12500 Sandpiper Dr #84 · Houston, TX 77035

$87,000

2 bd · 2.0 ba · 1,140 sqft · Condo public records · 51 Days on market

Built 1983 $76/sqft · 31% above area Est $66k · 31% over

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Why this score? — see what drove the F 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).

• 1% rule +7.8/10.0
• Livability +3.7/5.0
• Cash flow +3.0/30.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

SPACIOUS / FANTASTIC 2 BR 2 Condo! 1,140 sqft upstairs gem is AWESOME! Gated community! Spectacular rental or owner occupied space!

Key facts

• Private balcony
• Natural light
• Updated flooring

Tags

• PRIVATE BALCONY
• CUSTOM AMBIENT LIGHTING
• HOME THEATER EXPERIENCE
• COMMUNITY POOL VIEWS
• UPDATED FLOORING
• NATURAL LIGHT

Property features AI

Finance

• Other: Annual tax information available
• Financial info: Lease is not considered
• HOA & community: Managed by Creative Management Company; Community pool

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; 2-story; Built in 1983; Slab foundation
• Construction: Brick construction
• Exterior features: Composition roof

Interior

• Bedrooms: Bedroom on the second floor (12 x 12); Primary bedroom on the third floor (22 x 13)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: One fireplace; Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $87k.

Deal economics

• At list price, monthly cash flow is $-282 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Cap rate 2.4% vs local median 3.2% in Houston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Fondren Middle (math 13% / reading 20%, grade F, #1,536 of 1,662 statewide, top 93%, 840 students, 99% FRL); Westbury H S (math 19% / reading 31%, grade F, #1,250 of 1,632 statewide, top 77%, 2,243 students, 92% FRL) — zoned schools average 95% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 199 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k 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 51 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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: HOA is 49% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,390 (3.0% 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 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.28% ✓
• Cap rate: 2.41%
• Cash-on-cash: -13.87%
• DSCR: 0.38
• GRM: 6.5

CMA / ARV

• ARV (median comp): $66,455
• List price: $87,000
• Delta: 30.92%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -50.7%
• Equity multiple: -0.43×
• Total profit: $-34,913
• Equity at exit: $12,972

10-year hold

• IRR: —
• Equity multiple: -1.65×
• Total profit: $-64,576
• Equity at exit: $7,522

Cash invested: $24,360 (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: 199
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,116 high
• Mortgage (P&I): −$456
• Tax from tax record: −$120 /mo · $1,444/yr
• Insurance: −$36
• HOA est. from 6 same-building comps: −$550
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $-282

Break-even live

Break-even rent $1,472

Max offer price $37,270

Occupancy floor —

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12500 Sandpiper Dr Houston, TX	2.0	1.0–2.0	1018	$1,094	$1.07	44d	6	0.07mi
6633 W Airport Blvd Houston, TX	1.0–2.0	1.5–2.0	1063	$1,200	$1.13	44d	2	0.13mi
14550 Fonmeadow Dr Houston, TX	1.0–2.0	1.0–2.0	1057	$1,350	$1.28	44d	2	0.15mi
6363 W Airport Blvd Unit 622 Houston, TX	2.0	2.0	946	$974	$1.03	17d	1	0.21mi
6363 W Airport Blvd Houston, TX	2.0	1.0–2.0	744	$985	$1.32	8d	1	0.25mi
12247 Sunset Meadow Ln Houston, TX	1.0–3.0	1.0–2.0	990	$1,392	$1.41	4d	1	0.25mi
12245 Sunset Meadow Ln Houston, TX	3.0	2.0	1257	$1,515	$1.21	44d	1	0.26mi
6363 W Airport Blvd Unit 2224 Houston, TX	2.0	2.0	1033	$985	$0.95	17d	1	0.27mi
6363 W Airport Blvd Apt 2123 Houston, TX	2.0	1.0	794	$695	$0.88	44d	1	0.27mi
6363 W Airport Blvd Apt 721 Houston, TX	2.0	1.0	940	$875	$0.93	44d	1	0.27mi
6363 W Airport Blvd Apt 1823 Houston, TX	2.0	1.0	875	$790	$0.90	44d	1	0.27mi
6363 W Airport Blvd Unit 528 Houston, TX	1.0	1.0	728	$650	$0.89	17d	1	0.27mi
12271 Fondren Rd Houston, TX	2.0	2.0	1007	$1,050	$1.04	19d	1	0.31mi
12271 Fondren Rd Houston, TX	2.0	2.0	1007	$1,050	$1.04	22d	1	0.31mi
12351 Bob White Dr Houston, TX	2.0	2.0	1000	$987	$0.99	44d	1	0.33mi
12351 Bob White Dr Houston, TX	2.0	2.0	1000	$987	$0.99	14d	1	0.33mi
12211 Fondren Rd Houston, TX	1.0–2.0	1.0–2.0	817	$1,249	$1.53	3d	20	0.36mi
6392 Peacock Hills Dr Houston, TX	2.0	2.0	1244	$1,400	$1.13	44d	1	0.37mi
12261 Fondren Rd Houston, TX	2.0	2.0	1066	$1,200	$1.13	44d	1	0.47mi
12107 Fondren Rd Houston, TX	2.0	2.0	990	$1,125	$1.14	24d	1	0.47mi
7706 W Airport Blvd Houston, TX	2.0	1.0	875	$1,080	$1.23	44d	1	0.52mi
6319 Southwood Ct N Houston, TX	3.0	1.0	1102	$1,450	$1.32	44d	1	0.53mi
7700 W Airport Blvd Unit 7757 Houston, TX	2.0	2.0	1005	$1,232	$1.23	14d	1	0.53mi
12500 Dunlap St Houston, TX	1.0–3.0	1.0–2.0	907	$970	$1.07	2d	57	0.55mi
12101 Fondren Rd Houston, TX	1.0–2.0	1.0–2.0	790	$1,198	$1.52	44d	23	0.62mi
20 Alvarado Dr Houston, TX	2.0	2.0	938	$997	$1.06	44d	1	0.66mi
20 Alvarado Dr Houston, TX	2.0	2.0	938	$997	$1.06	21d	1	0.66mi
12800 Dunlap St Houston, TX	1.0–3.0	1.0–2.0	851	$1,012	$1.19	2d	62	0.75mi
12202 Ormandy St Unit 12202 Houston, TX	2.0	1.5	1352	$1,200	$0.89	4d	1	0.77mi
12214 Ormandy St Unit 12214 Houston, TX	2.0	1.5	1352	$1,200	$0.89	4d	1	0.78mi
8030 W Airport Blvd Houston, TX	1.0–2.0	1.0–2.0	780	$1,044	$1.34	1d	31	0.92mi
8300 W Airport Blvd Houston, TX	1.0–2.0	1.0–2.0	780	$1,130	$1.45	15d	1	1.08mi
7809 Wolfield Ln Houston, TX	2.0	2.0	1208	$1,390	$1.15	44d	1	1.14mi
1024 Sandpiper Dr Houston, TX	1.0	1.0	711	$910	$1.28	44d	1	1.15mi
6 Sandpiper Dr Houston, TX	2.0	2.0	960	$1,094	$1.14	19d	1	1.16mi
6 Sandpiper Dr Houston, TX	3.0	2.0	993	$1,225	$1.23	44d	1	1.16mi
6 Sandpiper Dr Houston, TX	3.0	2.0	993	$1,225	$1.23	13d	1	1.16mi
6 Sandpiper Dr Houston, TX	2.0	2.0	960	$1,094	$1.14	22d	1	1.16mi
8201 W Bellfort Ave Unit 510 Houston, TX	3.0	2.0	1203	$1,157	$0.96	3d	1	1.36mi
8201 W Bellfort Ave Unit 422 Houston, TX	2.0	2.0	848	$955	$1.13	8d	1	1.36mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $87,000 Active 51 DOM
2. 2026-06-17
   days on market $87,000 Active 50 DOM
3. 2026-06-16
   days on market $87,000 Active 49 DOM
4. 2026-06-15
   days on market $87,000 Active 48 DOM
5. 2026-06-13
   days on market $87,000 Active 46 DOM
6. 2026-06-10
   days on market $87,000 Active 42 DOM
7. 2026-06-08
   days on market $87,000 Active 41 DOM
8. 2026-06-07
   days on market $87,000 Active 40 DOM
9. 2026-06-04
   days on market $87,000 Active 37 DOM
10. 2026-06-01
    days on market $87,000 Active 34 DOM
11. 2026-05-31
    days on market $87,000 Active 33 DOM
12. 2026-04-28
    listed $87,000 Active 997-char remark
13. 2015-12-31
    soldstatus
14. 2015-12-24
    soldstatus Sold 132-char remark

    Show marketing remark (132 chars)

    SPACIOUS / FANTASTIC 2 BR 2 Condo! 1,140 sqft upstairs gem is AWESOME! Gated community! Spectacular rental or owner occupied space!

15. 2015-12-19
    status Pending 132-char remark

    Show marketing remark (132 chars)

    SPACIOUS / FANTASTIC 2 BR 2 Condo! 1,140 sqft upstairs gem is AWESOME! Gated community! Spectacular rental or owner occupied space!

16. 2015-10-23
    price $32,000 132-char remark

    Show marketing remark (132 chars)

    SPACIOUS / FANTASTIC 2 BR 2 Condo! 1,140 sqft upstairs gem is AWESOME! Gated community! Spectacular rental or owner occupied space!

17. 2015-10-20
    listed $34,000 Active 132-char remark

    Show marketing remark (132 chars)

    SPACIOUS / FANTASTIC 2 BR 2 Condo! 1,140 sqft upstairs gem is AWESOME! Gated community! Spectacular rental or owner occupied space!

18. 2005-12-09
    soldstatus
19. 2004-08-24
    soldstatus
20. 1999-05-19
    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: $1,444 · $120/mo
• Projected year-2 tax: $1,592 · $133/mo
• Expected delta: +$149/yr (+$12/mo · 10.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 23 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: $13,386
• − Mortgage interest: −$4,873
• − Property taxes: −$1,444
• − Insurance: −$435
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − HOA: −$6,600
• − Depreciation: −$2,531
• Taxable loss: −$4,638
• Est. tax savings @ 24.0%: +$1,113
• After-tax cash flow: $-2,265/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

+155.9% since first listed

9 events — show timeline

• 2026-04-28 Listed $87,000 HARMLS
• 2015-12-31 Sold (Public Records) — Public Records
• 2015-12-24 Sold (MLS) — HARMLS
• 2015-12-19 Pending — HARMLS
• 2015-10-23 Price Changed $32,000 HARMLS
• 2015-10-20 Listed $34,000 HARMLS
• 2005-12-09 Sold (Public Records) — Public Records
• 2004-08-24 Sold (Public Records) — Public Records
• 1999-05-19 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,444 · +9.3% YoY. Source: county tax records.