1706 Freeman Freeman St · Houston, TX 77009

$469,000

3 bd · 2.5 ba · 2,207 sqft · Land · 22 Days on market

Built 2026 2,748 sqft 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 +17.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Stunning 3-bedroom, 2.5-bath home by Revolution Homes, a trusted Northside builder for over 15 years, with direct access to Downtown via North Main—just minutes away—and quick connectivity to I-45, I-10, I-59, and the Hardy Tollway. Also a five-minute walk to the Burnett TC / Casa de Amigos stop on the MetroRail Red Line. Features hand-scraped white oak floors, solid plywood cabinets with shaker-style doors and soft-close doors and drawers, quartz kitchen counters and quartzite bathrooms, herringbone backsplash, Frigidaire appliances, solid wood trim, designer fixtures, and first-floor living. Master suite includes a stand-alone tub and fully tiled frameless shower. Enjoy unobst

Key facts

• 2,748 sq ft lot
• 2 garage spots
• Built 2026

Tags

• DIRECT ACCESS TO DOWNTOWN
• QUICK CONNECTIVITY TO I-45
• FIVE-MINUTE WALK TO METRORAIL
• HAND-SCRAPED WHITE OAK FLOORS
• SOLID PLYWOOD CABINETS
• QUARTZ KITCHEN COUNTERS

Property features AI

Finance

• Other: Living area approximately 2,207 (building area total)

Exterior

• Parking: Attached 2-car garage
• Security: Prewired for security; Security system owned; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential property; New construction (2026); East-facing
• Construction: Cement siding; Composition roof; Slab foundation; Built by Revolution Homes
• Exterior features: Covered patio; Deck; Patio; Fully fenced backyard; Private yard; Back yard fencing; Subdivision lot

Interior

• Kitchen: Convection oven; Gas cooktop; Free-standing range; Gas oven; Gas range; Oven; Microwave; Dishwasher; Disposal; ENERGY STAR qualified appliances
• Bedrooms: Primary bedroom (Second level) — 20x15; Bedroom (Second level) — 14x12; Bedroom (Second level) — 13x11
• Flooring: Engineered hardwood; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom; Primary bedroom with attached bath
• Heating & cooling: Central heating (Gas); Central electric air conditioning
• Interior features: High ceilings; Kitchen/family room combo; Pantry; Quartz counters; Self-closing cabinet doors and drawers; Double vanity; Soaking tub; Wired for sound; Ceiling fan(s); Programmable thermostat; Insulated doors; Low-emissivity windows
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas dryer hookup

🏗️ New construction. The $469,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $246,516.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $469k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• To cash-flow at today's rent, offer at most $278k (40.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (52.9% below list).
• Recommended offer: $221k (52.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.2% 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: 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.
• Zoned schools: Sherman El (math 22% / reading 22%, grade F, #3,333 of 4,322 statewide, top 80%, 528 students, 99% FRL); Marshall Middle (math 14% / reading 22%, grade F, #1,491 of 1,662 statewide, top 91%, 607 students, 97% FRL); Northside H S (math 15% / reading 26%, grade F, #1,389 of 1,632 statewide, top 86%, 1,168 students, 94% FRL) — zoned schools average 97% FRL vs 71% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 605 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 22 days — a 2% lower offer ($462k) 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.

Recommended offer $220,796 (52.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 9.3

CMA / ARV

• ARV (median comp): $246,516
• List price: $469,000
• Delta: 90.25%
• Verdict: OVERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.84% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.52×
• Total profit: $-33,265
• Equity at exit: $36,756

10-year hold

• IRR: -8.4%
• Equity multiple: 0.52×
• Total profit: $-32,919
• Equity at exit: $21,314

Cash invested: $69,024 (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 77009

• Rents YoY: 0.8%
• Active inventory: 605
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $2,208 medium
• Mortgage (P&I): −$1,293
• Tax from tax record: −$169 /mo · $2,032/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $179

Break-even live

Break-even rent $1,981

Max offer price $246,516

Occupancy floor 87%

Sensitivity live

Price	-10% $319	-5% $249	+0% $179	+5% $110	+10% $40
Rent	-10% $5	-5% $92	+0% $179	+5% $267	+10% $354
Rate	-1.0pp $304	-0.5pp $242	base $179	+0.5pp $116	+1.0pp $51

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: $61,629
• Closing costs: $7,395
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,354	$2.37	0d	40	0.08mi
410 James St Unit 1031793P Houston, TX	3.0	2.0	1593	$5,668	$3.56	1d	1	0.23mi
410 James St Houston, TX	3.0	2.0	1602	$6,750	$4.21	45d	1	0.23mi
2013 Cochran St Houston, TX	3.0	4.0	1888	$2,600	$1.38	0d	1	0.42mi
2403 Everett St Unit A Houston, TX	3.0	3.5	2093	$2,800	$1.34	45d	1	0.57mi
1510 Crockett St Houston, TX	2.0	3.0	1912	$2,800	$1.46	45d	1	0.78mi
1512 Crockett St Unit A Houston, TX	2.0	2.5	1808	$2,800	$1.55	45d	1	0.78mi
2706 Cochran St Houston, TX	3.0	3.5	1791	$2,700	$1.51	21d	1	0.80mi
414 Milam St Houston, TX	2.0	2.5	1585	$3,845	$2.43	24d	1	0.88mi
414 Milam St Ph 2-4602 Houston, TX	2.0	2.0	2158	$8,990	$4.17	45d	1	0.88mi
414 Milam St Unit B1-2003 Houston, TX	2.0	2.0	1585	$4,513	$2.85	45d	1	0.88mi
414 Milam St Unit 2165 Houston, TX	2.0	2.0	1585	$3,817	$2.41	1d	1	0.90mi
414 Milam St Unit 422 Houston, TX	2.0	2.0	1585	$3,833	$2.42	9d	1	0.90mi
414 Milam St Unit 2162 Houston, TX	2.0	2.0	1585	$3,833	$2.42	7d	1	0.90mi
414 Milam St Unit 2187 Houston, TX	2.0	2.0	1585	$3,857	$2.43	5d	1	0.90mi
414 Milam St Unit 510 Houston, TX	3.0	2.0	2421	$9,230	$3.81	16d	1	0.90mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,991	$3.71	12d	1	0.90mi
414 Milam St Unit 437 Houston, TX	2.0	2.0	1585	$3,857	$2.43	13d	1	0.90mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,973	$3.71	45d	1	0.90mi
414 Milam St Unit 2148 Houston, TX	2.0	2.0	1585	$3,868	$2.44	0d	1	0.90mi
414 Milam St Unit 3165 Houston, TX	3.0	2.0	2421	$9,002	$3.72	0d	1	0.90mi
409 Travis St Unit 2187 Houston, TX	2.0	2.0	1495	$3,317	$2.22	1d	1	0.93mi
409 Travis St Unit 432 Houston, TX	2.0	2.0	1495	$3,316	$2.22	12d	1	0.93mi
409 Travis St Unit 424 Houston, TX	2.0	2.0	1495	$3,292	$2.20	9d	1	0.93mi
409 Travis St Unit 425 Houston, TX	2.0	2.0	1495	$3,327	$2.23	0d	1	0.93mi
413 Travis St Houston, TX	2.0	2.0	1495	$4,000	$2.68	45d	1	0.95mi
2114 Sabine St Unit 1257735P Houston, TX	3.0	3.5	2594	$6,588	$2.54	45d	1	0.95mi
2114 Sabine St Houston, TX	3.0	4.0	2020	$3,200	$1.58	45d	1	0.95mi
909 Texas Ave Houston, TX	2.0	1.0–2.0	1262	$3,129	$2.48	3d	36	0.98mi
915 Texas Ave Unit 420 Houston, TX	3.0	2.0	2366	$4,655	$1.97	45d	1	1.02mi
915 Texas Ave Unit 420 Houston, TX	3.0	2.0	2366	$4,655	$1.97	20d	1	1.02mi
15 N Chenevert St Houston, TX	2.0	1.0–2.0	1351	$4,000	$2.96	0d	16	1.11mi
2018 Crockett St Unit 1029793P Houston, TX	3.0	3.5	2507	$6,482	$2.59	7d	1	1.14mi
2018 Crockett St Unit 2018 Houston, TX	3.0	3.5	2514	$8,000	$3.18	45d	1	1.14mi
1475 Texas St Houston, TX	3.0	1.0–2.0	1304	$6,350	$4.87	45d	28	1.18mi
1111 Rusk St Houston, TX	1.0–2.0	1.0–2.5	1145	$2,835	$2.48	0d	27	1.18mi
717 Fannin St Houston, TX	2.0	2.0	1700	$3,800	$2.24	45d	1	1.18mi
2115 Runnels St Unit 3174 Houston, TX	3.0	2.0	1839	$3,056	$1.66	14d	1	1.25mi
2115 Runnels St Unit 3187 Houston, TX	3.0	2.0	1839	$3,056	$1.66	0d	1	1.25mi
2115 Runnels St Unit 3174 Houston, TX	3.0	2.0	1839	$3,056	$1.66	1d	1	1.25mi

Listing history 2 events

1. 2026-05-31
   days on market $469,000 Active 22 DOM
2. 2026-05-09
   listed $469,000 Active 1017-char remark

ⓘ 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: $2,032 · $169/mo
• Projected year-2 tax: $8,583 · $715/mo
• Expected delta: +$6,550/yr (+$546/mo · 322.3%)

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

Taxation est. · year 1

• Rental income: $26,496
• − Mortgage interest: −$13,809
• − Property taxes: −$2,032
• − Insurance: −$1,233
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$7,171
• Taxable loss: −$1,989
• Est. tax savings @ 24.0%: +$477
• After-tax cash flow: $2,631/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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

4 events — show timeline

• 2026-06-03 Relisted — HARMLS
• 2026-06-03 Sold (MLS) — HARMLS
• 2026-05-31 Listing Removed — HARMLS
• 2026-05-09 Listed $469,000 HARMLS