12023 Greenwood Forest Dr Unit B · Houston, TX 77066

$136,500

3 bd · 2.5 ba · 1,300 sqft · Condo · 28 Days on market

Built 1973 $105/sqft · at area comps Est $136k · at est. $249/mo HOA · 18% of rent

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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 +9.6/30.0
• ARV discount +7.4/15.0
• 1% rule +5.2/10.0
• Appreciation +4.5/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0

Listing remarks

Wonderfully remodeled 3 bedroom 2 1/2 bath townhome for sale. Updates includes carpet on stairs and upstairs , fresh paint, fence and much more. One of the rare 3 bedrooms in the complex. All bedrooms up, two full baths upstairs, half bath downstairs. Great blank slate to make this home your own! Enclosed large decked patio behind private fence. Two parking spots (one covered, one uncovered), within walking distance to clubhouse, schools and pool. This makes a great starter home, forever home or investment property.

Key facts

• Remodeled
• Large decked patio
• Private fence

Tags

• REMODELED
• LARGE DECKED PATIO
• PRIVATE FENCE
• WALKING DISTANCE TO CLUBHOUSE
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO POOL

Property features AI

Finance

• Financial info: Lease considered
• HOA & community: Villas of Capistran HOA; Monthly association fee of $249 covering common areas, structure maintenance, and recreation facilities; Community pool

Exterior

• Parking: Carport (2 spaces); Assigned parking
• Utilities: Public water; Public sewer
• Home design: Residential property; 2 stories; Full ownership; Built in 1973; Slab foundation; Composition roof
• Construction: Brick and wood siding construction
• Exterior features: Deck; Patio; Concrete road surface

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Kitchen/Dining combo area (7x7)
• Bedrooms: Three bedrooms (two on second floor); Bedroom sizes: 9x9, 13x8, 14x11
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Propane heating; Central electric air conditioning
• Interior features: Ceiling fans; Kitchen/dining combo; 6 total rooms
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $136k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (9.7% below list).
• Meets the 1% rule at list price ($1k rent vs $136k).
• Recommended offer: $123k (9.7% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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.
• Klein ISD (suburban): math 41% / reading 48% proficiency, ranked #213 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenwood Forest El (math 30% / reading 34%, grade F, #2,268 of 4,322 statewide, top 55%, 672 students, 75% FRL); Wunderlich Int (math 24% / reading 34%, grade F, #1,103 of 1,662 statewide, top 67%, 1,316 students, 77% FRL); Klein Forest H S (math 20% / reading 28%, grade F, #1,333 of 1,632 statewide, top 82%, 3,481 students, 79% FRL) — zoned schools average 77% FRL vs 37% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 44% district-wide (-16 pts) — the specific schools serving this property underperform the Klein ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-4.7%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $944 of loan paydown is wiped out by about $1k 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 28 days — a 2% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 28 sale attempts since 11y ago; this cycle's ask is 9685% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $123,297 (9.7% 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. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.02% ✓
• Cap rate: 5.49%
• Cash-on-cash: -2.86%
• DSCR: 0.87
• GRM: 8.2

CMA / ARV

• ARV (median comp): $136,134
• List price: $136,500
• Delta: 2.47%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.02% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.47×
• Total profit: $-20,130
• Equity at exit: $32,811

10-year hold

• IRR: -9.4%
• Equity multiple: 0.24×
• Total profit: $-29,106
• Equity at exit: $34,335

Cash invested: $38,220 (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 77066

• Home prices YoY: -0.4%
• Rents YoY: -4.7%
• Active inventory: 160
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,394 high
• Mortgage (P&I): −$716
• Tax est. 1.5%: −$171 /mo · $2,048/yr
• Insurance: −$57
• HOA: −$249
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $-91

Break-even live

Break-even rent $1,509

Max offer price $123,297

Occupancy floor —

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: $34,125
• Closing costs: $4,095
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4202 Brandemere Way St Houston, TX	3.0	2.0	1586	$1,695	$1.07	43d	1	0.56mi
13949 Bammel North Houston Rd Unit 2047 Houston, TX	2.0	2.0	902	$865	$0.96	5d	1	0.60mi
13949 Bammel North Houston Rd Unit 2047 Houston, TX	2.0	2.0	902	$822	$0.91	3d	1	0.60mi
13949 Bammel North Houston Rd Unit 2162 Houston, TX	2.0	2.0	902	$830	$0.92	7d	1	0.61mi
4203 Stonehenge Trl Houston, TX	3.0	2.0	1500	$1,811	$1.21	12d	1	0.62mi
13955 Bammel North Houston Rd Houston, TX	2.0	1.0	914	$980	$1.07	22d	1	0.66mi
13955 Bammel North Houston Rd Houston, TX	2.0	1.0	914	$980	$1.07	12d	1	0.66mi
12817 Greenwood Forest Dr Houston, TX	2.0	2.0	983	$1,020	$1.04	22d	1	0.67mi
12817 Greenwood Forest Dr Houston, TX	2.0	2.0	983	$1,020	$1.04	43d	1	0.67mi
12820 Greenwood Forest Dr Apt 420 Houston, TX	2.0	2.0	979	$985	$1.01	15d	1	0.73mi
12820 Greenwood Forest Dr Apt 424 Houston, TX	2.0	2.0	979	$1,110	$1.13	7d	1	0.73mi
12820 Greenwood Forest Dr Unit 3047 Houston, TX	3.0	2.0	1458	$1,884	$1.29	3d	1	0.73mi
12820 Greenwood Forest Dr Unit 525 Houston, TX	3.0	2.0	1458	$1,852	$1.27	3d	1	0.73mi
12820 Greenwood Forest Dr Unit 2148 Houston, TX	2.0	2.0	979	$1,102	$1.13	3d	1	0.73mi
12811 Greenwood Forest Dr Houston, TX	1.0–2.0	1.0–2.5	935	$1,269	$1.36	2d	25	0.76mi
12811 Greenwood Forest Dr Unit 12838 Houston, TX	2.0	2.0	983	$1,119	$1.14	11d	1	0.77mi
12811 Greenwood Forest Dr Unit 422 Houston, TX	2.0	2.0	983	$1,095	$1.11	7d	1	0.77mi
12811 Greenwood Forest Dr Unit 2047 Houston, TX	2.0	2.0	983	$1,130	$1.15	11d	1	0.80mi
5007 Farm to Market 1960 Rd W Unit 2047 Houston, TX	2.0	2.0	910	$1,153	$1.27	43d	1	0.80mi
5007 Farm to Market 1960 Rd W Houston, TX	1.0–2.0	1.0–2.0	994	$1,557	$1.57	2d	15	0.80mi
31 Greenwood Forest Dr Houston, TX	3.0	2.0	1367	$1,733	$1.27	43d	1	0.83mi
31 Greenwood Forest Dr Houston, TX	2.0	2.0	1176	$1,563	$1.33	19d	1	0.83mi
31 Greenwood Forest Dr Houston, TX	3.0	2.0	1367	$1,733	$1.27	19d	1	0.83mi
12801 Champion Forest Dr Houston, TX	1.0–3.0	1.0–2.0	925	$1,478	$1.60	43d	28	0.86mi
12801 Champion Forest Dr Houston, TX	1.0–3.0	1.0–2.0	1039	$1,477	$1.42	1d	16	0.86mi
5013 Farm to Market 1960 Rd W Houston, TX	2.0	2.0	1144	$1,549	$1.35	43d	1	0.88mi
12407 Hosanna Way Houston, TX	4.0	2.0	1275	$2,200	$1.73	24d	1	0.88mi
5106 Cypress Creek Pkwy Houston, TX	2.0	2.0	1096	$1,162	$1.06	24d	1	0.91mi
5100 Farm to Market 1960 Rd W Houston, TX	1.0–2.0	1.0–2.0	825	$1,215	$1.47	1d	11	1.00mi
5163 Klein Orchard Dr Houston, TX	3.0	2.0	1544	$2,149	$1.39	43d	1	1.02mi
14150 Wunderlich Dr Unit 14207 Houston, TX	2.0	2.0	956	$1,189	$1.24	11d	1	1.07mi
14150 Wunderlich Dr Unit 422 Houston, TX	2.0	2.0	956	$1,165	$1.22	7d	1	1.07mi
14150 Wunderlich Dr Unit 425 Houston, TX	2.0	2.0	956	$1,157	$1.21	3d	1	1.07mi
5965 Farm to Market 1960 Rd W Houston, TX	2.0	2.0	1054	$1,289	$1.22	43d	1	1.07mi
4703 Cashel Cir Unit A Houston, TX	3.0	2.5	1722	$1,950	$1.13	18d	1	1.09mi
5959 Farm to Market 1960 Rd W Unit 2112 Houston, TX	2.0	2.0	880	$1,048	$1.19	2d	1	1.17mi
5959 Farm to Market 1960 Rd W Unit 6016 Houston, TX	2.0	2.0	880	$1,145	$1.30	12d	1	1.17mi
5959 Farm to Market 1960 Rd W Unit 424 Houston, TX	2.0	2.0	880	$1,056	$1.20	5d	1	1.17mi
5959 Farm to Market 1960 Rd W Apt 422 Houston, TX	2.0	2.0	880	$1,056	$1.20	7d	1	1.17mi
5959 Farm to Market 1960 Rd W Unit 2174 Houston, TX	2.0	2.0	880	$1,080	$1.23	10d	1	1.17mi

HOA detail condo

• Monthly dues: $249 · $2,988/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $136,500 Active 28 DOM
2. 2026-06-17
   days on market $136,500 Active 27 DOM
3. 2026-06-16
   days on market $136,500 Active 26 DOM
4. 2026-06-15
   days on market $136,500 Active 25 DOM
5. 2026-06-13
   days on market $136,500 Active 23 DOM
6. 2026-06-09
   days on market $136,500 Active 19 DOM
7. 2026-06-08
   days on market $136,500 Active 18 DOM
8. 2026-06-07
   days on market $136,500 Active 17 DOM
9. 2026-06-04
   days on market $136,500 Active 14 DOM
10. 2026-06-03
    days on market $136,500 Active 13 DOM
11. 2026-06-02
    days on market $136,500 Active 12 DOM
12. 2026-06-01
    days on market $136,500 Active 11 DOM
13. 2026-05-31
    days on market $136,500 Active 10 DOM
14. 2026-04-10
    listed $1,395
15. 2026-04-09
    historical $1,395
16. 2026-04-09
    listed $139,500 Active 528-char remark
17. 2026-04-09
    historical
18. 2026-02-24
    listed $1,395
19. 2026-02-23
    listed $139,500 Active
20. 2026-02-23
    historical
21. 2026-02-02
    listed $143,900 Active
22. 2026-02-02
    historical
23. 2025-12-20
    listed $143,900 Active
24. 2025-12-20
    historical
25. 2025-11-05
    listed $143,900 Active
26. 2025-11-05
    historical
27. 2025-09-10
    listed $144,900 Active
28. 2025-09-10
    historical
29. 2025-08-05
    price $145,000
30. 2025-07-31
    listed $150,000 Active
31. 2025-07-31
    historical
32. 2025-06-18
    listed $150,000 Active
33. 2025-06-18
    historical
34. 2025-04-16
    listed $150,000 Active
35. 2025-04-16
    historical
36. 2025-02-22
    listed $150,000 Active
37. 2023-12-07
    historical $1,250
38. 2023-12-06
    historical
39. 2023-12-01
    price $145,000
40. 2023-11-21
    price $1,250
41. 2023-11-16
    listed $1,375
42. 2023-11-01
    listed $149,900 Active
43. 2023-11-01
    historical
44. 2023-10-24
    historical $1,375
45. 2023-10-14
    listed $1,375
46. 2023-09-29
    price $149,900
47. 2023-09-12
    listed $159,500 Active
48. 2023-09-12
    historical
49. 2023-07-14
    listed $159,500 Active
50. 2023-07-14
    historical

ⓘ 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: $16,725
• − Mortgage interest: −$7,646
• − Property taxes: −$2,048
• − Insurance: −$682
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − HOA: −$2,988
• − Depreciation: −$3,971
• Taxable loss: −$3,286
• Est. tax savings @ 24.0%: +$789
• After-tax cash flow: $-306/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: Klein ISD
• NCES district ID: 4825740
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $78,288
• Composite: 40.91/100
• National rank: #3615
• State rank: #213 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

• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 39,311
• Household income: $87,138
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 815.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 47% Black 23% Two or more races 21% Asian 15% White 13%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Romanian 1%
• Foreign-born: 31% · Canada, Vietnam, Jamaica
• Languages at home: 49% English-only · Spanish 36% Vietnamese 8% Other Asian/Pacific 2%

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: ▼ -1.02%
• Current HPI: 261.1086
• Rent YoY: ▼ -4.69%
• 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

-98.4% since first listed

62 events — show timeline

• 2026-06-02 Listed for Rent $1,395 HARMLS
• 2026-06-01 Rental Removed $1,395 HARMLS
• 2026-05-21 Listing Removed — HARMLS
• 2026-05-21 Listed $136,500 HARMLS
• 2026-04-10 Listed for Rent $1,395 HARMLS
• 2026-04-09 Rental Removed $1,395 HARMLS
• 2026-04-09 Listing Removed — HARMLS
• 2026-04-09 Listed $139,500 HARMLS
• 2026-02-24 Listed for Rent $1,395 HARMLS
• 2026-02-23 Listing Removed — HARMLS
• 2026-02-23 Listed $139,500 HARMLS
• 2026-02-02 Listing Removed — HARMLS
• 2026-02-02 Listed $143,900 HARMLS
• 2025-12-20 Listing Removed — HARMLS
• 2025-12-20 Listed $143,900 HARMLS
• 2025-11-05 Listing Removed — HARMLS
• 2025-11-05 Listed $143,900 HARMLS
• 2025-09-10 Listing Removed — HARMLS
• 2025-09-10 Listed $144,900 HARMLS
• 2025-08-05 Price Changed $145,000 HARMLS
• 2025-07-31 Listing Removed — HARMLS
• 2025-07-31 Listed $150,000 HARMLS
• 2025-06-18 Listing Removed — HARMLS
• 2025-06-18 Listed $150,000 HARMLS
• 2025-04-16 Listing Removed — HARMLS
• 2025-04-16 Listed $150,000 HARMLS
• 2025-02-22 Listed $150,000 HARMLS
• 2023-12-07 Rental Removed $1,250 HARMLS
• 2023-12-06 Listing Removed — HARMLS
• 2023-12-01 Price Changed $145,000 HARMLS
• 2023-11-21 Price Changed $1,250 HARMLS
• 2023-11-16 Listed for Rent $1,375 HARMLS
• 2023-11-01 Listing Removed — HARMLS
• 2023-11-01 Listed $149,900 HARMLS
• 2023-10-24 Rental Removed $1,375 HARMLS
• 2023-10-14 Listed for Rent $1,375 HARMLS
• 2023-09-29 Price Changed $149,900 HARMLS
• 2023-09-12 Listing Removed — HARMLS
• 2023-09-12 Listed $159,500 HARMLS
• 2023-07-14 Listing Removed — HARMLS
• 2023-07-14 Listed $159,500 HARMLS
• 2023-05-05 Listing Removed — HARMLS
• 2023-05-05 Listed $159,500 HARMLS
• 2023-03-16 Listed $159,500 HARMLS
• 2023-03-15 Listing Removed — HARMLS
• 2022-12-30 Listed $159,500 HARMLS
• 2018-03-21 Listing Removed — HARMLS
• 2018-02-10 Price Changed $87,995 HARMLS
• 2018-02-09 Listing Removed — HARMLS
• 2018-02-09 Listed $87,995 HARMLS
• 2017-12-22 Listing Removed — HARMLS
• 2017-12-22 Listed $89,995 HARMLS
• 2017-10-23 Listed $89,995 HARMLS
• 2017-10-23 Listing Removed — HARMLS
• 2017-07-17 Price Changed $89,995 HARMLS
• 2017-06-22 Listed $96,500 HARMLS
• 2017-06-22 Listing Removed — HARMLS
• 2017-03-31 Price Changed $96,500 HARMLS
• 2016-12-09 Listed $99,500 HARMLS
• 2016-01-07 Listing Removed — HARMLS
• 2015-12-30 Price Changed $84,900 HARMLS
• 2015-09-22 Listed $87,500 HARMLS