32107 Morning Luster Ct · Fulshear, TX 77441

$369,990

4 bd · 3.0 ba · 2,402 sqft · SingleFamily · 185 Days on market

Built 2025 5,912 sqft lot $61/mo HOA · 2% of rent ↓ 16% 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 +14.1/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• DSCR +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

READY NOW! Take advantage of this fantastic new construction opportunity! With 4 bedrooms and 3 bathrooms, this Barbosa floor plan features 2,402 square feet of living space. The luxury vinyl plank flooring throughout the home is perfect for entertaining or relaxing with your loved ones. The high ceilings and large family room make for a great entertainment space. The owner's suite is the perfect place to unwind and relax. A bay window and sloped ceilings allow plenty of natural light into the room. The en-suite bathroom has a spa-like feel with a walk-in shower, a soaking tub, and a walk-in closet! You'll also have a private office to work or study in. The first-floor guest suite is ideal

Key facts

• Large family room
• Bay window
• High ceilings

Tags

• NEW CONSTRUCTION OPPORTUNITY
• LUXURY VINYL PLANK FLOORING
• HIGH CEILINGS
• LARGE FAMILY ROOM
• OWNER'S SUITE
• BAY WINDOW

Property features AI

Finance

• HOA & community: Community managed by King Property Management; Annual association fee

Exterior

• Parking: Attached 2-car garage
• Security: Owned security system
• Utilities: Public sewer
• Home design: Residential property; New construction (2025); Faces north; Slab foundation
• Construction: Brick construction; Composition roof
• Exterior features: Covered patio; Patio and deck; Fenced backyard; Located in a subdivision; Situated on a cul-de-sac

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Gas range; Microwave; Kitchen island; Pantry; Open to family/dining areas
• Bedrooms: Primary bedroom on the first floor (12 x 18); Additional bedrooms: one on the first floor (11 x 12) and two on the second floor (11 x 12; 11 x 13)
• Flooring: Carpet; Vinyl
• Bathrooms: Three full bathrooms; Primary bath includes separate shower and soaking tub; Double vanities
• Heating & cooling: Central heating (gas); Central electric air conditioning
• Interior features: Double vanity; Kitchen island; Kitchen/family room combo; Pantry; Soaking tub; Separate shower; Tub with shower; Ceiling fans; Kitchen/dining combo; Programmable thermostat
• Laundry & utility: Programmable thermostat (energy control)

🏗️ New construction. The $369,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $360,300.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $370k.

Deal economics

• At list price, monthly cash flow is $52 ($629/yr) — positive.
• To cash-flow at today's rent, offer at most $368k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (10.9% below list).
• Recommended offer: $326k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.2% in Fulshear — 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 69/100 on livability (#430 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lamar CISD (suburban): math 50% / reading 53% proficiency, ranked #116 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Huggins El (math 61% / reading 63%, grade B, #321 of 4,322 statewide, top 8%, 893 students, 23% FRL); Dean Leaman J H School (math 59% / reading 56%, grade B, #206 of 1,662 statewide, top 13%, 2,191 students, 32% FRL); Fulshear H S (math 52% / reading 70%, grade C+, #258 of 1,632 statewide, top 16%, 2,464 students, 30% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1242 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 12,093 units permitted in Fort Bend County in 2024 (815 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Fort Bend County population projected at +75% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.

Recommended offer $325,591 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.91% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $360,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32107 Morning Luster Ct	0.00mi	4/3.0	2,402 (0%)	1mo	$369,990	$154	99
32215 Sunbeam Dr	0.16mi	4/3.0	2,417 (+1%)	1mo	$364,990	$151	91
5711 Sunland Trl	0.19mi	4/3.0	2,402 (0%)	1mo	$391,990	$163	91
5727 Daylight Cv	0.22mi	4/3.0	2,412 (+0%)	3mo	$310,000	$129	87
32407 Sunbeam Dr	0.19mi	4/3.0	2,353 (-2%)	2mo	$352,990	$150	86
32503 Midsummer Dr	0.21mi	4/2.5	2,342 (-2%)	1mo	$324,990	$139	83
32511 Midsummer Dr	0.23mi	4/2.5	2,342 (-2%)	1mo	$350,990	$150	82
32455 Sunbeam Dr	0.22mi	4/2.5	2,342 (-2%)	2mo	$329,990	$141	82
32447 Sunbeam Dr	0.21mi	4/2.5	2,342 (-2%)	2mo	$326,990	$140	82
32127 Morning Luster Ct	0.05mi	5/3.0 (+1)	2,677 (+11%)	1mo	$389,990	$146	73
32223 Sunbeam Dr	0.16mi	5/4.0 (+1)	2,697 (+12%)	0mo	$379,990	$141	63
31423 Splitting Willow Way	0.70mi	4/3.0	2,242 (-7%)	1mo	$349,999	$156	55

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.36×
• Total profit: $-64,617
• Equity at exit: $53,722

10-year hold

• IRR: -19.1%
• Equity multiple: 0.12×
• Total profit: $-88,938
• Equity at exit: $31,152

Cash invested: $100,884 (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 77441

• Rents YoY: -1.6%
• Active inventory: 1242
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,295 high
• Mortgage (P&I): −$1,889
• Tax est. 1.5%: −$450 /mo · $5,404/yr
• Insurance: −$150
• HOA: −$61
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $52

Break-even live

Break-even rent $3,229

Max offer price $360,300

Occupancy floor 93%

Sensitivity live

Price	-10% $301	-5% $177	+0% $52	+5% $-72	+10% $-197
Rent	-10% $-208	-5% $-78	+0% $52	+5% $183	+10% $313
Rate	-1.0pp $234	-0.5pp $144	base $52	+0.5pp $-41	+1.0pp $-136

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: $90,075
• Closing costs: $10,809
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5462 Grand View Dr Unit 1568482P Pattison, TX	5.0	3.5	2992	$3,732	$1.25	0d	1	0.50mi
7302 New Pecan Dr Fulshear, TX	4.0	4.0	2844	$3,299	$1.16	46d	1	0.82mi
5222 Wyatt James Ln Brookshire, TX	4.0	2.5	2487	$3,250	$1.31	14d	1	0.93mi
33002 Franklin Brooks Dr Pattison, TX	4.0	3.5	3255	$4,385	$1.35	0d	1	0.96mi
31043 Vintage Creek Ln Fulshear, TX	4.0	3.5	2800	$3,300	$1.18	24d	1	1.12mi
31123 Brightwell Bnd Fulshear, TX	4.0	3.0	2400	$2,400	$1.00	15d	1	1.30mi
31419 Horseshoe Meadow Bend Ln Fulshear, TX	3.0	2.0	1588	$2,100	$1.32	46d	1	1.36mi

HOA detail

• Monthly dues: $61 · $732/yr

Listing history 12 events

1. 2026-04-27
   status Pending
2. 2026-04-21
   price $369,990
3. 2026-04-20
   price $364,990
4. 2026-04-13
   price $369,990
5. 2026-04-11
   price $374,990
6. 2026-03-30
   price $384,990
7. 2026-03-23
   price $389,990
8. 2026-03-02
   price $391,990
9. 2026-02-02
   price $398,990
10. 2026-01-07
    price $399,990
11. 2025-11-18
    price $431,990
12. 2025-10-24
    listed $441,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $39,545
• − Mortgage interest: −$20,182
• − Property taxes: −$5,404
• − Insurance: −$1,802
• − Repairs & maintenance: −$3,164
• − Management: −$3,164
• − HOA: −$732
• − Depreciation: −$10,481
• Taxable loss: −$5,384
• Est. tax savings @ 24.0%: +$1,292
• After-tax cash flow: $1,921/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: Lamar CISD
• NCES district ID: 4826580
• Math proficiency: 50% ▼ -12.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $75,213
• Composite: 46.43/100
• National rank: #2452
• State rank: #116 of 826 in TX

Livability — Fulshear

• Score: 69/100
• State rank: #430
• US rank: #8901

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Fort Bend County · 836,777 people
• City population: 41,324
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 41,324
• Household income: $184,390
• Rent vs Own: 8.0% rent · 92.0% own
• Severe rent burden: 301.0

Population outlook (Fort Bend County) Hauer SSP2

• Today (2025): 1,004,526 people
• By 2030: 1,153,104 · +14.8%
• By 2040: 1,453,718 · +44.7%
• By 2050: 1,753,781 · +74.6%
• By 2075: 2,455,772 · +144.5%
• By 2100: 2,930,528 · +191.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Hispanic / Latino 20% Two or more races 15% Asian 12% Black 6%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 5% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 17% German/W. Germanic 4% Chinese 4%

Political lean MEDSL · Fort Bend

• 2024 margin: Toss-up / Even · D 49.5% · R 47.9% · Other 2.6%
• 2008→2024 swing: +4.0pp toward D · 2008: -2.4pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+10.6 2016: D+6.6 2012: R+6.8 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -154.74%
• Current HPI: 275.8798
• Rent YoY: ▼ -1.63%
• 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

-16.3% since first listed

12 events — show timeline

• 2026-04-27 Pending — HARMLS
• 2026-04-21 Price Changed $369,990 HARMLS
• 2026-04-20 Price Changed $364,990 HARMLS
• 2026-04-13 Price Changed $369,990 HARMLS
• 2026-04-11 Price Changed $374,990 HARMLS
• 2026-03-30 Price Changed $384,990 HARMLS
• 2026-03-23 Price Changed $389,990 HARMLS
• 2026-03-02 Price Changed $391,990 HARMLS
• 2026-02-02 Price Changed $398,990 HARMLS
• 2026-01-07 Price Changed $399,990 HARMLS
• 2025-11-18 Price Changed $431,990 HARMLS
• 2025-10-24 Listed $441,990 HARMLS