12565 Melville Dr #224 · Conroe, TX 77356

$149,900

2 bd · 2.0 ba · 1,147 sqft · Condo · 487 Days on market

Built 2000 Good condition $131/sqft · 22% below area Est $193k · 22% under $300/mo HOA · 18% 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).

• ARV discount +15.0/15.0
• Cash flow +13.6/30.0
• 1% rule +6.3/10.0
• Schools +5.4/10.0
• DSCR +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

Key facts

• Fitness center
• Incredible community
• Updated kitchen

Tags

• UPDATED KITCHEN
• GRANITE COUNTERS
• STAINLESS TRIM APPLIANCES
• STYLISH LAMINATE
• FITNESS CENTER
• INCREDIBLE COMMUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $7 ($84/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.1% in Conroe — 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 (#169 in TX, #4,447 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, amenities B; Watch: schools D+, commute F, health & safety F.
• Montgomery ISD (rural): math 63% / reading 57% proficiency, ranked #49 of 826 in TX (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents falling (-3.3%/yr); 1069 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 13,259 units permitted in Montgomery County in 2024 (1,402 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montgomery County population projected at +65% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 487 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask is 10646% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 487 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• GRM: 7.3

CMA / ARV

• ARV (median comp): $193,416
• List price: $149,900
• Delta: -22.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.3%
• Equity multiple: 0.32×
• Total profit: $-28,617
• Equity at exit: $22,351

10-year hold

• IRR: -25.5%
• Equity multiple: -0.02×
• Total profit: $-42,746
• Equity at exit: $12,961

Cash invested: $41,972 (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 77356

• Home prices YoY: -30.3%
• Rents YoY: -3.3%
• Active inventory: 1069
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,700 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$300
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $7

Break-even live

Break-even rent $1,691

Max offer price $149,900

Occupancy floor 95%

Sensitivity live

Price	-10% $111	-5% $59	+0% $7	+5% $-45	+10% $-97
Rent	-10% $-127	-5% $-60	+0% $7	+5% $74	+10% $141
Rate	-1.0pp $82	-0.5pp $45	base $7	+0.5pp $-32	+1.0pp $-71

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12500 Melville Dr Unit 317B Montgomery, TX	2.0	2.0	902	$1,550	$1.72	45d	1	0.16mi
12500 Melville Dr Unit 227C Montgomery, TX	2.0	2.0	917	$1,700	$1.85	45d	1	0.16mi
12100 Melville Dr Montgomery, TX	2.0	2.0	964	$1,750	$1.82	45d	2	0.33mi
11243 Glenforest Dr Montgomery, TX	3.0	2.0	1442	$1,699	$1.18	6d	1	1.07mi
11231 Glenforest Dr Montgomery, TX	3.0	2.0	1479	$1,499	$1.01	23d	1	1.08mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: gym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $149,900 Active 487 DOM
2. 2026-06-18
   days on market $149,900 Active 484 DOM
3. 2026-06-17
   days on market $149,900 Active 483 DOM
4. 2026-06-16
   days on market $149,900 Active 482 DOM
5. 2026-06-15
   days on market $149,900 Active 481 DOM
6. 2026-06-13
   days on market $149,900 Active 479 DOM
7. 2026-06-13
   days on market $149,900 Active 478 DOM
8. 2026-06-09
   days on market $149,900 Active 475 DOM
9. 2026-06-08
   days on market $149,900 Active 474 DOM
10. 2026-06-07
    days on market $149,900 Active 473 DOM
11. 2026-06-04
    days on market $149,900 Active 470 DOM
12. 2026-06-03
    days on market $149,900 Active 469 DOM
13. 2026-06-02
    days on market $149,900 Active 468 DOM
14. 2026-06-01
    days on market $149,900 Active 467 DOM
15. 2026-05-31
    days on market $149,900 Active 466 DOM
16. 2026-04-23
    price $1,345
17. 2026-02-24
    listed $1,395
18. 2025-10-21
    price $149,900 377-char remark

    Show marketing remark (377 chars)

    Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

19. 2025-09-13
    price $159,900 377-char remark

    Show marketing remark (377 chars)

    Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

20. 2025-07-17
    price $167,000 377-char remark

    Show marketing remark (377 chars)

    Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

21. 2025-03-11
    price $175,000 377-char remark

    Show marketing remark (377 chars)

    Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

22. 2025-02-19
    listed $179,900 Active 377-char remark

    Show marketing remark (377 chars)

    Updated 2 bedroom and 2 bath condo in the Walden community. The condo is a short distance from the yacht club, marina, park, racquet club, and fitness center. The condo boasts an updated kitchen with granite counters and stainless trim appliances. The flooring is a stylish laminate throughout the condo. Don't miss this great opportunity to join this incredible community.

23. 2020-08-04
    historical
24. 2020-06-24
    price $114,900
25. 2020-05-01
    price $119,900
26. 2020-03-12
    price $125,000
27. 2020-03-12
    status Active
28. 2020-03-03
    status Option Pending
29. 2020-01-24
    status Active
30. 2020-01-17
    status Option Pending
31. 2020-01-08
    price $129,900
32. 2019-12-05
    listed $134,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,399
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − HOA: −$3,600
• − Depreciation: −$4,361
• Taxable loss: −$2,221
• Est. tax savings @ 24.0%: +$533
• After-tax cash flow: $617/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This updated 2-bedroom and 2-bath condo in the Walden community is in good condition with recent updates and a well-maintained exterior. It offers a great opportunity for a potential buyer or renter.

Value-add opportunities

• Both Paint interior walls — Neutral paint can be refreshed to enhance curb appeal and interior aesthetics
• Both Install new blinds in windows — New blinds can improve privacy and aesthetic appeal
• Both Add decorative molding — Decorative molding can enhance the visual appeal and perceived value of the home

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Neutral paint can be refreshed to enhance curb appeal and interior aesthetics ↑
• Both Install new blinds in windows — New blinds can improve privacy and aesthetic appeal ↑
• Both Add decorative molding — Decorative molding can enhance the visual appeal and perceived value of the home ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montgomery ISD
• NCES district ID: 4831260
• Math proficiency: 63% ▼ -3.00%
• Reading proficiency: 57% ▼ -3.00%
• Median HH income: $75,596
• Composite: 53.55/100
• National rank: #1445
• State rank: #49 of 826 in TX

Livability — Conroe

• Score: 74/100
• State rank: #169
• US rank: #4447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 663,713 people
• City population: 205,417
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 32,583
• Household income: $106,804
• Rent vs Own: 18.5% rent · 81.5% own
• Severe rent burden: 414.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 713,896 people
• By 2030: 805,263 · +12.8%
• By 2040: 992,708 · +39.1%
• By 2050: 1,179,590 · +65.2%
• By 2075: 1,628,084 · +128.1%
• By 2100: 1,937,880 · +171.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 5% Black 4%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+45.5) · D 26.8% · R 72.3%
• 2008→2024 swing: +7.2pp toward D · 2008: -52.7pp · 2024: -45.5pp
• All cycles: 2024: R+45.5 2020: R+43.8 2016: R+51.4 2012: R+60.7 2008: R+52.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.28%
• Current HPI: 233.0032
• Rent YoY: ▼ -3.30%
• 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

-99.0% since first listed

17 events — show timeline

• 2026-04-23 Price Changed $1,345 HARMLS
• 2026-02-24 Listed for Rent $1,395 HARMLS
• 2025-10-21 Price Changed $149,900 HARMLS
• 2025-09-13 Price Changed $159,900 HARMLS
• 2025-07-17 Price Changed $167,000 HARMLS
• 2025-03-11 Price Changed $175,000 HARMLS
• 2025-02-19 Listed $179,900 HARMLS
• 2020-08-04 Listing Removed — HARMLS
• 2020-06-24 Price Changed $114,900 HARMLS
• 2020-05-01 Price Changed $119,900 HARMLS
• 2020-03-12 Price Changed $125,000 HARMLS
• 2020-03-12 Relisted — HARMLS
• 2020-03-03 Pending — HARMLS
• 2020-01-24 Relisted — HARMLS
• 2020-01-17 Pending — HARMLS
• 2020-01-08 Price Changed $129,900 HARMLS
• 2019-12-05 Listed $134,000 HARMLS