15411 Formaston Dr

Atascocita, TX 77346

$330,000D-

3 bd · 2.5 ba · 2,500 sqft · Built 2020 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,749/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$862
• HOA: −$13
• Vac / Maint / Mgmt: −$577
• Net cashflow: $-434/mo
• Annual: $-5,204/yr
• Cap rate: 4.72%
• Cash-on-cash: -5.63%
• DSCR: 0.75
• 1% rule: 0.83%
• Cash to close: $92,400

Investor read

• This is a 3-bed/2.5-bath single-family listed at $330k.
• At list price, monthly cash flow is $-434 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (23.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (16.7% below list).
• It's been on market 45 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (23.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-0.9%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#346 in TX) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Humble ISD (urban): math 38% / reading 44% proficiency, ranked #262 of 826 in TX (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ridge Creek El (math 26% / reading 33%, grade F, #2,525 of 4,322 statewide, top 62%, 1,125 students, 74% FRL); Woodcreek Middle (math 46% / reading 49%, grade C-, #408 of 1,662 statewide, top 25%, 1,145 students, 36% FRL); Summer Creek H S (math 33% / reading 48%, grade F, #798 of 1,632 statewide, top 49%, 3,600 students, 45% FRL) — zoned schools average 52% FRL vs 32% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents flat; 682 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.