10912 Gulf Fwy #68 · Houston, TX 77034

$92,400

2 bd · 2.5 ba · 1,272 sqft · Condo public records · 59 Days on market

Built 1980 $340/mo HOA · 27% of rent ↓ 29% since listing

---

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 +9.7/30.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• DSCR +2.7/10.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect blend of comfort, convenience, and income opportunity with this charming 2-bedroom, 2.5-bathroom condo. Whether you're seeking a warm and welcoming place to call home or a fully equipped Airbnb-ready investment, this two-story gem delivers on both fronts. Step inside to a bright, open-concept main floor featuring a spacious living area and a cozy dining nook. The kitchen boasts ample storage — perfect for hosting guests or enjoying quiet evenings in. Upstairs, you'll find two generously sized bedrooms, each with its own ensuite bathroom, ideal for privacy whether you're living in or hosting travelers. The primary suite offers a large closet and bath, while the sec

Key facts

• $340 HOA
• Community pool
• Built 1980

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $92k.

Deal economics

• At list price, monthly cash flow is $-61 ($-732/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (11.7% below list).
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $82k (11.7% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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: crime F.
• Pasadena ISD (suburban): math 29% / reading 32% proficiency, ranked #612 of 826 in TX (top 74%) — 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.
• Zoned schools: Rick Schneider Middle (math 12% / reading 18%, grade F, #1,569 of 1,662 statewide, top 95%, 575 students, 92% FRL); South Houston H S (math 50% / reading 33%, grade F, #767 of 1,632 statewide, top 47%, 2,213 students, 87% FRL) — zoned schools average 90% FRL vs 71% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.4%/yr); 93 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $639 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 59 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 2y ago; this cycle's ask is 9% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; HOA is 27% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,621 (11.7% 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. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
10. 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.
11. 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.
12. 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: 1.36% ✓
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.6%
• Equity multiple: 0.14×
• Total profit: $-22,275
• Equity at exit: $13,777

10-year hold

• IRR: -58.9%
• Equity multiple: -0.45×
• Total profit: $-37,548
• Equity at exit: $7,989

Cash invested: $25,872 (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 77034

• Home prices YoY: -15.1%
• Rents YoY: -1.4%
• Active inventory: 93
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$485
• Tax from tax record: −$193 /mo · $2,318/yr
• Insurance: −$38
• HOA: −$340
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-61

Break-even live

Break-even rent $1,337

Max offer price $81,621

Occupancy floor 100%

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: $23,100
• Closing costs: $2,772
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10915 Gulf Fwy Houston, TX	3.0	3.0	1286	$1,400	$1.09	43d	1	0.08mi
10915 Gulf Fwy Houston, TX	2.0	2.0	1060	$1,110	$1.05	21d	1	0.08mi
10915 Gulf Fwy Houston, TX	2.0	2.0	1060	$1,110	$1.05	19d	1	0.08mi
10915 Gulf Fwy Houston, TX	3.0	3.0	1286	$1,400	$1.09	20d	1	0.08mi
10909 Gulf Fwy Houston, TX	1.0–2.0	1.0–2.0	816	$1,430	$1.75	1d	154	0.19mi
8600 Theta St Houston, TX	1.0–2.0	1.0–2.0	766	$1,179	$1.54	1d	25	0.27mi
9806 Hollock St Houston, TX	2.0	2.0	965	$1,111	$1.15	24d	1	0.30mi
9800 Hollock St Houston, TX	1.0–2.0	1.0–2.0	820	$1,315	$1.60	1d	33	0.36mi
9220 Nathaniel St Unit 9253 Houston, TX	3.0	2.0	1200	$1,302	$1.08	2d	1	0.38mi
13 Ledge St Houston, TX	3.0	2.0	1200	$1,079	$0.90	20d	1	0.40mi
9465 Clearwood Dr Unit 2162 Houston, TX	2.0	2.0	1029	$1,240	$1.21	5d	1	0.43mi
9465 Clearwood Dr Unit 9522 Houston, TX	2.0	2.0	1029	$1,265	$1.23	43d	1	0.43mi
9465 Clearwood Dr Unit 9498 Houston, TX	3.0	2.0	1232	$1,375	$1.12	43d	1	0.43mi
9465 Clearwood Dr Unit 3174 Houston, TX	3.0	2.0	1232	$1,332	$1.08	2d	1	0.43mi
9465 Clearwood Dr Unit 2174 Houston, TX	2.0	2.0	1029	$1,232	$1.20	2d	1	0.43mi
9815 Almeda-Genoa Rd Unit 510 Houston, TX	3.0	2.0	1290	$1,773	$1.37	12d	1	0.54mi
9815 Almeda-Genoa Rd Unit 9848 Houston, TX	3.0	2.0	1290	$1,781	$1.38	2d	1	0.54mi
9815 Almeda-Genoa Rd Unit 9842 Houston, TX	2.0	2.0	956	$1,471	$1.54	2d	1	0.54mi
10100 Almeda-Genoa Rd Unit 2047 Houston, TX	2.0	2.0	1052	$1,502	$1.43	10d	1	0.57mi
10100 Almeda-Genoa Rd Unit 3165 Houston, TX	3.0	2.0	1230	$1,946	$1.58	2d	1	0.62mi
10100 Almeda-Genoa Rd Unit 10137 Houston, TX	2.0	2.0	1052	$1,491	$1.42	10d	1	0.62mi
10100 Almeda-Genoa Rd Unit 2112 Houston, TX	2.0	2.0	1052	$1,459	$1.39	2d	1	0.62mi
10100 Almeda-Genoa Rd Unit 10133 Houston, TX	3.0	2.0	1230	$1,978	$1.61	10d	1	0.62mi
10100 Almeda-Genoa Rd Unit 10157 Houston, TX	2.0	2.0	1052	$1,467	$1.39	43d	1	0.62mi
1221 Redford St Houston, TX	1.0–3.0	1.0–2.0	877	$940	$1.07	1d	60	0.67mi
1227 Redford St Houston, TX	2.0	2.0	966	$1,184	$1.23	24d	1	0.71mi
9757 Windwater Dr Unit 2047 Houston, TX	2.0	2.0	1017	$1,290	$1.27	10d	1	0.78mi
9757 Windwater Dr Unit 9814 Houston, TX	2.0	2.0	1017	$1,247	$1.23	2d	1	0.78mi
9763 Windwater Dr Houston, TX	2.0	1.0	916	$1,149	$1.25	43d	1	0.81mi
9994 Windmill Lakes Blvd Unit 817 Houston, TX	2.0	2.0	1047	$1,280	$1.22	43d	1	0.81mi
1223 Shawnee St Houston, TX	3.0	1.0	1101	$1,695	$1.54	43d	1	0.82mi
9750 Windwater Dr Houston, TX	1.0–2.0	1.0–2.0	856	$1,662	$1.94	1d	13	0.85mi
9988 Windmill Lakes Blvd Houston, TX	1.0–2.0	1.0–2.0	859	$1,290	$1.50	2d	15	0.87mi
9988 Windmill Lakes Blvd Unit 10045 Houston, TX	2.0	2.0	1047	$1,125	$1.07	16d	1	0.87mi
10721 Katya Gillian Dr Houston, TX	2.0	2.0	936	$1,385	$1.48	43d	1	1.00mi
10121 Windmill Lakes Blvd Unit 10158 Houston, TX	2.0	2.0	914	$1,434	$1.57	10d	1	1.03mi
10121 Windmill Lakes Blvd Unit 10178 Houston, TX	2.0	2.0	1009	$1,260	$1.25	21d	1	1.03mi
10121 Windmill Lakes Blvd Unit 10136 Houston, TX	1.0	1.0	877	$1,282	$1.46	12d	1	1.03mi
10121 Windmill Lakes Blvd Unit 2165 Houston, TX	2.0	2.0	914	$1,402	$1.53	2d	1	1.03mi
10121 Windmill Lakes Blvd Unit 2162 Houston, TX	2.0	2.0	914	$1,410	$1.54	5d	1	1.03mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $92,400 Active 59 DOM
2. 2026-06-17
   pricestatusdays on market $92,400 Active 58 DOM
3. 2026-04-25
   status Pending
4. 2026-04-15
   status Pending
5. 2026-02-26
   price $84,900
6. 2026-02-26
   listed $84,990 Active
7. 2026-02-26
   historical
8. 2025-12-09
   price $89,900
9. 2025-11-12
   listed $93,999 Active
10. 2025-11-12
    historical
11. 2025-11-03
    price $94,990
12. 2025-10-15
    price $97,900
13. 2025-09-30
    listed $102,999 Active
14. 2025-09-30
    historical
15. 2025-08-06
    price $114,900
16. 2025-07-08
    listed $122,499 Active
17. 2025-06-13
    historical $1,450
18. 2025-06-10
    listed $1,450
19. 2025-06-09
    historical $1,500
20. 2025-05-06
    listed $1,500
21. 2025-04-25
    historical $1,500
22. 2025-04-25
    historical
23. 2025-03-05
    listed $1,500
24. 2025-03-04
    listed $130,000 Active
25. 2025-03-04
    historical
26. 2025-02-11
    listed $115,000 Active
27. 2025-02-02
    status Pending
28. 2025-01-24
    status Option Pending
29. 2025-01-22
    historical
30. 2024-11-07
    listed $120,000 Active
31. 2024-10-23
    historical
32. 2021-01-20
    soldstatus
33. 2016-04-28
    soldstatus
34. 1997-02-28
    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: $2,318 · $193/mo
• Projected year-2 tax: $2,318 · $193/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) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,117
• − Mortgage interest: −$5,176
• − Property taxes: −$2,318
• − Insurance: −$462
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − HOA: −$4,080
• − Depreciation: −$2,688
• Taxable loss: −$2,026
• Est. tax savings @ 24.0%: +$486
• After-tax cash flow: $-246/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: Pasadena ISD
• NCES district ID: 4834320
• Math proficiency: 29% ▼ -17.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,163
• Composite: 26.15/100
• National rank: #7275
• State rank: #612 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): 36,456
• Household income: $58,217
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 1809.0

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 (71%)
• Race & ethnicity: Hispanic / Latino 71% Two or more races 32% Black 11% White 11% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 51% Puerto Rican 1%
• Foreign-born: 32% · Canada, Vietnam, China
• Languages at home: 35% English-only · Spanish 60% Vietnamese 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: ▼ -48.32%
• Current HPI: 272.1697
• Rent YoY: ▼ -1.36%
• 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

-29.2% since first listed

32 events — show timeline

• 2026-04-25 Pending — HARMLS
• 2026-04-15 Pending — HARMLS
• 2026-02-26 Price Changed $84,900 HARMLS
• 2026-02-26 Listing Removed — HARMLS
• 2026-02-26 Listed $84,990 HARMLS
• 2025-12-09 Price Changed $89,900 HARMLS
• 2025-11-12 Listing Removed — HARMLS
• 2025-11-12 Listed $93,999 HARMLS
• 2025-11-03 Price Changed $94,990 HARMLS
• 2025-10-15 Price Changed $97,900 HARMLS
• 2025-09-30 Listing Removed — HARMLS
• 2025-09-30 Listed $102,999 HARMLS
• 2025-08-06 Price Changed $114,900 HARMLS
• 2025-07-08 Listed $122,499 HARMLS
• 2025-06-13 Rental Removed $1,450 HARMLS
• 2025-06-10 Listed for Rent $1,450 HARMLS
• 2025-06-09 Rental Removed $1,500 HARMLS
• 2025-05-06 Listed for Rent $1,500 HARMLS
• 2025-04-25 Rental Removed $1,500 HARMLS
• 2025-04-25 Listing Removed — HARMLS
• 2025-03-05 Listed for Rent $1,500 HARMLS
• 2025-03-04 Listing Removed — HARMLS
• 2025-03-04 Listed $130,000 HARMLS
• 2025-02-11 Listed $115,000 HARMLS
• 2025-02-02 Pending — HARMLS
• 2025-01-24 Pending — HARMLS
• 2025-01-22 Listing Removed — HARMLS
• 2024-11-07 Listed $120,000 HARMLS
• 2024-10-23 Coming Soon — HARMLS
• 2021-01-20 Sold (Public Records) — Public Records
• 2016-04-28 Sold (Public Records) — Public Records
• 1997-02-28 Sold (Public Records) — Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,318 · -1.3% YoY. Source: county tax records.