12317 23rd St · Santa Fe, TX 77510

$225,000

4 bd · 1.5 ba · 1,694 sqft · SingleFamily public records · 293 Days on market

Built 1972 0.27 ac lot $133/sqft · 15% below area Est $265k · 15% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +14.3/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

Key facts

• Open living areas
• Spacious kitchen
• 0.27 acre lot

Tags

• SPACIOUS KITCHEN
• OPEN LIVING AREAS
• EXPANSIVE FRONT AND BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $21k ($250k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 117.4% vs local median 4.5% in Santa Fe — 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 67/100 on livability (#550 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Santa Fe ISD (suburban): math 38% / reading 39% proficiency, ranked #385 of 826 in TX (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dan J Kubacak El (math 44% / reading 38%, grade F, #1,462 of 4,322 statewide, top 34%, 687 students, 56% FRL); Santa Fe J H (math 34% / reading 37%, grade F, #827 of 1,662 statewide, top 51%, 1,009 students, 52% FRL); Santa Fe H S (math 19% / reading 34%, grade F, #1,228 of 1,632 statewide, top 76%, 1,369 students, 47% FRL) — zoned schools average 52% FRL vs 35% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 236 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,258 units permitted in Galveston County in 2024 (0 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 $7k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 293 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 293 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 12.72% ✓
• Cap rate: 117.41%
• Cash-on-cash: 396.83%
• DSCR: 18.66
• GRM: 0.7

CMA / ARV

• ARV (median comp): $265,379
• List price: $225,000
• Delta: -15.22%
• 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
5305 Avenue M	0.09mi	4/2.5	1,788 (+6%)	1mo	$289,995	$162	82
12106 24th St	0.24mi	3/2.0 (-1)	1,696 (+0%)	12mo	$370,000	$218	72
12153 24th St	0.17mi	3/2.0 (-1)	1,812 (+7%)	11mo	$364,000	$201	64
11918 25th St	0.47mi	4/2.0	1,632 (-4%)	13mo	$235,000	$144	60
12222 23rd St	0.10mi	3/3.0 (-1)	1,948 (+15%)	2mo	$275,000	$141	58
11855 23rd St	0.57mi	3/2.0 (-1)	1,736 (+2%)	10mo	$399,000	$230	54
5225 Main St	0.45mi	3/2.0 (-1)	1,600 (-6%)	11mo	$239,000	$149	53
11927 24th St	0.44mi	3/2.0 (-1)	1,514 (-11%)	4mo	$265,000	$175	52
11902 25th St	0.51mi	3/2.5 (-1)	1,877 (+11%)	11mo	$252,900	$135	40
11914 24th St	0.48mi	3/1.5 (-1)	1,475 (-13%)	13mo	$246,000	$167	40
4433 Avenue L	0.70mi	3/2.0 (-1)	1,500 (-12%)	10mo	$289,900	$193	32
11811 15th St	0.70mi	3/2.0 (-1)	1,511 (-11%)	13mo	$245,000	$162	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 21.49×
• Total profit: $1,291,016
• Equity at exit: $33,548

10-year hold

• IRR: —
• Equity multiple: 46.00×
• Total profit: $2,835,100
• Equity at exit: $19,454

Cash invested: $63,000 (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 77510

• Home prices YoY: -15.3%
• Active inventory: 236
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $28,615 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$499 /mo · $5,985/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,009
• Net cashflow: $20,834

Break-even live

Break-even rent $2,244

Max offer price $225,000

Occupancy floor 22%

Sensitivity live

Price	-10% $20,961	-5% $20,897	+0% $20,834	+5% $20,770	+10% $20,706
Rent	-10% $18,573	-5% $19,703	+0% $20,834	+5% $21,964	+10% $23,094
Rate	-1.0pp $20,947	-0.5pp $20,891	base $20,834	+0.5pp $20,775	+1.0pp $20,716

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11844 13th St Santa Fe, TX	3.0	2.0	1472	$1,750	$1.19	23d	1	0.76mi
4120 Avenue O #10 Santa Fe, TX	3.0	2.0	1280	$74,621	$58.30	45d	1	1.13mi

Listing history 17 events

1. 2026-06-04
   days on market $225,000 Active 293 DOM
2. 2026-06-03
   days on market $225,000 Active 292 DOM
3. 2026-06-02
   days on market $225,000 Active 291 DOM
4. 2026-06-01
   days on market $225,000 Active 290 DOM
5. 2026-05-31
   days on market $225,000 Active 289 DOM
6. 2026-03-08
   status Active 751-char remark

   Show marketing remark (751 chars)

   Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

7. 2026-03-03
   status Pending 751-char remark

   Show marketing remark (751 chars)

   Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

8. 2026-02-19
   price $225,000 751-char remark

   Show marketing remark (751 chars)

   Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

9. 2025-11-21
   price $240,000 751-char remark

   Show marketing remark (751 chars)

   Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

10. 2025-08-15
    listed $260,000 Active 751-char remark

    Show marketing remark (751 chars)

    Price Improvement! Welcome to your new home in the heart of Santa Fe! This charming 4-bedroom, 2-bath residence offers an inviting blend of comfort and space. Step into a spacious, light-filled kitchen with plenty of room for cooking, dining, and gathering. The open living areas create a warm and connected atmosphere, perfect for both everyday living and entertaining. Enjoy the expansive front and backyard, ideal for outdoor activities, gardening, or simply relaxing in your own private retreat. Conveniently located near local amenities, schools, and parks, this home offers both comfort and convenience. Don’t miss the chance to make this beautiful Santa Fe home yours! Schedule your tour today and see why this one should be yours.

11. 2018-09-14
    soldstatus
12. 2018-09-12
    soldstatus Sold 944-char remark

    Show marketing remark (944 chars)

    This 3-bed/2-bath in Santa Fe is definitely worth seeing today! Owners have taken pride in their home, and it shows. Large kitchen w/ tile backsplash, feather finish cement countertops, stainless steel appliances, island w/ real butcher block top, & it is open to the family game room. RECENT UPDATES: new tile flooring kitchen/dining/hall/bath, new fixtures, interior & exterior paint, dbl pane/dbl hung windows, new roof 2013, & more. Other features include beautiful hardwood flooring (no carpet), barn-style sliding door for guest bath, & indoor utility room easily big enough to double as an office! The back yard is spacious, fully fenced, & comes w/ patio, large storage shed w/ bay door, & a double gate. * Very * awesome treehouse w/ bird’s nest, monkey bars, slide, ship rope, & more. After touring this property for a few minutes, it will feel like home! Call to see it for yourself today.

13. 2018-08-23
    status Pending 944-char remark

    Show marketing remark (944 chars)

    This 3-bed/2-bath in Santa Fe is definitely worth seeing today! Owners have taken pride in their home, and it shows. Large kitchen w/ tile backsplash, feather finish cement countertops, stainless steel appliances, island w/ real butcher block top, & it is open to the family game room. RECENT UPDATES: new tile flooring kitchen/dining/hall/bath, new fixtures, interior & exterior paint, dbl pane/dbl hung windows, new roof 2013, & more. Other features include beautiful hardwood flooring (no carpet), barn-style sliding door for guest bath, & indoor utility room easily big enough to double as an office! The back yard is spacious, fully fenced, & comes w/ patio, large storage shed w/ bay door, & a double gate. * Very * awesome treehouse w/ bird’s nest, monkey bars, slide, ship rope, & more. After touring this property for a few minutes, it will feel like home! Call to see it for yourself today.

14. 2018-08-12
    status Option Pending 944-char remark

    Show marketing remark (944 chars)

    This 3-bed/2-bath in Santa Fe is definitely worth seeing today! Owners have taken pride in their home, and it shows. Large kitchen w/ tile backsplash, feather finish cement countertops, stainless steel appliances, island w/ real butcher block top, & it is open to the family game room. RECENT UPDATES: new tile flooring kitchen/dining/hall/bath, new fixtures, interior & exterior paint, dbl pane/dbl hung windows, new roof 2013, & more. Other features include beautiful hardwood flooring (no carpet), barn-style sliding door for guest bath, & indoor utility room easily big enough to double as an office! The back yard is spacious, fully fenced, & comes w/ patio, large storage shed w/ bay door, & a double gate. * Very * awesome treehouse w/ bird’s nest, monkey bars, slide, ship rope, & more. After touring this property for a few minutes, it will feel like home! Call to see it for yourself today.

15. 2018-08-09
    listed $184,900 Active 944-char remark

    Show marketing remark (944 chars)

    This 3-bed/2-bath in Santa Fe is definitely worth seeing today! Owners have taken pride in their home, and it shows. Large kitchen w/ tile backsplash, feather finish cement countertops, stainless steel appliances, island w/ real butcher block top, & it is open to the family game room. RECENT UPDATES: new tile flooring kitchen/dining/hall/bath, new fixtures, interior & exterior paint, dbl pane/dbl hung windows, new roof 2013, & more. Other features include beautiful hardwood flooring (no carpet), barn-style sliding door for guest bath, & indoor utility room easily big enough to double as an office! The back yard is spacious, fully fenced, & comes w/ patio, large storage shed w/ bay door, & a double gate. * Very * awesome treehouse w/ bird’s nest, monkey bars, slide, ship rope, & more. After touring this property for a few minutes, it will feel like home! Call to see it for yourself today.

16. 2017-08-04
    soldstatus
17. 2006-07-05
    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: $5,985 · $499/mo
• Projected year-2 tax: $5,985 · $499/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 26 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $343,384
• − Mortgage interest: −$12,603
• − Property taxes: −$5,985
• − Insurance: −$1,125
• − Repairs & maintenance: −$27,471
• − Management: −$27,471
• − Depreciation: −$6,545
• Taxable income: $262,184
• Est. tax owed @ 24.0%: −$62,924
• After-tax cash flow: $187,080/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: Santa Fe ISD
• NCES district ID: 4839270
• Math proficiency: 38% ▼ -10.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $66,769
• Composite: 34.86/100
• National rank: #5091
• State rank: #385 of 826 in TX

Livability — Santa Fe

• Score: 67/100
• State rank: #550
• US rank: #10637

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Fe, TX
• Population (ZIP): 13,938

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 21% Two or more races 17% Asian 2%
• Hispanic origin (detail): Mexican 14% Puerto Rican 3% Cuban 1%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 10% Tagalog/Filipino 1%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.15%
• Current HPI: 299.2228
• Rent YoY: —
• Metro: —
• 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

+21.7% since first listed

12 events — show timeline

• 2026-03-08 Relisted — HARMLS
• 2026-03-03 Pending — HARMLS
• 2026-02-19 Price Changed $225,000 HARMLS
• 2025-11-21 Price Changed $240,000 HARMLS
• 2025-08-15 Listed $260,000 HARMLS
• 2018-09-14 Sold (Public Records) — Public Records
• 2018-09-12 Sold (MLS) — HARMLS
• 2018-08-23 Pending — HARMLS
• 2018-08-12 Pending — HARMLS
• 2018-08-09 Listed $184,900 HARMLS
• 2017-08-04 Sold (Public Records) — Public Records
• 2006-07-05 Sold (Public Records) — Public Records

Property tax history

+7.0%/yr

Latest (2025): $5,985 · +7.0% YoY. Source: county tax records.