3814 Walker St · Houston, TX 77023

$219,900

3 bd · 2.0 ba · 1,586 sqft · SingleFamily public records · 67 Days on market

Built 1938 5,000 sqft lot $139/sqft · 44% below area Est $393k · 44% under ↓ 8% since listing

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Why this score? — see what drove the C- 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
• Cash flow +13.8/30.0
• 1% rule +5.3/10.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handy Man Special 3/2 house... excellent location with close proximity to downtown, the University of Houston, and restaurants... Perfect investment opportunity call today...

Key facts

• Excellent location
• 5,000 sq ft lot
• Built 1938

Tags

• EXCELLENT LOCATION
• CLOSE PROXIMITY TO DOWNTOWN
• UNIVERSITY OF HOUSTON
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $20 ($235/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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 rising (+2.4%/yr); 166 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $2,267/mo this rent would consume 53% of the median local household income ($51k/yr) (locally 1311% 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 $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 67 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $206,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 6.40%
• Cash-on-cash: 0.38%
• DSCR: 1.02
• GRM: 8.1

CMA / ARV

• ARV (median comp): $392,861
• List price: $219,900
• Delta: -44.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4009 Wilmer St	0.32mi	3/2.0	1,593 (+0%)	3mo	$389,000	$244	82
4313 Polk St	0.38mi	3/2.0	1,575 (-1%)	0mo	$395,000	$251	81
4121 Woodleigh St	0.23mi	4/3.0 (+1)	1,619 (+2%)	0mo	$569,000	$351	76
1408 Milby St	0.32mi	3/1.5	1,536 (-3%)	2mo	$271,500	$177	76
3906 Rusk St	0.08mi	3/2.5	1,752 (+10%)	3mo	$425,000	$243	75
402 Hunt St	0.35mi	3/2.0	1,521 (-4%)	4mo	$337,000	$222	74
901 Mckinney Park Ln	0.39mi	3/2.5	1,642 (+4%)	0mo	$300,000	$183	74
2909 Sherman St	0.68mi	2/2.0 (-1)	1,572 (-1%)	2mo	$350,000	$223	60
1216 Sampson St	0.36mi	2/2.5 (-1)	1,729 (+9%)	2mo	$349,000	$202	59
4334 Bell St	0.51mi	3/2.0	1,794 (+13%)	1mo	$299,999	$167	53
4209 Bell St	0.40mi	2/1.0 (-1)	1,352 (-15%)	4mo	$220,000	$163	45
2906 Garrow St	0.64mi	2/1.0 (-1)	1,452 (-8%)	4mo	$299,000	$206	44

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 · 2.43% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-35,488
• Equity at exit: $32,788

10-year hold

• IRR: -9.1%
• Equity multiple: 0.45×
• Total profit: $-33,770
• Equity at exit: $19,013

Cash invested: $61,572 (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 77023

• Rents YoY: 2.4%
• Active inventory: 166
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,267 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$527 /mo · $6,318/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $20

Break-even live

Break-even rent $2,242

Max offer price $219,900

Occupancy floor 94%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4001 Dallas St Unit 1029264P Houston, TX	3.0	3.0	2174	$5,077	$2.34	5d	1	0.20mi
4411 Dallas St Houston, TX	2.0	1.0–2.0	734	$2,000	$2.72	1d	13	0.46mi
2816 Rusk St Houston, TX	3.0	3.5	2107	$2,800	$1.33	43d	1	0.57mi
3131 Leeland St Houston, TX	3.0	3.5	1966	$2,850	$1.45	24d	1	0.58mi
2 Jenkins St Houston, TX	3.0	2.0	1242	$2,250	$1.81	43d	1	0.65mi
3448 Coyle St Unit 510 Houston, TX	3.0	2.0	1151	$1,215	$1.06	15d	1	0.66mi
3448 Coyle St Unit 3174 Houston, TX	3.0	2.0	1151	$1,207	$1.05	2d	1	0.66mi
132 N Estelle St Unit 1526930P Houston, TX	2.0	1.0	1076	$1,760	$1.64	7d	1	0.68mi
2504 Rusk St Unit 1563174P Houston, TX	2.0	2.0	1819	$4,036	$2.22	2d	1	0.77mi
2501 McKinney St Unit CRT2 Houston, TX	2.0	2.0	1210	$1,634	$1.35	2d	1	0.81mi
99 N Delano St Houston, TX	2.0	2.0	1052	$1,311	$1.25	24d	1	0.82mi
3517 McIlhenny St Houston, TX	3.0	3.5	2000	$3,200	$1.60	3d	1	0.83mi
3309 Webster St Unit 1472545P Houston, TX	3.0	2.0	1334	$3,383	$2.54	1d	1	0.84mi
2424 Capitol St Houston, TX	2.0	2.0	1210	$1,634	$1.35	43d	1	0.85mi
2425 Bell St Houston, TX	2.0	1.0–2.0	860	$2,806	$3.26	2d	76	0.92mi
2340 Polk St Unit EEL1 Houston, TX	2.0	2.0	1053	$1,775	$1.69	43d	1	0.94mi
4952 Polk St Unit 1531107P Houston, TX	2.0	2.0	1980	$2,327	$1.18	7d	1	0.96mi
2414 East Dr Unit Canal St unit Houston, TX	3.0	3.5	2063	$2,950	$1.43	7d	1	0.97mi
3034 Gray St Houston, TX	3.0	3.0	2081	$3,000	$1.44	43d	1	0.97mi
2404 Navigation Blvd Unit 424 Houston, TX	2.0	2.0	1309	$2,296	$1.75	5d	1	1.03mi
2404 Navigation Blvd Unit 2187 Houston, TX	2.0	2.0	1309	$2,288	$1.75	2d	1	1.03mi
2404 Navigation Blvd Unit 422 Houston, TX	2.0	2.0	1309	$2,296	$1.75	7d	1	1.03mi
2404 Navigation Blvd Unit 2441 Houston, TX	2.0	2.0	1309	$2,320	$1.77	10d	1	1.03mi
2104 Canal St Unit 2141 Houston, TX	2.0	2.0	1052	$1,586	$1.51	12d	1	1.12mi
2104 Canal St Unit 2174 Houston, TX	2.0	2.0	1052	$1,279	$1.22	11d	1	1.12mi
2104 Canal St Unit 2137 Houston, TX	3.0	2.0	1163	$1,833	$1.58	11d	1	1.12mi
2104 Canal St Unit 3174 Houston, TX	3.0	2.0	1163	$1,822	$1.57	10d	1	1.12mi
2104 Canal St Unit 2161 Houston, TX	2.0	2.0	1052	$1,268	$1.21	10d	1	1.12mi
2104 Canal St Apt 422 Houston, TX	2.0	2.0	1052	$1,244	$1.18	7d	1	1.12mi
2104 Canal St Unit 3165 Houston, TX	3.0	2.0	1163	$1,790	$1.54	2d	1	1.12mi
2104 Canal St Unit 2112 Houston, TX	2.0	2.0	1052	$1,236	$1.17	2d	1	1.12mi
2104 Canal St Unit 2162 Houston, TX	2.0	2.0	1052	$1,244	$1.18	5d	1	1.12mi
5121 Polk St Unit 1 Houston, TX	2.0	1.0	1300	$1,600	$1.23	24d	1	1.13mi
2104 Canal St Houston, TX	2.0	2.0	1052	$1,311	$1.25	12d	1	1.14mi
2104 Canal St Houston, TX	2.0	2.0	1052	$1,311	$1.25	43d	1	1.14mi
800 Middle St Houston, TX	1.0–4.0	1.0–2.0	1003	$1,593	$1.59	5d	1	1.15mi
5502 Texas St Unit 1514806P Houston, TX	3.0	2.5	1808	$7,216	$3.99	7d	1	1.15mi
2315 Navigation Blvd Houston, TX	1.0–2.0	1.0–2.5	943	$3,500	$3.71	1d	61	1.16mi
5504 Texas St Unit 1514810P Houston, TX	3.0	2.5	1808	$7,026	$3.89	2d	1	1.16mi
3719 Elgin St Houston, TX	1.0–5.0	1.0–5.0	1241	$1,374	$1.11	24d	14	1.17mi

Listing history 18 events

1. 2026-06-18
   days on market $219,900 Active 67 DOM
2. 2026-06-17
   days on market $219,900 Active 66 DOM
3. 2026-06-16
   days on market $219,900 Active 65 DOM
4. 2026-06-15
   days on market $219,900 Active 64 DOM
5. 2026-06-13
   days on market $219,900 Active 62 DOM
6. 2026-06-10
   days on market $219,900 Active 58 DOM
7. 2026-06-08
   days on market $219,900 Active 57 DOM
8. 2026-06-07
   days on market $219,900 Active 56 DOM
9. 2026-06-04
   days on market $219,900 Active 53 DOM
10. 2026-06-01
    days on market $219,900 Active 50 DOM
11. 2026-05-31
    days on market $219,900 Active 49 DOM
12. 2026-04-28
    price $219,900 174-char remark

    Show marketing remark (174 chars)

    Handy Man Special 3/2 house... excellent location with close proximity to downtown, the University of Houston, and restaurants... Perfect investment opportunity call today...

13. 2026-04-12
    listed $239,900 Active 174-char remark

    Show marketing remark (174 chars)

    Handy Man Special 3/2 house... excellent location with close proximity to downtown, the University of Houston, and restaurants... Perfect investment opportunity call today...

14. 2025-09-16
    soldstatus
15. 2025-05-30
    soldstatus
16. 2024-08-26
    soldstatus
17. 2024-08-20
    soldstatus
18. 1994-07-21
    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: $6,318 · $527/mo
• Projected year-2 tax: $6,318 · $527/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $27,204
• − Mortgage interest: −$12,318
• − Property taxes: −$6,318
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,176
• − Management: −$2,176
• − Depreciation: −$6,397
• Taxable loss: −$3,281
• Est. tax savings @ 24.0%: +$787
• After-tax cash flow: $1,023/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): 24,281
• Household income: $51,430
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1311.0

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 (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 24% White 16% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 64% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 23% · Canada, China, Vietnam
• Languages at home: 36% English-only · Spanish 62%

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: ▼ -162.09%
• Current HPI: 284.0587
• Rent YoY: ▲ 2.43%
• 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

-8.3% since first listed

7 events — show timeline

• 2026-04-28 Price Changed $219,900 HARMLS
• 2026-04-12 Listed $239,900 HARMLS
• 2025-09-16 Sold (Public Records) — Public Records
• 2025-05-30 Sold (Public Records) — Public Records
• 2024-08-26 Sold (Public Records) — Public Records
• 2024-08-20 Sold (Public Records) — Public Records
• 1994-07-21 Sold (Public Records) — Public Records

Property tax history

+5.6%/yr

Latest (2025): $6,318 · -12.2% YoY. Source: county tax records.