1116 W Castlewood Ave · Friendswood, TX 77546

$275,000

4 bd · 2.0 ba · 1,960 sqft · SingleFamily public records · 42 Days on market

Built 1982 10,794 sqft lot $140/sqft · 20% below area Est $346k · 20% under $22/mo HOA · 1% of rent ↓ 7% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• Schools +6.1/10.0
• 1% rule +5.3/10.0
• DSCR +4.4/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

Key facts

• Generously sized lot
• Ranch-style home
• Outdoor oasis

Tags

• RANCH-STYLE HOME
• GENEROUSLY SIZED LOT
• OUTDOOR OASIS
• HIGHLY DESIRABLE AREA
• CENTRALLY-LOCATED PROPERTY
• CONVENIENT NEIGHBORHOODS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $62 ($745/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 2.3% in Friendswood — 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 70/100 on livability (#338 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Friendswood ISD (suburban): math 64% / reading 65% proficiency, ranked #15 of 826 in TX (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.7%/yr); 502 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $8k 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.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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. 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: 1.03% ✓
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 8.1

CMA / ARV

• ARV (median comp): $345,741
• List price: $275,000
• Delta: -20.46%
• 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
1116 W Castlewood Ave	0.00mi	4/2.0	1,960 (0%)	1mo	$275,000	$140	99
1116 Tipperary Ave	0.13mi	4/2.0	1,908 (-3%)	4mo	$400,000	$210	86
1114 W Castlewood Ave	0.02mi	3/2.0 (-1)	1,764 (-10%)	4mo	$345,000	$196	74
1018 W Castlewood Ave	0.14mi	4/2.0	1,827 (-7%)	10mo	$415,000	$227	74
1012 Glenshannon Ave	0.27mi	4/2.5	2,115 (+8%)	6mo	$415,000	$196	67
1017 Londonderry Ave	0.26mi	4/2.5	1,858 (-5%)	16mo	$495,000	$266	64
1017 Tipperary Ave	0.17mi	4/2.5	2,209 (+13%)	8mo	$428,999	$194	62
1310 W Castlewood Ave	0.24mi	3/2.0 (-1)	1,764 (-10%)	8mo	$349,900	$198	61
801 Lancaster Dr	0.71mi	4/2.0	1,972 (+1%)	7mo	$365,000	$185	60
1508 Frontier Ln	0.51mi	3/2.5 (-1)	1,834 (-6%)	9mo	$335,000	$183	51
901 Briarmeadow Ave	0.54mi	3/2.5 (-1)	1,818 (-7%)	8mo	$392,000	$216	49
1306 Frontier Ln	0.28mi	3/3.0 (-1)	2,181 (+11%)	17mo	$399,500	$183	45

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 · 2.74% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.47×
• Total profit: $-41,135
• Equity at exit: $41,003

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-32,882
• Equity at exit: $23,777

Cash invested: $77,000 (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 77546

• Rents YoY: 2.7%
• Active inventory: 502
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,837 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$601 /mo · $7,209/yr
• Insurance: −$115
• HOA: −$22
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $62

Break-even live

Break-even rent $2,759

Max offer price $275,000

Occupancy floor 93%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	16d	1	1.18mi
1408 S Friendswood Dr #804 Friendswood, TX	3.0	3.0	1966	$2,700	$1.37	15d	1	1.18mi

HOA detail

• Monthly dues: $22 · $264/yr
• Likely covers: pool

Listing history 5 events

1. 2026-05-12
   status Pending 666-char remark

   Show marketing remark (666 chars)

   Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

2. 2026-04-23
   price $275,000 666-char remark

   Show marketing remark (666 chars)

   Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

3. 2026-04-16
   status Active 666-char remark

   Show marketing remark (666 chars)

   Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

4. 2026-04-13
   status Pending 666-char remark

   Show marketing remark (666 chars)

   Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

5. 2026-04-08
   listed $295,000 Active 666-char remark

   Show marketing remark (666 chars)

   Charming ranch-style home in the heart of Friendswood, ideally located within walking distance to the high school. This 4-bedroom, 2-bath property offers a functional layout with an open-concept and is perfect for everyday living and entertaining. Situated on a generously sized lot, there’s plenty of space to add a pool, create an outdoor oasis, or host gatherings with ease. The home does need some TLC, making it a great opportunity for buyers looking to personalize and add value in a highly desirable area. Don’t miss your chance to own a centrally-located property with strong potential in one of Friendswood’s most convenient neighborhoods.

ⓘ 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: $7,209 · $601/mo
• Projected year-2 tax: $7,209 · $601/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 25 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: $34,048
• − Mortgage interest: −$15,404
• − Property taxes: −$7,209
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − HOA: −$264
• − Depreciation: −$8,000
• Taxable loss: −$3,652
• Est. tax savings @ 24.0%: +$876
• After-tax cash flow: $1,621/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: Friendswood ISD
• NCES district ID: 4819950
• Math proficiency: 64% ▼ -12.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $109,699
• Composite: 60.52/100
• National rank: #841
• State rank: #15 of 826 in TX

Livability — Friendswood

• Score: 70/100
• State rank: #338
• US rank: #7362

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendswood, TX
• County: Galveston County · 357,330 people
• City population: 54,789
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 54,789
• Household income: $123,756
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 1350.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 11% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

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: ▼ -160.03%
• Current HPI: 243.7934
• Rent YoY: ▲ 2.74%
• 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

-6.8% since first listed

5 events — show timeline

• 2026-05-12 Pending — HARMLS
• 2026-04-23 Price Changed $275,000 HARMLS
• 2026-04-16 Relisted — HARMLS
• 2026-04-13 Pending — HARMLS
• 2026-04-08 Listed $295,000 HARMLS

Property tax history

+5.9%/yr

Latest (2025): $7,209 · +7.3% YoY. Source: county tax records.