2120 El Paseo St #2422 · Houston, TX 77054

$82,000

1 bd · 1.0 ba · 588 sqft · Condo public records · 144 Days on market

Built 1982 $139/sqft · 17% below area Est $99k · 17% under $359/mo HOA · 34% of rent

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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).

• ARV discount +15.0/15.0
• 1% rule +7.7/10.0
• Cash flow +5.7/30.0
• Livability +3.7/5.0
• Appreciation +2.7/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• DSCR +0.1/10.0

Listing remarks MLS

Great starter home or perfect for a medical student, resident or fellowship located in the Houston Medical Center. Well maintained, beautiful wood laminate throughout the home. Attached balcony, wood burning fireplace, washer dryer and fridge stay with the home. Steps away from Tennis Courts and Swimming Poll. Gated entrance, assigned covered parking and furniture can stay if desired.

Key facts

• Attached balcony
• Tennis courts
• Swimming pool

Tags

• ATTACHED BALCONY
• WOOD BURNING FIREPLACE
• TENNIS COURTS
• SWIMMING POOL
• GATED ENTRANCE
• ASSIGNED COVERED PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $82k.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $53k (35.8% below list).
• Meets the 1% rule at list price ($1k rent vs $82k).
• Recommended offer: $53k (35.8% below list) — sets the bar for cash-flow.
• Cap rate 3.9% vs local median 3.2% in Houston — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Whidby El (math 17% / reading 22%, grade F, #3,583 of 4,322 statewide, top 86%, 394 students, 93% FRL); Cullen Middle (math 6% / reading 14%, grade F, #1,641 of 1,662 statewide, top 99%, 324 students, 100% FRL); Lamar H S (math 38% / reading 65%, grade D+, #478 of 1,632 statewide, top 29%, 3,125 students, 49% FRL).
• Market conditions: Rents soft (-2.8%/yr); 272 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $567 of loan paydown is wiped out by about $2k 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 144 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 25y 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.
• Current owner paid $24k; list at $82k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: moderate 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 $52,651 (35.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
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: 1.27% ✓
• Cap rate: 3.86%
• Cash-on-cash: -8.68%
• DSCR: 0.61
• GRM: 6.6

CMA / ARV

• ARV (median comp): $99,216
• List price: $82,000
• Delta: -17.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -38.2%
• Equity multiple: -0.16×
• Total profit: $-26,649
• Equity at exit: $12,226

10-year hold

• IRR: —
• Equity multiple: -1.07×
• Total profit: $-47,520
• Equity at exit: $7,090

Cash invested: $22,960 (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 77054

• Home prices YoY: -2.6%
• Rents YoY: -2.8%
• Active inventory: 272
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,043 high
• Mortgage (P&I): −$430
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$34
• HOA: −$359
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $-166

Break-even live

Break-even rent $1,253

Max offer price $52,651

Occupancy floor —

Sensitivity live

Price	-10% $-120	-5% $-143	+0% $-166	+5% $-189	+10% $-213
Rent	-10% $-249	-5% $-207	+0% $-166	+5% $-125	+10% $-84
Rate	-1.0pp $-125	-0.5pp $-145	base $-166	+0.5pp $-187	+1.0pp $-209

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8401 Almeda Rd Houston, TX	1.0	1.0	694	$1,265	$1.82	26d	1	0.08mi
2117 Holly Hall St Houston, TX	1.0	1.0	654	$1,000	$1.53	26d	1	0.25mi
2256 Holly Hall St Houston, TX	1.0	1.0	706	$947	$1.34	23d	1	0.28mi
2256 Holly Hall St Houston, TX	1.0	1.0	706	$947	$1.34	19d	1	0.28mi
8282 Cambridge St Unit 8303 Houston, TX	1.0	1.0	602	$815	$1.35	15d	1	0.31mi
8282 Cambridge St Unit 1162 Houston, TX	1.0	1.0	602	$775	$1.29	9d	1	0.31mi
8282 Cambridge St Unit 8333 Houston, TX	1.0	1.0	602	$764	$1.27	14d	1	0.31mi
8282 Cambridge St Unit 8356 Houston, TX	1.0	1.0	602	$764	$1.27	0d	1	0.31mi
7901 Cambridge St Houston, TX	1.0	1.0	432	$1,100	$2.55	23d	5	0.32mi
7901 Cambridge St Houston, TX	1.0	1.0	529	$1,150	$2.17	45d	6	0.32mi
8282 Cambridge St Houston, TX	1.0	1.0	602	$810	$1.35	15d	1	0.33mi
8380 El Mundo St Houston, TX	1.0–2.0	1.0–2.0	712	$948	$1.33	0d	26	0.37mi
1800 El Paseo St Houston, TX	1.0–2.0	1.0–2.0	750	$802	$1.07	0d	37	0.39mi
2111 Holly Hall St Houston, TX	1.0–3.0	1.0–3.0	974	$699	$0.72	1d	30	0.40mi
2750 Holly Hall St Houston, TX	1.0–2.0	1.0–2.0	704	$850	$1.21	3d	12	0.42mi
8383 El Mundo St Unit 8404 Houston, TX	1.0	1.0	737	$1,297	$1.76	15d	1	0.42mi
8383 El Mundo St Apt 321 Houston, TX	1.0	1.0	737	$1,148	$1.56	9d	1	0.42mi
8383 El Mundo St Unit 1148 Houston, TX	1.0	1.0	737	$1,137	$1.54	0d	1	0.42mi
8383 El Mundo St Unit 8457 Houston, TX	1.0	1.0	737	$1,187	$1.61	12d	1	0.42mi
8383 El Mundo St Unit 1174 Houston, TX	1.0	1.0	737	$1,178	$1.60	0d	1	0.42mi
8383 El Mundo St Houston, TX	1.0	1.0	737	$1,292	$1.75	15d	1	0.49mi
9000 Almeda Rd Houston, TX	1.0–2.0	1.0–2.0	927	$1,350	$1.46	0d	10	0.58mi
7892 Knight Rd Houston, TX	3.0	1.0–3.0	920	$1,818	$1.98	1d	14	0.61mi
8181 Fannin St Houston, TX	3.0	1.0–2.0	802	$1,327	$1.65	3d	33	0.65mi
7373 Ardmore St Houston, TX	1.0–3.0	1.0–2.0	1095	$1,165	$1.06	6d	24	0.74mi
7100 Almeda Rd Unit 1162 Houston, TX	1.0	1.0	575	$784	$1.36	9d	1	0.75mi
7100 Almeda Rd Unit 7121 Houston, TX	1.0	1.0	575	$859	$1.49	16d	1	0.75mi
7100 Almeda Rd Unit 7121 Houston, TX	1.0	1.0	575	$773	$1.34	0d	1	0.75mi
7100 Almeda Rd Houston, TX	1.0	1.0	575	$773	$1.34	14d	1	0.75mi
7100 Almeda Rd Unit 1047 Houston, TX	1.0	1.0	575	$814	$1.42	0d	1	0.76mi
7009 Almeda Rd Houston, TX	1.0–3.0	1.0–2.0	1043	$1,233	$1.18	1d	22	0.86mi
7110 Ardmore St Houston, TX	2.0	1.0–2.0	831	$1,678	$2.02	0d	17	0.91mi
1711 Old Spanish Trl Houston, TX	1.0–2.0	1.0–2.0	1078	$1,500	$1.39	21d	10	0.95mi
2828 Old Spanish Trl Houston, TX	1.0	1.0	709	$1,103	$1.56	14d	1	0.96mi
2828 Old Spanish Trl Unit 1112 Houston, TX	1.0	1.0	709	$1,103	$1.56	0d	1	0.96mi
2828 Old Spanish Trl Unit 1174 Houston, TX	1.0	1.0	709	$1,144	$1.61	0d	1	0.96mi
2828 Old Spanish Trl Unit 2849 Houston, TX	1.0	1.0	633	$1,149	$1.82	15d	1	0.96mi
2828 Old Spanish Trl Unit 2849 Houston, TX	1.0	1.0	709	$1,153	$1.63	12d	1	0.96mi
2828 Old Spanish Trl Apt 323 Houston, TX	1.0	1.0	709	$1,114	$1.57	9d	1	0.98mi
2828 Old Spanish Trl Unit 2879 Houston, TX	1.0	1.0	633	$1,144	$1.81	45d	1	0.98mi

HOA detail condo

• Monthly dues: $359 · $4,308/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-21
   days on market $82,000 Active 144 DOM
2. 2026-06-18
   days on market $82,000 Active 141 DOM
3. 2026-06-17
   days on market $82,000 Active 140 DOM
4. 2026-06-16
   days on market $82,000 Active 139 DOM
5. 2026-06-15
   days on market $82,000 Active 138 DOM
6. 2026-06-13
   days on market $82,000 Active 136 DOM
7. 2026-06-10
   days on market $82,000 Active 132 DOM
8. 2026-06-08
   days on market $82,000 Active 131 DOM
9. 2026-06-07
   days on market $82,000 Active 130 DOM
10. 2026-06-04
    days on market $82,000 Active 127 DOM
11. 2026-06-01
    days on market $82,000 Active 124 DOM
12. 2026-05-31
    days on market $82,000 Active 123 DOM
13. 2026-01-28
    listed $82,000 Active 389-char remark

    Show marketing remark (389 chars)

    Great starter home or perfect for a medical student, resident or fellowship located in the Houston Medical Center. Well maintained, beautiful wood laminate throughout the home. Attached balcony, wood burning fireplace, washer dryer and fridge stay with the home. Steps away from Tennis Courts and Swimming Poll. Gated entrance, assigned covered parking and furniture can stay if desired.

14. 2026-01-27
    historical
15. 2025-11-20
    status Active
16. 2025-11-09
    status Pending
17. 2025-09-30
    status Active
18. 2025-09-23
    status Pending
19. 2025-07-02
    listed $85,000 Active
20. 2025-06-24
    status Pending
21. 2025-06-07
    status Pending
22. 2025-05-31
    status Option Pending
23. 2025-05-30
    historical
24. 2025-05-01
    listed $85,000 Active
25. 2025-05-01
    historical
26. 2025-03-26
    price $88,500
27. 2025-03-14
    listed $95,000 Active
28. 2025-03-11
    historical
29. 2021-05-28
    soldstatus
30. 2021-05-26
    soldstatus Sold
31. 2021-05-10
    status Pending
32. 2021-04-30
    status Option Pending
33. 2021-04-16
    price $86,900
34. 2021-04-14
    listed $88,999 Active
35. 2016-08-02
    soldstatus Sold
36. 2016-08-02
    soldstatus
37. 2016-06-30
    status Pending
38. 2016-06-18
    status Option Pending
39. 2016-06-15
    status Active
40. 2016-06-10
    status Pending
41. 2016-06-02
    status Option Pending
42. 2016-05-25
    status Active
43. 2016-05-20
    status Option Pending
44. 2016-05-12
    listed $79,900 Active
45. 2010-07-07
    soldstatus
46. 2010-06-30
    soldstatus
47. 2010-06-15
    historical
48. 2010-04-12
    listed $60,000
49. 2006-08-11
    historical
50. 2006-06-02
    listed $56,500

ⓘ 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: $2,000 · $167/mo
• Projected year-2 tax: $2,000 · $167/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 5/10 Major FEMA zone X (unshaded) · 66% 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: $12,512
• − Mortgage interest: −$4,593
• − Property taxes: −$2,000
• − Insurance: −$410
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − HOA: −$4,308
• − Depreciation: −$2,385
• Taxable loss: −$3,187
• Est. tax savings @ 24.0%: +$765
• After-tax cash flow: $-1,229/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): 28,272
• Household income: $62,106
• Rent vs Own: 88.2% rent · 11.8% own
• Severe rent burden: 2814.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 41% Asian 22% White 20% Hispanic / Latino 14% Two or more races 10%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 29% · China, Canada, Jamaica
• Languages at home: 67% English-only · Spanish 9% Chinese 7% Other Indo-European 5%

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: ▼ -4.51%
• Current HPI: 170.4017
• Rent YoY: ▼ -2.82%
• 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

+248.9% since first listed

47 events — show timeline

• 2026-01-28 Listed $82,000 HARMLS
• 2026-01-27 Listing Removed — HARMLS
• 2025-11-20 Relisted — HARMLS
• 2025-11-09 Pending — HARMLS
• 2025-09-30 Relisted — HARMLS
• 2025-09-23 Pending — HARMLS
• 2025-07-02 Listed $85,000 HARMLS
• 2025-06-24 Pending — HARMLS
• 2025-06-07 Pending — HARMLS
• 2025-05-31 Pending — HARMLS
• 2025-05-30 Listing Removed — HARMLS
• 2025-05-01 Listing Removed — HARMLS
• 2025-05-01 Listed $85,000 HARMLS
• 2025-03-26 Price Changed $88,500 HARMLS
• 2025-03-14 Listed $95,000 HARMLS
• 2025-03-11 Coming Soon — HARMLS
• 2021-05-28 Sold (Public Records) — Public Records
• 2021-05-26 Sold (MLS) — HARMLS
• 2021-05-10 Pending — HARMLS
• 2021-04-30 Pending — HARMLS
• 2021-04-16 Price Changed $86,900 HARMLS
• 2021-04-14 Listed $88,999 HARMLS
• 2016-08-02 Sold (Public Records) — Public Records
• 2016-08-02 Sold (MLS) — HARMLS
• 2016-06-30 Pending — HARMLS
• 2016-06-18 Pending — HARMLS
• 2016-06-15 Relisted — HARMLS
• 2016-06-10 Pending — HARMLS
• 2016-06-02 Pending — HARMLS
• 2016-05-25 Relisted — HARMLS
• 2016-05-20 Pending — HARMLS
• 2016-05-12 Listed $79,900 HARMLS
• 2010-07-07 Sold (Public Records) — Public Records
• 2010-06-30 Sold (MLS) — HARMLS
• 2010-06-15 Listing Removed — HARMLS
• 2010-04-12 Listed $60,000 HARMLS
• 2006-08-11 Listing Removed — HARMLS
• 2006-06-02 Listed $56,500 HARMLS
• 2006-05-28 Listing Removed — HARMLS
• 2006-03-30 Listed $61,500 HARMLS
• 2005-09-05 Listing Removed — HARMLS
• 2005-06-29 Listed $61,000 HARMLS
• 2003-07-02 Sold (Public Records) — Public Records
• 2001-04-12 Listing Removed — HARMLS
• 2001-01-31 Listed $37,500 HARMLS
• 1999-03-25 Sold (Public Records) — Public Records
• 1989-06-01 Sold (Public Records) $23,500 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,000 · -2.4% YoY. Source: county tax records.