24203 Landing Way Dr · Spring, TX 77373

$175,000

3 bd · 2.0 ba · 1,835 sqft · SingleFamily public records · 116 Days on market

Built 1981 5,501 sqft lot $95/sqft · 15% below area Est $207k · 15% under $15/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 +21.8/30.0
• ARV discount +14.4/15.0
• 1% rule +7.9/10.0
• DSCR +7.0/10.0
• 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

Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

Key facts

• Newer carpeting
• Two story home
• Versatile game room

Tags

• TWO STORY HOME
• VERSATILE GAME ROOM
• PRIMARY BEDROOM
• NEWER CARPETING
• OPEN LIVING AND DINING AREA
• EASY ACCESS TO LOCAL SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 31% 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 $5k 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 116 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price.
• 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 $159,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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 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: 1.29% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• GRM: 6.5

CMA / ARV

• ARV (median comp): $206,536
• List price: $175,000
• Delta: -15.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23710 Prairie Bird Dr	0.57mi	3/2.5	1,789 (-2%)	8mo	$185,000	$103	60
23803 Ironside Rd	0.59mi	3/2.5	1,822 (-1%)	14mo	$250,000	$137	58
2514 Spring Day Ct	0.53mi	3/2.0	1,648 (-10%)	10mo	$215,000	$130	50
23918 Spring Mill Ln	0.54mi	3/2.0	1,748 (-5%)	21mo	$225,000	$129	50
23819 Creek Ridge Dr	0.68mi	4/3.0 (+1)	1,878 (+2%)	7mo	$210,000	$112	49
23510 Treeline Bluff Trl	0.72mi	4/2.0 (+1)	1,892 (+3%)	20mo	$275,000	$145	40
23715 Farm Hill Rd	0.69mi	3/2.0	1,660 (-10%)	15mo	$189,000	$114	40
23611 Blodgett Peak Trl	0.64mi	4/2.0 (+1)	1,750 (-5%)	24mo	$275,000	$157	38

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: -10.0%
• Equity multiple: 0.65×
• Total profit: $-17,332
• Equity at exit: $26,093

10-year hold

• IRR: -6.6%
• Equity multiple: 0.65×
• Total profit: $-17,329
• Equity at exit: $15,131

Cash invested: $49,000 (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: 6.5×

Monthly cashflow live

• Estimated rent: $2,256 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$503 /mo · $6,040/yr
• Insurance: −$73
• HOA: −$15
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $274

Break-even live

Break-even rent $1,910

Max offer price $175,000

Occupancy floor 83%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $15 · $180/yr

Listing history 30 events

1. 2026-06-18
   days on market $175,000 Active 116 DOM
2. 2026-06-17
   statusdays on market $175,000 Active 115 DOM
3. 2026-06-13
   days on market $175,000 Pending 114 DOM
4. 2026-06-09
   days on market $175,000 Pending 111 DOM
5. 2026-06-08
   days on market $175,000 Pending 110 DOM
6. 2026-06-07
   statusdays on market $175,000 Pending 109 DOM
7. 2026-06-04
   days on market $175,000 Active 106 DOM
8. 2026-06-03
   days on market $175,000 Active 105 DOM
9. 2026-06-02
   days on market $175,000 Active 104 DOM
10. 2026-06-01
    days on market $175,000 Active 103 DOM
11. 2026-05-31
    days on market $175,000 Active 102 DOM
12. 2026-05-17
    status Active 652-char remark

    Show marketing remark (652 chars)

    Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

13. 2026-05-16
    status Pending 652-char remark

    Show marketing remark (652 chars)

    Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

14. 2026-05-06
    status Pending 652-char remark

    Show marketing remark (652 chars)

    Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

15. 2026-02-17
    listed $175,000 Active 652-char remark

    Show marketing remark (652 chars)

    Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

16. 2026-02-17
    historical

    Show marketing remark (652 chars)

    Discover this two-story home in the established North Spring neighborhood! Featuring 3 bedrooms, 2 full baths, and a versatile game room, this home offers a functional layout with the primary bedroom conveniently located on the first floor with dual closets. Recent updates include newer carpeting and a recently installed outdoor A/C unit. THE HOME DOES NEED SIGNIFICANT UPDATES AND REPAIRS, making it a great opportunity for investors or buyers looking to renovate and add value. The open living and dining area provides a solid foundation for future improvements. Priced to sell AS-IS. Bring your vision and unlock this home’s potential!

17. 2025-11-03
    status Active
18. 2025-11-03
    price $199,900
19. 2025-11-03
    listed $199,900 Active
20. 2025-11-03
    historical
21. 2025-10-31
    historical
22. 2025-03-27
    listed $220,000 Active
23. 2024-12-27
    historical
24. 2024-10-22
    listed $220,000 Active
25. 2024-08-22
    historical $1,650
26. 2024-08-03
    price $1,650
27. 2024-07-31
    listed $1,695
28. 2006-01-27
    historical
29. 2005-09-10
    listed $97,900
30. 1989-02-09
    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: $6,040 · $503/mo
• Projected year-2 tax: $6,040 · $503/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°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: $27,076
• − Mortgage interest: −$9,803
• − Property taxes: −$6,040
• − Insurance: −$875
• − Repairs & maintenance: −$2,166
• − Management: −$2,166
• − HOA: −$180
• − Depreciation: −$5,091
• Taxable income: $755
• Est. tax owed @ 24.0%: −$181
• After-tax cash flow: $3,101/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

+78.8% since first listed

19 events — show timeline

• 2026-05-17 Relisted — HARMLS
• 2026-05-16 Pending — HARMLS
• 2026-05-06 Pending — HARMLS
• 2026-02-17 Listing Removed — HARMLS
• 2026-02-17 Listed $175,000 HARMLS
• 2025-11-03 Relisted — HARMLS
• 2025-11-03 Price Changed $199,900 HARMLS
• 2025-11-03 Listing Removed — HARMLS
• 2025-11-03 Listed $199,900 HARMLS
• 2025-10-31 Listing Removed — HARMLS
• 2025-03-27 Listed $220,000 HARMLS
• 2024-12-27 Listing Removed — HARMLS
• 2024-10-22 Listed $220,000 HARMLS
• 2024-08-22 Rental Removed $1,650 HARMLS
• 2024-08-03 Price Changed $1,650 HARMLS
• 2024-07-31 Listed for Rent $1,695 HARMLS
• 2006-01-27 Listing Removed — HARMLS
• 2005-09-10 Listed $97,900 HARMLS
• 1989-02-09 Sold (Public Records) — Public Records

Property tax history

+4.6%/yr

Latest (2025): $6,040 · +1.6% YoY. Source: county tax records.