3510 Grassmere St Unit A/B · Houston, TX 77051

$578,000

6 bd · 5.0 ba · 3,964 sqft · MultiFamily · 34 Days on market

Built 2026 7,000 sqft lot

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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).

• Cash flow +12.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Schools +2.7/10.0
• Condition / age +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

3510 Grassmere St offers a rare opportunity to own a brand-new gated duplex in Houston’s growing Medical Center South area. Each unit features 3 bedrooms, 2.5 bathrooms, and approximately 1,982 SF of modern living space with open-concept layouts, quality finishes, stainless steel appliances, tile and vinyl flooring, and attached garages. Situated on a 7,000 SF lot with full fencing, gated driveway access, landscaping, sidewalks, and gutters. Conveniently located near the Medical Center, Downtown Houston, major freeways, shopping, dining, and universities. Ideal for investors or owner-occupants seeking rental income and modern new construction.

Key facts

• Open-concept layouts
• Full fencing
• Quality finishes

Tags

• GATED DUPLEX
• OPEN-CONCEPT LAYOUTS
• QUALITY FINISHES
• STAINLESS STEEL APPLIANCES
• TILE AND VINYL FLOORING
• FULL FENCING

Property features AI

Finance

• Other: Property listed as residential income (multi-unit with 2 total units); Owner is listing agent (disclosure)

Exterior

• Security: Security gate
• Utilities: Central heating and cooling (electric and gas)
• Home design: Residential income property; New construction (2026); Approximately 3,964 square feet of building area; Lot about 7,000 square feet; Composition roof
• Construction: Built in 2026 by ROCK TOWERS LLC; Composition roof
• Exterior features: Security gate

Interior

• Kitchen: Includes dishwasher, microwave, refrigerator, trash compactor, and disposal
• Bedrooms: Two units, each with 3 bedrooms (total 6 bedrooms)
• Bathrooms: 2 full bathrooms (per unit count unavailable — 2 full baths listed)
• Heating & cooling: Central heating (electric and gas); Central air conditioning (electric and gas); Property has heating and cooling
• Interior features: Dishwasher; Disposal; Microwave; Refrigerator; Trash compactor

🏗️ New construction. The $578,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $467,752.

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.5-bath units multifamily listed at $578k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative. Per door: $-50/mo.
• To cash-flow at today's rent, offer at most $453k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (31.4% below list).
• Recommended offer: $396k (31.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: 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.
• Zoned schools: Reynolds El (math 8% / reading 8%, grade F, #4,301 of 4,322 statewide, top 100%, 334 students, 98% FRL); Attucks Middle (math 15% / reading 22%, grade F, #1,478 of 1,662 statewide, top 90%, 439 students, 98% FRL); Worthing H S (math 22% / reading 21%, grade F, #1,377 of 1,632 statewide, top 85%, 827 students, 96% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 16% at this address vs 31% district-wide (-15 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.8%/yr); 321 active listings in the ZIP; lower-income renter base — watch delinquency; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,965/mo this rent would consume 127% of the median local household income ($37k/yr) (locally 1446% 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 $50k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($561k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $396,500 (31.4% 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 34 days. Have you received any prior offers? Is the seller open to a 31% 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. 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?
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: 0.85% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $467,752
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3105 Grassmere St Unit A/B	0.38mi	6/—	4,028 (+2%)	11mo	$475,000	$118	71
3110 Bolt St	0.51mi	6/3.0	3,416 (-14%)	19mo	$394,950	$116	29

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 · 4.77% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.95×
• Total profit: $255,615
• Equity at exit: $421,388

10-year hold

• IRR: 21.9%
• Equity multiple: 6.91×
• Total profit: $773,550
• Equity at exit: $908,739

Cash invested: $130,971 (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 77051

• Home prices YoY: 9.7%
• Rents YoY: 4.8%
• Active inventory: 321
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $3,965 high
• Mortgage (P&I): −$2,453
• Tax est. 1.5%: −$585 /mo · $7,016/yr
• Insurance: −$195
• HOA: −$0
• Vacancy / Maint / Mgmt: −$833
• Net cashflow: $-100

Break-even live

Break-even rent $4,092

Max offer price $453,256

Occupancy floor 98%

Sensitivity live

Price	-10% $223	-5% $61	+0% $-100	+5% $-262	+10% $-423
Rent	-10% $-413	-5% $-257	+0% $-100	+5% $56	+10% $213
Rate	-1.0pp $135	-0.5pp $19	base $-100	+0.5pp $-221	+1.0pp $-345

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2.5	$3,964
Total (2 units)			$3,965

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: $116,938
• Closing costs: $14,033
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $578,000 Active 34 DOM
2. 2026-06-18
   days on market $578,000 Active 31 DOM
3. 2026-06-17
   days on market $578,000 Active 30 DOM
4. 2026-06-16
   days on market $578,000 Active 29 DOM
5. 2026-06-15
   days on market $578,000 Active 28 DOM
6. 2026-06-13
   days on market $578,000 Active 26 DOM
7. 2026-06-10
   days on market $578,000 Active 22 DOM
8. 2026-06-08
   days on market $578,000 Active 21 DOM
9. 2026-06-07
   days on market $578,000 Active 20 DOM
10. 2026-06-04
    days on market $578,000 Active 17 DOM
11. 2026-06-01
    days on market $578,000 Active 14 DOM
12. 2026-05-31
    days on market $578,000 Active 13 DOM
13. 2026-05-18
    listed $578,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $47,580
• − Mortgage interest: −$26,201
• − Property taxes: −$7,016
• − Insurance: −$2,339
• − Repairs & maintenance: −$3,806
• − Management: −$3,806
• − Depreciation: −$13,607
• Taxable loss: −$9,197
• Est. tax savings @ 24.0%: +$2,207
• After-tax cash flow: $1,005/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): 19,795
• Household income: $37,415
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 1446.0

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 Black (77%)
• Race & ethnicity: Black 77% Hispanic / Latino 16% Two or more races 11% White 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 88% English-only · Spanish 10%

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: ▲ 16.02%
• Current HPI: 180.4283
• Rent YoY: ▲ 4.77%
• 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 event — show timeline

• 2026-05-18 Listed $578,000 HARMLS