6161 Reims Rd #304 · Houston, TX 77036

$80,000

2 bd · 1.0 ba · 876 sqft · Condo public records · 100 Days on market

Built 1977 $91/sqft · 9% below area Est $88k · 9% under $272/mo HOA · 26% 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).

• ARV discount +11.7/15.0
• Cash flow +11.3/30.0
• 1% rule +8.0/10.0
• Appreciation +4.6/10.0
• Livability +3.7/5.0
• DSCR +3.3/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +0.8/5.0

Listing remarks MLS

Immediate Income Potential in the Heart of Houston! This updated unit at Summerset Landing checks every box with wood flooring, granite countertops, and an open concept layout tenants love. Two pools, a private clubhouse, and assigned parking make this community a consistent draw. Minutes from the Galleria, Plaza Americas, and Houston Christian University, a corridor with built-in rental demand. Do not miss your chance to own a low maintenance property in one of Houston's most sought after rental markets where opportunity and convenience meet!

Key facts

• Wood flooring
• Private clubhouse
• Granite countertops

Tags

• WOOD FLOORING
• GRANITE COUNTERTOPS
• OPEN CONCEPT LAYOUT
• PRIVATE CLUBHOUSE
• ASSIGNED PARKING
• TWO POOLS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-30 ($-357/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (6.6% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.8% 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 falling (-6.6%/yr); 200 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 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 (-0.7%/yr); year-one equity from $553 of loan paydown is wiped out by about $585 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 100 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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: HOA is 26% of rent.
• 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 $72,800 (9.0% 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 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.30% ✓
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 6.4

CMA / ARV

• ARV (median comp): $88,213
• List price: $80,000
• Delta: -9.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.56×
• Total profit: $-9,784
• Equity at exit: $20,348

10-year hold

• IRR: -7.6%
• Equity multiple: 0.36×
• Total profit: $-14,369
• Equity at exit: $22,264

Cash invested: $22,400 (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 77036

• Home prices YoY: -0.3%
• Rents YoY: -6.6%
• Active inventory: 200
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,038 high
• Mortgage (P&I): −$420
• Tax from tax record: −$124 /mo · $1,494/yr
• Insurance: −$33
• HOA: −$272
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $-30

Break-even live

Break-even rent $1,075

Max offer price $74,751

Occupancy floor 98%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5959 Bonhomme Rd Houston, TX	2.0	2.0	692	$1,278	$1.85	2d	27	0.15mi
5959 Bonhomme Rd Unit 423 Houston, TX	2.0	2.0	853	$986	$1.16	43d	1	0.17mi
5959 Bonhomme Rd Unit 6010 Houston, TX	1.0	1.0	539	$771	$1.43	43d	1	0.17mi
6203 Marinette Dr Houston, TX	1.0–2.0	1.0–2.0	935	$1,144	$1.22	1d	9	0.17mi
7500 Bellerive Dr Houston, TX	2.0	1.0–2.0	692	$1,055	$1.52	12d	1	0.21mi
7500 Clarewood Dr Houston, TX	2.0	2.0	1025	$1,015	$0.99	15d	1	0.22mi
7506 Bellerive Dr Houston, TX	2.0	2.0	970	$1,100	$1.13	43d	1	0.23mi
6106 Marinette Dr Houston, TX	1.0	1.0	685	$800	$1.17	15d	1	0.23mi
6106 Marinette Dr Houston, TX	2.0	2.0	985	$990	$1.01	24d	1	0.23mi
6106 Marinette Dr Houston, TX	1.0	1.0	685	$800	$1.17	43d	1	0.23mi
7506 Clarewood Dr Houston, TX	1.0	1.0	715	$830	$1.16	43d	1	0.25mi
7211 Bellerive Dr Houston, TX	1.0	1.0	807	$1,153	$1.43	43d	1	0.25mi
7391 Regency Square Ct Houston, TX	1.0	1.0	661	$849	$1.28	43d	1	0.25mi
6200 Marinette Dr Houston, TX	1.0–3.0	1.0–2.5	912	$1,002	$1.10	3d	22	0.26mi
7222 Bellerive Dr Houston, TX	1.0–2.0	1.0–2.5	1088	$1,650	$1.52	1d	9	0.26mi
7637 Harwin Dr Houston, TX	1.0–2.0	1.0	908	$1,119	$1.23	2d	12	0.37mi
5815 Gulfton St Houston, TX	1.0	1.0	855	$940	$1.10	43d	1	0.41mi
5810 Fondren Rd Houston, TX	1.0–3.0	1.0–2.0	1000	$1,158	$1.16	15d	1	0.47mi
7581 Bellaire Blvd Houston, TX	1.0	1.0	691	$1,010	$1.46	19d	1	0.56mi
7581 Bellaire Blvd Houston, TX	1.0	1.0	691	$1,010	$1.46	43d	1	0.56mi
7581 Bellaire Blvd Houston, TX	2.0	2.0	834	$1,350	$1.62	24d	1	0.56mi
6960 Bellaire Blvd Houston, TX	1.0	1.0	713	$945	$1.33	20d	1	0.75mi
6960 Bellaire Blvd Houston, TX	1.0	1.0	727	$935	$1.29	43d	1	0.75mi
7900 Bellaire Blvd Houston, TX	1.0–3.0	1.0–2.0	942	$1,180	$1.25	17d	1	0.81mi
22 Sands Point Dr Houston, TX	1.0	1.0	610	$955	$1.57	43d	1	0.83mi
6718 De Moss Dr Houston, TX	1.0–3.0	1.0–2.5	978	$1,054	$1.08	2d	34	0.86mi
8100 Bellaire Blvd Houston, TX	1.0–3.0	1.0–2.0	881	$1,115	$1.26	2d	25	0.91mi
8100 Sands Point Dr Houston, TX	1.0–3.0	1.0–2.0	953	$1,298	$1.36	2d	29	0.91mi
8155 Richmond Ave Houston, TX	1.0–2.0	1.0–2.0	746	$1,038	$1.39	7d	15	1.02mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,050	$1.31	11d	1	1.12mi
9221 Pagewood Ln Unit 2047 Houston, TX	2.0	2.0	804	$1,007	$1.25	3d	1	1.12mi
8168 Richmond Ave Houston, TX	2.0	2.0	917	$1,165	$1.27	24d	1	1.14mi
8168 Richmond Ave Houston, TX	1.0	1.0	676	$920	$1.36	43d	1	1.14mi
8168 Richmond Ave Houston, TX	1.0	1.0	676	$920	$1.36	22d	1	1.14mi
9221 Pagewood Ln Unit 1162 Houston, TX	1.0	1.0	668	$760	$1.14	7d	1	1.16mi
9221 Pagewood Ln Unit 9272 Houston, TX	1.0	1.0	668	$749	$1.12	12d	1	1.16mi
9221 Pagewood Ln Unit 9295 Houston, TX	1.0	1.0	668	$757	$1.13	3d	1	1.16mi
9221 Pagewood Ln Unit 2162 Houston, TX	2.0	2.0	804	$1,015	$1.26	7d	1	1.16mi
8162 Richmond Ave Unit 8162-509 Houston, TX	2.0	2.0	917	$1,275	$1.39	43d	1	1.17mi
8162 Richmond Ave Unit 8162-1214 Houston, TX	2.0	1.0	780	$1,200	$1.54	43d	1	1.17mi

HOA detail condo

• Monthly dues: $272 · $3,264/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $80,000 Active 100 DOM
2. 2026-06-17
   days on market $80,000 Active 99 DOM
3. 2026-06-16
   days on market $80,000 Active 98 DOM
4. 2026-06-15
   days on market $80,000 Active 97 DOM
5. 2026-06-13
   days on market $80,000 Active 95 DOM
6. 2026-06-10
   days on market $80,000 Active 91 DOM
7. 2026-06-08
   days on market $80,000 Active 90 DOM
8. 2026-06-07
   days on market $80,000 Active 89 DOM
9. 2026-06-04
   days on market $80,000 Active 86 DOM
10. 2026-06-01
    days on market $80,000 Active 83 DOM
11. 2026-05-31
    days on market $80,000 Active 82 DOM
12. 2026-03-10
    listed $80,000 Active 549-char remark

    Show marketing remark (549 chars)

    Immediate Income Potential in the Heart of Houston! This updated unit at Summerset Landing checks every box with wood flooring, granite countertops, and an open concept layout tenants love. Two pools, a private clubhouse, and assigned parking make this community a consistent draw. Minutes from the Galleria, Plaza Americas, and Houston Christian University, a corridor with built-in rental demand. Do not miss your chance to own a low maintenance property in one of Houston's most sought after rental markets where opportunity and convenience meet!

13. 2009-07-07
    historical
14. 2009-04-18
    listed $48,000
15. 2000-06-01
    soldstatus
16. 1999-03-22
    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: $1,494 · $124/mo
• Projected year-2 tax: $1,494 · $124/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: $12,450
• − Mortgage interest: −$4,481
• − Property taxes: −$1,494
• − Insurance: −$400
• − Repairs & maintenance: −$996
• − Management: −$996
• − HOA: −$3,264
• − Depreciation: −$2,327
• Taxable loss: −$1,508
• Est. tax savings @ 24.0%: +$362
• After-tax cash flow: $5/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): 71,770
• Household income: $45,716
• Rent vs Own: 82.3% rent · 17.7% own
• Severe rent burden: 4374.0

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 28% Black 11% Asian 9% White 7%
• Hispanic origin (detail): Mexican 33% Cuban 3%
• Foreign-born: 55% · Canada, China, Vietnam
• Languages at home: 20% English-only · Spanish 66% Chinese 5% Vietnamese 2%

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: ▼ -0.73%
• Current HPI: 221.1045
• Rent YoY: ▼ -6.62%
• 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

+66.7% since first listed

5 events — show timeline

• 2026-03-10 Listed $80,000 HARMLS
• 2009-07-07 Listing Removed — HARMLS
• 2009-04-18 Listed $48,000 HARMLS
• 2000-06-01 Sold (Public Records) — Public Records
• 1999-03-22 Sold (Public Records) — Public Records

Property tax history

+7.6%/yr

Latest (2025): $1,494 · -4.9% YoY. Source: county tax records.