639 E St Charles Dr · Barrett, TX 77532

$239,000

3 bd · 3.0 ba · 1,924 sqft · MultiFamily public records · 9 Days on market

Built 1960 5,832 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Rent growth +2.9/5.0
• Livability +2.8/5.0
• 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: 2 units. confirmed

Listing remarks

Rare find--Duplex in Crosby! Great investment with cash flow! 4 bedroom, 2 bath and 2 bedroom, 1 bath. Four bedroom fully remodeled last year prior to current tenant! Two bedroom remodeled in 2021. Long term tenant of two bedroom just moved out so unit is ready for your favorite tenant!

Key facts

• 5,832 sq ft lot
• Parking
• Built 1960

Property features AI

Finance

• Other: Pets negotiable
• Financial info: Two-unit property; Total actual rent reported: $1,520; Unit 2 actual rent/deposit: $1,520 (leased through Feb 28, 2027); Unit 1 is month-to-month (lease through May 1, 2026); Pet deposit: $50 (per pet)

Exterior

• Parking: Driveway
• Utilities: Electricity available and connected; Natural gas connected; Water connected (Municipal Utility District); Public sewer
• Home design: Single-story property; Faces south; Resale property
• Construction: Built (year per public records); Asphalt and vinyl siding exterior; Asphalt roof; Pillar/post/pier foundation
• Exterior features: Cleared, level, open lot; No specific exterior amenities listed

Interior

• Kitchen: Free-standing refrigerator; Gas range; Range
• Bedrooms: Primary bedroom
• Flooring: Laminate
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Laminate counters; Varies by unit
• Laundry & utility: In-unit laundry room; Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $239k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $616/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $239k).
• Cap rate 12.5% vs local median 5.8% in Barrett — 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 56/100 on livability (#1,335 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-, crime B+; Watch: employment D, schools F, amenities F.
• Crosby ISD (rural): math 39% / reading 40% proficiency, ranked #369 of 826 in TX (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.5%/yr); 1172 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,642/mo this rent would consume 47% of the median local household income ($92k/yr) (locally 382% 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.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y 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

• 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 $239,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. 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.
7. 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.
8. 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: 1.52% ✓
• Cap rate: 12.48%
• Cash-on-cash: 22.08%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.48% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.51×
• Total profit: $34,259
• Equity at exit: $35,636

10-year hold

• IRR: 20.8%
• Equity multiple: 2.63×
• Total profit: $109,184
• Equity at exit: $20,664

Cash invested: $66,920 (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 77532

• Home prices YoY: -28.6%
• Rents YoY: 1.5%
• Active inventory: 1172
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,642 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$293 /mo · $3,515/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$765
• Net cashflow: $1,231

Break-even live

Break-even rent $2,083

Max offer price $239,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,642
Total (2 units)			$3,642

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $239,000 Active 9 DOM
2. 2026-06-17
   days on market $239,000 Active 8 DOM
3. 2026-06-16
   days on market $239,000 Active 7 DOM
4. 2026-06-15
   days on market $239,000 Active 6 DOM
5. 2026-06-13
   days on market $239,000 Active 4 DOM
6. 2026-06-10
   remarks 287-char remark
7. 2026-06-10
   listed $239,000 Active 1 DOM

ⓘ 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: $3,515 · $293/mo
• Projected year-2 tax: $4,374 · $364/mo
• Expected delta: +$858/yr (+$72/mo · 24.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,704
• − Mortgage interest: −$13,388
• − Property taxes: −$3,515
• − Insurance: −$1,195
• − Repairs & maintenance: −$3,496
• − Management: −$3,496
• − Depreciation: −$6,953
• Taxable income: $11,661
• Est. tax owed @ 24.0%: −$2,799
• After-tax cash flow: $11,977/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: Crosby ISD
• NCES district ID: 4815750
• Math proficiency: 39% ▼ -13.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $61,079
• Composite: 35.14/100
• National rank: #5012
• State rank: #369 of 826 in TX

Livability — Barrett

• Score: 56/100
• State rank: #1335
• US rank: #22991

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D Housing A- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Barrett, TX
• County: Harris County · 4,702,590 people
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 33,780
• Household income: $92,201
• Rent vs Own: 13.9% rent · 86.1% own
• Severe rent burden: 382.0

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: White 54% Hispanic / Latino 31% Two or more races 16% Black 9%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 4% Romanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 78% English-only · Spanish 21%

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: ▼ -105.63%
• Current HPI: 264.0126
• Rent YoY: ▲ 1.48%
• 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

+54.2% since first listed

15 events — show timeline

• 2026-06-09 Listed $239,000 Unlock MLS
• 2017-06-29 Sold (Public Records) — Public Records
• 2017-05-12 Sold (Public Records) — Public Records
• 2016-10-10 Listing Removed — HARMLS
• 2016-09-01 Price Changed $134,900 HARMLS
• 2016-05-10 Listed $154,900 HARMLS
• 2009-02-09 Listing Removed — HARMLS
• 2008-08-14 Listed $62,000 HARMLS
• 2008-08-10 Listing Removed — HARMLS
• 2008-03-10 Listed $74,999 HARMLS
• 2007-01-23 Listing Removed — HARMLS
• 2006-10-03 Listing Removed — HARMLS
• 2006-10-03 Listed $143,999 HARMLS
• 2006-09-14 Listed $154,999 HARMLS
• 1999-12-29 Sold (Public Records) — Public Records

Property tax history

+10.7%/yr

Latest (2025): $3,515 · +20.2% YoY. Source: county tax records.