5906 Flower Gate Dr · Spring, TX 77373

$189,995

3 bd · 2.0 ba · 1,396 sqft · SingleFamily public records · 25 Days on market

Built 1980 7,601 sqft lot $136/sqft · at area comps Est $199k · at est. $31/mo HOA · 1% of rent

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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 +19.8/30.0
• ARV discount +9.6/15.0
• 1% rule +6.8/10.0
• DSCR +6.3/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful 3/bed 2/bath home is tucked away in the lovely cul-de-sac of Greengate Place. Interior features include a wood-burning fireplace, vaulted ceilings, and wood flooring. Exterior features include an amazing custom, covered wood deck, additional bonus patios, and impeccably landscaped and maintained yards - both the front and back! Come by and visit your new home today!

Key facts

• Large backyard
• Cozy fireplace
• 7,601 sq ft lot

Tags

• COZY FIREPLACE
• LARGE BACKYARD
• QUIET RESIDENTIAL STREET
• EASY ACCESS TO MAJOR HIGHWAYS

Property features AI

Finance

• Other: Lease not considered
• HOA & community: Part of Greengate Place association; Annual association fee of $374

Exterior

• Parking: Attached garage with 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential property; Built in 1980; Slab foundation; Composition roof
• Construction: Brick construction
• Exterior features: Located on a cul-de-sac

Interior

• Bedrooms: 3 total rooms
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Wood-burning fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.5% in Spring — 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 66/100 on livability (#635 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: schools C-, crime D, amenities F.
• Spring ISD (suburban): math 19% / reading 26% proficiency, ranked #730 of 826 in TX (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.3%/yr); 595 active listings in the ZIP; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 30% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 25 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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.
• Current owner paid $32k; list at $190k implies a 501% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.
• Climate carrying-cost: 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.

Recommended offer $187,145 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.11%
• DSCR: 1.23
• GRM: 7.1

CMA / ARV

• ARV (median comp): $199,160
• List price: $189,995
• Delta: -4.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5715 Walnutgate Dr	0.29mi	3/2.0	1,565 (+12%)	4mo	$220,000	$141	63
22731 Melham Ln	0.25mi	3/2.0	1,533 (+10%)	13mo	$190,000	$124	61
6422 Brookgate Dr	0.70mi	3/2.0	1,446 (+4%)	12mo	$187,900	$130	51
23114 Goodfellow Dr	0.66mi	3/2.0	1,541 (+10%)	7mo	$210,000	$136	46
5603 Rivergate Dr	0.51mi	3/2.0	1,537 (+10%)	20mo	$190,000	$124	43
23142 Calico Corners Ln	0.57mi	3/2.0	1,599 (+14%)	19mo	$179,000	$112	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.57×
• Total profit: $-22,758
• Equity at exit: $28,329

10-year hold

• IRR: -9.4%
• Equity multiple: 0.51×
• Total profit: $-25,914
• Equity at exit: $16,427

Cash invested: $53,199 (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 77373

• Rents YoY: -0.3%
• Active inventory: 595
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,241 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$437 /mo · $5,248/yr
• Insurance: −$79
• HOA: −$31
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $226

Break-even live

Break-even rent $1,954

Max offer price $189,995

Occupancy floor 85%

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: $47,499
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $31 · $372/yr

Listing history 16 events

1. 2026-06-09
   days on market $189,995 Active 25 DOM
2. 2026-06-08
   days on market $189,995 Active 24 DOM
3. 2026-06-07
   days on market $189,995 Active 23 DOM
4. 2026-06-04
   days on market $189,995 Active 20 DOM
5. 2026-06-03
   days on market $189,995 Active 19 DOM
6. 2026-06-02
   days on market $189,995 Active 18 DOM
7. 2026-06-01
   days on market $189,995 Active 17 DOM
8. 2026-05-31
   days on market $189,995 Active 16 DOM
9. 2026-05-15
   listed $189,995 Active 833-char remark
10. 2018-06-06
    soldstatus
11. 2018-06-01
    soldstatus Sold 383-char remark

    Show marketing remark (383 chars)

    This beautiful 3/bed 2/bath home is tucked away in the lovely cul-de-sac of Greengate Place. Interior features include a wood-burning fireplace, vaulted ceilings, and wood flooring. Exterior features include an amazing custom, covered wood deck, additional bonus patios, and impeccably landscaped and maintained yards - both the front and back! Come by and visit your new home today!

12. 2018-05-05
    status Pending 383-char remark

    Show marketing remark (383 chars)

    This beautiful 3/bed 2/bath home is tucked away in the lovely cul-de-sac of Greengate Place. Interior features include a wood-burning fireplace, vaulted ceilings, and wood flooring. Exterior features include an amazing custom, covered wood deck, additional bonus patios, and impeccably landscaped and maintained yards - both the front and back! Come by and visit your new home today!

13. 2018-04-29
    status Option Pending 383-char remark

    Show marketing remark (383 chars)

    This beautiful 3/bed 2/bath home is tucked away in the lovely cul-de-sac of Greengate Place. Interior features include a wood-burning fireplace, vaulted ceilings, and wood flooring. Exterior features include an amazing custom, covered wood deck, additional bonus patios, and impeccably landscaped and maintained yards - both the front and back! Come by and visit your new home today!

14. 2018-04-26
    listed $129,900 Active 383-char remark

    Show marketing remark (383 chars)

    This beautiful 3/bed 2/bath home is tucked away in the lovely cul-de-sac of Greengate Place. Interior features include a wood-burning fireplace, vaulted ceilings, and wood flooring. Exterior features include an amazing custom, covered wood deck, additional bonus patios, and impeccably landscaped and maintained yards - both the front and back! Come by and visit your new home today!

15. 1988-12-01
    soldstatus $31,600
16. 1988-02-29
    soldstatus $31,600

ⓘ 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: $5,248 · $437/mo
• Projected year-2 tax: $5,248 · $437/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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 25 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 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: $26,891
• − Mortgage interest: −$10,643
• − Property taxes: −$5,248
• − Insurance: −$950
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − HOA: −$372
• − Depreciation: −$5,527
• Taxable loss: −$152
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $2,754/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 ISD
• NCES district ID: 4841220
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $51,584
• Composite: 20.12/100
• National rank: #8643
• State rank: #730 of 826 in TX

Livability — Spring

• Score: 66/100
• State rank: #635
• US rank: #12101

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment B Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring, TX
• County: Harris County · 4,702,590 people
• City population: 430,529
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 69,739
• Household income: $88,617
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 1050.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 30% Black 23% Two or more races 22% Asian 3%
• Hispanic origin (detail): Mexican 27% Puerto Rican 2% Cuban 2% Dominican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 32% Vietnamese 1% Other Indo-European 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: ▼ -142.98%
• Current HPI: 251.7231
• Rent YoY: ▼ -0.30%
• 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

+501.2% since first listed

9 events — show timeline

• 2026-06-10 Listing Removed — HARMLS
• 2026-05-15 Listed $189,995 HARMLS
• 2018-06-06 Sold (Public Records) — Public Records
• 2018-06-01 Sold (MLS) — HARMLS
• 2018-05-05 Pending — HARMLS
• 2018-04-29 Pending — HARMLS
• 2018-04-26 Listed $129,900 HARMLS
• 1988-12-01 Sold (Public Records) $31,600 Public Records
• 1988-02-29 Sold (Public Records) $31,600 Public Records

Property tax history

+5.3%/yr

Latest (2025): $5,248 · +9.8% YoY. Source: county tax records.