2904 Chapman St · Houston, TX 77009

$419,990

2 bd · 2.0 ba · 1,040 sqft · MultiFamily public records · 71 Days on market

Built 1940 Excellent condition 7,150 sqft lot $404/sqft · 264% above area Est $346k · 21% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.8/5.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

2904 through 2914 Chapman for SALE. Replotted to 4 lots, each lot is 1787 SQ FT. Total lot Size 7150 SF. 5 Tenant-occupied units. Excellent investment opportunity in the heart of Northside Village! This impressive property boasts 3 duplexes/ 6 units, all currently leased at full capacity with a monthly rent of $775 each. Situated on a rare CITY BLOCK, this gem is strategically located within proximity to major highways, bus routes, and is less than 3 miles from both the highly anticipated East River development and the Downtown area. What makes this investment even more enticing is its designation as a qualified opportunity zone, offering potential tax benefits. As part of an up-and-coming neighborhood experiencing significant growth and new construction, this property stands as a testament to the area's transition. 2 additional lots next to these 4 are also available for sale separately.

Key facts

• 3 duplex 6 units
• 7,150 sq ft lot
• Built 1940

Tags

• 3 DUPLEX 6 UNITS
• QUALIFIED OPPORTUNITY ZONE
• UP AND COMING NEIGHBORHOOD
• PROXIMITY TO MAJOR HIGHWAYS
• PROXIMITY TO BUS ROUTES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $420k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $5k ($65k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $420k).
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.7% 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 flat; 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• At $11,417/mo this rent would consume 165% of the median local household income ($83k/yr) (locally 994% 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 $13k 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.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $118k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,790 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. 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: 2.72% ✓
• Cap rate: 21.71%
• Cash-on-cash: 55.06%
• DSCR: 3.45
• GRM: 3.1

CMA / ARV

• ARV (median comp): $346,264
• List price: $419,990
• Delta: 21.29%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.84% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 3.14×
• Total profit: $251,925
• Equity at exit: $62,622

10-year hold

• IRR: 55.2%
• Equity multiple: 5.84×
• Total profit: $568,939
• Equity at exit: $36,313

Cash invested: $117,597 (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 77009

• Rents YoY: 0.8%
• Active inventory: 595
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $11,417 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$1,246 /mo · $14,955/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,398
• Net cashflow: $5,396

Break-even live

Break-even rent $4,587

Max offer price $419,990

Occupancy floor 48%

Sensitivity live

Price	-10% $5,633	-5% $5,515	+0% $5,396	+5% $5,277	+10% $5,158
Rent	-10% $4,494	-5% $4,945	+0% $5,396	+5% $5,847	+10% $6,298
Rate	-1.0pp $5,607	-0.5pp $5,503	base $5,396	+0.5pp $5,287	+1.0pp $5,176

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	2	2	$11,418
Total (6 units)			$11,417

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: $104,998
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2209 Gano St Unit 3 Houston, TX	2.0	1.0	700	$1,200	$1.71	44d	1	0.35mi
2209 Gano St Unit 4 Houston, TX	2.0	1.0	700	$1,250	$1.79	44d	1	0.35mi
914 Bunton St Houston, TX	3.0	2.0	1389	$1,950	$1.40	44d	1	0.54mi
3816 Gano St Unit B Houston, TX	1.0	1.0	700	$1,150	$1.64	44d	1	0.58mi
2316 Freeman St Unit 3 Houston, TX	1.0	1.0	750	$985	$1.31	8d	1	0.66mi
2310 N Main St Houston, TX	2.0	2.0	997	$1,687	$1.69	44d	1	0.71mi
2623 Keene St Apt 514 Houston, TX	1.0	1.0	1178	$1,949	$1.65	44d	1	0.77mi
2623 Keene St Houston, TX	2.0	1.0–2.0	965	$3,280	$3.40	17d	44	0.77mi
2016 N Main St Houston, TX	2.0	2.0	1169	$2,200	$1.88	44d	1	0.80mi
1714 Mary St Houston, TX	2.0	2.0	1100	$2,400	$2.18	44d	1	0.82mi
412 Paschall St Unit 1316398P Houston, TX	3.0	2.0	1130	$4,840	$4.28	13d	1	0.86mi
207 Carl St Houston, TX	2.0	2.0	1230	$2,250	$1.83	44d	1	0.88mi
306 North St Houston, TX	2.0	1.0	950	$1,150	$1.21	44d	1	0.88mi
1550 Burnett St Houston, TX	1.0–2.0	1.0–2.0	877	$2,108	$2.40	0d	37	0.92mi
1725 N Main St Houston, TX	2.0	2.0	988	$2,263	$2.29	44d	1	0.93mi
1556 Leona St Houston, TX	1.0	1.0	905	$1,505	$1.66	44d	1	0.94mi
1514 Everett St Houston, TX	2.0	1.0	970	$1,840	$1.90	20d	1	0.96mi
3303 N Main St Houston, TX	1.0	1.0	734	$1,555	$2.12	44d	1	0.96mi
1550 Leona St Houston, TX	1.0–2.0	1.0–2.0	835	$1,905	$2.28	2d	19	0.97mi
1625 N Main St Houston, TX	3.0	1.0–3.0	994	$2,010	$2.02	0d	41	0.98mi
1550 Leona St Unit 1587 Houston, TX	2.0	2.0	1131	$1,942	$1.72	44d	1	1.00mi
1250 Leona St Houston, TX	2.0	1.0–2.0	885	$1,990	$2.25	0d	14	1.01mi
3031 Sumpter St Unit 50 Houston, TX	2.0	1.0	732	$1,200	$1.64	25d	1	1.04mi
200 Hogan St Houston, TX	2.0	2.0	1058	$1,904	$1.80	12d	1	1.08mi
3502 Campbell St Houston, TX	2.0	1.0	725	$800	$1.10	44d	1	1.19mi
913 McKee St Houston, TX	1.0	1.0	714	$1,003	$1.40	44d	1	1.24mi
711 William St Houston, TX	1.0	1.0	1340	$2,250	$1.68	44d	1	1.36mi
711 William St Houston, TX	1.0	1.0	960	$1,700	$1.77	18d	1	1.36mi
1513 Cage St Houston, TX	3.0	2.0	1467	$1,550	$1.06	44d	1	1.40mi
1860 White Oak Dr Houston, TX	1.0–2.0	1.0	812	$1,800	$2.22	2d	2	1.40mi
2516 Ivy St Houston, TX	3.0	1.0	1200	$1,500	$1.25	44d	1	1.42mi
1499 Crockett St Houston, TX	2.0	2.0	1062	$2,424	$2.28	25d	1	1.43mi
650 McKee St Apt 422 Houston, TX	2.0	2.0	966	$1,690	$1.75	8d	1	1.45mi
650 McKee St Unit 424 Houston, TX	2.0	2.0	966	$1,690	$1.75	6d	1	1.45mi
650 McKee St Apt 425 Houston, TX	2.0	2.0	966	$1,725	$1.79	5d	1	1.45mi
650 McKee St Unit 687 Houston, TX	2.0	2.0	966	$1,715	$1.78	44d	1	1.45mi
650 McKee St Unit 3174 Houston, TX	3.0	2.0	1136	$2,114	$1.86	11d	1	1.45mi
650 McKee St Unit 3112 Houston, TX	3.0	2.0	1136	$2,120	$1.87	0d	1	1.45mi
650 McKee St Unit 683 Houston, TX	3.0	2.0	1136	$2,125	$1.87	44d	1	1.45mi
650 McKee St Unit 2148 Houston, TX	2.0	2.0	966	$1,682	$1.74	3d	1	1.45mi

Listing history 12 events

1. 2026-06-18
   days on market $419,990 Active 71 DOM
2. 2026-06-17
   days on market $419,990 Active 70 DOM
3. 2026-06-16
   days on market $419,990 Active 69 DOM
4. 2026-06-15
   days on market $419,990 Active 68 DOM
5. 2026-06-13
   days on market $419,990 Active 66 DOM
6. 2026-06-10
   days on market $419,990 Active 62 DOM
7. 2026-06-08
   days on market $419,990 Active 61 DOM
8. 2026-06-07
   days on market $419,990 Active 60 DOM
9. 2026-06-04
   days on market $419,990 Active 57 DOM
10. 2026-06-01
    days on market $419,990 Active 54 DOM
11. 2026-05-31
    days on market $419,990 Active 53 DOM
12. 2026-04-08
    listed $419,990 Active 901-char remark

    Show marketing remark (901 chars)

    2904 through 2914 Chapman for SALE. Replotted to 4 lots, each lot is 1787 SQ FT. Total lot Size 7150 SF. 5 Tenant-occupied units. Excellent investment opportunity in the heart of Northside Village! This impressive property boasts 3 duplexes/ 6 units, all currently leased at full capacity with a monthly rent of $775 each. Situated on a rare CITY BLOCK, this gem is strategically located within proximity to major highways, bus routes, and is less than 3 miles from both the highly anticipated East River development and the Downtown area. What makes this investment even more enticing is its designation as a qualified opportunity zone, offering potential tax benefits. As part of an up-and-coming neighborhood experiencing significant growth and new construction, this property stands as a testament to the area's transition. 2 additional lots next to these 4 are also available for sale separately.

ⓘ 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: $14,955 · $1,246/mo
• Projected year-2 tax: $14,955 · $1,246/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $137,004
• − Mortgage interest: −$23,526
• − Property taxes: −$14,955
• − Insurance: −$2,100
• − Repairs & maintenance: −$10,960
• − Management: −$10,960
• − Depreciation: −$12,218
• Taxable income: $62,285
• Est. tax owed @ 24.0%: −$14,948
• After-tax cash flow: $49,800/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

Excellent 95/100 None rehab

This multi-family property is in excellent condition with a well-maintained exterior and interior. It offers a great investment opportunity in a prime location with potential tax benefits.

Value-add opportunities

• Both Painting the exterior and landscaping — Enhances curb appeal and can attract more tenants or buyers.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which is beneficial for both rental and resale.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and landscaping — Enhances curb appeal and can attract more tenants or buyers. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which is beneficial for both rental and resale. ↑

ⓘ 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: 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): 35,769
• Household income: $83,148
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 994.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 53% White 33% Two or more races 22% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 55% English-only · Spanish 40% Other Indo-European 2% Other Asian/Pacific 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: ▼ -533.57%
• Current HPI: 219.5037
• Rent YoY: ▲ 0.84%
• 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

1 event — show timeline

• 2026-04-08 Listed $419,990 HARMLS

Property tax history

+508.1%/yr

Latest (2025): $14,955 · +508.1% YoY. Source: county tax records.