7200 W T C Jester Blvd #41 · Houston, TX 77088

$360,000

28 bd · 24.0 ba · 5,017 sqft · MultiFamily · 16 Days on market

Built 1983 5,017 sqft lot $745/mo HOA · 73% of rent

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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 +27.0/30.0
• 1% rule +9.9/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Rare FULLY RENTED 4-plex investment opportunity in a convenient Houston location w/ proven profitable rental history & strong unit variety! This income-producing property offers no known foundation issues, PEX piping, granite counters in all units, tile flooring in downstairs units & vinyl flooring upstairs. The property features 2 newer AC units, 2 older AC units that are currently working, 2 new water heaters & only one unit needing some kitchen cabinet repair. Smart unit mix includes Units A & B w/ 1 bed/1 bath layouts at approx. 762-769 SF, Unit C w/ 2 beds/2 baths at approx. 1,025 SF & Unit D w/ 3 beds/2 baths at approx. 1,179 SF. Current rent notes show 1

Key facts

• Location near dining
• New water heaters
• Pex piping

Tags

• PEX PIPING
• NEW AC
• NEW WATER HEATERS
• LOCATION NEAR SCHOOLS
• LOCATION NEAR SHOPPING
• LOCATION NEAR DINING

Property features AI

Finance

• Other: Seller disclosure available
• HOA & community: Inwood Village Owners Association; Monthly association fee of $745 covering common areas, structure maintenance, and insurance; Guarded community

Exterior

• Parking: Paved parking
• Security: Guard at association
• Home design: Residential income property; 4-unit building
• Construction: Built in 1983; Brick and cement siding construction; Composition roof
• Exterior features: Security gate; Fire alarm

Interior

• Kitchen: Dishwasher
• Flooring: Plank; Tile; Vinyl
• Bathrooms: 6 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Fireplace; Granite counters

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 1×2bd/2ba + 1×3bd/2ba units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $355k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: crime F.
• Aldine ISD (suburban): math 16% / reading 21% proficiency, ranked #790 of 826 in TX (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Reed Academy (math 11% / reading 14%, grade F, #4,167 of 4,322 statewide, top 97%, 677 students, 93% FRL); Hoffman Middle (math 17% / reading 24%, grade F, #1,407 of 1,662 statewide, top 86%, 637 students, 91% FRL); Eisenhower H S (math 16% / reading 23%, grade F, #1,424 of 1,632 statewide, top 88%, 2,855 students, 83% FRL).
• Market conditions: Rents soft (-1.0%/yr); 468 active listings in the ZIP; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $5,373/mo this rent would consume 118% of the median local household income ($54k/yr) (locally 2294% 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 $11k 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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 $354,600 (1.5% below list)

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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.49% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.05%
• DSCR: 1.54
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-9,101
• Equity at exit: $53,677

10-year hold

• IRR: 2.7%
• Equity multiple: 1.16×
• Total profit: $16,390
• Equity at exit: $31,126

Cash invested: $100,800 (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 77088

• Home prices YoY: -23.2%
• Rents YoY: -1.0%
• Active inventory: 468
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $5,373 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$745
• Vacancy / Maint / Mgmt: −$1,128
• Net cashflow: $1,012

Break-even live

Break-even rent $4,092

Max offer price $360,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,056
1× unit	2	2	$1,551
1× unit	3	2	$1,767
Total (4 units)			$5,373

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $745 · $8,940/yr
• Likely covers: water

Listing history 7 events

1. 2026-06-03
   days on market $360,000 Pending 16 DOM
2. 2026-06-02
   days on market $360,000 Pending 15 DOM
3. 2026-06-01
   days on market $360,000 Pending 14 DOM
4. 2026-05-31
   days on market $360,000 Pending 13 DOM
5. 2026-05-18
   listed $360,000 Active
6. 2003-05-10
   historical
7. 2002-10-15
   listed $136,500

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

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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,476
• − Mortgage interest: −$20,166
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$5,158
• − Management: −$5,158
• − HOA: −$8,940
• − Depreciation: −$10,473
• Taxable income: $7,382
• Est. tax owed @ 24.0%: −$1,772
• After-tax cash flow: $10,370/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: Aldine ISD
• NCES district ID: 4807710
• Math proficiency: 16% ▼ -23.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $37,081
• Composite: 15.42/100
• National rank: #9317
• State rank: #790 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): 57,047
• Household income: $54,411
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2294.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 52% Black 37% Two or more races 18% White 6% Asian 4%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Lithuanian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 49% English-only · Spanish 47% Vietnamese 3%

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: ▼ -98.37%
• Current HPI: 325.0499
• Rent YoY: ▼ -1.01%
• 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

+163.7% since first listed

3 events — show timeline

• 2026-05-18 Listed $360,000 HARMLS
• 2003-05-10 Listing Removed — HARMLS
• 2002-10-15 Listed $136,500 HARMLS