12500 Sandpiper Dr #193 · Houston, TX 77035

$45,000

1 bd · 1.0 ba · 729 sqft · Condo public records · 160 Days on market

Built 1981 $62/sqft · 28% below area Est $62k · 28% under $378/mo HOA · 47% 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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +6.6/30.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property features a one bedroom one bath. With space for a washer and dryer double stacked located in the bathroom. property has been recently updated with vinyl flooring throughout the living area. Bathroom has also been updated. located in a demand area.

Key facts

• $378 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $-141 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $20k (55.5% below list).
• Meets the 1% rule at list price ($809 rent vs $45k).
• Recommended offer: $20k (55.5% below list) — sets the bar for cash-flow.
• Cap rate 4.3% 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: schools D, crime F.
• Houston ISD (urban): math 27% / reading 35% proficiency, ranked #593 of 826 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 203 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent is only 17% of the median local income ($59k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 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 160 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 47% of rent.
• Climate carrying-cost: major flood risk; 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 $20,033 (55.5% 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 160 days. Have you received any prior offers? Is the seller open to a 55% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.80% ✓
• Cap rate: 4.30%
• Cash-on-cash: -7.13%
• DSCR: 0.68
• GRM: 4.6

CMA / ARV

• ARV (median comp): $62,420
• List price: $45,000
• Delta: -27.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.02% rent growth · sell at horizon

5-year hold

• IRR: -53.2%
• Equity multiple: -0.46×
• Total profit: $-18,349
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: -1.81×
• Total profit: $-35,458
• Equity at exit: $3,891

Cash invested: $12,600 (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 77035

• Rents YoY: 0.0%
• Active inventory: 203
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $809 high
• Mortgage (P&I): −$236
• Tax from tax record: −$82 /mo · $979/yr
• Insurance: −$19
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$378
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $-141

Break-even live

Break-even rent $988

Max offer price $20,033

Occupancy floor —

Sensitivity live

Price	-10% $-116	-5% $-129	+0% $-141	+5% $-154	+10% $-167
Rent	-10% $-205	-5% $-173	+0% $-141	+5% $-109	+10% $-77
Rate	-1.0pp $-119	-0.5pp $-130	base $-141	+0.5pp $-153	+1.0pp $-165

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6363 W Airport Blvd Houston, TX	2.0	1.0–2.0	744	$740	$0.99	8d	1	0.21mi
6363 W Airport Blvd Unit 4204 Houston, TX	1.0	1.0	550	$595	$1.08	25d	1	0.22mi
6363 W Airport Blvd Unit 321 Houston, TX	1.0	1.0	533	$495	$0.93	17d	1	0.22mi
6363 W Airport Blvd Unit 528 Houston, TX	1.0	1.0	728	$650	$0.89	17d	1	0.22mi
6363 W Airport Blvd Unit 1021 Houston, TX	1.0	1.0	550	$595	$1.08	21d	1	0.22mi
12247 Sunset Meadow Ln Houston, TX	1.0–3.0	1.0–2.0	990	$890	$0.90	4d	1	0.25mi
12351 Bob White Dr Houston, TX	1.0	1.0	601	$750	$1.25	21d	1	0.27mi
12351 Bob White Dr Houston, TX	1.0	1.0	601	$750	$1.25	18d	1	0.27mi
12345 Bob White Dr Unit 17-1710 Houston, TX	1.0	1.0	661	$875	$1.32	4d	1	0.31mi
12271 Fondren Rd Houston, TX	1.0	1.0	680	$835	$1.23	44d	1	0.35mi
12271 Fondren Rd Houston, TX	1.0	1.0	680	$835	$1.23	13d	1	0.35mi
14430 Minetta St Unit 8 Houston, TX	1.0	1.0	600	$1,025	$1.71	44d	1	0.35mi
12211 Fondren Rd Houston, TX	1.0–2.0	1.0–2.0	817	$716	$0.88	0d	21	0.40mi
12500 Dunlap St Houston, TX	1.0–3.0	1.0–2.0	907	$710	$0.78	0d	60	0.49mi
12107 Fondren Rd Houston, TX	1.0	1.0	635	$925	$1.46	44d	1	0.50mi
12107 Fondren Rd Houston, TX	1.0	1.0	635	$925	$1.46	23d	1	0.50mi
7706 W Airport Blvd Houston, TX	1.0	1.0	575	$865	$1.50	12d	1	0.57mi
7700 W Airport Blvd Unit 7774 Houston, TX	1.0	1.0	575	$735	$1.28	14d	1	0.59mi
7700 W Airport Blvd Unit 7751 Houston, TX	1.0	1.0	575	$701	$1.22	13d	1	0.59mi
7700 W Airport Blvd Unit 7774 Houston, TX	1.0	1.0	575	$701	$1.22	0d	1	0.59mi
20 Alvarado Dr Houston, TX	1.0	1.0	667	$870	$1.30	25d	1	0.60mi
12011 Lomcrest St Houston, TX	1.0	1.0	552	$805	$1.46	44d	1	0.61mi
12101 Fondren Rd Houston, TX	1.0–2.0	1.0–2.0	790	$839	$1.06	44d	23	0.63mi
12800 Dunlap St Houston, TX	1.0–3.0	1.0–2.0	851	$825	$0.97	0d	63	0.71mi
8030 W Airport Blvd Houston, TX	1.0–2.0	1.0–2.0	780	$774	$0.99	0d	31	0.98mi
8300 W Airport Blvd Houston, TX	1.0–2.0	1.0–2.0	780	$706	$0.91	15d	1	1.14mi
1024 Sandpiper Dr Houston, TX	1.0	1.0	711	$910	$1.28	44d	1	1.14mi
6 Sandpiper Dr Houston, TX	1.0	1.0	630	$885	$1.40	21d	1	1.15mi
6 Sandpiper Dr Houston, TX	1.0	1.0	630	$885	$1.40	0d	1	1.15mi
8306 W Airport Blvd Houston, TX	1.0	1.0	550	$810	$1.47	44d	1	1.27mi
10925 Fondren Rd Houston, TX	1.0	1.0	700	$874	$1.25	44d	1	1.37mi
13939 Hillcroft Ave Houston, TX	1.0–3.0	1.0–2.0	985	$1,303	$1.32	4d	22	1.38mi
13939 Hillcroft Ave Unit 13954 Houston, TX	1.0	1.0	587	$1,223	$2.08	21d	1	1.38mi
13939 Hillcroft Ave Houston, TX	1.0	1.0	567	$1,303	$2.30	44d	1	1.38mi
13939 Hillcroft Ave Unit 13990 Houston, TX	1.0	1.0	567	$1,184	$2.09	44d	1	1.38mi
8201 W Bellfort Ave Unit 8275 Houston, TX	1.0	1.0	532	$795	$1.49	14d	1	1.40mi
8201 W Bellfort Ave Unit 1162 Houston, TX	1.0	1.0	532	$760	$1.43	8d	1	1.40mi
8201 W Bellfort Ave Unit 8243 Houston, TX	1.0	1.0	435	$736	$1.69	0d	1	1.40mi
8201 W Bellfort Ave Unit 8275 Houston, TX	1.0	1.0	532	$749	$1.41	0d	1	1.40mi
8201 W Bellfort Ave Unit 8252 Houston, TX	1.0	1.0	532	$749	$1.41	13d	1	1.40mi

HOA detail condo

• Monthly dues: $378 · $4,536/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-21
   days on market $45,000 Active 160 DOM
2. 2026-06-18
   days on market $45,000 Active 157 DOM
3. 2026-06-17
   days on market $45,000 Active 156 DOM
4. 2026-06-16
   days on market $45,000 Active 155 DOM
5. 2026-06-15
   days on market $45,000 Active 154 DOM
6. 2026-06-13
   days on market $45,000 Active 152 DOM
7. 2026-06-10
   days on market $45,000 Active 148 DOM
8. 2026-06-08
   pricedays on market $45,000 Active 147 DOM
9. 2026-06-07
   days on market $50,000 Active 146 DOM
10. 2026-06-04
    days on market $50,000 Active 143 DOM
11. 2026-06-01
    days on market $50,000 Active 140 DOM
12. 2026-05-31
    days on market $50,000 Active 139 DOM
13. 2026-01-12
    listed $50,000 Active 257-char remark

    Show marketing remark (257 chars)

    Property features a one bedroom one bath. With space for a washer and dryer double stacked located in the bathroom. property has been recently updated with vinyl flooring throughout the living area. Bathroom has also been updated. located in a demand area.

14. 2019-07-15
    soldstatus
15. 2014-08-12
    historical 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

16. 2014-08-12
    soldstatus Sold 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

17. 2014-07-09
    price $13,500 Active 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

18. 2014-07-09
    status Active 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

19. 2014-06-28
    status Pending 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

20. 2014-06-27
    status Pending, Continue to Show 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

21. 2014-06-02
    status Pending 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

22. 2014-05-01
    status Pending, Continue to Show 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

23. 2014-03-23
    status Pending 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

24. 2014-02-15
    status Active 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

25. 2013-10-14
    historical 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

26. 2013-09-09
    listed $12,500 Active 108-char remark

    Show marketing remark (108 chars)

    Great opportunity to own a condo with great potential. Unit needs some work. Great for rental or to live in.

27. 2010-11-30
    historical
28. 2010-10-11
    listed $12,000
29. 2000-09-13
    soldstatus
30. 1991-06-19
    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: $979 · $82/mo
• Projected year-2 tax: $979 · $82/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 7/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,713
• − Mortgage interest: −$2,521
• − Property taxes: −$979
• − Insurance: −$1,022
• − Repairs & maintenance: −$777
• − Management: −$777
• − HOA: −$4,536
• − Depreciation: −$1,309
• Taxable loss: −$2,208
• Est. tax savings @ 24.0%: +$530
• After-tax cash flow: $-1,166/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: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 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): 36,019
• Household income: $58,686
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 2844.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 42% Black 29% White 23% Two or more races 19% Asian 2%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Lithuanian 2% Italian 1% Serbian 1%
• Foreign-born: 26% · Canada, China
• Languages at home: 56% English-only · Spanish 37% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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: ▼ -145.44%
• Current HPI: 266.5195
• Rent YoY: ▬ 0.02%
• 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

+316.7% since first listed

18 events — show timeline

• 2026-01-12 Listed $50,000 HARMLS
• 2019-07-15 Sold (Public Records) — Public Records
• 2014-08-12 Listing Removed — HARMLS
• 2014-08-12 Sold (MLS) — HARMLS
• 2014-07-09 Relisted — HARMLS
• 2014-07-09 Price Changed $13,500 HARMLS
• 2014-06-28 Pending — HARMLS
• 2014-06-27 Pending — HARMLS
• 2014-06-02 Pending — HARMLS
• 2014-05-01 Pending — HARMLS
• 2014-03-23 Pending — HARMLS
• 2014-02-15 Relisted — HARMLS
• 2013-10-14 Listing Removed — HARMLS
• 2013-09-09 Listed $12,500 HARMLS
• 2010-11-30 Listing Removed — HARMLS
• 2010-10-11 Listed $12,000 HARMLS
• 2000-09-13 Sold (Public Records) — Public Records
• 1991-06-19 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $979 · -20.8% YoY. Source: county tax records.