17814 Kings Park Ln

Houston, TX 77058

$150,000D

2 bd · 2.5 ba · 1,350 sqft · Built 1979 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,667/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$350
• HOA: −$524
• Vac / Maint / Mgmt: −$350
• Net cashflow: $-344/mo
• Annual: $-4,125/yr
• Cap rate: 3.54%
• Cash-on-cash: -9.82%
• DSCR: 0.56
• 1% rule: 1.11%
• Cash to close: $42,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $150k.
• At list price, monthly cash flow is $-344 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $89k (40.5% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 61 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (40.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.2%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k 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.
• Clear Creek ISD (suburban): math 48% / reading 54% proficiency, ranked #114 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Armand Bayou El (math 41% / reading 45%, grade F, #1,283 of 4,322 statewide, top 30%, 500 students, 50% FRL); Space Center Int (math 31% / reading 44%, grade F, #736 of 1,662 statewide, top 45%, 827 students, 57% FRL); Clear Creek H S (math 51% / reading 54%, grade C-, #444 of 1,632 statewide, top 27%, 2,400 students, 0% FRL).
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+1.9%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 6 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.
• Current owner paid $40k; list at $150k implies a 270% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; 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.

Questions for listing agent

• 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?
• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?