10110 Forum West Dr #406 · Houston, TX 77036

$59,000

2 bd · 1.0 ba · 865 sqft · Condo public records · 43 Days on market

Built 1981 $68/sqft · at area comps Est $60k · at est. $300/mo HOA · 29% 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 +20.0/30.0
• 1% rule +10.0/10.0
• ARV discount +8.3/15.0
• DSCR +6.3/10.0
• Appreciation +4.6/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Rent growth +0.8/5.0

Key facts

• $300 HOA
• Community pool
• Built 1981

Property features AI

Finance

• HOA & community: Monthly association managed by RANDALL MANAGMENT; Association fee $300 per month (includes water, sewer, trash)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story residential unit; Built in 1981; Slab foundation
• Construction: Brick and wood siding exterior; Composition roof
• Exterior features: Community pool

Interior

• Bedrooms: Two bedrooms on the first floor (one is the primary) — both approximately 12 x 12
• Bathrooms: One full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: One fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $59k.

Deal economics

• At list price, monthly cash flow is $6 ($69/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Alief ISD (urban): math 23% / reading 28% proficiency, ranked #717 of 826 in TX (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Olle Middle (math 16% / reading 32%, grade F, #1,301 of 1,662 statewide, top 79%, 1,067 students, 90% FRL) — zoned schools average 90% FRL vs 74% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-6.6%/yr); 200 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $408 of loan paydown is wiped out by about $431 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 43 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.
• Current owner paid $9k; list at $59k implies a 556% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 29% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
9. 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.
10. 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: 1.75% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.24%
• DSCR: 1.23
• GRM: 4.8

CMA / ARV

• ARV (median comp): $60,011
• List price: $59,000
• Delta: -1.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.63×
• Total profit: $-6,120
• Equity at exit: $15,007

10-year hold

• IRR: -7.4%
• Equity multiple: 0.40×
• Total profit: $-9,924
• Equity at exit: $16,420

Cash invested: $16,520 (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 77036

• Home prices YoY: -0.3%
• Rents YoY: -6.6%
• Active inventory: 200
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,032 high
• Mortgage (P&I): −$309
• Tax from tax record: −$109 /mo · $1,309/yr
• Insurance: −$25
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$300
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $6

Break-even live

Break-even rent $1,025

Max offer price $59,000

Occupancy floor 94%

Sensitivity live

Price	-10% $39	-5% $22	+0% $6	+5% $-11	+10% $-28
Rent	-10% $-76	-5% $-35	+0% $6	+5% $46	+10% $87
Rate	-1.0pp $35	-0.5pp $21	base $6	+0.5pp $-10	+1.0pp $-25

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10110 Forum Park Dr Houston, TX	1.0–2.0	1.0–2.0	976	$999	$1.02	44d	2	0.20mi
10107 Forum Park Dr Houston, TX	2.0	2.0	1100	$970	$0.88	25d	1	0.21mi
10107 Forum Park Dr Houston, TX	1.0	1.0	550	$770	$1.40	22d	1	0.21mi
10107 Forum Park Dr Houston, TX	1.0	1.0	550	$770	$1.40	44d	1	0.21mi
10286 Forum West Dr Houston, TX	1.0	1.0	553	$830	$1.50	19d	1	0.26mi
10286 Forum West Dr Houston, TX	2.0	2.0	1046	$1,200	$1.15	25d	1	0.26mi
10286 Forum West Dr Houston, TX	1.0	1.0	553	$830	$1.50	44d	1	0.26mi
10101 Forum Park Dr Houston, TX	1.0–2.0	1.0–2.0	825	$1,323	$1.60	2d	21	0.26mi
9898 Forum Park Dr Unit 6406 Houston, TX	1.0	1.0	750	$925	$1.23	44d	1	0.28mi
10009 Forum Park Dr Houston, TX	1.0	1.0	543	$819	$1.51	22d	1	0.32mi
10009 Forum Park Dr Houston, TX	1.0	1.0	543	$819	$1.51	44d	1	0.32mi
10009 Forum Park Dr Houston, TX	2.0	2.0	969	$979	$1.01	24d	1	0.32mi
10101 W Sam Houston Pkwy S Houston, TX	1.0–2.0	1.0–2.0	809	$1,145	$1.41	44d	1	0.33mi
10225 Bissonnet St Houston, TX	1.0–2.0	1.0–2.5	992	$1,480	$1.49	2d	49	0.38mi
13 South Dr Houston, TX	1.0	1.0	588	$894	$1.52	44d	1	0.53mi
9502 Woodfair Dr Houston, TX	1.0–2.0	1.0–2.0	711	$1,093	$1.54	3d	31	0.62mi
9502 Woodfair Dr Houston, TX	1.0–2.0	1.0	636	$950	$1.49	44d	31	0.62mi
10440 South Dr Houston, TX	1.0–2.0	1.0–2.0	773	$1,340	$1.73	2d	27	0.63mi
9430 Concourse Dr Houston, TX	1.0	1.0	719	$842	$1.17	13d	1	0.76mi
9445 Concourse Dr Houston, TX	1.0–2.0	1.0–2.0	715	$1,104	$1.54	2d	21	0.76mi
9475 W Sam Houston Pkwy S Houston, TX	1.0–2.0	1.0–2.0	725	$1,284	$1.77	6d	18	0.79mi
14 W Sam Houston Pkwy S Houston, TX	1.0	1.0	619	$779	$1.26	22d	1	0.83mi
14 W Sam Houston Pkwy S Houston, TX	2.0	2.0	1000	$1,054	$1.05	25d	1	0.83mi
14 W Sam Houston Pkwy S Houston, TX	1.0	1.0	619	$779	$1.26	44d	1	0.83mi
9303 Woodfair Dr Houston, TX	1.0–2.0	1.0–2.0	791	$1,045	$1.32	44d	42	0.87mi
10300 S Wilcrest Dr Unit 10374 Houston, TX	1.0	1.0	650	$741	$1.14	3d	1	0.94mi
10300 S Wilcrest Dr Unit 10374 Houston, TX	1.0	1.0	650	$779	$1.20	13d	1	0.94mi
10300 S Wilcrest Dr Unit 10351 Houston, TX	1.0	1.0	650	$733	$1.13	13d	1	0.94mi
10411 South Dr Houston, TX	1.0–2.0	1.0–2.0	757	$1,495	$1.97	44d	1	0.95mi
9901 Club Creek Dr Houston, TX	1.0–3.0	1.0–2.0	855	$992	$1.16	2d	13	0.99mi
8606 S Course Dr Houston, TX	2.0	2.0	913	$1,050	$1.15	44d	1	1.08mi
9255 W Sam Houston Pkwy S Houston, TX	1.0	1.0	750	$1,049	$1.40	44d	1	1.12mi
8600 S Course Dr Houston, TX	1.0–2.0	1.0–2.0	706	$1,218	$1.72	2d	31	1.15mi
10925 Stancliff Rd Houston, TX	2.0	2.0	931	$1,425	$1.53	44d	1	1.19mi
10000 Club Creek Dr Houston, TX	2.0	1.0–2.0	670	$1,015	$1.51	11d	1	1.20mi
10919 Stancliff Rd Unit 10934 Houston, TX	1.0	1.0	673	$1,303	$1.94	11d	1	1.20mi
10919 Stancliff Rd Unit 2174 Houston, TX	2.0	2.0	931	$1,543	$1.66	11d	1	1.20mi
10919 Stancliff Rd Unit 10976 Houston, TX	2.0	2.0	931	$1,544	$1.66	44d	1	1.20mi
10919 Stancliff Rd Unit 1162 Houston, TX	1.0	1.0	673	$1,264	$1.88	6d	1	1.20mi
10919 Stancliff Rd Unit 2162 Houston, TX	2.0	2.0	931	$1,519	$1.63	6d	1	1.20mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $59,000 Active 43 DOM
2. 2026-06-17
   days on market $59,000 Active 42 DOM
3. 2026-06-16
   days on market $59,000 Active 41 DOM
4. 2026-06-15
   days on market $59,000 Active 40 DOM
5. 2026-06-13
   days on market $59,000 Active 38 DOM
6. 2026-06-09
   days on market $59,000 Active 34 DOM
7. 2026-06-08
   days on market $59,000 Active 33 DOM
8. 2026-06-07
   days on market $59,000 Active 32 DOM
9. 2026-06-04
   days on market $59,000 Active 29 DOM
10. 2026-06-03
    days on market $59,000 Active 28 DOM
11. 2026-06-02
    days on market $59,000 Active 27 DOM
12. 2026-06-01
    days on market $59,000 Active 26 DOM
13. 2026-05-31
    days on market $59,000 Active 25 DOM
14. 2026-05-06
    listed $59,000 Active 673-char remark
15. 2026-04-29
    historical $59,000 673-char remark
16. 2025-11-28
    historical
17. 2025-06-19
    listed $75,000 Active
18. 2025-05-22
    historical
19. 2024-12-15
    listed $80,000 Active
20. 2024-11-23
    historical
21. 2024-07-02
    listed $80,000 Active
22. 2011-01-18
    soldstatus
23. 2010-01-29
    soldstatus
24. 2006-12-22
    soldstatus
25. 1999-05-01
    soldstatus $9,000
26. 1998-08-14
    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: $1,309 · $109/mo
• Projected year-2 tax: $1,309 · $109/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 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 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: $12,383
• − Mortgage interest: −$3,305
• − Property taxes: −$1,309
• − Insurance: −$1,092
• − Repairs & maintenance: −$991
• − Management: −$991
• − HOA: −$3,600
• − Depreciation: −$1,716
• Taxable loss: −$621
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $218/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: Alief ISD
• NCES district ID: 4807830
• Math proficiency: 23% ▼ -19.00%
• Reading proficiency: 28% ▼ -8.00%
• Median HH income: $37,775
• Composite: 21.29/100
• National rank: #8391
• State rank: #717 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): 71,770
• Household income: $45,716
• Rent vs Own: 82.3% rent · 17.7% own
• Severe rent burden: 4374.0

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 Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Two or more races 28% Black 11% Asian 9% White 7%
• Hispanic origin (detail): Mexican 33% Cuban 3%
• Foreign-born: 55% · Canada, China, Vietnam
• Languages at home: 20% English-only · Spanish 66% Chinese 5% Vietnamese 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: ▼ -0.73%
• Current HPI: 221.1045
• Rent YoY: ▼ -6.62%
• 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

+555.6% since first listed

13 events — show timeline

• 2026-05-06 Listed $59,000 HARMLS
• 2026-04-29 Coming Soon $59,000 HARMLS
• 2025-11-28 Listing Removed — HARMLS
• 2025-06-19 Listed $75,000 HARMLS
• 2025-05-22 Listing Removed — HARMLS
• 2024-12-15 Listed $80,000 HARMLS
• 2024-11-23 Listing Removed — HARMLS
• 2024-07-02 Listed $80,000 HARMLS
• 2011-01-18 Sold (Public Records) — Public Records
• 2010-01-29 Sold (Public Records) — Public Records
• 2006-12-22 Sold (Public Records) — Public Records
• 1999-05-01 Sold (Public Records) $9,000 Public Records
• 1998-08-14 Sold (Public Records) — Public Records

Property tax history

+11.4%/yr

Latest (2025): $1,309 · -3.1% YoY. Source: county tax records.