10441 Wicklowe

Houston, TX 77016

$315,000B

16 bd · None ba · — sqft · Built 2007 · MultiFamily · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,585/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$525
• HOA: −$0
• Vac / Maint / Mgmt: −$753
• Net cashflow: $655/mo
• Annual: $7,863/yr
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $88,200

Investor read

• This is a 1×4bd/2.5ba + 1×4bd/1.5ba units multifamily listed at $315k. Condition is rated good.
• At list price, monthly cash flow is $655 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• It's been on market 135 days — a 12% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $277k (12.0% below list) — sets the bar for market timing.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (8.7% local appreciation)).
• 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: schools D, 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.
• Market conditions: Rents flat; 376 active listings in the ZIP; 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.
• At projected returns (8.7% appreciation + 0.4% rent growth), your $88k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.8% 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.
• At $3,585/mo this rent would consume 90% of the median local household income ($48k/yr) (locally 1297% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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)

• Moderate: Kitchen appliances — Outdated and need replacement.
• Moderate: Bathroom fixtures — Bathtub and sink need updating.
• Minor: Exterior siding — Some wear visible, could benefit from touch-up paint.