9009 Richmond Ave #703 · Houston, TX 77063

$59,900

2 bd · 1.0 ba · 884 sqft · Condo public records · 118 Days on market

Built 1977 $68/sqft · 34% below area Est $90k · 34% under $425/mo HOA · 39% of rent

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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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +8.1/30.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Rent growth +0.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 2-bedroom, 1 1/3 bath upstairs condo (2nd floor) located in the heart of Southwest Houston! The bathroom features a shower and dual sinks, with one sink privately connected to the primary bedroom. This home offers high ceilings, a wood burning fireplace, and a bright living area with access to a covered balcony that also includes exterior storage. The unit comes complete with a washer and dryer, plus one assigned covered parking space. Located in a gated community with a swimming pool and convenient access to the Galleria and major freeways. Excellent location and move-in ready—don’t miss this opportunity, schedule your tour today!

Key facts

• Gated community
• Exterior storage
• Covered balcony

Tags

• WOOD BURNING FIREPLACE
• COVERED BALCONY
• GATED COMMUNITY
• SWIMMING POOL
• EXTERIOR STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $38k (37.1% below list).
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $38k (37.1% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.1% 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: schools D, 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.
• Market conditions: Rents falling (-6.3%/yr); 289 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 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.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $20k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $60k implies a 470% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $66/mo; HOA is 39% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $37,690 (37.1% 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. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
8. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
9. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
10. 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?
11. 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?
12. 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?
13. 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.
14. 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.
15. 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: 1.81% ✓
• Cap rate: 5.11%
• Cash-on-cash: -4.24%
• DSCR: 0.81
• GRM: 4.6

CMA / ARV

• ARV (median comp): $90,138
• List price: $59,900
• Delta: -33.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -41.8%
• Equity multiple: -0.22×
• Total profit: $-20,520
• Equity at exit: $8,931

10-year hold

• IRR: —
• Equity multiple: -1.32×
• Total profit: $-38,954
• Equity at exit: $5,179

Cash invested: $16,772 (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 77063

• Rents YoY: -6.3%
• Active inventory: 289
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,082 high
• Mortgage (P&I): −$314
• Tax from tax record: −$150 /mo · $1,801/yr
• Insurance: −$25
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$425
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $-126

Break-even live

Break-even rent $1,241

Max offer price $37,690

Occupancy floor —

Sensitivity live

Price	-10% $-92	-5% $-109	+0% $-126	+5% $-143	+10% $-160
Rent	-10% $-211	-5% $-168	+0% $-126	+5% $-83	+10% $-40
Rate	-1.0pp $-96	-0.5pp $-110	base $-126	+0.5pp $-141	+1.0pp $-157

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9198 Richmond Ave Houston, TX	1.0	1.0	753	$1,225	$1.63	17d	1	0.10mi
8996 Richmond Ave Houston, TX	1.0	1.0	660	$1,005	$1.52	44d	1	0.13mi
8990 Richmond Ave Unit 422 Houston, TX	2.0	2.0	857	$1,140	$1.33	8d	1	0.20mi
8990 Richmond Ave Unit 9011 Houston, TX	1.0	1.0	539	$820	$1.52	0d	1	0.20mi
8990 Richmond Ave Unit 321 Houston, TX	1.0	1.0	539	$785	$1.46	8d	1	0.20mi
8990 Richmond Ave Unit 9047 Houston, TX	2.0	2.0	857	$1,170	$1.37	0d	1	0.20mi
8990 Richmond Ave Unit 2162 Houston, TX	2.0	2.0	857	$1,140	$1.33	5d	1	0.20mi
8990 Richmond Ave Unit 9041 Houston, TX	1.0	1.0	539	$815	$1.51	44d	1	0.20mi
8990 Richmond Ave Unit 9011 Houston, TX	1.0	1.0	539	$820	$1.52	14d	1	0.20mi
8990 Richmond Ave Unit 1162 Houston, TX	1.0	1.0	539	$785	$1.46	6d	1	0.20mi
8990 Richmond Ave Houston, TX	1.0	1.0	539	$774	$1.44	13d	1	0.21mi
8990 Richmond Ave Unit 1047 Houston, TX	1.0	1.0	539	$824	$1.53	4d	1	0.21mi
3401 Ocee St Houston, TX	2.0	1.0	825	$940	$1.14	44d	1	0.26mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,045	$1.30	0d	1	0.28mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,050	$1.31	12d	1	0.28mi
9221 Pagewood Ln Unit 9272 Houston, TX	1.0	1.0	668	$749	$1.12	13d	1	0.32mi
9221 Pagewood Ln Unit 1162 Houston, TX	1.0	1.0	668	$760	$1.14	8d	1	0.32mi
9221 Pagewood Ln Unit 9295 Houston, TX	1.0	1.0	668	$795	$1.19	0d	1	0.32mi
9221 Pagewood Ln Unit 2162 Houston, TX	2.0	2.0	804	$1,015	$1.26	8d	1	0.32mi
2800 Jeanetta St Houston, TX	1.0–2.0	1.0–2.0	746	$1,300	$1.74	0d	6	0.44mi
2748 Jeanetta St Houston, TX	2.0	2.0	1035	$1,489	$1.44	44d	1	0.53mi
2742 Jeanetta St Houston, TX	1.0	1.0	641	$1,061	$1.66	13d	1	0.53mi
2742 Jeanetta St Apt 321 Houston, TX	1.0	1.0	641	$1,072	$1.67	8d	1	0.56mi
2742 Jeanetta St Unit 2174 Houston, TX	2.0	2.0	860	$1,277	$1.48	13d	1	0.56mi
2742 Jeanetta St Unit 2763 Houston, TX	1.0	1.0	641	$1,093	$1.71	14d	1	0.56mi
2742 Jeanetta St Unit 1162 Houston, TX	1.0	1.0	641	$1,072	$1.67	6d	1	0.56mi
2742 Jeanetta St Unit 1148 Houston, TX	1.0	1.0	641	$1,107	$1.73	0d	1	0.56mi
2742 Jeanetta St Unit 2112 Houston, TX	2.0	2.0	860	$1,272	$1.48	0d	1	0.56mi
2742 Jeanetta St Unit 2799 Houston, TX	2.0	2.0	860	$1,266	$1.47	11d	1	0.56mi
2742 Jeanetta St Unit 1174 Houston, TX	1.0	1.0	641	$1,112	$1.73	11d	1	0.56mi
2742 Jeanetta St Apt 424 Houston, TX	2.0	2.0	860	$1,242	$1.44	6d	1	0.56mi
2742 Jeanetta St Unit 2816 Houston, TX	1.0	1.0	641	$1,111	$1.73	11d	1	0.56mi
2742 Jeanetta St Unit 422 Houston, TX	2.0	2.0	860	$1,242	$1.44	8d	1	0.56mi
2724 Crossview Dr Unit 208 Houston, TX	1.0	1.0	767	$849	$1.11	44d	1	0.56mi
2724 Crossview Dr Unit 205 Houston, TX	2.0	1.0	790	$799	$1.01	44d	1	0.56mi
2724 Crossview Dr Unit 207 Houston, TX	2.0	1.0	678	$699	$1.03	44d	1	0.56mi
3030 Dunvale Rd Houston, TX	1.0–3.0	1.0–2.0	1107	$1,518	$1.37	0d	24	0.63mi
9233 Westheimer Rd Unit 9290 Houston, TX	2.0	2.0	1099	$1,614	$1.47	44d	1	0.63mi
9233 Westheimer Rd Unit 1174 Houston, TX	1.0	1.0	753	$1,210	$1.61	17d	1	0.63mi
9233 Westheimer Rd Unit 174 Houston, TX	1.0	1.0	655	$1,164	$1.78	17d	1	0.63mi

HOA detail condo

• Monthly dues: $425 · $5,100/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   statusdays on market $59,900 Pending 118 DOM
2. 2026-06-18
   days on market $59,900 Active 115 DOM
3. 2026-06-17
   days on market $59,900 Active 114 DOM
4. 2026-06-16
   days on market $59,900 Active 113 DOM
5. 2026-06-15
   days on market $59,900 Active 112 DOM
6. 2026-06-13
   pricedays on market $59,900 Active 110 DOM
7. 2026-06-10
   days on market $69,900 Active 106 DOM
8. 2026-06-08
   days on market $69,900 Active 105 DOM
9. 2026-06-07
   pricedays on market $69,900 Active 104 DOM
10. 2026-06-04
    days on market $74,900 Active 101 DOM
11. 2026-06-01
    days on market $74,900 Active 98 DOM
12. 2026-05-31
    days on market $74,900 Active 97 DOM
13. 2026-05-19
    price $74,900 661-char remark

    Show marketing remark (661 chars)

    Beautiful 2-bedroom, 1 1/3 bath upstairs condo (2nd floor) located in the heart of Southwest Houston! The bathroom features a shower and dual sinks, with one sink privately connected to the primary bedroom. This home offers high ceilings, a wood burning fireplace, and a bright living area with access to a covered balcony that also includes exterior storage. The unit comes complete with a washer and dryer, plus one assigned covered parking space. Located in a gated community with a swimming pool and convenient access to the Galleria and major freeways. Excellent location and move-in ready—don’t miss this opportunity, schedule your tour today!

14. 2026-02-23
    listed $79,900 Active 661-char remark

    Show marketing remark (661 chars)

    Beautiful 2-bedroom, 1 1/3 bath upstairs condo (2nd floor) located in the heart of Southwest Houston! The bathroom features a shower and dual sinks, with one sink privately connected to the primary bedroom. This home offers high ceilings, a wood burning fireplace, and a bright living area with access to a covered balcony that also includes exterior storage. The unit comes complete with a washer and dryer, plus one assigned covered parking space. Located in a gated community with a swimming pool and convenient access to the Galleria and major freeways. Excellent location and move-in ready—don’t miss this opportunity, schedule your tour today!

15. 2025-04-14
    soldstatus
16. 2020-10-09
    listed $1,100 Active
17. 2020-10-09
    historical
18. 2011-10-21
    soldstatus
19. 2011-01-03
    soldstatus
20. 1990-05-11
    soldstatus
21. 1988-06-01
    soldstatus $10,500

ⓘ 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: $1,801 · $150/mo
• Projected year-2 tax: $1,801 · $150/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 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: $12,985
• − Mortgage interest: −$3,355
• − Property taxes: −$1,801
• − Insurance: −$1,097
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − HOA: −$5,100
• − Depreciation: −$1,743
• Taxable loss: −$2,188
• Est. tax savings @ 24.0%: +$525
• After-tax cash flow: $-984/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): 42,690
• Household income: $59,113
• Rent vs Own: 76.0% rent · 24.0% own
• Severe rent burden: 3541.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Hispanic / Latino 33% White 29% Black 21% Two or more races 17% Asian 13%
• Hispanic origin (detail): Mexican 13% Cuban 4%
• Common ancestry: Lithuanian 1% Arab 1% Slovak 1%
• Foreign-born: 43% · Canada, Jamaica, Vietnam
• Languages at home: 48% English-only · Spanish 30% Other Indo-European 8% Other Asian/Pacific 3%

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: ▼ -241.42%
• Current HPI: 194.3803
• Rent YoY: ▼ -6.28%
• 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

+613.3% since first listed

9 events — show timeline

• 2026-05-19 Price Changed $74,900 HARMLS
• 2026-02-23 Listed $79,900 HARMLS
• 2025-04-14 Sold (Public Records) — Public Records
• 2020-10-09 Listing Removed — HARMLS
• 2020-10-09 Listed $1,100 HARMLS
• 2011-10-21 Sold (Public Records) — Public Records
• 2011-01-03 Sold (Public Records) — Public Records
• 1990-05-11 Sold (Public Records) — Public Records
• 1988-06-01 Sold (Public Records) $10,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,801 · +9.1% YoY. Source: county tax records.