1403 Blalock #14 · Houston, TX 77055

$122,000

2 bd · 1.5 ba · 1,276 sqft · Condo public records · 90 Days on market

Built 1967 ↓ 24% since listing

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This upstairs condo offers a great opportunity to personalize a space in a central Spring Branch location. The unit is livable but dated and will need some updates and repairs, making it a solid option for anyone looking to add their own touch. Features an open living area, a functional layout, and good natural light. The community provides a quiet, established setting with quick access to I10, Beltway 8, Memorial City, CityCentre, and everyday conveniences.

Key facts

• Open living area
• Quick access to i10
• Functional layout

Tags

• OPEN LIVING AREA
• FUNCTIONAL LAYOUT
• GOOD NATURAL LIGHT
• QUIET ESTABLISHED SETTING
• QUICK ACCESS TO I10
• QUICK ACCESS TO BELTWAY 8

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Recommended offer: $115k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: schools D, crime F.
• Spring Branch ISD (urban): math 47% / reading 46% proficiency, ranked #215 of 826 in TX (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.4%/yr); 446 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $843 of loan paydown is wiped out by about $4k 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 90 days — a 6% lower offer ($115k) 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 $114,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.29% ✓
• Cap rate: 9.37%
• Cash-on-cash: 11.00%
• DSCR: 1.49
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.41% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-2,229
• Equity at exit: $18,191

10-year hold

• IRR: 6.0%
• Equity multiple: 1.42×
• Total profit: $14,192
• Equity at exit: $10,548

Cash invested: $34,160 (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 77055

• Rents YoY: 1.4%
• Active inventory: 446
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,577 high
• Mortgage (P&I): −$640
• Tax from tax record: −$242 /mo · $2,904/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $313

Break-even live

Break-even rent $1,181

Max offer price $122,000

Occupancy floor 75%

Sensitivity live

Price	-10% $382	-5% $348	+0% $313	+5% $279	+10% $244
Rent	-10% $189	-5% $251	+0% $313	+5% $375	+10% $438
Rate	-1.0pp $375	-0.5pp $344	base $313	+0.5pp $282	+1.0pp $249

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1403 Blalock Rd Houston, TX	2.0	1.5–2.0	1276	$1,525	$1.20	44d	4	0.02mi
9550 Long Point Rd Houston, TX	2.0–4.0	1.0–2.0	1130	$775	$0.69	2d	10	0.21mi
9300 Westview Dr Houston, TX	2.0	2.0	1171	$1,980	$1.69	12d	1	0.24mi
1550 Blalock Rd Houston, TX	1.0–2.0	1.0–1.5	965	$1,414	$1.47	3d	47	0.33mi
1477 Springrock Ln Unit SP99 Houston, TX	2.0	2.5	1260	$1,725	$1.37	6d	1	0.34mi
1217 Blalock Rd Houston, TX	3.0	1.0–2.0	818	$986	$1.20	0d	14	0.35mi
1620 Oak Tree Dr Unit 1677 Houston, TX	2.0	2.0	960	$1,169	$1.22	11d	1	0.42mi
1620 Oak Tree Dr Houston, TX	2.0	2.0	960	$1,495	$1.56	25d	1	0.42mi
1620 Oak Tree Dr Unit 2187 Houston, TX	2.0	2.0	960	$1,170	$1.22	0d	1	0.42mi
1620 Oak Tree Dr Unit 2148 Houston, TX	2.0	2.0	960	$1,129	$1.18	0d	1	0.42mi
1620 Oak Tree Dr Unit 2162 Houston, TX	2.0	2.0	960	$1,145	$1.19	6d	1	0.42mi
1111 Blalock Rd Unit 3047 Houston, TX	3.0	2.0	1566	$2,040	$1.30	12d	1	0.47mi
1111 Blalock Rd Unit 2047 Houston, TX	2.0	2.0	1030	$1,351	$1.31	0d	1	0.47mi
1111 Blalock Rd Houston, TX	2.0	2.0	1070	$1,378	$1.29	44d	1	0.47mi
1111 Blalock Rd Unit 2148 Houston, TX	2.0	2.0	1030	$1,310	$1.27	0d	1	0.53mi
1111 Blalock Rd Unit 2162 Houston, TX	2.0	2.0	1030	$1,326	$1.29	6d	1	0.53mi
1111 Blalock Rd Unit 1168 Houston, TX	2.0	2.0	1030	$1,350	$1.31	11d	1	0.53mi
1111 Blalock Rd Unit 1144 Houston, TX	3.0	2.0	1566	$2,029	$1.30	11d	1	0.53mi
1111 Blalock Rd Unit 525 Houston, TX	3.0	2.0	1566	$1,989	$1.27	0d	1	0.53mi
1610 Campbell Rd Houston, TX	1.0–2.0	1.0–2.0	882	$2,364	$2.68	0d	47	0.69mi
1716 Crestdale Dr Houston, TX	2.0	1.0	950	$1,650	$1.74	44d	1	0.73mi
1760 Campbell Rd Houston, TX	3.0	2.0	1354	$1,675	$1.24	44d	1	0.75mi
1720 Crestdale Dr Houston, TX	1.0–2.0	1.0–2.0	832	$1,390	$1.67	0d	13	0.75mi
1726 Crestdale Dr Houston, TX	2.0	2.0	960	$1,500	$1.56	44d	1	0.78mi
976 Bunker Hill Rd Houston, TX	3.0	2.0	1380	$1,990	$1.44	44d	1	0.90mi
976 Bunker Hill Rd Houston, TX	2.0	2.0	996	$1,605	$1.61	19d	1	0.90mi
976 Bunker Hill Rd Houston, TX	2.0	2.0	996	$1,605	$1.61	20d	1	0.90mi
976 Bunker Hill Rd Houston, TX	3.0	2.0	1380	$1,990	$1.44	21d	1	0.90mi
9757 Katy Fwy Houston, TX	1.0	1.0	978	$2,031	$2.08	44d	1	0.96mi
970 Bunker Hill Rd Unit 3174 Houston, TX	3.0	2.0	1460	$2,204	$1.51	0d	1	0.96mi
970 Bunker Hill Rd Unit 1007 Houston, TX	2.0	2.0	880	$1,443	$1.64	11d	1	0.96mi
970 Bunker Hill Rd Unit 424 Houston, TX	2.0	2.0	880	$1,419	$1.61	6d	1	0.96mi
970 Bunker Hill Rd Unit 1003 Houston, TX	3.0	2.0	1460	$2,204	$1.51	44d	1	0.96mi
970 Bunker Hill Rd Unit 425 Houston, TX	2.0	2.0	880	$1,403	$1.59	0d	1	0.96mi
970 Bunker Hill Rd Unit 3174 Houston, TX	3.0	2.0	1460	$2,193	$1.50	11d	1	0.96mi
970 Bunker Hill Rd Unit 3148 Houston, TX	3.0	2.0	1460	$2,153	$1.47	0d	1	0.96mi
9757 Katy Fwy Unit 2165 Houston, TX	2.0	2.0	1238	$4,434	$3.58	0d	1	0.98mi
9757 Katy Fwy Unit 421 Houston, TX	2.0	2.0	1238	$4,450	$3.59	6d	1	0.98mi
9757 Katy Fwy Unit 9790 Houston, TX	3.0	2.0	1750	$5,462	$3.12	15d	1	0.98mi
9757 Katy Fwy Unit 9780 Houston, TX	2.0	2.0	1238	$4,474	$3.61	11d	1	0.98mi

HOA detail condo

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

Listing history 9 events

1. 2026-06-04
   days on market $122,000 Active 90 DOM
2. 2026-06-03
   days on market $122,000 Active 89 DOM
3. 2026-06-02
   days on market $122,000 Active 88 DOM
4. 2026-06-01
   days on market $122,000 Active 87 DOM
5. 2026-05-31
   days on market $122,000 Active 86 DOM
6. 2026-05-12
   price $122,000 462-char remark

   Show marketing remark (462 chars)

   This upstairs condo offers a great opportunity to personalize a space in a central Spring Branch location. The unit is livable but dated and will need some updates and repairs, making it a solid option for anyone looking to add their own touch. Features an open living area, a functional layout, and good natural light. The community provides a quiet, established setting with quick access to I10, Beltway 8, Memorial City, CityCentre, and everyday conveniences.

7. 2026-04-14
   price $148,500 462-char remark

   Show marketing remark (462 chars)

   This upstairs condo offers a great opportunity to personalize a space in a central Spring Branch location. The unit is livable but dated and will need some updates and repairs, making it a solid option for anyone looking to add their own touch. Features an open living area, a functional layout, and good natural light. The community provides a quiet, established setting with quick access to I10, Beltway 8, Memorial City, CityCentre, and everyday conveniences.

8. 2026-03-06
   listed $160,000 New 462-char remark

   Show marketing remark (462 chars)

   This upstairs condo offers a great opportunity to personalize a space in a central Spring Branch location. The unit is livable but dated and will need some updates and repairs, making it a solid option for anyone looking to add their own touch. Features an open living area, a functional layout, and good natural light. The community provides a quiet, established setting with quick access to I10, Beltway 8, Memorial City, CityCentre, and everyday conveniences.

9. 1992-03-03
   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: $2,904 · $242/mo
• Projected year-2 tax: $2,904 · $242/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,924
• − Mortgage interest: −$6,834
• − Property taxes: −$2,904
• − Insurance: −$610
• − Repairs & maintenance: −$1,514
• − Management: −$1,514
• − Depreciation: −$3,549
• Taxable income: $1,999
• Est. tax owed @ 24.0%: −$480
• After-tax cash flow: $3,278/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: Spring Branch ISD
• NCES district ID: 4841100
• Math proficiency: 47% ▼ -4.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $60,311
• Composite: 40.88/100
• National rank: #3624
• State rank: #215 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): 45,435
• Household income: $74,369
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 2571.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 18% Asian 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 32%
• Common ancestry: Lithuanian 2% Italian 1% Serbian 1%
• Foreign-born: 34% · Canada, China, Vietnam
• Languages at home: 46% English-only · Spanish 45% Chinese 2% Arabic 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: ▼ -488.83%
• Current HPI: 251.807
• Rent YoY: ▲ 1.41%
• 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

-23.8% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $122,000 LERA
• 2026-04-14 Price Changed $148,500 LERA
• 2026-03-06 Listed $160,000 LERA
• 1992-03-03 Sold (Public Records) — Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,904 · -1.4% YoY. Source: county tax records.