2511 Rosalie St · Houston, TX 77004

$479,900

8 bd · 4.0 ba · 2,712 sqft · MultiFamily · 192 Days on market

Built 1948 2,500 sqft lot $177/sqft · at area comps Est $475k · at est.

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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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.0/15.0
• 1% rule +6.8/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional Value in the heart of Houston's emerging Third Ward! Ideal for an owner-operator, investor, or small-scale developer seeking opportunities in Houston’s urban core. This fully leased 4-plex (each unit: 2 bed / 1 bath) is paired with the adjoining 2550 SF lot, offering added flexibility and strong expansion potential. Just steps from Emancipation Park and minutes from UH, TSU, Downtown, Midtown, and the Medical Center this location supports consistent rental demand and long-term growth. With recent updates including fresh paint, flooring, A/C units, a metal gate, and security system already in place, this property is turnkey with minimal deferred maintenance and is an ideal investment offering solid cash flow and long-term upside.

Key facts

• Adjoining lot
• Near tsu
• Near uofh

Tags

• FULLY LEASED FOURPLEX
• ADJOINING LOT
• EXCELLENT LOCATION
• NEAR EMANCIPATION PARK
• NEAR UOFH
• NEAR TSU

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $480k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $290/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $480k).
• Recommended offer: $422k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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 soft (-0.3%/yr); 581 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $5,664/mo this rent would consume 95% 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 $3k of loan paydown is wiped out by about $14k 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 192 days — a 12% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago 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: built in 1948 — 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 $422,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.34%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $474,653
• List price: $479,900
• Delta: 1.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2803 Cleburne St #4	0.57mi	8/—	2,576 (-5%)	7mo	$590,000	$229	60

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: -4.2%
• Equity multiple: 0.85×
• Total profit: $-20,519
• Equity at exit: $71,555

10-year hold

• IRR: 1.6%
• Equity multiple: 1.10×
• Total profit: $13,307
• Equity at exit: $41,493

Cash invested: $134,372 (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: 28.2×

Monthly cashflow live

• Estimated rent: $5,664 high
• Mortgage (P&I): −$2,517
• Tax est. 1.5%: −$600 /mo · $7,198/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,189
• Net cashflow: $1,158

Break-even live

Break-even rent $4,198

Max offer price $479,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,664
Total (4 units)			$5,664

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: $119,975
• Closing costs: $14,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3512 Canfield St Houston, TX	8.0	9.0	3500	$950	$0.27	7d	1	0.90mi

Listing history 26 events

1. 2026-06-18
   days on market $479,900 Active 192 DOM
2. 2026-06-17
   days on market $479,900 Active 191 DOM
3. 2026-06-16
   days on market $479,900 Active 190 DOM
4. 2026-06-15
   days on market $479,900 Active 189 DOM
5. 2026-06-13
   days on market $479,900 Active 187 DOM
6. 2026-06-10
   days on market $479,900 Active 183 DOM
7. 2026-06-08
   days on market $479,900 Active 182 DOM
8. 2026-06-07
   pricedays on market $479,900 Active 181 DOM
9. 2026-06-04
   days on market $495,500 Active 178 DOM
10. 2026-06-01
    days on market $495,500 Active 175 DOM
11. 2026-05-31
    days on market $495,500 Active 174 DOM
12. 2026-03-16
    status Active 756-char remark

    Show marketing remark (756 chars)

    Exceptional Value in the heart of Houston's emerging Third Ward! Ideal for an owner-operator, investor, or small-scale developer seeking opportunities in Houston’s urban core. This fully leased 4-plex (each unit: 2 bed / 1 bath) is paired with the adjoining 2550 SF lot, offering added flexibility and strong expansion potential. Just steps from Emancipation Park and minutes from UH, TSU, Downtown, Midtown, and the Medical Center this location supports consistent rental demand and long-term growth. With recent updates including fresh paint, flooring, A/C units, a metal gate, and security system already in place, this property is turnkey with minimal deferred maintenance and is an ideal investment offering solid cash flow and long-term upside.

13. 2026-01-21
    status Pending 756-char remark

    Show marketing remark (756 chars)

    Exceptional Value in the heart of Houston's emerging Third Ward! Ideal for an owner-operator, investor, or small-scale developer seeking opportunities in Houston’s urban core. This fully leased 4-plex (each unit: 2 bed / 1 bath) is paired with the adjoining 2550 SF lot, offering added flexibility and strong expansion potential. Just steps from Emancipation Park and minutes from UH, TSU, Downtown, Midtown, and the Medical Center this location supports consistent rental demand and long-term growth. With recent updates including fresh paint, flooring, A/C units, a metal gate, and security system already in place, this property is turnkey with minimal deferred maintenance and is an ideal investment offering solid cash flow and long-term upside.

14. 2026-01-13
    status Pending 756-char remark

    Show marketing remark (756 chars)

    Exceptional Value in the heart of Houston's emerging Third Ward! Ideal for an owner-operator, investor, or small-scale developer seeking opportunities in Houston’s urban core. This fully leased 4-plex (each unit: 2 bed / 1 bath) is paired with the adjoining 2550 SF lot, offering added flexibility and strong expansion potential. Just steps from Emancipation Park and minutes from UH, TSU, Downtown, Midtown, and the Medical Center this location supports consistent rental demand and long-term growth. With recent updates including fresh paint, flooring, A/C units, a metal gate, and security system already in place, this property is turnkey with minimal deferred maintenance and is an ideal investment offering solid cash flow and long-term upside.

15. 2025-10-14
    listed $495,500 Active 756-char remark

    Show marketing remark (756 chars)

    Exceptional Value in the heart of Houston's emerging Third Ward! Ideal for an owner-operator, investor, or small-scale developer seeking opportunities in Houston’s urban core. This fully leased 4-plex (each unit: 2 bed / 1 bath) is paired with the adjoining 2550 SF lot, offering added flexibility and strong expansion potential. Just steps from Emancipation Park and minutes from UH, TSU, Downtown, Midtown, and the Medical Center this location supports consistent rental demand and long-term growth. With recent updates including fresh paint, flooring, A/C units, a metal gate, and security system already in place, this property is turnkey with minimal deferred maintenance and is an ideal investment offering solid cash flow and long-term upside.

16. 2015-08-31
    soldstatus Sold 306-char remark

    Show marketing remark (306 chars)

    Extensively Remodeled. Best multi-family in the area near Emancipation Park. 4 x two bedroom- one bath units. Washer/Dryer, and refrigerator. Two (2) off street parking space on adjoining lot. Window ac-heat units. Includes 2505 Rosalie. $2525 monthly rent. Drive by, showing serious qualified buyers only.

17. 2015-07-31
    status Pending, Continue to Show 306-char remark

    Show marketing remark (306 chars)

    Extensively Remodeled. Best multi-family in the area near Emancipation Park. 4 x two bedroom- one bath units. Washer/Dryer, and refrigerator. Two (2) off street parking space on adjoining lot. Window ac-heat units. Includes 2505 Rosalie. $2525 monthly rent. Drive by, showing serious qualified buyers only.

18. 2015-07-20
    status Option Pending 306-char remark

    Show marketing remark (306 chars)

    Extensively Remodeled. Best multi-family in the area near Emancipation Park. 4 x two bedroom- one bath units. Washer/Dryer, and refrigerator. Two (2) off street parking space on adjoining lot. Window ac-heat units. Includes 2505 Rosalie. $2525 monthly rent. Drive by, showing serious qualified buyers only.

19. 2015-07-16
    listed $260,000 Active 306-char remark

    Show marketing remark (306 chars)

    Extensively Remodeled. Best multi-family in the area near Emancipation Park. 4 x two bedroom- one bath units. Washer/Dryer, and refrigerator. Two (2) off street parking space on adjoining lot. Window ac-heat units. Includes 2505 Rosalie. $2525 monthly rent. Drive by, showing serious qualified buyers only.

20. 2012-05-16
    historical
21. 2011-10-06
    listed $114,900
22. 2010-06-14
    soldstatus
23. 2010-04-23
    historical
24. 2009-12-19
    listed $110,000
25. 2006-12-11
    historical
26. 2006-08-31
    listed $21,000

ⓘ 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) · 20% 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: $67,968
• − Mortgage interest: −$26,882
• − Property taxes: −$7,198
• − Insurance: −$2,400
• − Repairs & maintenance: −$5,437
• − Management: −$5,437
• − Depreciation: −$13,961
• Taxable income: $6,653
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $12,300/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

+2259.5% since first listed

15 events — show timeline

• 2026-03-16 Relisted — HARMLS
• 2026-01-21 Pending — HARMLS
• 2026-01-13 Pending — HARMLS
• 2025-10-14 Listed $495,500 HARMLS
• 2015-08-31 Sold (MLS) — HARMLS
• 2015-07-31 Pending — HARMLS
• 2015-07-20 Pending — HARMLS
• 2015-07-16 Listed $260,000 HARMLS
• 2012-05-16 Listing Removed — HARMLS
• 2011-10-06 Listed $114,900 HARMLS
• 2010-06-14 Sold (MLS) — HARMLS
• 2010-04-23 Listing Removed — HARMLS
• 2009-12-19 Listed $110,000 HARMLS
• 2006-12-11 Listing Removed — HARMLS
• 2006-08-31 Listed $21,000 HARMLS