2675 Gessner Dr · Houston, TX 77080

$3,399,999

2 bd · 2.0 ba · 1,036 sqft · MultiFamily · 137 Days on market

Built 1981 2.08 ac lot

---

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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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

Property Overview: 19 units- 13:2/2- and 6: 3/2-bedroom apartments for sale in the desirable Spring Branch neighborhood. These apartments feature a new and fresh timeless design, spacious living areas, and top-tier location. Perfect for investors looking for an updated property and a solid investment opportunity. Available Units: 2-Bedroom 2 baths Apartments: Spacious and well-designed, ideal for or professionals looking for extra space. Size: 1,036 sq ft 3-Bedroom Apartments: Perfect for growing families or those in need of more space, with oversized bedrooms and high-end finishes with vinyl wood floors and quartz countertops found throughout the units. Size: 1,271 sq ft Apartment Features: -New roofs throughout complex -New Exterior building paint -New parking lot striping -Newly done landscaping -Individual hot water heaters and HVAC systems Stylish Kitchens: High-quality cabinetry, premium countertops, and energy-efficient appliances

Key facts

• New roofs
• 2.08 acre lot
• Built 1981

Tags

• NEW ROOFS
• NEW EXTERIOR BUILDING PAINT
• NEW PARKING LOT STRIPING
• NEWLY DONE LANDSCAPING
• INDIVIDUAL HOT WATER HEATERS
• ENERGY EFFICIENT APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $3.40M.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($34k rent vs $3.40M).
• Recommended offer: $2.99M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Spring Branch ISD (urban): math 47% / reading 46% proficiency, ranked #215 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.6%/yr); 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $34,162/mo this rent would consume 660% of the median local household income ($62k/yr) (locally 2296% 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 $24k of loan paydown is wiped out by about $102k 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 137 days — a 12% lower offer ($2.99M) 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.

Risks & watch-outs

• 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 $2,991,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 7.53%
• Cash-on-cash: 4.40%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.9%
• Equity multiple: 0.55×
• Total profit: $-428,180
• Equity at exit: $506,951

10-year hold

• IRR: -9.3%
• Equity multiple: 0.50×
• Total profit: $-471,332
• Equity at exit: $293,970

Cash invested: $952,000 (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 77080

• Rents YoY: -1.6%
• Active inventory: 338
• Price-to-rent: 160.9×

Monthly cashflow live

• Estimated rent: $34,162 high
• Mortgage (P&I): −$17,830
• Tax est. 1.5%: −$4,250 /mo · $51,000/yr
• Insurance: −$1,417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,174
• Net cashflow: $3,491

Break-even live

Break-even rent $29,743

Max offer price $3,399,999

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 13× units	2	2	$22,893
▸ 6× units	3	2	$11,262
Total (19 units)			$34,162

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: $850,000
• Closing costs: $102,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2681 Gessner Rd Houston, TX	2.0	2.0	1036	$1,400	$1.35	43d	1	0.03mi
10100 Kempwood Dr Houston, TX	1.0	1.0	886	$1,574	$1.78	1d	28	0.30mi
9999 Kempwood Dr Houston, TX	1.0–2.0	1.0–2.0	932	$1,552	$1.66	43d	31	0.31mi
10105 Kempwood Dr Houston, TX	1.0–3.0	1.0–2.0	925	$1,224	$1.32	2d	24	0.32mi
10005 Kempwood Dr Houston, TX	2.0	2.0	1100	$1,213	$1.10	43d	1	0.41mi
10010 Kempwood Dr Houston, TX	1.0–2.0	1.0–2.0	755	$2,053	$2.72	43d	41	0.41mi
10000 Hammerly Blvd Unit 133 Houston, TX	1.0	1.0	910	$1,230	$1.35	24d	1	0.55mi
10000 Hammerly Blvd Unit 140 Houston, TX	2.0	2.0	910	$1,160	$1.27	24d	1	0.55mi
10221 Centrepark Dr Unit 10242 Houston, TX	1.0	1.0	717	$1,032	$1.44	14d	1	0.67mi
10221 Centrepark Dr Unit 10278 Houston, TX	2.0	2.0	1001	$1,198	$1.20	43d	1	0.67mi
10221 Centrepark Dr Unit 424 Houston, TX	2.0	2.0	1001	$1,367	$1.37	5d	1	0.67mi
10221 Centrepark Dr Unit 525 Houston, TX	3.0	2.0	1386	$2,047	$1.48	2d	1	0.67mi
10221 Centrepark Dr Unit 1112 Houston, TX	1.0	1.0	708	$1,085	$1.53	2d	1	0.67mi
10221 Centrepark Dr Unit 10295 Houston, TX	1.0	1.0	708	$1,127	$1.59	10d	1	0.67mi
10221 Centrepark Dr Unit 2174 Houston, TX	2.0	2.0	1001	$1,391	$1.39	10d	1	0.67mi
10221 Centrepark Dr Unit 10254 Houston, TX	3.0	2.0	1386	$2,014	$1.45	43d	1	0.67mi
10221 Centrepark Dr Unit 3174 Houston, TX	3.0	2.0	1386	$2,090	$1.51	11d	1	0.67mi
10221 Centrepark Dr Unit 2148 Houston, TX	2.0	2.0	1001	$1,359	$1.36	2d	1	0.67mi
10221 Centrepark Dr Houston, TX	1.0	1.0	717	$1,027	$1.43	14d	1	0.70mi
10580 Hammerly Blvd Houston, TX	1.0–4.0	1.0–2.5	987	$1,092	$1.11	1d	31	0.72mi
10227 Centrepark Dr Houston, TX	2.0	2.0	1148	$1,558	$1.36	43d	1	0.73mi
3125 Crestdale Dr Unit 1064 Houston, TX	3.0	2.0	1400	$1,399	$1.00	43d	1	0.76mi
3125 Crestdale Dr Unit 1436 Houston, TX	3.0	2.0	1450	$1,599	$1.10	43d	1	0.76mi
3125 Crestdale Dr Unit 2047 Houston, TX	2.0	2.0	900	$1,284	$1.43	11d	1	0.76mi
3125 Crestdale Dr Unit 2346 Houston, TX	3.0	2.0	1354	$1,499	$1.11	43d	1	0.76mi
3125 Crestdale Dr Unit 1362 Houston, TX	2.0	2.0	1011	$1,289	$1.27	43d	1	0.76mi
3125 Crestdale Dr Unit 2523 Houston, TX	2.0	2.0	1080	$1,299	$1.20	43d	1	0.76mi
3125 Crestdale Dr Unit 1006 Houston, TX	3.0	2.0	1500	$1,629	$1.09	43d	1	0.76mi
3125 Crestdale Dr Unit 1091 Houston, TX	3.0	2.0	1450	$1,500	$1.03	43d	1	0.76mi
3125 Crestdale Dr Unit 1006 Houston, TX	3.0	2.0	1495	$1,629	$1.09	24d	1	0.76mi
3125 Crestdale Dr Unit 1185 Houston, TX	2.0	2.0	1150	$1,249	$1.09	43d	1	0.76mi
3125 Crestdale Dr Unit 1057 Houston, TX	3.0	2.0	1241	$1,419	$1.14	43d	1	0.76mi
10333 Clay Rd Unit 10370 Houston, TX	2.0	2.0	1133	$1,804	$1.59	43d	1	0.80mi
10339 Clay Rd Unit 4054 Houston, TX	2.0	2.0	1096	$1,808	$1.65	43d	1	0.80mi
10333 Clay Rd Unit 425 Houston, TX	2.0	2.0	1133	$1,771	$1.56	2d	1	0.80mi
10333 Clay Rd Unit 2174 Houston, TX	2.0	2.0	1133	$1,803	$1.59	10d	1	0.80mi
10333 Clay Rd Unit 424 Houston, TX	2.0	2.0	1133	$1,779	$1.57	5d	1	0.80mi
3125 Crestdale Dr Houston, TX	3.0	3.0	1400	$1,749	$1.25	43d	1	0.85mi
3125 Crestdale Dr Unit 424 Houston, TX	2.0	2.0	900	$1,249	$1.39	5d	1	0.91mi
3125 Crestdale Dr Unit 2112 Houston, TX	2.0	2.0	900	$1,241	$1.38	2d	1	0.91mi

Listing history 3 events

1. 2026-01-09
   historical

   Show marketing remark (972 chars)

   Property Overview: 19 units- 13:2/2- and 6: 3/2-bedroom apartments for sale in the desirable Spring Branch neighborhood. These apartments feature a new and fresh timeless design, spacious living areas, and top-tier location. Perfect for investors looking for an updated property and a solid investment opportunity. Available Units: 2-Bedroom 2 baths Apartments: Spacious and well-designed, ideal for or professionals looking for extra space. Size: 1,036 sq ft 3-Bedroom Apartments: Perfect for growing families or those in need of more space, with oversized bedrooms and high-end finishes with vinyl wood floors and quartz countertops found throughout the units. Size: 1,271 sq ft Apartment Features: -New roofs throughout complex -New Exterior building paint -New parking lot striping -Newly done landscaping -Individual hot water heaters and HVAC systems Stylish Kitchens: High-quality cabinetry, premium countertops, and energy-efficient appliances

2. 2026-01-09
   listed $3,399,999 Active 972-char remark

   Show marketing remark (972 chars)

   Property Overview: 19 units- 13:2/2- and 6: 3/2-bedroom apartments for sale in the desirable Spring Branch neighborhood. These apartments feature a new and fresh timeless design, spacious living areas, and top-tier location. Perfect for investors looking for an updated property and a solid investment opportunity. Available Units: 2-Bedroom 2 baths Apartments: Spacious and well-designed, ideal for or professionals looking for extra space. Size: 1,036 sq ft 3-Bedroom Apartments: Perfect for growing families or those in need of more space, with oversized bedrooms and high-end finishes with vinyl wood floors and quartz countertops found throughout the units. Size: 1,271 sq ft Apartment Features: -New roofs throughout complex -New Exterior building paint -New parking lot striping -Newly done landscaping -Individual hot water heaters and HVAC systems Stylish Kitchens: High-quality cabinetry, premium countertops, and energy-efficient appliances

3. 2025-04-09
   listed $3,399,999 Active

ⓘ 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 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $409,944
• − Mortgage interest: −$190,453
• − Property taxes: −$51,000
• − Insurance: −$17,000
• − Repairs & maintenance: −$32,796
• − Management: −$32,796
• − Depreciation: −$98,909
• Taxable loss: −$13,009
• Est. tax savings @ 24.0%: +$3,122
• After-tax cash flow: $45,018/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: Spring Branch ISD
• NCES district ID: 4841100
• Math proficiency: 47% ▼ -4.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $60,311
• Composite: 40.88/100
• National rank: #3624
• State rank: #215 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): 47,638
• Household income: $62,134
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 2296.0

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: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Two or more races 19% White 18% Asian 5% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 44% Cuban 1%
• Common ancestry: Lithuanian 2% Romanian 1% Slovak 1%
• Foreign-born: 42% · Canada, Vietnam, South Korea
• Languages at home: 33% English-only · Spanish 62% Vietnamese 1% Other Indo-European 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: ▼ -240.33%
• Current HPI: 266.9663
• Rent YoY: ▼ -1.57%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-01-09 Listed $3,399,999 HARMLS
• 2026-01-09 Listing Removed — HARMLS
• 2025-04-09 Listed $3,399,999 HARMLS