4501 Perry St · Houston, TX 77021

$114,500

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 76 Days on market

Built 1946 6,599 sqft lot $126/sqft · 34% below area Est $174k · 34% under

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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).

• Cash flow +15.4/30.0
• ARV discount +15.0/15.0
• 1% rule +5.1/10.0
• DSCR +4.7/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Opportunity! Bring your vision and make it your own. This spacious 6,600 sq ft lot is the perfect canvas to build your dream home or your next investment project. It’s priced for a quick sale—an ideal chance for buyers ready to create their perfect living space or capitalize on a great opportunity.

Key facts

• 6,599 sq ft lot
• Built 1946
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $44 ($531/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 (+2.2%/yr); 467 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 30% of the median local income ($46k/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 $792 of loan paydown is wiped out by about $3k 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 76 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $107,630 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 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 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.01% ✓
• Cap rate: 6.76%
• Cash-on-cash: 1.66%
• DSCR: 1.07
• GRM: 8.3

CMA / ARV

• ARV (median comp): $174,010
• List price: $114,500
• Delta: -34.20%
• 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
4209 Short St	0.24mi	1/1.0 (-1)	900 (-1%)	0mo	$42,000	$47	81
6418 Calhoun Rd	0.22mi	2/1.5	945 (+4%)	2mo	$190,000	$201	80
4407 Alice St	0.64mi	2/1.0	896 (-2%)	5mo	$95,000	$106	63
4613 Kingsbury St	0.30mi	2/1.0	1,036 (+14%)	6mo	$105,000	$101	59
6616 New York St	0.31mi	3/2.0 (+1)	984 (+8%)	12mo	$180,000	$183	53
6718 Calhoun Rd	0.46mi	3/1.0 (+1)	864 (-5%)	15mo	$128,000	$148	52
6741 Goforth St	0.51mi	3/2.0 (+1)	976 (+7%)	8mo	$139,000	$142	48
3903 Luca St	0.58mi	3/1.0 (+1)	955 (+5%)	15mo	$144,000	$151	48
4616 Keystone St	0.28mi	3/1.0 (+1)	1,014 (+11%)	18mo	$170,000	$168	48
3919 Daphne St	0.58mi	2/1.0	796 (-13%)	10mo	$149,990	$188	44
5010 Gren St	0.61mi	3/1.0 (+1)	1,017 (+12%)	9mo	$135,000	$133	40
5018 Balkin St	0.55mi	3/2.0 (+1)	1,048 (+15%)	9mo	$189,000	$180	33

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 · 2.17% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.48×
• Total profit: $-16,627
• Equity at exit: $17,072

10-year hold

• IRR: -7.4%
• Equity multiple: 0.55×
• Total profit: $-14,445
• Equity at exit: $9,900

Cash invested: $32,060 (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 77021

• Home prices YoY: -23.6%
• Rents YoY: 2.2%
• Active inventory: 467
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,154 high
• Mortgage (P&I): −$600
• Tax from tax record: −$220 /mo · $2,634/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $44

Break-even live

Break-even rent $1,098

Max offer price $114,500

Occupancy floor 91%

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6420 Conley St Unit 7 Houston, TX	2.0	1.0	652	$975	$1.50	43d	1	0.34mi
6030 Schroeder Rd Houston, TX	1.0	1.0	740	$850	$1.15	43d	1	0.53mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	22d	1	0.57mi
5924 Schroeder Rd Houston, TX	1.0	1.0	800	$795	$0.99	24d	1	0.57mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	43d	1	0.57mi
5918 Schroeder Rd Houston, TX	1.0–2.0	1.0	850	$1,000	$1.18	43d	1	0.57mi
4722 Old Spanish Trl Unit B301 Houston, TX	2.0	2.0	1027	$1,695	$1.65	44d	1	0.86mi
6215 Tierwester St Houston, TX	1.0–2.0	1.0	650	$900	$1.38	24d	3	0.94mi
4007 Corder St Houston, TX	2.0	1.0	814	$885	$1.09	24d	1	0.95mi
3560 Dixie Dr Unit 1162 Houston, TX	1.0	1.0	1003	$1,048	$1.04	5d	1	1.01mi
3560 Dixie Dr Unit 1047 Houston, TX	1.0	1.0	1003	$1,088	$1.08	11d	1	1.01mi
3560 Dixie Dr Unit 3581 Houston, TX	1.0	1.0	1003	$1,083	$1.08	14d	1	1.01mi
3560 Dixie Dr Unit 324 Houston, TX	1.0	1.0	1003	$1,048	$1.04	7d	1	1.01mi
3560 Dixie Dr Unit 3581 Houston, TX	1.0	1.0	1003	$1,087	$1.08	11d	1	1.01mi
3560 Dixie Dr Unit 3611 Houston, TX	1.0	1.0	1003	$1,037	$1.03	12d	1	1.01mi
3560 Dixie Dr Unit 1187 Houston, TX	1.0	1.0	1003	$1,045	$1.04	3d	1	1.01mi
3603 Alice St Houston, TX	1.0	1.0	848	$1,000	$1.18	4d	1	1.05mi
3603 Alice St Houston, TX	2.0	1.0	850	$1,000	$1.18	4d	1	1.05mi
3603 Alice St Unit 15 Houston, TX	2.0	1.0	850	$999	$1.18	7d	1	1.06mi
3603 Alice St Unit 3725-B Houston, TX	1.0	1.0	850	$999	$1.18	7d	1	1.06mi
5610 Royal Palms St Houston, TX	1.0	1.0	560	$875	$1.56	43d	1	1.13mi
5610 Royal Palms St Houston, TX	2.0	1.0	900	$950	$1.06	24d	1	1.13mi
3716 Southmore Blvd Houston, TX	2.0	1.0	850	$1,000	$1.18	43d	1	1.13mi
5600 Royal Palms St Unit 22 Houston, TX	1.0	1.0	560	$875	$1.56	43d	1	1.16mi
3426 Tampa St Unit 4272026 Houston, TX	2.0	1.5	1046	$1,500	$1.43	43d	1	1.16mi
5514 Griggs Rd Unit 1165 Houston, TX	1.0	1.0	1003	$962	$0.96	3d	1	1.18mi
5514 Griggs Rd Unit 1162 Houston, TX	1.0	1.0	1003	$965	$0.96	5d	1	1.18mi
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$1,004	$1.00	11d	1	1.18mi
5514 Griggs Rd Unit 5565 Houston, TX	1.0	1.0	1003	$935	$0.93	43d	1	1.18mi
5514 Griggs Rd Unit 5535 Houston, TX	1.0	1.0	1003	$940	$0.94	14d	1	1.18mi
5514 Griggs Rd Unit 324 Houston, TX	1.0	1.0	1003	$965	$0.96	7d	1	1.18mi
5514 Griggs Rd Houston, TX	1.0	1.0	1003	$935	$0.93	14d	1	1.19mi
5514 Griggs Rd Unit 1047 Houston, TX	1.0	1.0	1003	$1,005	$1.00	11d	1	1.19mi
3629 N MacGregor Way Houston, TX	1.0	1.0	700	$775	$1.11	43d	1	1.20mi
4977 Martin Luther King Blvd Houston, TX	1.0	1.0	630	$1,630	$2.59	43d	1	1.22mi
4977 Martin Luther King Blvd Houston, TX	1.0	1.0	630	$1,630	$2.59	22d	1	1.22mi
5537 Bataan Rd Houston, TX	2.0	1.0	880	$1,300	$1.48	43d	1	1.22mi
6811 Del Rio St Houston, TX	2.0	1.0	588	$999	$1.70	15d	1	1.22mi
6811 Del Rio St Houston, TX	2.0	1.0	598	$999	$1.67	43d	1	1.22mi
3620 Southmore Blvd Houston, TX	2.0	1.0	780	$1,100	$1.41	13d	1	1.23mi

Listing history 23 events

1. 2026-06-18
   days on market $114,500 Active 76 DOM
2. 2026-06-17
   days on market $114,500 Active 75 DOM
3. 2026-06-16
   days on market $114,500 Active 74 DOM
4. 2026-06-15
   days on market $114,500 Active 73 DOM
5. 2026-06-13
   days on market $114,500 Active 71 DOM
6. 2026-06-10
   days on market $114,500 Active 67 DOM
7. 2026-06-08
   days on market $114,500 Active 66 DOM
8. 2026-06-07
   days on market $114,500 Active 65 DOM
9. 2026-06-04
   days on market $114,500 Active 62 DOM
10. 2026-06-01
    days on market $114,500 Active 59 DOM
11. 2026-05-31
    days on market $114,500 Active 58 DOM
12. 2026-04-03
    listed $114,500 Active 322-char remark

    Show marketing remark (322 chars)

    Investment Opportunity! Bring your vision and make it your own. This spacious 6,600 sq ft lot is the perfect canvas to build your dream home or your next investment project. It’s priced for a quick sale—an ideal chance for buyers ready to create their perfect living space or capitalize on a great opportunity.

13. 2026-03-09
    historical
14. 2026-03-03
    listed $118,500 Active
15. 2026-02-23
    historical
16. 2026-02-09
    listed $118,500 Active
17. 2015-03-06
    soldstatus
18. 2015-03-05
    soldstatus Sold
19. 2015-02-06
    status Pending
20. 2015-02-06
    status Pending, Continue to Show
21. 2015-01-29
    status Option Pending
22. 2015-01-25
    listed $39,500 Active
23. 1988-01-02
    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: $2,634 · $220/mo
• Projected year-2 tax: $2,634 · $220/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) · 70% 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: $13,852
• − Mortgage interest: −$6,414
• − Property taxes: −$2,634
• − Insurance: −$572
• − Repairs & maintenance: −$1,108
• − Management: −$1,108
• − Depreciation: −$3,331
• Taxable loss: −$1,316
• Est. tax savings @ 24.0%: +$316
• After-tax cash flow: $847/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): 26,153
• Household income: $45,574
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 2532.0

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 0.55)
• Race & ethnicity: Black 62% Hispanic / Latino 22% Two or more races 12% White 10% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 77% English-only · Spanish 19% French/Haitian/Cajun 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: ▼ -71.22%
• Current HPI: 230.2869
• Rent YoY: ▲ 2.17%
• 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

+189.9% since first listed

12 events — show timeline

• 2026-04-03 Listed $114,500 HARMLS
• 2026-03-09 Listing Removed — HARMLS
• 2026-03-03 Listed $118,500 HARMLS
• 2026-02-23 Listing Removed — HARMLS
• 2026-02-09 Listed $118,500 HARMLS
• 2015-03-06 Sold (Public Records) — Public Records
• 2015-03-05 Sold (MLS) — HARMLS
• 2015-02-06 Pending — HARMLS
• 2015-02-06 Pending — HARMLS
• 2015-01-29 Pending — HARMLS
• 2015-01-25 Listed $39,500 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+9.8%/yr

Latest (2025): $2,634 · +1.6% YoY. Source: county tax records.