1408 S Friendswood Dr #202 · Friendswood, TX 77546

$359,000

4 bd · 2.5 ba · 2,393 sqft · Townhouse public records · 14 Days on market

Built 2002 2,549 sqft lot Est $416k · 14% under $273/mo HOA · 8% 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 +13.7/15.0
• Cash flow +9.5/30.0
• Schools +6.1/10.0
• 1% rule +4.3/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SPACIOUS TOWNHOME IN A VERY DESIRABLE TOWNHOME COMPLEX - FRIENDSWOOD SCHOOLS - EASY ACCESS TO SHOPS AND BUSINESSES IN THE AREA - GATED COMMUNITY WITH A POOL - TWO STORY TOWNHOME WITH A LIVING AREA DOWN AND A LARGE LOFT/GAMEROOM UP - PRIMARY BEDROOM SUITE IS DOWNSTAIRS - THREE BEDROOMS UP WITH A HOLLYWOOD BATH BETWEEN TWO OF THE BEDROOMS - UNIT HAS BEEN REPAINTED RECENTLY - APPLIANCES WERE REPLACED APPROXIMATELY TWO YEARS AGO - GRANITE COUNTERTOPS IN THE KITCHEN - SMALL YARD AREA OFF THE BACK DOOR - INSIDE UTILITY - A RARE FIND IN FRIENDSWOOD THAT IS WAITING TO BE OCCUPIED BY A HOMEOWNER - VACANT AND EAST TO VIEW

Key facts

• Covered porch
• Impressive foyer
• Soaring ceiling

Tags

• COVERED PORCH
• IMPRESSIVE FOYER
• SOARING CEILING
• RECESSED LIGHTING
• WOOD LOOK TILE FLOORS
• OPEN LIVING SPACE

Property features AI

Finance

• Other: Full ownership
• HOA & community: Association: Associa; Monthly association fee; Association amenities include controlled access, grounds maintenance, and pool; Association fee covers common area maintenance, grounds maintenance, structure maintenance, and recreation facilities

Exterior

• Parking: Attached 2-car garage; Garage with automatic opener; Controlled entrance
• Security: Prewired for security; Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential property; 2 stories; Built in 2002; Slab foundation; Brick and wood siding construction; Composition roof
• Construction: Brick and wood siding exterior; Slab foundation; Composition roof; Built in 2002
• Exterior features: Deck; Patio; Private fenced yard; Association pool

Interior

• Kitchen: Electric oven and range; Microwave; Dishwasher; Disposal; Granite counters; Pantry; Breakfast bar
• Bedrooms: Primary bedroom on first floor (15 x 15); Three additional bedrooms on second floor (14 x 11, 14 x 11, 15 x 12); Total possible bedrooms: 4
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom on first floor
• Heating & cooling: Central heating (gas); Central electric air conditioning; Programmable thermostat
• Interior features: Gas fireplace; Breakfast bar; Double vanity; Granite counters; High ceilings; Pantry; Tub with shower; Vanity; Window treatments; Ceiling fans; Programmable thermostat; Window coverings
• Laundry & utility: Laundry in utility room; Washer and dryer included; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $359k.

Deal economics

• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $332k (7.4% below list).
• Recommended offer: $315k (12.2% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 2.3% in Friendswood — 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 70/100 on livability (#338 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Friendswood ISD (suburban): math 64% / reading 65% proficiency, ranked #15 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Friendswood J H (math 62% / reading 59%, grade B+, #154 of 1,662 statewide, top 9%, 1,467 students, 0% FRL); Friendswood H S (math 61% / reading 76%, grade B, #144 of 1,632 statewide, top 9%, 1,980 students, 0% FRL).
• Market conditions: Rents rising (+2.7%/yr); 502 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($124k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 18y 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

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,227 (12.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.96%
• DSCR: 0.87
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $416,382
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1408 S Friendswood Dr #105	0.03mi	3/2.5 (-1)	2,045 (-14%)	1mo	$325,000	$159	69
209 Victoria Way	0.43mi	3/2.5 (-1)	2,472 (+3%)	23mo	$429,000	$174	50

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-74,531
• Equity at exit: $53,528

10-year hold

• IRR: -15.6%
• Equity multiple: 0.13×
• Total profit: $-87,578
• Equity at exit: $31,040

Cash invested: $100,520 (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 77546

• Rents YoY: 2.7%
• Active inventory: 502
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,324 medium
• Mortgage (P&I): −$1,883
• Tax from tax record: −$569 /mo · $6,825/yr
• Insurance: −$150
• HOA: −$273
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $-248

Break-even live

Break-even rent $3,638

Max offer price $315,227

Occupancy floor —

Sensitivity live

Price	-10% $-45	-5% $-146	+0% $-248	+5% $-349	+10% $-451
Rent	-10% $-510	-5% $-379	+0% $-248	+5% $-116	+10% $15
Rate	-1.0pp $-67	-0.5pp $-156	base $-248	+0.5pp $-341	+1.0pp $-435

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	17d	1	0.06mi
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	16d	1	0.06mi
16906 Barcelona Dr Friendswood, TX	4.0	2.0	1693	$8,750	$5.17	22d	1	1.32mi
16906 Barcelona Dr Unit 1019600P Friendswood, TX	4.0	2.0	1689	$7,985	$4.73	6d	1	1.32mi
17155 Barcelona Dr Unit 1019602P Friendswood, TX	5.0	2.0	1700	$14,489	$8.52	44d	1	1.36mi
17155 Barcelona Dr Friendswood, TX	5.0	2.0	1704	$8,750	$5.13	22d	1	1.36mi

HOA detail

• Monthly dues: $273 · $3,276/yr
• Likely covers: poolsecurity

Listing history 9 events

1. 2026-06-18
   days on market $359,000 Active 14 DOM
2. 2026-06-17
   days on market $359,000 Active 13 DOM
3. 2026-06-16
   days on market $359,000 Active 12 DOM
4. 2026-06-15
   days on market $359,000 Active 11 DOM
5. 2026-06-13
   days on market $359,000 Active 9 DOM
6. 2026-06-09
   days on market $359,000 Active 5 DOM
7. 2026-06-08
   days on market $359,000 Active 4 DOM
8. 2026-06-07
   remarks 675-char remark
9. 2026-06-07
   listed $359,000 Active 3 DOM

ⓘ 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: $6,825 · $569/mo
• Projected year-2 tax: $6,825 · $569/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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,891
• − Mortgage interest: −$20,110
• − Property taxes: −$6,825
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,191
• − Management: −$3,191
• − HOA: −$3,276
• − Depreciation: −$10,444
• Taxable loss: −$8,941
• Est. tax savings @ 24.0%: +$2,146
• After-tax cash flow: $-828/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: Friendswood ISD
• NCES district ID: 4819950
• Math proficiency: 64% ▼ -12.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $109,699
• Composite: 60.52/100
• National rank: #841
• State rank: #15 of 826 in TX

Livability — Friendswood

• Score: 70/100
• State rank: #338
• US rank: #7362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendswood, TX
• County: Galveston County · 357,330 people
• City population: 54,789
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 54,789
• Household income: $123,756
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 1350.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 11% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -160.03%
• Current HPI: 243.7934
• Rent YoY: ▲ 2.74%
• 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

+93.0% since first listed

17 events — show timeline

• 2026-06-04 Listed $359,000 HARMLS
• 2023-05-19 Sold (Public Records) — Public Records
• 2023-05-19 Sold (MLS) — HARMLS
• 2023-04-26 Pending — HARMLS
• 2023-04-20 Price Changed $325,000 HARMLS
• 2023-02-09 Relisted — HARMLS
• 2023-01-19 Pending — HARMLS
• 2022-11-08 Price Changed $350,000 HARMLS
• 2022-09-02 Listed $379,900 HARMLS
• 2020-06-22 Listing Removed — HARMLS
• 2020-03-19 Listed $269,500 HARMLS
• 2010-02-06 Listing Removed — HARMLS
• 2010-02-02 Listed $184,900 HARMLS
• 2010-01-08 Listing Removed — HARMLS
• 2009-07-25 Listing Removed — HARMLS
• 2009-07-25 Listed $184,900 HARMLS
• 2008-09-20 Listed $186,000 HARMLS

Property tax history

+3.7%/yr

Latest (2025): $6,825 · +9.2% YoY. Source: county tax records.