2213 Wheeler St · Houston, TX 77004

$315,000

4 bd · 2.0 ba · 3,016 sqft · MultiFamily public records · 68 Days on market

Built 1940 5,000 sqft lot Est $555k · 43% under ↓ 17% since listing

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Why this score? — see what drove the B+ 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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Opportunity awaits at 2213 Wheeler St. in the heart of Houston’s growing urban core. This duplex is ready for a complete renovation, making it the perfect project for investors, builders, or buyers looking to customize a property from from top to bottom. Situated in an established neighborhood with close proximity to Downtown, the Texas Medical Center, and major universities, this property offers strong upside potential for rental income. The existing duplex layout includes an upstairs and downstairs unit, each offering 2 bedrooms and 1 bathroom. The property provides flexibility for multi-generational living, house hacking, or redevelopment. Surrounded by ongoing revitalization and n

Key facts

• Major universities
• Complete renovation
• Texas medical center

Tags

• COMPLETE RENOVATION
• CLOSE PROXIMITY TO DOWNTOWN
• TEXAS MEDICAL CENTER
• MAJOR UNIVERSITIES
• EXISTING DUPLEX LAYOUT
• MULTI-GENERATIONAL LIVING

Property features AI

Finance

• Financial info: Multifamily: 2 total units

Exterior

• Utilities: Cable available; Electricity available; Natural gas available; Water available
• Home design: Residential income property
• Construction: Brick construction; Built in 1940; Composition roof
• Exterior features: Lot includes other features

Interior

• Bedrooms: Two bedrooms (unit count indicates 2 beds per unit for one unit listing)
• Flooring: Wood
• Bathrooms: 1 full bathroom
• Interior features: Satellite dish; Wood flooring

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $581/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $315k).
• Recommended offer: $296k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Yates H S (math 12% / reading 23%, grade F, #1,451 of 1,632 statewide, top 89%, 851 students, 96% FRL) — zoned schools average 98% FRL vs 71% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 31% district-wide (-17 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.3%/yr); 581 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $4,601/mo this rent would consume 78% of the median local household income ($71k/yr) (locally 3072% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• 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 68 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 4 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

• Watch-outs: property tax is 2.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $296,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.46% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.81%
• DSCR: 1.70
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $554,944
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2312 Blodgett St	0.20mi	4/2.0	3,032 (+0%)	14mo	$459,900	$152	78
2409 Arbor St	0.30mi	3/2.0 (-1)	3,308 (+10%)	0mo	$639,900	$193	65
2806 Rosewood St	0.37mi	3/2.0 (-1)	3,351 (+11%)	2mo	$624,900	$186	57
2218 Arbor St	0.30mi	5/3.0 (+1)	2,628 (-13%)	4mo	$420,000	$160	52
2907 Truxillo St	0.50mi	4/2.0	2,712 (-10%)	21mo	$499,999	$184	42
2903 Wichita St	0.58mi	4/2.0	2,660 (-12%)	14mo	$550,000	$207	42
2714 Palm St	0.50mi	4/1.0	3,396 (+13%)	15mo	$425,000	$125	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 3.0%
• Equity multiple: 1.11×
• Total profit: $9,749
• Equity at exit: $46,968

10-year hold

• IRR: 9.1%
• Equity multiple: 1.60×
• Total profit: $52,720
• Equity at exit: $27,235

Cash invested: $88,200 (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 77004

• Rents YoY: -0.3%
• Active inventory: 581
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,601 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$689 /mo · $8,273/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $1,162

Break-even live

Break-even rent $3,130

Max offer price $315,000

Occupancy floor 70%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,602
Total (2 units)			$4,601

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2403 Arbor St Houston, TX	3.0	2.5	2344	$2,800	$1.19	43d	1	0.30mi
2703 Blodgett St Unit 1047952P Houston, TX	1.0–5.0	1.5–5.5	2497	$12,783	$5.12	1d	2	0.33mi
3405 St Emanuel St Houston, TX	4.0	5.0	2388	$2,900	$1.21	43d	1	0.49mi
4908 Crawford St Houston, TX	3.0	2.0	2526	$3,250	$1.29	43d	1	0.56mi
3213 Saint Emanuel St Houston, TX	4.0	3.5	2100	$3,300	$1.57	17d	1	0.57mi
4606 Austin St Houston, TX	3.0	3.5	2950	$3,000	$1.02	43d	1	0.57mi
1910 Oakdale St Unit A Houston, TX	3.0	3.5	2452	$3,890	$1.59	12d	1	0.61mi
1818 Prospect St Houston, TX	3.0	2.0	2923	$3,400	$1.16	4d	1	0.66mi
4001 Fannin St Houston, TX	3.0	1.0–3.0	1536	$3,158	$2.06	3d	16	0.71mi
1216 Rosedale St Houston, TX	3.0	3.5	2584	$3,250	$1.26	14d	1	0.72mi
1216 Rosedale St Houston, TX	3.0	3.5	2584	$3,250	$1.26	12d	1	0.72mi
3010 Chenevert St Unit 1019638P Houston, TX	3.0	3.5	3196	$7,988	$2.50	7d	1	0.76mi
3010 Chenevert St Unit 3010 Houston, TX	3.0	3.5	3203	$8,000	$2.50	43d	1	0.76mi
5280 Caroline St Houston, TX	1.0–3.0	1.0–3.5	1880	$6,216	$3.31	2d	20	0.82mi
2105 McGowen St Unit 1244936P Houston, TX	3.0	3.5	2497	$4,836	$1.94	5d	1	0.93mi
2521 Saint Emanuel St Unit 1047945P Houston, TX	3.0	3.0	2292	$3,010	$1.31	3d	1	0.94mi
2109 McGowen St Unit 1244934P Houston, TX	3.0	3.5	2497	$4,734	$1.90	5d	1	0.94mi
2519 Saint Emanuel St Unit 1241246P Houston, TX	3.0	3.0	2389	$2,670	$1.12	2d	1	0.94mi
2107 McGowen St Unit 1244935P Houston, TX	3.0	3.5	2497	$4,711	$1.89	3d	1	0.94mi
2103 McGowen St Unit 1244937P Houston, TX	3.0	3.5	2292	$4,758	$2.08	2d	1	0.96mi
2721 Austin St Houston, TX	3.0	4.0	2607	$3,000	$1.15	24d	1	0.97mi
3300 Main St Unit 3333 Houston, TX	3.0	2.0	2861	$7,493	$2.62	11d	1	0.97mi
3300 Main St Unit 3165 Houston, TX	3.0	2.0	2861	$7,461	$2.61	3d	1	0.97mi
2326 St Emanuel St Houston, TX	3.0	3.5	2642	$2,601	$0.98	7d	1	1.01mi
5505 Zoemark Ln Houston, TX	3.0	3.5	2477	$2,850	$1.15	43d	1	1.04mi
5927 Almeda Rd Houston, TX	2.0–4.0	2.5–4.0	3055	$7,635	$2.50	12d	2	1.05mi
5927 Almeda Rd Houston, TX	2.0–4.0	2.5–4.0	3055	$7,635	$2.50	1d	3	1.05mi
5927 Almeda Rd Houston, TX	4.0	4.0	3055	$7,635	$2.50	43d	1	1.05mi
5927 Almeda Rd Houston, TX	4.0	4.0	3055	$7,635	$2.50	24d	1	1.05mi
5927 Almeda Rd Unit AHP3 Houston, TX	4.0	4.5	3055	$7,635	$2.50	4d	1	1.05mi
2416 La Branch St Houston, TX	3.0	4.0	2540	$2,900	$1.14	43d	1	1.09mi
5933 Almeda Rd Unit 2-1405 Houston, TX	4.0	4.0	3055	$7,442	$2.44	43d	1	1.10mi
4899 Montrose Blvd Houston, TX	1.0–3.0	1.0–2.5	2704	$10,080	$3.73	43d	10	1.12mi
3535 Wentworth St Houston, TX	4.0	3.0	2600	$2,650	$1.02	22d	1	1.16mi
3507 Canfield St Houston, TX	3.0	2.5	2200	$2,350	$1.07	24d	1	1.18mi
420 Hawthorne St Houston, TX	4.0	2.0	2230	$3,373	$1.51	43d	1	1.26mi
6318 Grand Blvd Houston, TX	3.0	3.5	2325	$2,999	$1.29	4d	1	1.36mi
3518 Dennis St Unit 1387517P Houston, TX	4.0	4.0	2271	$5,110	$2.25	14d	1	1.45mi

Listing history 24 events

1. 2026-06-18
   days on market $315,000 Active 68 DOM
2. 2026-06-17
   days on market $315,000 Active 67 DOM
3. 2026-06-16
   days on market $315,000 Active 66 DOM
4. 2026-06-15
   days on market $315,000 Active 65 DOM
5. 2026-06-13
   days on market $315,000 Active 63 DOM
6. 2026-06-10
   days on market $315,000 Active 59 DOM
7. 2026-06-08
   days on market $315,000 Active 58 DOM
8. 2026-06-07
   days on market $315,000 Active 57 DOM
9. 2026-06-04
   days on market $315,000 Active 54 DOM
10. 2026-06-01
    days on market $315,000 Active 51 DOM
11. 2026-05-31
    days on market $315,000 Active 50 DOM
12. 2026-05-22
    status Active
13. 2026-05-05
    status Pending
14. 2026-04-27
    status Pending
15. 2026-03-24
    listed $315,000 Active
16. 2025-09-11
    historical
17. 2025-09-04
    historical Active Under Contract
18. 2025-09-03
    status Active
19. 2025-09-02
    historical
20. 2025-08-31
    listed $379,000 Active
21. 2024-10-04
    soldstatus
22. 2024-05-23
    soldstatus
23. 2016-05-25
    soldstatus
24. 2012-08-15
    soldstatus

ⓘ 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: $8,273 · $689/mo
• Projected year-2 tax: $8,273 · $689/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 24 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: $55,212
• − Mortgage interest: −$17,645
• − Property taxes: −$8,273
• − Insurance: −$1,575
• − Repairs & maintenance: −$4,417
• − Management: −$4,417
• − Depreciation: −$9,164
• Taxable income: $9,722
• Est. tax owed @ 24.0%: −$2,333
• After-tax cash flow: $11,614/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): 35,997
• Household income: $71,199
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 3072.0

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 0.68)
• Race & ethnicity: Black 48% White 27% Hispanic / Latino 13% Two or more races 11% Asian 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 10% Chinese 2% Other Indo-European 2%

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: ▼ -139.34%
• Current HPI: 199.6066
• Rent YoY: ▼ -0.32%
• 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

-16.9% since first listed

13 events — show timeline

• 2026-05-22 Relisted — HARMLS
• 2026-05-05 Pending — HARMLS
• 2026-04-27 Pending — HARMLS
• 2026-03-24 Listed $315,000 HARMLS
• 2025-09-11 Listing Removed — HARMLS
• 2025-09-04 Contingent — HARMLS
• 2025-09-03 Relisted — HARMLS
• 2025-09-02 Listing Removed — HARMLS
• 2025-08-31 Listed $379,000 HARMLS
• 2024-10-04 Sold (Public Records) — Public Records
• 2024-05-23 Sold (Public Records) — Public Records
• 2016-05-25 Sold (Public Records) — Public Records
• 2012-08-15 Sold (Public Records) — Public Records

Property tax history

+7.8%/yr

Latest (2025): $8,273 · +3.0% YoY. Source: county tax records.