1201 Johnson St · Pasadena, TX 77506

$367,700

6 bd · 5.0 ba · 2,940 sqft · MultiFamily public records · 324 Days on market

Built 1950 8,505 sqft lot $125/sqft · 27% below area Est $502k · 27% 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 +17.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +5.0/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

Key facts

• Fresh paint
• New flooring
• Investment property

Tags

• INVESTMENT PROPERTY
• HOUSE HACKING OPPORTUNITY
• NEW FLOORING
• GRANITE COUNTERTOPS
• FRESH PAINT
• NEW AC UNITS

What this means for you Summary

Snapshot

• This is a 6-bed/5.0-bath multifamily listed at $368k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/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 $366k (0.5% below list).
• Recommended offer: $324k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.4% in Pasadena — 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 66/100 on livability (#600 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Pasadena ISD (suburban): math 29% / reading 32% proficiency, ranked #612 of 826 in TX (top 74%) — 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: Morales El (math 12% / reading 17%, grade F, #4,048 of 4,322 statewide, top 95%, 426 students, 96% FRL); Bobby Shaw Middle (math 19% / reading 20%, grade F, #1,445 of 1,662 statewide, top 88%, 692 students, 95% FRL); Pasadena H S (math 41% / reading 31%, grade F, #930 of 1,632 statewide, top 57%, 2,221 students, 90% FRL) — zoned schools average 94% FRL vs 71% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 104 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 324 days — a 12% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 5y ago; this cycle's ask has dropped $41k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $323,576 (12.0% below list)

Questions for the listing agent

1. It's been on market 324 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

• ARV (median comp): $502,490
• List price: $367,700
• Delta: -26.82%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-40,730
• Equity at exit: $54,825

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-10,944
• Equity at exit: $31,792

Cash invested: $102,956 (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 77506

• Home prices YoY: -15.5%
• Active inventory: 104
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $3,659 high
• Mortgage (P&I): −$1,928
• Tax from tax record: −$515 /mo · $6,174/yr
• Insurance: −$153
• HOA: −$0
• Vacancy / Maint / Mgmt: −$768
• Net cashflow: $295

Break-even live

Break-even rent $3,286

Max offer price $367,700

Occupancy floor 87%

Sensitivity live

Price	-10% $503	-5% $399	+0% $295	+5% $191	+10% $86
Rent	-10% $6	-5% $150	+0% $295	+5% $439	+10% $584
Rate	-1.0pp $480	-0.5pp $388	base $295	+0.5pp $199	+1.0pp $102

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,660
Total (4 units)			$3,659

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: $91,925
• Closing costs: $11,031
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-10
   days on market $367,700 Active 324 DOM
2. 2026-06-08
   days on market $367,700 Active 323 DOM
3. 2026-06-07
   days on market $367,700 Active 322 DOM
4. 2026-06-04
   days on market $367,700 Active 319 DOM
5. 2026-06-03
   days on market $367,700 Active 318 DOM
6. 2026-06-02
   days on market $367,700 Active 317 DOM
7. 2026-06-01
   days on market $367,700 Active 316 DOM
8. 2026-05-31
   days on market $367,700 Active 315 DOM
9. 2026-03-05
   price $367,700 471-char remark

   Show marketing remark (471 chars)

   Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

10. 2026-01-01
    status Active 471-char remark

    Show marketing remark (471 chars)

    Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

11. 2025-12-31
    historical 471-char remark

    Show marketing remark (471 chars)

    Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

12. 2025-12-22
    price $379,000 471-char remark

    Show marketing remark (471 chars)

    Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

13. 2025-08-13
    price $399,900 471-char remark

    Show marketing remark (471 chars)

    Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

14. 2025-07-19
    listed $409,000 Active 471-char remark

    Show marketing remark (471 chars)

    Four-unit investment property in Pasadena, offering a promising "house hacking" opportunity. An owner-occupant can benefit from a new guideline on this type of property. Fully rented and recently renovated, the upgrades include new flooring, granite countertops, fresh paint, new AC units, plumbing, and ceiling fans. Located in a high-growth area with a robust rental market, this property presents an excellent investment opportunity for a strategic investor.

15. 2025-05-29
    historical
16. 2025-05-01
    historical $795
17. 2025-03-31
    price $419,900
18. 2025-03-16
    price $795
19. 2025-03-09
    price $895
20. 2025-02-25
    listed $925
21. 2025-02-03
    listed $425,000 Active
22. 2024-02-11
    historical
23. 2024-01-29
    status Active
24. 2024-01-28
    historical
25. 2023-12-25
    listed $489,000 Active
26. 2022-07-31
    historical
27. 2022-06-22
    listed $425,000 Active
28. 2022-05-27
    status Pending
29. 2022-05-24
    status Option Pending
30. 2022-05-23
    historical
31. 2022-05-10
    status Active
32. 2022-05-04
    status Option Pending
33. 2022-04-21
    listed $425,000 Active
34. 2021-11-11
    soldstatus
35. 2021-11-08
    soldstatus Sold
36. 2021-10-15
    status Pending
37. 2021-10-04
    listed $149,000 Active
38. 2021-08-12
    soldstatus
39. 1997-10-16
    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: $6,174 · $515/mo
• Projected year-2 tax: $6,729 · $561/mo
• Expected delta: +$555/yr (+$46/mo · 9.0%)

ⓘ 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 · 22 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: $43,908
• − Mortgage interest: −$20,597
• − Property taxes: −$6,174
• − Insurance: −$1,838
• − Repairs & maintenance: −$3,513
• − Management: −$3,513
• − Depreciation: −$10,697
• Taxable loss: −$2,424
• Est. tax savings @ 24.0%: +$582
• After-tax cash flow: $4,117/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: Pasadena ISD
• NCES district ID: 4834320
• Math proficiency: 29% ▼ -17.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,163
• Composite: 26.15/100
• National rank: #7275
• State rank: #612 of 826 in TX

Livability — Pasadena

• Score: 66/100
• State rank: #600
• US rank: #11438

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, TX
• City population: 109,190
• Population (ZIP): 35,243

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: Predominantly Hispanic (89%)
• Race & ethnicity: Hispanic / Latino 89% Two or more races 36% White 9% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 77%
• Common ancestry: Italian 1%
• Foreign-born: 39% · Canada
• Languages at home: 30% English-only · Spanish 69%

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: ▼ -57.82%
• Current HPI: 315.9695
• Rent YoY: —
• Metro: —
• 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

+146.8% since first listed

31 events — show timeline

• 2026-03-05 Price Changed $367,700 HARMLS
• 2026-01-01 Relisted — HARMLS
• 2025-12-31 Listing Removed — HARMLS
• 2025-12-22 Price Changed $379,000 HARMLS
• 2025-08-13 Price Changed $399,900 HARMLS
• 2025-07-19 Listed $409,000 HARMLS
• 2025-05-29 Listing Removed — HARMLS
• 2025-05-01 Rental Removed $795 HARMLS
• 2025-03-31 Price Changed $419,900 HARMLS
• 2025-03-16 Price Changed $795 HARMLS
• 2025-03-09 Price Changed $895 HARMLS
• 2025-02-25 Listed for Rent $925 HARMLS
• 2025-02-03 Listed $425,000 HARMLS
• 2024-02-11 Listing Removed — HARMLS
• 2024-01-29 Relisted — HARMLS
• 2024-01-28 Listing Removed — HARMLS
• 2023-12-25 Listed $489,000 HARMLS
• 2022-07-31 Listing Removed — HARMLS
• 2022-06-22 Listed $425,000 HARMLS
• 2022-05-27 Pending — HARMLS
• 2022-05-24 Pending — HARMLS
• 2022-05-23 Listing Removed — HARMLS
• 2022-05-10 Relisted — HARMLS
• 2022-05-04 Pending — HARMLS
• 2022-04-21 Listed $425,000 HARMLS
• 2021-11-11 Sold (Public Records) — Public Records
• 2021-11-08 Sold (MLS) — HARMLS
• 2021-10-15 Pending — HARMLS
• 2021-10-04 Listed $149,000 HARMLS
• 2021-08-12 Sold (Public Records) — Public Records
• 1997-10-16 Sold (Public Records) — Public Records

Property tax history

+8.0%/yr

Latest (2025): $6,174 · +17.9% YoY. Source: county tax records.