66×
• Total profit: $-28,084
• Equity at exit: $44,133

10-year hold

• IRR: -3.7%
• Equity multiple: 0.78×
• Total profit: $-18,170
• Equity at exit: $25,592

Cash invested: $82,877 (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 77583

• Rents YoY: 0.4%
• Active inventory: 1147
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,921 high
• Mortgage (P&I): −$1,552
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$123
• HOA: −$133
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $428

Break-even live

Break-even rent $2,379

Max offer price $295,990

Occupancy floor 80%

Sensitivity live

Price	-10% $596	-5% $512	+0% $428	+5% $344	+10% $261
Rent	-10% $197	-5% $313	+0% $428	+5% $544	+10% $659
Rate	-1.0pp $577	-0.5pp $503	base $428	+0.5pp $352	+1.0pp $273

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: $73,998
• Closing costs: $8,880
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10211 Alpine Lake Ln Rosharon, TX	3.0–4.0	2.0–2.5	1731	$2,875	$1.66	44d	7	0.14mi
10211 Alpine Lake Ln Rosharon, TX	3.0–4.0	2.0–2.5	1731	$3,025	$1.75	0d	6	0.14mi
2314 Red Slate Dr Rosharon, TX	4.0	4.0	2531	$2,850	$1.13	44d	1	0.17mi
1816 Corsica Creek Ln Rosharon, TX	3.0–4.0	2.0–2.5	1653	$2,669	$1.61	0d	20	0.38mi
10313 Malta Trace Dr Rosharon, TX	4.0	2.0	1802	$2,545	$1.41	44d	1	0.47mi
9518 Peridot Green Dr Rosharon, TX	4.0	2.0	1593	$1,886	$1.18	23d	1	0.49mi
9439 Ruby Mist Dr Rosharon, TX	5.0	2.5	2605	$2,276	$0.87	0d	1	0.66mi
9423 Grand Spark Dr Rosharon, TX	3.0	3.0	1999	$2,600	$1.30	44d	1	0.84mi
10610 Cascade Creek Dr Rosharon, TX	3.0	2.0	1548	$2,700	$1.74	44d	1	1.09mi
10622 Cascade Creek Dr Rosharon, TX	4.0	2.0	1780	$2,775	$1.56	44d	1	1.12mi
9901 Kilkenny St Iowa Colony, TX	3.0–4.0	2.5	1735	$2,726	$1.57	0d	1	1.13mi
1403 Cascade Hills Dr Rosharon, TX	4.0	3.0	2067	$3,450	$1.67	8d	1	1.13mi
10630 Cascade Creek Dr Rosharon, TX	3.0	2.5	1940	$2,875	$1.48	4d	1	1.14mi
10507 Moon Valley Ln Rosharon, TX	3.0	2.0	1548	$2,650	$1.71	0d	1	1.17mi
10502 Moon Valley Ln Rosharon, TX	3.0	2.0	1615	$2,725	$1.69	0d	1	1.19mi
2510 Green Jasper Dr Rosharon, TX	3.0	2.0	1561	$2,375	$1.52	44d	1	1.20mi
1123 Diamond Drape Dr Rosharon, TX	4.0	2.0	1844	$2,000	$1.08	14d	1	1.21mi
1234 Scarlet Creek Dr Rosharon, TX	3.0	2.0	1548	$2,650	$1.71	0d	1	1.22mi
10538 Wildflower View Dr Rosharon, TX	3.0	2.0	1522	$2,775	$1.82	0d	1	1.27mi
10602 Wildflower View Dr Rosharon, TX	4.0	2.0	1596	$2,850	$1.79	21d	1	1.28mi
10714 Cliffs View Dr Iowa Colony, TX	4.0	3.5	2070	$2,700	$1.30	44d	1	1.32mi
2523 Topaz Hill Ln Rosharon, TX	3.0–4.0	2.0–2.5	1857	$2,950	$1.59	18d	1	1.45mi

HOA detail

• Monthly dues: $133 · $1,596/yr

Listing history 10 events

1. 2026-05-06
   status Pending
2. 2026-05-06
   price $295,990
3. 2026-05-05
   status Active
4. 2026-05-05
   price $220,000
5. 2026-03-31
   status Pending
6. 2026-03-12
   historical
7. 2026-03-12
   price $295,990
8. 2026-03-12
   historical
9. 2026-03-02
   price $240,990
10. 2026-02-23
    listed $295,990 Active

ⓘ 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: $846 · $70/mo
• Projected year-2 tax: $5,417 · $451/mo
• Expected delta: +$4,571/yr (+$381/mo · 540.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 21 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: $35,046
• − Mortgage interest: −$16,580
• − Property taxes: −$846
• − Insurance: −$1,480
• − Repairs & maintenance: −$2,804
• − Management: −$2,804
• − HOA: −$1,596
• − Depreciation: −$8,611
• Taxable income: $327
• Est. tax owed @ 24.0%: −$78
• After-tax cash flow: $5,060/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: Alvin ISD
• NCES district ID: 4808090
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $66,740
• Composite: 38.96/100
• National rank: #4080
• State rank: #255 of 826 in TX

Livability — Iowa Colony

• Score: 64/100
• State rank: #757
• US rank: #13904

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Brazoria County · 374,982 people
• City population: 52,747
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 52,747
• Household income: $119,287
• Rent vs Own: 9.8% rent · 90.2% own
• Severe rent burden: 251.0

Population outlook (Brazoria County) Hauer SSP2

• Today (2025): 420,414 people
• By 2030: 457,585 · +8.8%
• By 2040: 532,232 · +26.6%
• By 2050: 605,399 · +44.0%
• By 2075: 779,358 · +85.4%
• By 2100: 883,759 · +110.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 38% Black 34% White 20% Two or more races 18% Asian 5%
• Hispanic origin (detail): Mexican 31% Puerto Rican 2%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 16% · Canada, Vietnam, China
• Languages at home: 64% English-only · Spanish 28% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Brazoria

• 2024 margin: R (+19.7) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +9.9pp toward D · 2008: -29.6pp · 2024: -19.7pp
• All cycles: 2024: R+19.7 2020: R+18.2 2016: R+24.6 2012: R+34.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.19%
• Current HPI: 198.6559
• Rent YoY: ▲ 0.44%
• 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

+0.0% since first listed

10 events — show timeline

• 2026-05-06 Pending — HARMLS
• 2026-05-06 Price Changed $295,990 HARMLS
• 2026-05-05 Relisted — HARMLS
• 2026-05-05 Price Changed $220,000 HARMLS
• 2026-03-31 Pending — HARMLS
• 2026-03-12 Listing Removed — HARMLS
• 2026-03-12 Price Changed $295,990 HARMLS
• 2026-03-12 Listing Removed — HARMLS
• 2026-03-02 Price Changed $240,990 HARMLS
• 2026-02-23 Listed $295,990 HARMLS