5602 Southlea St · Houston, TX 77033

$120,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 93 Days on market

Built 1955 7,196 sqft lot $100/sqft · 32% below area Est $178k · 32% under ↓ 25% since listing

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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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +8.2/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath single-story home offers a great opportunity! The property sits on a spacious lot and features a practical floor plan, covered entry, and attached carport parking. With the right updates, this home could be an excellent rental or resale opportunity. Conveniently located near Interstate 610 and Interstate 45, providing quick access to Downtown Houston, employment centers, and surrounding neighborhoods. The property is also within a short drive of the renowned Texas Medical Center, making it attractive for healthcare workers and long-term tenants. Nearby amenities include NRG Stadium, local parks, shopping, and schools. Located in an area experiencing ongoing growth and redevelopment, this property presents a solid investment opportunity for those looking to add value in a well-connected Houston location. Ideal for renovation, rental income, or portfolio expansion.

Key facts

• Nearby amenities
• Spacious lot
• Covered entry

Tags

• SPACIOUS LOT
• COVERED ENTRY
• ATTACHED CARPORT PARKING
• NEARBY AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 fast (+5.5%/yr); 338 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $1,581/mo this rent would consume 50% of the median local household income ($38k/yr) (locally 1728% 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 $830 of loan paydown is wiped out by about $4k 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 + 5.5% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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: 1.32% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.68%
• DSCR: 1.56
• GRM: 6.3

CMA / ARV

• ARV (median comp): $177,563
• List price: $120,000
• Delta: -32.42%
• 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
5810 Southgood St	0.41mi	3/1.0	1,223 (+2%)	4mo	$116,000	$95	75
5233 Dieppe St	0.41mi	3/1.0	1,237 (+3%)	3mo	$35,000	$28	73
5823 Southgood St	0.39mi	3/2.0	1,300 (+8%)	1mo	$217,900	$168	63
5009 Bataan Rd	0.62mi	3/2.0	1,228 (+2%)	2mo	$130,500	$106	62
5014 Yellowstone Blvd	0.61mi	3/2.0	1,190 (-1%)	6mo	$189,900	$160	61
5111 Cosby St	0.63mi	3/2.0	1,225 (+2%)	4mo	$225,000	$184	60
5035 Andrea St	0.57mi	3/2.0	1,156 (-4%)	5mo	$195,000	$169	59
6111 Cavanaugh St	0.48mi	2/1.0 (-1)	1,136 (-5%)	8mo	$144,900	$128	57
5938 Southlark St	0.40mi	3/2.5	1,329 (+11%)	1mo	$195,000	$147	56
5126 Hull St	0.49mi	3/2.0	1,306 (+9%)	3mo	$220,000	$168	56
5006 Idaho St	0.67mi	4/2.0 (+1)	1,308 (+9%)	3mo	$225,000	$172	42
5042 Bataan Rd	0.55mi	4/2.0 (+1)	1,362 (+14%)	5mo	$180,000	$132	39

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 · 5.45% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.21×
• Total profit: $7,224
• Equity at exit: $17,892

10-year hold

• IRR: 17.0%
• Equity multiple: 2.57×
• Total profit: $52,889
• Equity at exit: $10,375

Cash invested: $33,600 (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 77033

• Home prices YoY: -16.3%
• Rents YoY: 5.5%
• Active inventory: 338
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,581 high
• Mortgage (P&I): −$629
• Tax from tax record: −$214 /mo · $2,572/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $355

Break-even live

Break-even rent $1,131

Max offer price $120,000

Occupancy floor 73%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5537 Bataan Rd Houston, TX	2.0	1.0	880	$1,300	$1.48	44d	1	0.01mi
5835 Southmont St Houston, TX	3.0	2.0	1200	$1,700	$1.42	44d	1	0.24mi
5954 Doolittle Blvd Houston, TX	3.0	2.0	1371	$1,575	$1.15	44d	1	0.63mi
5514 Griggs Rd Unit 5571 Houston, TX	2.0	2.0	1322	$1,214	$0.92	11d	1	0.65mi
5514 Griggs Rd Unit 2162 Houston, TX	2.0	2.0	1322	$1,190	$0.90	5d	1	0.65mi
5514 Griggs Rd Unit 2187 Houston, TX	2.0	2.0	1322	$1,182	$0.89	3d	1	0.65mi
5514 Griggs Rd Unit 422 Houston, TX	2.0	2.0	1322	$1,190	$0.90	8d	1	0.65mi
5123 Dewberry St Houston, TX	4.0	2.0	1391	$2,400	$1.73	44d	1	0.66mi
5514 Griggs Rd Houston, TX	2.0	2.0	1322	$1,210	$0.92	44d	1	0.66mi
4942 Bataan Rd Unit 77033 Houston, TX	4.0	2.0	1350	$1,800	$1.33	44d	1	0.67mi
5514 Griggs Rd Unit 2047 Houston, TX	2.0	2.0	1322	$1,225	$0.93	11d	1	0.72mi
5514 Griggs Rd Unit 2047 Houston, TX	2.0	2.0	1322	$1,214	$0.92	3d	1	0.72mi
5520 Griggs Rd Houston, TX	2.0	2.0	1322	$1,241	$0.94	22d	1	0.76mi
5520 Griggs Rd Houston, TX	2.0	2.0	1322	$1,241	$0.94	44d	1	0.76mi
6528 Weston St Unit A Houston, TX	3.0	3.0	1484	$2,200	$1.48	44d	1	0.81mi
6532 Weston St Unit A Houston, TX	3.0	3.0	1484	$2,200	$1.48	18d	1	0.81mi
5610 Royal Palms St Houston, TX	2.0	1.0	900	$950	$1.06	24d	1	0.88mi
5154 Griggs Rd Unit CAVE Houston, TX	2.0	2.0	1322	$1,420	$1.07	3d	1	0.89mi
5116 Griggs Rd Houston, TX	3.0	2.0	1131	$1,316	$1.16	44d	1	0.89mi
5918 Schroeder Rd Houston, TX	1.0–2.0	1.0	850	$1,000	$1.18	44d	1	0.92mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	22d	1	0.93mi
5924 Schroeder Rd Houston, TX	2.0	1.0	900	$895	$0.99	44d	1	0.93mi
5942 Ridgeway Dr Houston, TX	4.0	2.0	1490	$2,250	$1.51	44d	1	1.16mi
5314 Northridge Dr Unit A Houston, TX	3.0	2.0	872	$1,185	$1.36	44d	1	1.17mi
5222 Northridge Dr Houston, TX	4.0	2.0	1300	$1,850	$1.42	24d	1	1.18mi
7918 Jutland Rd Houston, TX	3.0	1.0	996	$1,295	$1.30	44d	1	1.27mi
5623 Bellfort St Houston, TX	4.0	1.0	1320	$1,700	$1.29	15d	1	1.29mi
5101 Martin Luther King Blvd Unit MO54 Houston, TX	2.0	2.0	1322	$1,210	$0.92	12d	1	1.37mi
5767 Belcrest St Houston, TX	4.0	2.0	1480	$1,790	$1.21	44d	1	1.38mi
7818 Calhoun Rd Unit 8 Houston, TX	2.0	1.0	800	$1,200	$1.50	44d	1	1.42mi
4530 Mayflower St Houston, TX	3.0	2.0	1302	$1,800	$1.38	44d	1	1.46mi
4977 Martin Luther King Blvd Houston, TX	4.0	4.0	1396	$870	$0.62	24d	1	1.50mi

Listing history 16 events

1. 2026-06-17
   days on market $120,000 Active 93 DOM
2. 2026-06-16
   days on market $120,000 Active 92 DOM
3. 2026-06-15
   days on market $120,000 Active 91 DOM
4. 2026-06-13
   days on market $120,000 Active 89 DOM
5. 2026-06-10
   days on market $120,000 Active 85 DOM
6. 2026-06-08
   days on market $120,000 Active 84 DOM
7. 2026-06-07
   days on market $120,000 Active 83 DOM
8. 2026-06-04
   days on market $120,000 Active 80 DOM
9. 2026-06-01
   days on market $120,000 Active 77 DOM
10. 2026-05-31
    days on market $120,000 Active 76 DOM
11. 2026-05-06
    price $120,000 904-char remark

    Show marketing remark (904 chars)

    This 3-bedroom, 1-bath single-story home offers a great opportunity! The property sits on a spacious lot and features a practical floor plan, covered entry, and attached carport parking. With the right updates, this home could be an excellent rental or resale opportunity. Conveniently located near Interstate 610 and Interstate 45, providing quick access to Downtown Houston, employment centers, and surrounding neighborhoods. The property is also within a short drive of the renowned Texas Medical Center, making it attractive for healthcare workers and long-term tenants. Nearby amenities include NRG Stadium, local parks, shopping, and schools. Located in an area experiencing ongoing growth and redevelopment, this property presents a solid investment opportunity for those looking to add value in a well-connected Houston location. Ideal for renovation, rental income, or portfolio expansion.

12. 2026-03-16
    listed $160,000 Active 904-char remark

    Show marketing remark (904 chars)

    This 3-bedroom, 1-bath single-story home offers a great opportunity! The property sits on a spacious lot and features a practical floor plan, covered entry, and attached carport parking. With the right updates, this home could be an excellent rental or resale opportunity. Conveniently located near Interstate 610 and Interstate 45, providing quick access to Downtown Houston, employment centers, and surrounding neighborhoods. The property is also within a short drive of the renowned Texas Medical Center, making it attractive for healthcare workers and long-term tenants. Nearby amenities include NRG Stadium, local parks, shopping, and schools. Located in an area experiencing ongoing growth and redevelopment, this property presents a solid investment opportunity for those looking to add value in a well-connected Houston location. Ideal for renovation, rental income, or portfolio expansion.

13. 2021-12-23
    soldstatus
14. 2021-10-01
    soldstatus
15. 2017-12-11
    soldstatus
16. 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: $2,572 · $214/mo
• Projected year-2 tax: $2,572 · $214/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) · 20% 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: $18,967
• − Mortgage interest: −$6,722
• − Property taxes: −$2,572
• − Insurance: −$600
• − Repairs & maintenance: −$1,517
• − Management: −$1,517
• − Depreciation: −$3,491
• Taxable income: $2,548
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $3,649/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): 29,154
• Household income: $38,071
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1728.0

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: Majority Black (55%)
• Race & ethnicity: Black 55% Hispanic / Latino 43% Two or more races 17% Native American 1%
• Hispanic origin (detail): Mexican 35%
• Common ancestry: Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 39%

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: ▼ -41.49%
• Current HPI: 212.6472
• Rent YoY: ▲ 5.45%
• 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

-25.0% since first listed

6 events — show timeline

• 2026-05-06 Price Changed $120,000 HARMLS
• 2026-03-16 Listed $160,000 HARMLS
• 2021-12-23 Sold (Public Records) — Public Records
• 2021-10-01 Sold (Public Records) — Public Records
• 2017-12-11 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,572 · +17.6% YoY. Source: county tax records.