2449 Garwood Dr · Houston, TX 77091

$120,000

2 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 85 Days on market

Built 1936 5,353 sqft lot $115/sqft · 22% below area Est $154k · 22% under

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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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +6.4/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This quaint residence is full of character, waiting for a personal touch. With three bedrooms and one bath, this corner lot property offers ample potential. The home is ready for updates; the kitchen boasts generous counter space. Washer and dryer connections are conveniently located inside. Stay cool with window air conditioning units. Ideal for homeowners or investors looking to add value. Buyer to verify room measurements.

Key facts

• Corner lot
• 5,353 sq ft lot
• Built 1936

Tags

• CORNER LOT
• GENEROUS COUNTER SPACE
• WASHER AND DRYER CONNECTIONS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: schools D, crime F.
• Aldine ISD (suburban): math 16% / reading 21% proficiency, ranked #790 of 826 in TX (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.1%/yr); 675 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $1,369/mo this rent would consume 46% of the median local household income ($35k/yr) (locally 3210% 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 $830 of loan paydown is wiped out by about $4k 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 85 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.04%
• DSCR: 1.27
• GRM: 7.3

CMA / ARV

• ARV (median comp): $154,400
• List price: $120,000
• Delta: -22.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6707 Goldspier St	0.15mi	3/2.0 (+1)	1,008 (-3%)	3mo	$129,000	$128	76
7050 Inwood Park Dr #113	0.37mi	2/1.5	997 (-4%)	3mo	$149,400	$150	71
7111 Venus St	0.22mi	3/1.0 (+1)	1,035 (-0%)	16mo	$195,900	$189	71
2438 Calvin St	0.17mi	3/1.0 (+1)	1,104 (+6%)	9mo	$144,000	$130	70
2531 Walcott Ln	0.23mi	2/1.0	900 (-14%)	6mo	$165,000	$183	62
2409 Areba St	0.18mi	3/1.0 (+1)	906 (-13%)	13mo	$135,000	$149	54
2122 De Soto St	0.64mi	3/1.0 (+1)	1,052 (+1%)	14mo	$550,000	$523	52
2623 Homer St St	0.48mi	3/1.0 (+1)	980 (-6%)	21mo	$169,000	$172	45
6814 Covington Dr	0.51mi	2/3.0	1,180 (+14%)	3mo	$145,000	$123	43
7407 Hezekiah Ln	0.45mi	3/2.0 (+1)	1,148 (+10%)	16mo	$199,900	$174	39
5911 Shirley Mae Ln	0.70mi	3/1.5 (+1)	1,081 (+4%)	20mo	$214,000	$198	37
7519 Dyer St	0.64mi	3/2.0 (+1)	1,175 (+13%)	14mo	$185,250	$158	28

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 · 2.1% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.58×
• Total profit: $-14,017
• Equity at exit: $17,892

10-year hold

• IRR: -3.9%
• Equity multiple: 0.75×
• Total profit: $-8,273
• Equity at exit: $10,375

Cash invested: $33,600 (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 77091

• Home prices YoY: -24.9%
• Rents YoY: 2.1%
• Active inventory: 675
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,369 high
• Mortgage (P&I): −$629
• Tax from tax record: −$233 /mo · $2,798/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $103

Break-even live

Break-even rent $1,239

Max offer price $120,000

Occupancy floor 88%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2602 Dalview St Unit B Houston, TX	2.0	1.0	800	$1,400	$1.75	43d	1	0.29mi
7200 T C Jester Blvd Houston, TX	1.0–3.0	1.0–2.0	1102	$1,275	$1.16	2d	8	0.58mi
7200 T C Jester Blvd Houston, TX	1.0–3.0	1.0–2.0	970	$1,188	$1.22	22d	9	0.58mi
1825 W Little York Rd Houston, TX	2.0	1.0	787	$880	$1.12	43d	1	0.60mi
7903 Moon Beam St Houston, TX	3.0	2.5	1217	$1,700	$1.40	17d	1	0.69mi
8101 Venus St Unit A Houston, TX	3.0	2.0	1375	$1,699	$1.24	24d	1	0.84mi
8101 Venus St Unit B Houston, TX	3.0	2.0	1375	$1,595	$1.16	24d	1	0.84mi
2407 Ferguson Way Houston, TX	3.0	2.5	1195	$1,650	$1.38	43d	1	1.09mi
2303 W Tidwell Rd Houston, TX	2.0–3.0	2.0	1061	$995	$0.94	3d	3	1.23mi
5550 Holly View Dr Houston, TX	1.0–2.0	1.0–2.0	698	$1,025	$1.47	24d	17	1.28mi
5555 Holly View Dr Houston, TX	1.0–2.0	1.0–2.0	770	$1,315	$1.71	15d	15	1.34mi
1464 Ferguson Way Houston, TX	2.0	3.0	850	$1,850	$2.18	43d	1	1.40mi
5500 De Soto St Unit 424 Houston, TX	2.0	2.0	830	$1,301	$1.57	7d	1	1.40mi
5500 De Soto St Unit 2112 Houston, TX	2.0	2.0	830	$1,293	$1.56	2d	1	1.40mi
5500 De Soto St Unit 5557 Houston, TX	2.0	2.0	830	$1,325	$1.60	10d	1	1.40mi
6246 Antoine Dr Houston, TX	1.0	1.0	742	$860	$1.16	43d	1	1.43mi
6240 Antoine Dr Unit 6273 Houston, TX	3.0	2.0	1484	$1,432	$0.96	2d	1	1.44mi
6240 Antoine Dr Unit 6261 Houston, TX	1.0	1.0	742	$782	$1.05	2d	1	1.44mi
6240 Antoine Dr Unit 6261 Houston, TX	1.0	1.0	742	$820	$1.11	12d	1	1.44mi
6240 Antoine Dr Unit 422 Houston, TX	2.0	2.0	890	$989	$1.11	7d	1	1.44mi
6240 Antoine Dr Houston, TX	1.0	1.0	742	$774	$1.04	12d	1	1.48mi
5950 Antoine Dr Houston, TX	1.0–2.0	1.0–2.0	795	$1,347	$1.69	22d	1	1.49mi
6240 Antoine Dr Unit 2047 Houston, TX	2.0	2.0	890	$981	$1.10	2d	1	1.49mi
6240 Antoine Dr Unit 1047 Houston, TX	1.0	1.0	742	$825	$1.11	11d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $120,000 Active 85 DOM
2. 2026-06-17
   days on market $120,000 Active 84 DOM
3. 2026-06-16
   days on market $120,000 Active 83 DOM
4. 2026-06-15
   days on market $120,000 Active 82 DOM
5. 2026-06-13
   days on market $120,000 Active 80 DOM
6. 2026-06-13
   days on market $120,000 Active 79 DOM
7. 2026-06-09
   days on market $120,000 Active 76 DOM
8. 2026-06-08
   days on market $120,000 Active 75 DOM
9. 2026-06-07
   days on market $120,000 Active 74 DOM
10. 2026-06-04
    days on market $120,000 Active 71 DOM
11. 2026-06-03
    days on market $120,000 Active 70 DOM
12. 2026-06-02
    days on market $120,000 Active 69 DOM
13. 2026-06-01
    days on market $120,000 Active 68 DOM
14. 2026-05-31
    days on market $120,000 Active 67 DOM
15. 2026-03-25
    listed $120,000 Active 429-char remark

    Show marketing remark (429 chars)

    This quaint residence is full of character, waiting for a personal touch. With three bedrooms and one bath, this corner lot property offers ample potential. The home is ready for updates; the kitchen boasts generous counter space. Washer and dryer connections are conveniently located inside. Stay cool with window air conditioning units. Ideal for homeowners or investors looking to add value. Buyer to verify room measurements.

ⓘ 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: $2,798 · $233/mo
• Projected year-2 tax: $2,798 · $233/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 ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,430
• − Mortgage interest: −$6,722
• − Property taxes: −$2,798
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$3,491
• Taxable loss: −$607
• Est. tax savings @ 24.0%: +$146
• After-tax cash flow: $1,379/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: Aldine ISD
• NCES district ID: 4807710
• Math proficiency: 16% ▼ -23.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $37,081
• Composite: 15.42/100
• National rank: #9317
• State rank: #790 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): 28,728
• Household income: $35,432
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 3210.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 46% Black 45% Two or more races 15% White 7%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Italian 1%
• Foreign-born: 24% · Canada, Jamaica
• Languages at home: 55% English-only · Spanish 41% French/Haitian/Cajun 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: ▼ -94.19%
• Current HPI: 283.7523
• Rent YoY: ▲ 2.10%
• 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

1 event — show timeline

• 2026-03-25 Listed $120,000 HARMLS

Property tax history

+13.1%/yr

Latest (2025): $2,798 · +20.5% YoY. Source: county tax records.