6223 Lavender St · Houston, TX 77026

$350,000

8 bd · 4.0 ba · 2,560 sqft · MultiFamily public records · 42 Days on market

Built 1940 0.67 ac lot $137/sqft · 10% below area Est $388k · 10% under

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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 +18.3/30.0
• ARV discount +12.0/15.0
• Appreciation +6.9/10.0
• DSCR +5.7/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 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 MLS

Investment alert! 4 Units total close to downtown fully renovated. This gem wont last long Producing close to $5,000 a month with potential increase. there are 2 two bed one bath units, 1 one bed one bath, 1 three bed one bath. Whether you choose to live in one unit and lease the others, or add this gem to your investment portfolio, the possibilities are endless! Don’t miss out on this incredible opportunity. Easy access to 59, the 610 Loop, and Downtown Houston. Live in one and lease out the other or add this 4- plex to your investment portfolio. Call today to schedule your private tour.

Key facts

• Strong rental demand
• Expansion potential
• Plumbing upgrades

Tags

• CORNER LOT
• EXPANSION POTENTIAL
• PLUMBING UPGRADES
• ELECTRICAL UPGRADES
• COSMETIC IMPROVEMENTS
• STRONG RENTAL DEMAND

Property features AI

Finance

• Financial info: 4 total units

Exterior

• Home design: Residential income property; Total living area approximately 2,560
• Construction: Built in 1940; Composition roof

Interior

• Kitchen: Refrigerator
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Ceiling fans

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-108 ($-1k/yr) — negative. Per door: $-54/mo.
• To cash-flow at today's rent, offer at most $331k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $329k (5.9% below list).
• Recommended offer: $329k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: Kashmere Gardens El (math 2% / reading 12%, grade F, #4,307 of 4,322 statewide, top 100%, 355 students, 98% FRL); Key Middle (math 10% / reading 20%, grade F, #1,569 of 1,662 statewide, top 95%, 615 students, 100% FRL); Kashmere H S (math 14% / reading 22%, grade F, #1,445 of 1,632 statewide, top 89%, 725 students, 96% FRL) — zoned schools average 98% FRL vs 71% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 13% at this address vs 31% district-wide (-18 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 (+3.1%/yr); 445 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).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (3.9% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $329,200 (5.9% 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 42 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
11. 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.
12. 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: 0.94% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (median comp): $388,492
• List price: $350,000
• Delta: -9.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.89% appreciation · 3.08% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.54×
• Total profit: $52,610
• Equity at exit: $175,266

10-year hold

• IRR: 11.0%
• Equity multiple: 2.81×
• Total profit: $177,633
• Equity at exit: $284,928

Cash invested: $98,000 (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 77026

• Home prices YoY: 1.5%
• Rents YoY: 3.1%
• Active inventory: 445
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,292 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$301 /mo · $3,607/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $-108

Break-even live

Break-even rent $3,428

Max offer price $330,967

Occupancy floor 98%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,292
Total (2 units)			$3,292

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $350,000 Active 42 DOM
2. 2026-06-17
   days on market $350,000 Active 41 DOM
3. 2026-06-16
   days on market $350,000 Active 40 DOM
4. 2026-06-15
   days on market $350,000 Active 39 DOM
5. 2026-06-13
   days on market $350,000 Active 37 DOM
6. 2026-06-10
   days on market $350,000 Active 33 DOM
7. 2026-06-08
   days on market $350,000 Active 32 DOM
8. 2026-06-07
   days on market $350,000 Active 31 DOM
9. 2026-06-04
   days on market $350,000 Active 28 DOM
10. 2026-06-01
    days on market $350,000 Active 25 DOM
11. 2026-05-31
    days on market $350,000 Active 24 DOM
12. 2026-05-07
    listed $350,000 Active 872-char remark
13. 2025-04-10
    historical $980
14. 2025-02-19
    listed $980
15. 2025-02-05
    soldstatus Sold 601-char remark

    Show marketing remark (601 chars)

    Investment alert! 4 Units total close to downtown fully renovated. This gem wont last long Producing close to $5,000 a month with potential increase. there are 2 two bed one bath units, 1 one bed one bath, 1 three bed one bath. Whether you choose to live in one unit and lease the others, or add this gem to your investment portfolio, the possibilities are endless! Don’t miss out on this incredible opportunity. Easy access to 59, the 610 Loop, and Downtown Houston. Live in one and lease out the other or add this 4- plex to your investment portfolio. Call today to schedule your private tour.

16. 2025-02-05
    soldstatus

    Show marketing remark (601 chars)

    Investment alert! 4 Units total close to downtown fully renovated. This gem wont last long Producing close to $5,000 a month with potential increase. there are 2 two bed one bath units, 1 one bed one bath, 1 three bed one bath. Whether you choose to live in one unit and lease the others, or add this gem to your investment portfolio, the possibilities are endless! Don’t miss out on this incredible opportunity. Easy access to 59, the 610 Loop, and Downtown Houston. Live in one and lease out the other or add this 4- plex to your investment portfolio. Call today to schedule your private tour.

17. 2025-01-05
    status Pending 601-char remark

    Show marketing remark (601 chars)

    Investment alert! 4 Units total close to downtown fully renovated. This gem wont last long Producing close to $5,000 a month with potential increase. there are 2 two bed one bath units, 1 one bed one bath, 1 three bed one bath. Whether you choose to live in one unit and lease the others, or add this gem to your investment portfolio, the possibilities are endless! Don’t miss out on this incredible opportunity. Easy access to 59, the 610 Loop, and Downtown Houston. Live in one and lease out the other or add this 4- plex to your investment portfolio. Call today to schedule your private tour.

18. 2024-12-07
    listed $330,000 Active 601-char remark

    Show marketing remark (601 chars)

    Investment alert! 4 Units total close to downtown fully renovated. This gem wont last long Producing close to $5,000 a month with potential increase. there are 2 two bed one bath units, 1 one bed one bath, 1 three bed one bath. Whether you choose to live in one unit and lease the others, or add this gem to your investment portfolio, the possibilities are endless! Don’t miss out on this incredible opportunity. Easy access to 59, the 610 Loop, and Downtown Houston. Live in one and lease out the other or add this 4- plex to your investment portfolio. Call today to schedule your private tour.

19. 2022-03-11
    soldstatus
20. 2013-11-11
    soldstatus
21. 1988-01-02
    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: $3,607 · $301/mo
• Projected year-2 tax: $6,405 · $534/mo
• Expected delta: +$2,798/yr (+$233/mo · 77.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 69% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,504
• − Mortgage interest: −$19,605
• − Property taxes: −$3,607
• − Insurance: −$6,868
• − Repairs & maintenance: −$3,160
• − Management: −$3,160
• − Depreciation: −$10,182
• Taxable loss: −$7,080
• Est. tax savings @ 24.0%: +$1,699
• After-tax cash flow: $406/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): 21,981
• Household income: $39,211
• Rent vs Own: 56.3% rent · 43.7% own
• Severe rent burden: 1531.0

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 0.56)
• Race & ethnicity: Black 49% Hispanic / Latino 44% Two or more races 18% White 5% Native American 1%
• Hispanic origin (detail): Mexican 34%
• Common ancestry: Lithuanian 1%
• Foreign-born: 15% · Canada
• Languages at home: 61% English-only · Spanish 39%

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: ▲ 3.89%
• Current HPI: 267.5995
• Rent YoY: ▲ 3.08%
• 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

+6.1% since first listed

10 events — show timeline

• 2026-05-07 Listed $350,000 HARMLS
• 2025-04-10 Rental Removed $980 HARMLS
• 2025-02-19 Listed for Rent $980 HARMLS
• 2025-02-05 Sold (Public Records) — Public Records
• 2025-02-05 Sold (MLS) — HARMLS
• 2025-01-05 Pending — HARMLS
• 2024-12-07 Listed $330,000 HARMLS
• 2022-03-11 Sold (Public Records) — Public Records
• 2013-11-11 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+6.9%/yr

Latest (2025): $3,607 · +21.9% YoY. Source: county tax records.