1501 Noble St #5 · Houston, TX 77009

$649,000

4 bd · 2.0 ba · 2,028 sqft · MultiFamily public records · 77 Days on market

Built 1935 5,000 sqft lot $320/sqft · 107% above area

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• 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: 5 units. estimate disagrees with records

Listing remarks MLS

1501 Noble Street is a 5-door, income-producing multi-family property featuring five units across three separate buildings, situated on a 5,000 sq ft corner lot. This property offers strong investment potential in a rapidly developing area. A Metro bus stop is located at the corner, with the Metro rail station just a 7-minute drive away, providing convenient access throughout the city. Located directly across from Sherman Elementary School and within walking distance to middle and high schools, the property is also near major freeways, the University of Houston, Downtown Houston, and the Galleria. An excellent opportunity for investors seeking steady income and long-term growth in a high-demand location.

Key facts

• Five units
• Metro rail station
• Corner lot

Tags

• FIVE UNITS
• CORNER LOT
• STRONG INVESTMENT POTENTIAL
• METRO BUS STOP
• METRO RAIL STATION
• WALKING DISTANCE TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 5 × 4-bed/2.0-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $517/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $649k).
• Recommended offer: $610k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.
• 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.
• Market conditions: Rents flat; 595 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $8,331/mo this rent would consume 120% of the median local household income ($83k/yr) (locally 994% 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 $4k of loan paydown is wiped out by about $19k 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.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $182k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago; this cycle's ask is 40590% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $610,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 1.28% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.06%
• DSCR: 1.76
• GRM: 6.5

CMA / ARV

• ARV (median comp): $313,122
• List price: $649,000
• Delta: 107.27%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1504 Luzon St	0.39mi	5/3.0 (+1)	1,880 (-7%)	13mo	$289,900	$154	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 · 0.84% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.23×
• Total profit: $41,482
• Equity at exit: $96,768

10-year hold

• IRR: 13.5%
• Equity multiple: 1.98×
• Total profit: $177,649
• Equity at exit: $56,114

Cash invested: $181,720 (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 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 32.5×

Monthly cashflow live

• Estimated rent: $8,331 medium
• Mortgage (P&I): −$3,403
• Tax from tax record: −$324 /mo · $3,889/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,750
• Net cashflow: $2,584

Break-even live

Break-even rent $5,061

Max offer price $649,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 5× units	4	2	$8,330
Total (5 units)			$8,331

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2706 Cochran St Houston, TX	3.0	3.5	1791	$2,700	$1.51	19d	1	0.39mi
2403 Everett St Unit A Houston, TX	3.0	3.5	2093	$2,800	$1.34	43d	1	0.62mi
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,354	$2.37	3d	42	0.67mi
410 James St Unit 1031793P Houston, TX	3.0	2.0	1593	$7,554	$4.74	15d	1	0.68mi
410 James St Houston, TX	3.0	2.0	1602	$6,750	$4.21	43d	1	0.69mi
1307 Bayou St Unit B Houston, TX	3.0	3.0	1814	$2,400	$1.32	7d	1	1.07mi
1303 Bayou St Unit C Houston, TX	3.0	3.0	1869	$3,200	$1.71	43d	1	1.08mi
1513 Cage St Houston, TX	3.0	2.0	1467	$1,550	$1.06	43d	1	1.14mi
2905 Baer St Unit 1047953P Houston, TX	3.0	2.5	1991	$3,094	$1.55	5d	1	1.17mi
611 Sydnor St Houston, TX	3.0	4.0	2157	$2,400	$1.11	43d	1	1.26mi
1039 Hillstar St Houston, TX	3.0	2.5	1780	$2,750	$1.54	11d	1	1.30mi
3410 Baer St Houston, TX	3.0	4.0	2040	$3,500	$1.72	43d	1	1.41mi
2114 Sabine St Unit 1257735P Houston, TX	3.0	3.5	2594	$6,588	$2.54	43d	1	1.41mi
2114 Sabine St Houston, TX	3.0	4.0	2020	$3,200	$1.58	43d	1	1.41mi
3419 Gillespie St Houston, TX	3.0	3.5	2168	$2,300	$1.06	43d	1	1.43mi
2115 Runnels St Unit 3187 Houston, TX	3.0	2.0	1839	$3,013	$1.64	2d	1	1.43mi
2115 Runnels St Unit 3174 Houston, TX	3.0	2.0	1839	$3,056	$1.66	11d	1	1.43mi
2115 Runnels St Unit 2148 Houston, TX	3.0	2.0	1839	$3,045	$1.66	10d	1	1.43mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,973	$3.71	43d	1	1.44mi
414 Milam St Unit 3165 Houston, TX	3.0	2.0	2421	$8,959	$3.70	2d	1	1.44mi
414 Milam St Unit 510 Houston, TX	3.0	2.0	2421	$9,230	$3.81	13d	1	1.44mi
414 Milam St Unit 447 Houston, TX	3.0	2.0	2421	$8,991	$3.71	10d	1	1.44mi
308 Grove St Houston, TX	3.0	3.0	1701	$2,350	$1.38	7d	1	1.45mi
1524 Evelyn St Houston, TX	3.0	2.5	1804	$2,800	$1.55	43d	1	1.48mi

Listing history 29 events

1. 2026-06-18
   days on market $649,000 Active 77 DOM
2. 2026-06-17
   days on market $649,000 Active 76 DOM
3. 2026-06-16
   days on market $649,000 Active 75 DOM
4. 2026-06-15
   days on market $649,000 Active 74 DOM
5. 2026-06-13
   days on market $649,000 Active 72 DOM
6. 2026-06-10
   days on market $649,000 Active 68 DOM
7. 2026-06-08
   days on market $649,000 Active 67 DOM
8. 2026-06-07
   days on market $649,000 Active 66 DOM
9. 2026-06-04
   days on market $649,000 Active 63 DOM
10. 2026-06-01
    days on market $649,000 Active 60 DOM
11. 2026-05-31
    days on market $649,000 Active 59 DOM
12. 2026-04-22
    historical $1,595
13. 2026-04-17
    listed $1,595
14. 2026-04-02
    listed $649,000 Active 713-char remark

    Show marketing remark (713 chars)

    1501 Noble Street is a 5-door, income-producing multi-family property featuring five units across three separate buildings, situated on a 5,000 sq ft corner lot. This property offers strong investment potential in a rapidly developing area. A Metro bus stop is located at the corner, with the Metro rail station just a 7-minute drive away, providing convenient access throughout the city. Located directly across from Sherman Elementary School and within walking distance to middle and high schools, the property is also near major freeways, the University of Houston, Downtown Houston, and the Galleria. An excellent opportunity for investors seeking steady income and long-term growth in a high-demand location.

15. 2026-04-02
    historical

    Show marketing remark (713 chars)

    1501 Noble Street is a 5-door, income-producing multi-family property featuring five units across three separate buildings, situated on a 5,000 sq ft corner lot. This property offers strong investment potential in a rapidly developing area. A Metro bus stop is located at the corner, with the Metro rail station just a 7-minute drive away, providing convenient access throughout the city. Located directly across from Sherman Elementary School and within walking distance to middle and high schools, the property is also near major freeways, the University of Houston, Downtown Houston, and the Galleria. An excellent opportunity for investors seeking steady income and long-term growth in a high-demand location.

16. 2026-02-19
    listed $649,000 Active
17. 2019-09-09
    soldstatus
18. 2018-11-20
    status Option Pending
19. 2018-11-19
    historical
20. 2018-11-16
    listed $275,000 Active
21. 2012-05-31
    historical
22. 2011-11-29
    listed $65,000
23. 2010-01-15
    historical
24. 2009-07-21
    listed $84,900
25. 2007-08-07
    historical
26. 2007-02-07
    listed $93,000
27. 2005-07-15
    historical
28. 2005-03-14
    listed $84,900
29. 2000-11-16
    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: $3,889 · $324/mo
• Projected year-2 tax: $11,877 · $990/mo
• Expected delta: +$7,987/yr (+$666/mo · 205.4%)

ⓘ 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 6 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $99,972
• − Mortgage interest: −$36,354
• − Property taxes: −$3,889
• − Insurance: −$3,245
• − Repairs & maintenance: −$7,998
• − Management: −$7,998
• − Depreciation: −$18,880
• Taxable income: $21,608
• Est. tax owed @ 24.0%: −$5,186
• After-tax cash flow: $25,816/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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

-98.1% since first listed

18 events — show timeline

• 2026-04-22 Rental Removed $1,595 HARMLS
• 2026-04-17 Listed for Rent $1,595 HARMLS
• 2026-04-02 Listing Removed — HARMLS
• 2026-04-02 Listed $649,000 HARMLS
• 2026-02-19 Listed $649,000 HARMLS
• 2019-09-09 Sold (Public Records) — Public Records
• 2018-11-20 Pending — HARMLS
• 2018-11-19 Listing Removed — HARMLS
• 2018-11-16 Listed $275,000 HARMLS
• 2012-05-31 Listing Removed — HARMLS
• 2011-11-29 Listed $65,000 HARMLS
• 2010-01-15 Listing Removed — HARMLS
• 2009-07-21 Listed $84,900 HARMLS
• 2007-08-07 Listing Removed — HARMLS
• 2007-02-07 Listed $93,000 HARMLS
• 2005-07-15 Listing Removed — HARMLS
• 2005-03-14 Listed $84,900 HARMLS
• 2000-11-16 Sold (Public Records) — Public Records

Property tax history

+9.2%/yr

Latest (2025): $3,889 · +11.7% YoY. Source: county tax records.