2320 Emancipation Ave · Houston, TX 77004

$390,000

3 bd · 3.5 ba · 2,013 sqft · SingleFamily public records · 55 Days on market

Built 2006 1,825 sqft lot $194/sqft · 12% below area Est $441k · 12% under

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Why this score? — see what drove the D 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 +12.7/15.0
• Cash flow +9.9/30.0
• Livability +3.7/5.0
• 1% rule +3.5/10.0
• DSCR +2.8/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ideally situated minutes from Downtown Houston and the vibrant EaDo District, this contemporary townhome in a gated community offers 3 bedrooms, 3.5 bathrooms, and a well-designed open-concept layout filled with natural sunlight. Spacious guest and primary suites feature high ceilings and en-suite baths, with the primary offering a separate shower and soaking tub. Outdoor living shines with a small gated front yard, two second-level patios, and an expansive rooftop deck ideal for relaxing or entertaining. Recent updates include a new roof (2023), full interior repaint (2023), updated A/C system (2025), new garage motor (2026), and dishwasher (2024). This home has never flooded. Located near Emancipation Park, Discovery Green, Shell Energy Stadium, Toyota Center, Minute Maid Park, light rail lines, Midtown, the Texas Medical Center, and Downtown, this home offers exceptional access to Houston’s dining, entertainment, and employment centers. No HOA! Schedule your private showing today!

Key facts

• 2 garage spots
• Built 2006
• Listed 55 days

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-245 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $347k (11.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $333k (14.6% below list).
• Recommended offer: $333k (14.6% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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.

Location & tenants

• 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 soft (-0.3%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $3,331/mo this rent would consume 56% of the median local household income ($71k/yr) (locally 3072% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 55 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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

• 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 $333,078 (14.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.85% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• GRM: 9.8

CMA / ARV

• ARV (median comp): $440,827
• List price: $390,000
• Delta: -11.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2214 Dennis St	0.19mi	3/3.5	2,002 (-0%)	0mo	$475,000	$237	90
2212 Dennis St	0.20mi	3/3.5	2,002 (-0%)	1mo	$475,000	$237	90
2714 Nagle St	0.27mi	3/3.5	1,966 (-2%)	0mo	$358,900	$183	83
2606 Rosalie St	0.40mi	3/3.5	1,972 (-2%)	1mo	$416,000	$211	77
3032 Bremond St	0.41mi	3/3.5	2,066 (+3%)	1mo	$299,900	$145	76
2107 Stuart St	0.48mi	3/3.5	2,033 (+1%)	1mo	$425,000	$209	75
2715 St Emanuel St	0.25mi	3/3.5	2,211 (+10%)	1mo	$410,000	$185	72
3034 Mcgowen St	0.44mi	3/3.5	1,915 (-5%)	0mo	$419,900	$219	71
2205 Dennis St	0.19mi	3/3.5	2,302 (+14%)	0mo	$599,000	$260	67
3322 Mcgowen St	0.67mi	3/2.5	2,005 (-0%)	1mo	$390,000	$195	64
3111 Leeland St	0.71mi	3/3.5	1,966 (-2%)	1mo	$379,900	$193	63
3034 Bremond St	0.41mi	3/3.5	2,275 (+13%)	1mo	$299,900	$132	58

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: -24.4%
• Equity multiple: 0.19×
• Total profit: $-88,383
• Equity at exit: $58,150

10-year hold

• IRR: -33.1%
• Equity multiple: -0.23×
• Total profit: $-134,100
• Equity at exit: $33,720

Cash invested: $109,200 (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 77004

• Rents YoY: -0.3%
• Active inventory: 581
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,331 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$668 /mo · $8,020/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $-245

Break-even live

Break-even rent $3,641

Max offer price $346,769

Occupancy floor —

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2103 McGowen St Unit 1244937P Houston, TX	3.0	3.5	2292	$4,758	$2.08	1d	1	0.18mi
2107 McGowen St Unit 1244935P Houston, TX	3.0	3.5	2497	$4,711	$1.89	2d	1	0.18mi
2105 McGowen St Unit 1244936P Houston, TX	3.0	3.5	2497	$4,836	$1.94	5d	1	0.19mi
2109 McGowen St Unit 1244934P Houston, TX	3.0	3.5	2497	$4,734	$1.90	5d	1	0.19mi
2519 Saint Emanuel St Unit 1241246P Houston, TX	3.0	3.0	2389	$2,670	$1.12	1d	1	0.20mi
2521 Saint Emanuel St Unit 1047945P Houston, TX	3.0	3.0	2292	$3,010	$1.31	2d	1	0.20mi
2326 St Emanuel St Houston, TX	3.0	3.5	2642	$2,601	$0.98	7d	1	0.22mi
3034 Gray St Houston, TX	3.0	3.0	2081	$3,000	$1.44	43d	1	0.37mi
2216 Chenevert St Houston, TX	1.0–2.0	1.5–2.5	1380	$2,800	$2.03	24d	3	0.42mi
2357 Jackson St Houston, TX	3.0	2.5	1908	$2,500	$1.31	21d	1	0.44mi
3213 Saint Emanuel St Houston, TX	4.0	3.5	2100	$3,300	$1.57	16d	1	0.47mi
2809 Crawford St Houston, TX	2.0	2.0	1928	$2,600	$1.35	43d	1	0.55mi
3405 St Emanuel St Houston, TX	4.0	5.0	2388	$2,900	$1.21	43d	1	0.56mi
2416 La Branch St Houston, TX	3.0	4.0	2540	$2,900	$1.14	43d	1	0.60mi
2721 Austin St Houston, TX	3.0	4.0	2607	$3,000	$1.15	24d	1	0.65mi
2209 Alabama St Unit B Houston, TX	3.0	2.5	2074	$2,350	$1.13	43d	1	0.70mi
3335 Tuam St Houston, TX	2.0	1.0	2300	$995	$0.43	43d	1	0.70mi
3131 Leeland St Houston, TX	3.0	3.5	1966	$2,850	$1.45	24d	1	0.73mi
1310 Anita St Houston, TX	2.0	2.0	1760	$2,695	$1.53	43d	1	0.75mi
3229 Holman St Houston, TX	4.0	4.0	1632	$1,200	$0.74	43d	1	0.77mi
1515 Austin St Houston, TX	1.0–2.0	1.0–2.5	1120	$3,749	$3.35	1d	20	0.82mi
2856 Fannin St Houston, TX	2.0	2.0	1490	$3,400	$2.28	43d	1	0.87mi
2850 Fannin St Houston, TX	1.0–2.0	1.0–2.0	1138	$3,250	$2.85	1d	24	0.90mi
2311 Eagle St Houston, TX	3.0	4.0	1783	$2,500	$1.40	43d	1	0.90mi
1915 Cleburne St Houston, TX	2.0	1.0	2766	$1,800	$0.65	43d	1	0.91mi
2401 Eagle St Houston, TX	4.0	4.0	1700	$2,800	$1.65	43d	1	0.91mi
3517 McIlhenny St Houston, TX	3.0	3.5	2000	$3,200	$1.60	3d	1	0.91mi
3518 Dennis St Unit 1387517P Houston, TX	4.0	4.0	2271	$5,110	$2.25	13d	1	0.92mi
2727 Travis St Houston, TX	2.0	1.0–2.0	1046	$2,949	$2.82	1d	24	0.94mi
1617 Fannin St Houston, TX	2.0	1.0–2.0	941	$2,802	$2.98	1d	21	0.95mi
2504 Rusk St Unit 1563174P Houston, TX	2.0	2.0	1819	$4,036	$2.22	2d	1	0.99mi
1211 Caroline St Unit 3584 Houston, TX	2.0	2.0	1562	$2,269	$1.45	43d	1	1.00mi
3226 McKinney St Houston, TX	3.0	3.0	2274	$2,500	$1.10	43d	1	1.01mi
2816 Rusk St Houston, TX	3.0	3.5	2107	$2,800	$1.33	43d	1	1.03mi
1400 McKinney St Houston, TX	1.0–2.0	1.0–2.5	2166	$12,100	$5.59	1d	9	1.04mi
3300 Main St Unit 3165 Houston, TX	3.0	2.0	2861	$7,461	$2.61	2d	1	1.04mi
3300 Main St Unit 3333 Houston, TX	3.0	2.0	2861	$7,493	$2.62	10d	1	1.04mi
1399 Fannin St Houston, TX	2.0	2.0	1595	$3,846	$2.41	24d	1	1.05mi
4306 Ennis St Houston, TX	3.0	3.0	1989	$2,500	$1.26	43d	1	1.05mi
2900 Milam St Unit 2937 Houston, TX	2.0	2.0	1438	$2,246	$1.56	11d	1	1.05mi

Listing history 20 events

1. 2026-04-01
   historical

   Show marketing remark (1004 chars)

   Ideally situated minutes from Downtown Houston and the vibrant EaDo District, this contemporary townhome in a gated community offers 3 bedrooms, 3.5 bathrooms, and a well-designed open-concept layout filled with natural sunlight. Spacious guest and primary suites feature high ceilings and en-suite baths, with the primary offering a separate shower and soaking tub. Outdoor living shines with a small gated front yard, two second-level patios, and an expansive rooftop deck ideal for relaxing or entertaining. Recent updates include a new roof (2023), full interior repaint (2023), updated A/C system (2025), new garage motor (2026), and dishwasher (2024). This home has never flooded. Located near Emancipation Park, Discovery Green, Shell Energy Stadium, Toyota Center, Minute Maid Park, light rail lines, Midtown, the Texas Medical Center, and Downtown, this home offers exceptional access to Houston’s dining, entertainment, and employment centers. No HOA! Schedule your private showing today!

2. 2026-04-01
   listed $390,000 Active 1004-char remark

   Show marketing remark (1004 chars)

   Ideally situated minutes from Downtown Houston and the vibrant EaDo District, this contemporary townhome in a gated community offers 3 bedrooms, 3.5 bathrooms, and a well-designed open-concept layout filled with natural sunlight. Spacious guest and primary suites feature high ceilings and en-suite baths, with the primary offering a separate shower and soaking tub. Outdoor living shines with a small gated front yard, two second-level patios, and an expansive rooftop deck ideal for relaxing or entertaining. Recent updates include a new roof (2023), full interior repaint (2023), updated A/C system (2025), new garage motor (2026), and dishwasher (2024). This home has never flooded. Located near Emancipation Park, Discovery Green, Shell Energy Stadium, Toyota Center, Minute Maid Park, light rail lines, Midtown, the Texas Medical Center, and Downtown, this home offers exceptional access to Houston’s dining, entertainment, and employment centers. No HOA! Schedule your private showing today!

3. 2026-02-02
   listed $390,000 Active
4. 2026-02-02
   historical
5. 2026-01-12
   listed $410,000 Active
6. 2020-03-31
   soldstatus
7. 2020-03-30
   soldstatus Sold
8. 2020-03-15
   status Pending
9. 2020-03-04
   status Option Pending
10. 2020-01-24
    price $324,000
11. 2019-10-18
    listed $329,000 Active
12. 2011-11-06
    historical
13. 2011-11-06
    listed $1,950
14. 2009-12-03
    soldstatus
15. 2009-10-20
    historical
16. 2009-08-29
    listed $219,000
17. 2009-08-18
    historical
18. 2009-07-16
    listed $239,900
19. 2008-09-17
    historical
20. 2007-12-15
    listed $239,900

ⓘ 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: $8,020 · $668/mo
• Projected year-2 tax: $8,020 · $668/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,969
• − Mortgage interest: −$21,846
• − Property taxes: −$8,020
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,198
• − Management: −$3,198
• − Depreciation: −$11,345
• Taxable loss: −$9,587
• Est. tax savings @ 24.0%: +$2,301
• After-tax cash flow: $-636/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: Houston ISD
• NCES district ID: 4823640
• Math proficiency: 27% ▼ -18.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $46,054
• Composite: 26.63/100
• National rank: #7173
• State rank: #593 of 826 in TX

Livability — Houston

• Score: 74/100
• State rank: #184
• US rank: #4771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Houston, TX
• County: Harris County · 4,702,590 people
• City population: 3,226,434
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 35,997
• Household income: $71,199
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 3072.0

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 0.68)
• Race & ethnicity: Black 48% White 27% Hispanic / Latino 13% Two or more races 11% Asian 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 10% Chinese 2% Other Indo-European 2%

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: ▼ -139.34%
• Current HPI: 199.6066
• Rent YoY: ▼ -0.32%
• 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

+62.6% since first listed

20 events — show timeline

• 2026-04-01 Listed $390,000 HARMLS
• 2026-04-01 Listing Removed — HARMLS
• 2026-02-02 Listing Removed — HARMLS
• 2026-02-02 Listed $390,000 HARMLS
• 2026-01-12 Listed $410,000 HARMLS
• 2020-03-31 Sold (Public Records) — Public Records
• 2020-03-30 Sold (MLS) — HARMLS
• 2020-03-15 Pending — HARMLS
• 2020-03-04 Pending — HARMLS
• 2020-01-24 Price Changed $324,000 HARMLS
• 2019-10-18 Listed $329,000 HARMLS
• 2011-11-06 Listed $1,950 HARMLS
• 2011-11-06 Listing Removed — HARMLS
• 2009-12-03 Sold (MLS) — HARMLS
• 2009-10-20 Listing Removed — HARMLS
• 2009-08-29 Listed $219,000 HARMLS
• 2009-08-18 Listing Removed — HARMLS
• 2009-07-16 Listed $239,900 HARMLS
• 2008-09-17 Listing Removed — HARMLS
• 2007-12-15 Listed $239,900 HARMLS

Property tax history

+4.5%/yr

Latest (2025): $8,020 · -3.1% YoY. Source: county tax records.