8200 Broadway St Unit 158N

Houston, TX 77061

$34,900B+

1 bd · 1.0 ba · 674 sqft · Built 1970 · Condo · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $882/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$58
• HOA: −$225
• Vac / Maint / Mgmt: −$185
• Net cashflow: $230/mo
• Annual: $2,766/yr
• Cap rate: 14.22%
• Cash-on-cash: 28.30%
• DSCR: 2.26
• 1% rule: 2.53%
• Cash to close: $9,772

Investor read

• This is a 1-bed/1.0-bath condo listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($882 rent vs $35k).
• It's been on market 25 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $241 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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: Park Place El (math 39% / reading 39%, grade F, #1,651 of 4,322 statewide, top 39%, 735 students, 94% FRL); Ortiz Middle (math 16% / reading 25%, grade F, #1,407 of 1,662 statewide, top 86%, 871 students, 97% FRL); Chavez H S (math 26% / reading 26%, grade F, #1,234 of 1,632 statewide, top 76%, 2,272 students, 93% FRL) — zoned schools average 95% FRL vs 71% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents soft (-0.3%/yr); 50 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $10k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.2% 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: bathroom fixtures — Outdated and cluttered
• Major: bathroom flooring — Stained and outdated tile
• Major: interior walls — Painted walls show signs of wear