407 Calloway St Unit A - B · Houston, TX 77029

$378,000

6 bd · 4.0 ba · 2,000 sqft · MultiFamily · 50 Days on market

Built 2025 Excellent condition 2,500 sqft lot ↓ 2% 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).

• Cash flow +12.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0

Multi-family units

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

Listing remarks

Brand-new, custom-designed 3-bedroom, 2-bath duplex—move-in ready and never lived in. Both units showcase a clean, modern design with an open-concept kitchen that flows seamlessly into a spacious living area, while also connecting to a dedicated dining space ideal for hosting. The kitchen is outfitted with premium appliances, sleek quartz countertops, and high-end finishes that balance style and functionality. The primary suite offers a comfortable, private retreat, with secondary bedrooms positioned toward the front for added separation. Perfect for a home hack—one unit is already leased, allowing you to generate immediate income while occupying the vacant side. Conveniently lo

Key facts

• 2,500 sq ft lot
• Built 2025
• Listed 50 days

Property features AI

Exterior

• Parking: Electric gate (secure entry)
• Security: Electric gate
• Utilities: Electricity available; Natural gas available
• Home design: Residential income property; New construction; Two units (multi-unit); Living area approximately 2,000; Facing information not provided
• Construction: Cement siding; Composition roof; New construction (built 2025); Builder: CALLOWAY PLACE DEVELOPMENT LLC
• Exterior features: Electric gate

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: Two-unit property with one unit that has 3 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms (total for listing)
• Heating & cooling: Central heating (gas); Central air conditioning (electric)
• Interior features: Dishwasher; Microwave; Vinyl flooring

🏗️ New construction. The $378,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $370,490.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $378k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-33 ($-398/yr) — negative. Per door: $-17/mo.
• To cash-flow at today's rent, offer at most $366k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (15.4% below list).
• Recommended offer: $320k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Galena Park ISD (suburban): math 32% / reading 33% proficiency, ranked #578 of 826 in TX (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jacinto City El (math 31% / reading 32%, grade F, #2,396 of 4,322 statewide, top 56%, 714 students, 89% FRL); Woodland Acres Middle (math 35% / reading 34%, grade F, #858 of 1,662 statewide, top 54%, 603 students, 85% FRL); Galena Park H S (math 37% / reading 36%, grade F, #924 of 1,632 statewide, top 57%, 1,914 students, 87% FRL).
• Market conditions: 153 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,199/mo this rent would consume 80% of the median local household income ($48k/yr) (locally 457% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $104k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($367k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,900 (15.4% 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. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (median comp): $370,490
• List price: $378,000
• Delta: 2.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9715 Stedman	0.62mi	6/2.0	2,000 (0%)	20mo	$375,000	$188	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.93×
• Total profit: $199,715
• Equity at exit: $333,767

10-year hold

• IRR: 21.3%
• Equity multiple: 6.69×
• Total profit: $589,884
• Equity at exit: $719,780

Cash invested: $103,737 (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 77029

• Home prices YoY: 7.2%
• Active inventory: 153
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $3,199 high
• Mortgage (P&I): −$1,943
• Tax est. 1.5%: −$463 /mo · $5,557/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $-33

Break-even live

Break-even rent $3,241

Max offer price $365,691

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,198
Total (2 units)			$3,199

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: $92,622
• Closing costs: $11,115
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Armstrong St Houston, TX	5.0	2.0	1900	$2,000	$1.05	43d	1	0.48mi

Listing history 17 events

1. 2026-06-18
   days on market $378,000 Active 50 DOM
2. 2026-06-17
   days on market $378,000 Active 49 DOM
3. 2026-06-16
   days on market $378,000 Active 48 DOM
4. 2026-06-15
   days on market $378,000 Active 47 DOM
5. 2026-06-13
   days on market $378,000 Active 45 DOM
6. 2026-06-13
   days on market $378,000 Active 44 DOM
7. 2026-06-09
   days on market $378,000 Active 41 DOM
8. 2026-06-08
   days on market $378,000 Active 40 DOM
9. 2026-06-07
   days on market $378,000 Active 39 DOM
10. 2026-06-04
    days on market $378,000 Active 36 DOM
11. 2026-06-03
    days on market $378,000 Active 35 DOM
12. 2026-06-02
    days on market $378,000 Active 34 DOM
13. 2026-06-01
    days on market $378,000 Active 33 DOM
14. 2026-05-31
    days on market $378,000 Active 32 DOM
15. 2026-05-17
    price $378,000 772-char remark
16. 2026-04-29
    listed $385,000 Active 772-char remark
17. 2026-04-27
    historical $385,000 772-char remark

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥109°F today · 20 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: $38,388
• − Mortgage interest: −$20,753
• − Property taxes: −$5,557
• − Insurance: −$1,852
• − Repairs & maintenance: −$3,071
• − Management: −$3,071
• − Depreciation: −$10,778
• Taxable loss: −$6,695
• Est. tax savings @ 24.0%: +$1,607
• After-tax cash flow: $1,209/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This move-in ready, brand-new 3-bedroom, 2-bath duplex is in excellent condition with modern finishes and a clean design. It's perfect for a home hack, with one unit already leased and generating income.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both Add a small outdoor seating area — Improves rental appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both Add a small outdoor seating area — Improves rental appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Galena Park ISD
• NCES district ID: 4820250
• Math proficiency: 32% ▼ -20.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $43,158
• Composite: 27.62/100
• National rank: #6927
• State rank: #578 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): 16,154
• Household income: $48,279
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 457.0

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 (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 32% Black 22% White 5%
• Hispanic origin (detail): Mexican 66%
• Foreign-born: 31% · Canada
• Languages at home: 39% English-only · Spanish 61%

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: ▲ 18.53%
• Current HPI: 276.1811
• Rent YoY: —
• 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

-1.8% since first listed

3 events — show timeline

• 2026-05-17 Price Changed $378,000 HARMLS
• 2026-04-29 Listed $385,000 HARMLS
• 2026-04-27 Coming Soon $385,000 HARMLS