8006 Bowen St · Houston, TX 77051

$440,000

6 bd · 4.0 ba · 2,317 sqft · MultiFamily public records · 49 Days on market

Built 2022 5,000 sqft lot $190/sqft · at area comps Est $459k · at est.

---

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).

• Appreciation +10.0/10.0
• ARV discount +9.4/15.0
• Cash flow +9.1/30.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Schools +2.7/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Attention Real Estate Investors: Don't miss out on this incredible opportunity! Located in the Medical Center South which, according to HAR, is one of Greater Houston's top 10 markets areas. Each unit boasts 3 bedrooms, 2 baths, & a spacious open kitchen/family/dining rm layout. Strategically located near Sports Stadiums, The Medical Center, Universities, & Downtown attractions, this property offers convenience and potential for returns. Plus, with easy access to major highways including I-610, 288, I-69/Hwy 59, I-45, & Bltwy 8, you can reach various destinations efficiently. UNIT A LEASES FOR $$1850 AND UNIT B LEASES FOR $1950

Key facts

• 5,000 sq ft lot
• Built 2022
• Listed 49 days

Property features AI

Exterior

• Parking: Paved parking
• Utilities: Cable available; Electricity available; Water available
• Home design: Residential income property; Built in 2022
• Construction: Cement siding; Composition roof; Built in 2022
• Exterior features: Partial fencing; Cleared lot

Interior

• Kitchen: Dishwasher
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans; Low emissivity windows; Two total dwelling units
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $-341 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $380k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $363k (17.4% below list).
• Recommended offer: $363k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.1% 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.
• 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.
• Zoned schools: Attucks Middle (math 15% / reading 22%, grade F, #1,478 of 1,662 statewide, top 90%, 439 students, 98% FRL); Worthing H S (math 22% / reading 21%, grade F, #1,377 of 1,632 statewide, top 85%, 827 students, 96% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.8%/yr); 312 active listings in the ZIP; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,634/mo this rent would consume 117% of the median local household income ($37k/yr) (locally 1446% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $363,400 (17.4% 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 49 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 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: 0.83% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.32%
• DSCR: 0.85
• GRM: 10.1

CMA / ARV

• ARV (median comp): $459,407
• List price: $440,000
• Delta: -4.22%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8006 Bowen St Unit A-B	0.01mi	6/2.0	2,317 (0%)	20mo	$450,000	$194	75
4101 Stassen St Unit A-B	0.22mi	6/2.0	2,500 (+8%)	14mo	$459,900	$184	57
8218 Corinth St	0.36mi	6/2.0	2,348 (+1%)	21mo	$414,900	$177	56
3902 Mckinley A/b	0.30mi	6/3.0	2,571 (+11%)	12mo	$469,999	$183	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 2.82×
• Total profit: $224,669
• Equity at exit: $396,387

10-year hold

• IRR: 20.6%
• Equity multiple: 6.63×
• Total profit: $693,366
• Equity at exit: $854,823

Cash invested: $123,200 (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 77051

• Home prices YoY: 9.7%
• Rents YoY: 4.8%
• Active inventory: 312
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $3,634 high
• Mortgage (P&I): −$2,307
• Tax from tax record: −$721 /mo · $8,652/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $-341

Break-even live

Break-even rent $4,066

Max offer price $379,778

Occupancy floor —

Sensitivity live

Price	-10% $-92	-5% $-216	+0% $-341	+5% $-465	+10% $-590
Rent	-10% $-628	-5% $-484	+0% $-341	+5% $-197	+10% $-54
Rate	-1.0pp $-119	-0.5pp $-229	base $-341	+0.5pp $-455	+1.0pp $-571

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,634
Total (2 units)			$3,634

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: $110,000
• Closing costs: $13,200
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $440,000 Active 49 DOM
2. 2026-06-17
   days on market $440,000 Active 48 DOM
3. 2026-06-16
   days on market $440,000 Active 47 DOM
4. 2026-06-15
   days on market $440,000 Active 46 DOM
5. 2026-06-13
   days on market $440,000 Active 44 DOM
6. 2026-06-10
   days on market $440,000 Active 40 DOM
7. 2026-06-08
   days on market $440,000 Active 39 DOM
8. 2026-06-07
   days on market $440,000 Active 38 DOM
9. 2026-06-04
   days on market $440,000 Active 35 DOM
10. 2026-06-01
    days on market $440,000 Active 32 DOM
11. 2026-05-31
    days on market $440,000 Active 31 DOM
12. 2026-05-16
    price $440,000 647-char remark
13. 2026-04-30
    listed $450,000 Active 647-char remark
14. 2024-10-25
    soldstatus
15. 2019-07-25
    soldstatus
16. 2019-02-28
    soldstatus
17. 2019-02-28
    soldstatus
18. 2014-05-22
    soldstatus
19. 2014-03-22
    historical
20. 2014-03-21
    listed $15,500 Active
21. 2013-09-29
    historical
22. 2013-08-05
    price $21,900
23. 2013-07-15
    price $30,900
24. 2013-06-06
    listed $39,900 Active
25. 1988-03-26
    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: $8,652 · $721/mo
• Projected year-2 tax: $8,652 · $721/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) · 22% 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: $43,608
• − Mortgage interest: −$24,647
• − Property taxes: −$8,652
• − Insurance: −$2,200
• − Repairs & maintenance: −$3,489
• − Management: −$3,489
• − Depreciation: −$12,800
• Taxable loss: −$11,668
• Est. tax savings @ 24.0%: +$2,800
• After-tax cash flow: $-1,290/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): 19,795
• Household income: $37,415
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 1446.0

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 Black (77%)
• Race & ethnicity: Black 77% Hispanic / Latino 16% Two or more races 11% White 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 10%

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: ▲ 16.02%
• Current HPI: 180.4283
• Rent YoY: ▲ 4.77%
• 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

+1002.8% since first listed

14 events — show timeline

• 2026-05-16 Price Changed $440,000 HARMLS
• 2026-04-30 Listed $450,000 HARMLS
• 2024-10-25 Sold (Public Records) — Public Records
• 2019-07-25 Sold (Public Records) — Public Records
• 2019-02-28 Sold (Public Records) — Public Records
• 2019-02-28 Sold (Public Records) — Public Records
• 2014-05-22 Sold (Public Records) — Public Records
• 2014-03-22 Listing Removed — HARMLS
• 2014-03-21 Listed $15,500 HARMLS
• 2013-09-29 Listing Removed — HARMLS
• 2013-08-05 Price Changed $21,900 HARMLS
• 2013-07-15 Price Changed $30,900 HARMLS
• 2013-06-06 Listed $39,900 HARMLS
• 1988-03-26 Sold (Public Records) — Public Records

Property tax history

+15.6%/yr

Latest (2025): $8,652 · +2.8% YoY. Source: county tax records.