2137 Honey Tree St · Oak Ridge North, TX 77385

$230,000

4 bd · 4.0 ba · 1,400 sqft · Manufactured public records · 100 Days on market

Built 1981 0.26 ac lot

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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 +16.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +5.1/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this unique 4-bedroom, 3-bath home situated on an unrestricted corner lot in Conroe. Originally a mobile home, the property has been thoughtfully converted into a freestanding single-family residence with the addition of a formal entry and spacious living room and 2 primary suites creating a comfortable and functional layout. The property features two separate driveway entrances—one for the main home and another dedicated to the attached apartment/guest quarters. The guest unit offers a private 1-bedroom, 1-bath layout with a kitchenette and is currently leased for $750/month through the end of June, providing an excellent income-producing opportunity. Please do not disturb the tenants. This versatile property is ideal for buyers seeking additional rental income, multigenerational living, or added flexibility.

Key facts

• Kitchenette
• Attached apartment
• Formal entry

Tags

• UNRESTRICTED CORNER LOT
• FORMAL ENTRY
• SPACIOUS LIVING ROOM
• ATTACHED APARTMENT
• PRIVATE LAYOUT
• KITCHENETTE

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/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 $219k (4.6% below list).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.1% in Oak Ridge North — 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 84/100 on livability (#8 in TX, #708 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, crime B+; Watch: amenities D+.
• Conroe ISD (other): math 57% / reading 57% proficiency, ranked #69 of 826 in TX (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Houser El (math 47% / reading 42%, grade F, #1,155 of 4,322 statewide, top 29%, 636 students, 70% FRL); Irons J H (math 54% / reading 53%, grade C+, #275 of 1,662 statewide, top 17%, 1,344 students, 52% FRL); Conroe H S (math 32% / reading 51%, grade F, #767 of 1,632 statewide, top 47%, 4,915 students, 61% FRL) — zoned schools average 61% FRL vs 34% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.9%/yr); 320 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 13,259 units permitted in Montgomery County in 2024 (1,402 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 $7k of value loss. Plan a longer hold.
• Montgomery County population projected at +65% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

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 $209,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.88% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.59×
• Total profit: $-26,115
• Equity at exit: $34,294

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-2,622
• Equity at exit: $19,886

Cash invested: $64,400 (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 77385

• Home prices YoY: -27.5%
• Rents YoY: 3.9%
• Active inventory: 320
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,194 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $144

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 88%

Sensitivity live

Price	-10% $303	-5% $223	+0% $144	+5% $64	+10% $-15
Rent	-10% $-29	-5% $57	+0% $144	+5% $231	+10% $317
Rate	-1.0pp $260	-0.5pp $202	base $144	+0.5pp $84	+1.0pp $24

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32331 Summer Park Ln Conroe, TX	3.0	2.0	1796	$2,000	$1.11	24d	1	1.29mi
10118 Falvey Lake Ln Unit 19547 Conroe, TX	3.0	2.0	1216	$1,650	$1.36	9d	1	1.30mi
10118 Falvey Lake Ln Unit 19551 Conroe, TX	3.0	2.0	1200	$1,560	$1.30	9d	1	1.30mi
2519 Braley Park Ln Conroe, TX	3.0	2.0	1802	$2,049	$1.14	16d	1	1.35mi
10648 Fussel Rd Conroe, TX	4.0	2.0	1708	$2,300	$1.35	45d	1	1.41mi

Listing history 17 events

1. 2026-06-21
   days on market $230,000 Active 100 DOM
2. 2026-06-18
   days on market $230,000 Active 97 DOM
3. 2026-06-17
   days on market $230,000 Active 96 DOM
4. 2026-06-16
   days on market $230,000 Active 95 DOM
5. 2026-06-15
   days on market $230,000 Active 94 DOM
6. 2026-06-13
   days on market $230,000 Active 92 DOM
7. 2026-06-09
   days on market $230,000 Active 88 DOM
8. 2026-06-08
   days on market $230,000 Active 87 DOM
9. 2026-06-07
   days on market $230,000 Active 86 DOM
10. 2026-06-04
    days on market $230,000 Active 83 DOM
11. 2026-06-03
    days on market $230,000 Active 82 DOM
12. 2026-06-02
    days on market $230,000 Active 81 DOM
13. 2026-06-01
    days on market $230,000 Active 80 DOM
14. 2026-05-31
    days on market $230,000 Active 79 DOM
15. 2026-03-13
    listed $230,000 Active 838-char remark

    Show marketing remark (838 chars)

    Welcome to this unique 4-bedroom, 3-bath home situated on an unrestricted corner lot in Conroe. Originally a mobile home, the property has been thoughtfully converted into a freestanding single-family residence with the addition of a formal entry and spacious living room and 2 primary suites creating a comfortable and functional layout. The property features two separate driveway entrances—one for the main home and another dedicated to the attached apartment/guest quarters. The guest unit offers a private 1-bedroom, 1-bath layout with a kitchenette and is currently leased for $750/month through the end of June, providing an excellent income-producing opportunity. Please do not disturb the tenants. This versatile property is ideal for buyers seeking additional rental income, multigenerational living, or added flexibility.

16. 2022-04-01
    soldstatus
17. 1996-11-22
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $26,329
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,106
• − Management: −$2,106
• − Depreciation: −$6,691
• Taxable loss: −$2,058
• Est. tax savings @ 24.0%: +$494
• After-tax cash flow: $2,220/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: Conroe ISD
• NCES district ID: 4815000
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $71,541
• Composite: 50.65/100
• National rank: #1833
• State rank: #69 of 826 in TX

Livability — Oak Ridge North

• Score: 84/100
• State rank: #8
• US rank: #708

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 663,713 people
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 28,156
• Household income: $117,118
• Rent vs Own: 24.7% rent · 75.3% own
• Severe rent burden: 471.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 713,896 people
• By 2030: 805,263 · +12.8%
• By 2040: 992,708 · +39.1%
• By 2050: 1,179,590 · +65.2%
• By 2075: 1,628,084 · +128.1%
• By 2100: 1,937,880 · +171.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 27% Two or more races 16% Black 11% Asian 5%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Romanian 2% Italian 2%
• Foreign-born: 15% · Canada, Jamaica, Vietnam
• Languages at home: 76% English-only · Spanish 16% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.3%
• 2008→2024 swing: +7.2pp toward D · 2008: -52.7pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+43.8 2016: R+51.4 2012: R+60.7 2008: R+52.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.09%
• Current HPI: 239.9434
• Rent YoY: ▲ 3.88%
• 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

3 events — show timeline

• 2026-03-13 Listed $230,000 HARMLS
• 2022-04-01 Sold (Public Records) — Public Records
• 1996-11-22 Sold (Public Records) — Public Records

Property tax history

+0.7%/yr

Latest (2025): $342 · -0.4% YoY. Source: county tax records.