22318 Meadowgate Dr · Spring, TX 77373

$225,000

4 bd · 2.0 ba · 1,566 sqft · SingleFamily public records · 59 Days on market

Built 1975 6,930 sqft lot $144/sqft · 5% above area Est $213k · 5% over $25/mo HOA · 1% 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).

• Cash flow +19.5/30.0
• 1% rule +6.2/10.0
• DSCR +6.1/10.0
• ARV discount +5.1/15.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated 4-bedroom, 2-bath home offering a spacious open-concept design perfect for modern living. The inviting living area features a cozy fireplace, creating the ideal focal point for relaxing or entertaining. The updated kitchen flows seamlessly into the main living and dining spaces, providing both style and functionality. Enjoy generous-sized bedrooms with ample closet space, along with updated finishes throughout the home. The primary suite offers comfort and privacy, while the additional bedrooms provide flexibility for guests, a home office, or hobbies. Step outside to a well-sized yard, perfect for outdoor gatherings or quiet evenings. This move-in ready home combines co

Key facts

• 6,930 sq ft lot
• 2 garage spots
• Built 1975

Property features AI

Finance

• HOA & community: Association: Consolidted Management Services; Annual association fee of $300

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Residential property; Single-story (all bedrooms on first floor)
• Construction: Built in 1975; Brick construction; Composition roof; Slab foundation
• Exterior features: Located in a subdivision

Interior

• Kitchen: Dishwasher; Free-standing range; Oven; Disposal
• Bedrooms: Primary bedroom on the first floor; Three additional bedrooms on the first floor
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Granite counters; One fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.5% in Spring — 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 (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D, amenities F, commute F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Anderson El (math 26% / reading 29%, grade F, #2,768 of 4,322 statewide, top 65%, 501 students, 81% FRL); Dueitt Middle (math 12% / reading 23%, grade F, #1,507 of 1,662 statewide, top 91%, 773 students, 84% FRL); Spring H S (math 12% / reading 21%, grade F, #1,497 of 1,632 statewide, top 92%, 2,760 students, 72% FRL).
• Market conditions: Rents soft (-0.3%/yr); 603 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 34% of the median local income ($89k/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 $7k 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 59 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $66k; list at $225k implies a 241% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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 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: 1.12% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.83%
• DSCR: 1.21
• GRM: 7.4

CMA / ARV

• ARV (median comp): $213,418
• List price: $225,000
• Delta: 5.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5715 Walnutgate Dr	0.17mi	3/2.0 (-1)	1,565 (-0%)	4mo	$220,000	$141	84
5603 Rivergate Dr	0.11mi	3/2.0 (-1)	1,537 (-2%)	20mo	$190,000	$124	70
22731 Melham Ln	0.42mi	3/2.0 (-1)	1,533 (-2%)	13mo	$190,000	$124	61
6422 Brookgate Dr	0.64mi	3/2.0 (-1)	1,446 (-8%)	12mo	$187,900	$130	42
22510 Arborgate Dr	0.72mi	4/2.0	1,420 (-9%)	18mo	$190,000	$134	36
6410 Archgate Dr	0.70mi	3/2.0 (-1)	1,728 (+10%)	22mo	$234,999	$136	27

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: -12.5%
• Equity multiple: 0.56×
• Total profit: $-27,546
• Equity at exit: $33,548

10-year hold

• IRR: -9.4%
• Equity multiple: 0.51×
• Total profit: $-31,117
• Equity at exit: $19,454

Cash invested: $63,000 (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 77373

• Rents YoY: -0.3%
• Active inventory: 603
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,519 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$438 /mo · $5,253/yr
• Insurance: −$94
• HOA: −$25
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $254

Break-even live

Break-even rent $2,198

Max offer price $225,000

Occupancy floor 85%

Sensitivity live

Price	-10% $381	-5% $317	+0% $254	+5% $190	+10% $126
Rent	-10% $55	-5% $154	+0% $254	+5% $353	+10% $452
Rate	-1.0pp $367	-0.5pp $311	base $254	+0.5pp $195	+1.0pp $136

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 26 events

1. 2026-06-21
   days on market $225,000 Active 59 DOM
2. 2026-06-18
   days on market $225,000 Active 56 DOM
3. 2026-06-17
   days on market $225,000 Active 55 DOM
4. 2026-06-16
   days on market $225,000 Active 54 DOM
5. 2026-06-15
   days on market $225,000 Active 53 DOM
6. 2026-06-13
   days on market $225,000 Active 51 DOM
7. 2026-06-13
   days on market $225,000 Active 50 DOM
8. 2026-06-09
   days on market $225,000 Active 47 DOM
9. 2026-06-08
   days on market $225,000 Active 46 DOM
10. 2026-06-07
    days on market $225,000 Active 45 DOM
11. 2026-06-04
    days on market $225,000 Active 42 DOM
12. 2026-06-03
    days on market $225,000 Active 41 DOM
13. 2026-06-02
    days on market $225,000 Active 40 DOM
14. 2026-06-01
    days on market $225,000 Active 39 DOM
15. 2026-05-31
    days on market $225,000 Active 38 DOM
16. 2026-04-23
    listed $225,000 Active 787-char remark
17. 2026-04-14
    historical $1,750
18. 2026-04-07
    listed $1,750
19. 2026-03-07
    historical $1,750
20. 2025-11-27
    price $1,750
21. 2025-10-01
    listed $1,850
22. 2023-08-12
    historical $1,650
23. 2023-08-05
    listed $1,650
24. 2017-06-22
    soldstatus
25. 1998-12-01
    soldstatus
26. 1998-11-01
    soldstatus $66,000

ⓘ 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: $5,253 · $438/mo
• Projected year-2 tax: $5,253 · $438/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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 25 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: $30,226
• − Mortgage interest: −$12,603
• − Property taxes: −$5,253
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,418
• − Management: −$2,418
• − HOA: −$300
• − Depreciation: −$6,545
• Taxable loss: −$437
• Est. tax savings @ 24.0%: +$105
• After-tax cash flow: $3,147/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 ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% 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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+240.9% since first listed

11 events — show timeline

• 2026-04-23 Listed $225,000 HARMLS
• 2026-04-14 Rental Removed $1,750 HARMLS
• 2026-04-07 Listed for Rent $1,750 HARMLS
• 2026-03-07 Rental Removed $1,750 HARMLS
• 2025-11-27 Price Changed $1,750 HARMLS
• 2025-10-01 Listed for Rent $1,850 HARMLS
• 2023-08-12 Rental Removed $1,650 HARMLS
• 2023-08-05 Listed for Rent $1,650 HARMLS
• 2017-06-22 Sold (Public Records) — Public Records
• 1998-12-01 Sold (Public Records) — Public Records
• 1998-11-01 Sold (Public Records) $66,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $5,253 · +2.0% YoY. Source: county tax records.