1421 Marshall St · Houston, TX 77006

$1,490,000

None bd · None ba · 4,592 sqft · MultiFamily · 121 Days on market

Built 1940 5,950 sqft lot $324/sqft · 72% above area

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare investment opportunity in the heart of desirable Montrose! A fully upgraded 12-unit studio apartment building located at 1421 Marshall Street, nestled in one of Houston’s most vibrant and walkable neighborhoods. This classic Montrose property features modern finishes throughout, strong rental demand, and an 80% occupancy rate, providing immediate cash flow with upside potential. Each unit has been thoughtfully remodeled with contemporary touches new stainless steel appliances, modern vinyl plank flooring, efficient A/C systems, and quality fixtures — making them highly appealing to today’s renters. The gated building offers secure access and is just steps from some of Montrose’s best dining, nightlife, boutiques, art galleries, and transit options. This turnkey asset is ideal for investors seeking stable occupancy, value-add potential, and ownership in a premier inner-loop neighborhood.

Key facts

• Modern finishes
• Fully upgraded
• 5,950 sq ft lot

Tags

• FULLY UPGRADED
• STUDIO APARTMENT BUILDING
• MODERN FINISHES
• STAINLESS STEEL APPLIANCES
• MODERN VINYL PLANK FLOORING
• EFFICIENT A C SYSTEMS

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $1.49M.

Deal economics

• At list price, monthly cash flow is $11k ($130k/yr) — positive. Per door: $900/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.49M).
• Recommended offer: $1.31M (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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: 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 soft (-1.3%/yr); 264 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $26,698/mo this rent would consume 301% of the median local household income ($107k/yr) (locally 1688% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $417k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($1.31M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,311,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.79% ✓
• Cap rate: 14.99%
• Cash-on-cash: 31.05%
• DSCR: 2.38
• GRM: 4.7

CMA / ARV

• ARV (median comp): $866,341
• List price: $1,490,000
• Delta: 71.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1612 Kipling St	0.20mi	1/1.0	4,672 (+2%)	4mo	$1,295,000	$277	84
808 Sul Ross St	0.47mi	1/1.0	4,712 (+3%)	11mo	$1,350,000	$287	64
2503 Woodhead St	0.53mi	—/1.0	4,738 (+3%)	13mo	$999,900	$211	59
3416 Audubon Pl	0.63mi	4/2.0	4,699 (+2%)	14mo	$2,395,000	$510	55
618 Branard St	0.59mi	14/7.0	4,073 (-11%)	12mo	$1,290,000	$317	44

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 1.88×
• Total profit: $368,216
• Equity at exit: $222,164

10-year hold

• IRR: 28.4%
• Equity multiple: 3.17×
• Total profit: $905,165
• Equity at exit: $128,828

Cash invested: $417,200 (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 77006

• Rents YoY: -1.3%
• Active inventory: 264
• Price-to-rent: 55.8×

Monthly cashflow live

• Estimated rent: $26,698 medium
• Mortgage (P&I): −$7,814
• Tax est. 1.5%: −$1,862 /mo · $22,350/yr
• Insurance: −$621
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,607
• Net cashflow: $10,794

Break-even live

Break-even rent $13,034

Max offer price $1,490,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$26,700
Total (12 units)			$26,698

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: $372,500
• Closing costs: $44,700
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Hawthorne St Houston, TX	2.0	1.0	3341	$1,525	$0.46	43d	1	0.20mi
4899 Montrose Blvd Houston, TX	1.0–3.0	1.0–2.5	2704	$6,355	$2.35	43d	10	0.74mi
1958 W Gray St Unit 3165 Houston, TX	3.0	2.0	3206	$15,018	$4.68	3d	1	1.17mi
1958 W Gray St Unit 1991 Houston, TX	3.0	2.0	3206	$15,050	$4.69	11d	1	1.17mi
811 Buffalo Park Dr Unit 844 Houston, TX	3.0	2.0	3632	$14,913	$4.11	14d	1	1.41mi
811 Buffalo Park Dr Unit 3187 Houston, TX	3.0	2.0	3632	$15,392	$4.24	3d	1	1.41mi
811 Buffalo Park Dr Unit 510 Houston, TX	3.0	2.0	3632	$15,424	$4.25	11d	1	1.41mi

Listing history 25 events

1. 2026-06-18
   days on market $1,490,000 Active 121 DOM
2. 2026-06-17
   days on market $1,490,000 Active 120 DOM
3. 2026-06-16
   days on market $1,490,000 Active 119 DOM
4. 2026-06-15
   days on market $1,490,000 Active 118 DOM
5. 2026-06-13
   days on market $1,490,000 Active 116 DOM
6. 2026-06-10
   days on market $1,490,000 Active 112 DOM
7. 2026-06-08
   days on market $1,490,000 Active 111 DOM
8. 2026-06-07
   days on market $1,490,000 Active 110 DOM
9. 2026-06-04
   days on market $1,490,000 Active 107 DOM
10. 2026-06-01
    days on market $1,490,000 Active 104 DOM
11. 2026-05-31
    days on market $1,490,000 Active 103 DOM
12. 2026-02-17
    listed $1,490,000 Active 935-char remark

    Show marketing remark (935 chars)

    Rare investment opportunity in the heart of desirable Montrose! A fully upgraded 12-unit studio apartment building located at 1421 Marshall Street, nestled in one of Houston’s most vibrant and walkable neighborhoods. This classic Montrose property features modern finishes throughout, strong rental demand, and an 80% occupancy rate, providing immediate cash flow with upside potential. Each unit has been thoughtfully remodeled with contemporary touches new stainless steel appliances, modern vinyl plank flooring, efficient A/C systems, and quality fixtures — making them highly appealing to today’s renters. The gated building offers secure access and is just steps from some of Montrose’s best dining, nightlife, boutiques, art galleries, and transit options. This turnkey asset is ideal for investors seeking stable occupancy, value-add potential, and ownership in a premier inner-loop neighborhood.

13. 2025-09-29
    historical
14. 2025-02-19
    listed $1,899,000 Active
15. 2025-02-19
    historical
16. 2025-02-19
    listed $18,900,000 Active
17. 2011-07-22
    historical
18. 2011-07-20
    listed $450
19. 2009-12-18
    soldstatus
20. 2009-12-01
    historical
21. 2009-07-10
    listed $445,000
22. 2006-02-28
    historical
23. 2006-02-07
    listed $395,000
24. 2005-12-31
    historical
25. 2005-12-01
    listed $448,000

ⓘ 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) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 24 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: $320,376
• − Mortgage interest: −$83,463
• − Property taxes: −$22,350
• − Insurance: −$7,450
• − Repairs & maintenance: −$25,630
• − Management: −$25,630
• − Depreciation: −$43,345
• Taxable income: $112,507
• Est. tax owed @ 24.0%: −$27,002
• After-tax cash flow: $102,531/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): 24,892
• Household income: $106,533
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 1688.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 16% Two or more races 12% Asian 9% Black 8%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 16% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 3% Chinese 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: ▼ -273.34%
• Current HPI: 204.0321
• Rent YoY: ▼ -1.29%
• 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

+232.6% since first listed

14 events — show timeline

• 2026-02-17 Listed $1,490,000 HARMLS
• 2025-09-29 Listing Removed — HARMLS
• 2025-02-19 Listed $18,900,000 HARMLS
• 2025-02-19 Listing Removed — HARMLS
• 2025-02-19 Listed $1,899,000 HARMLS
• 2011-07-22 Listing Removed — HARMLS
• 2011-07-20 Listed $450 HARMLS
• 2009-12-18 Sold (MLS) — HARMLS
• 2009-12-01 Listing Removed — HARMLS
• 2009-07-10 Listed $445,000 HARMLS
• 2006-02-28 Listing Removed — HARMLS
• 2006-02-07 Listed $395,000 HARMLS
• 2005-12-31 Listing Removed — HARMLS
• 2005-12-01 Listed $448,000 HARMLS

Property tax history

-0.1%/yr

Latest (2011): $249 · -0.3% YoY. Source: county tax records.