403 Frisco St · Houston, TX 77022

$135,000

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 102 Days on market

Built 1945 4,948 sqft lot $148/sqft · 41% below area Est $227k · 41% under ↓ 4% since listing

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +6.1/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 4,948 sq ft lot
• Built 1945
• Listed 102 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 rising fast (+4.5%/yr); 285 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 34% of the median local income ($53k/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 $933 of loan paydown is wiped out by about $4k 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 102 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.11% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.63%
• DSCR: 1.25
• GRM: 7.5

CMA / ARV

• ARV (median comp): $227,157
• List price: $135,000
• Delta: -40.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 King St	0.13mi	2/1.0	980 (+8%)	8mo	$210,000	$214	75
6818 Appleton St	0.09mi	3/1.0 (+1)	980 (+8%)	15mo	$130,000	$133	66
310 King St	0.16mi	2/1.0	804 (-12%)	14mo	$125,000	$155	61
7111 Bauman Rd	0.50mi	2/1.0	836 (-8%)	4mo	$185,000	$221	60
920 Bennington St	0.50mi	2/1.0	964 (+6%)	15mo	$169,900	$176	55
400 Dorchester St	0.27mi	2/1.0	832 (-9%)	22mo	$175,000	$210	54
319 Kelley St	0.40mi	2/1.0	973 (+7%)	19mo	$395,000	$406	54
5402 Karcher St	0.75mi	2/1.0	972 (+7%)	4mo	$330,000	$340	51
332 E Crosstimbers St	0.65mi	3/2.0 (+1)	945 (+4%)	16mo	$170,000	$180	41
7327 Roswell St	0.64mi	1/1.0 (-1)	1,016 (+11%)	21mo	$149,999	$148	29

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 · 4.47% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-8,279
• Equity at exit: $20,129

10-year hold

• IRR: 5.7%
• Equity multiple: 1.45×
• Total profit: $17,079
• Equity at exit: $11,672

Cash invested: $37,800 (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 77022

• Home prices YoY: -33.2%
• Rents YoY: 4.5%
• Active inventory: 285
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,495 high
• Mortgage (P&I): −$708
• Tax from tax record: −$240 /mo · $2,875/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $177

Break-even live

Break-even rent $1,271

Max offer price $135,000

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Lindale St Unit 1316403P Houston, TX	2.0	1.0	1119	$3,182	$2.84	1d	1	0.20mi
6918 Irvington Blvd Houston, TX	2.0	2.0	1100	$1,550	$1.41	43d	1	0.44mi
58 Bennington St Houston, TX	1.0	1.0	725	$850	$1.17	17d	1	0.53mi
58 Bennington St Houston, TX	1.0	1.0	725	$850	$1.17	43d	1	0.53mi
58 Bennington St Houston, TX	2.0	1.0	950	$950	$1.00	24d	1	0.53mi
1690 North Loop Houston, TX	1.0–2.0	1.0–2.0	876	$2,269	$2.59	1d	43	0.81mi
139 Van Molan St Houston, TX	1.0	1.0	1056	$925	$0.88	43d	1	0.84mi
6869 Arto St Houston, TX	1.0–2.0	1.0	900	$950	$1.06	16d	6	0.97mi
1617 Enid St Houston, TX	1.0–2.0	1.0–2.0	974	$2,417	$2.48	1d	56	1.04mi
8210 Bauman Rd Houston, TX	2.0	2.0	852	$1,190	$1.40	43d	1	1.15mi
8216 Bauman Rd Houston, TX	1.0	1.0	661	$954	$1.44	43d	1	1.16mi
2110 Melbourne St Unit 3 Houston, TX	2.0	1.0	825	$1,350	$1.64	24d	1	1.16mi
8185 Fulton St Houston, TX	2.0	2.0	924	$1,395	$1.51	24d	1	1.17mi
1209 Cordell St Houston, TX	2.0	2.0	990	$2,000	$2.02	2d	1	1.22mi
814 Frawley St Houston, TX	1.0	1.0	525	$1,029	$1.96	43d	1	1.27mi
611 W Cavalcade St Houston, TX	1.0–2.0	1.0	775	$1,339	$1.73	1d	12	1.27mi
706 W Cavalcade St Houston, TX	1.0	1.0	746	$1,463	$1.96	43d	1	1.28mi
74 Lyerly St Houston, TX	1.0–2.0	1.0–2.0	775	$1,211	$1.56	20d	5	1.28mi
8217 Fulton St Houston, TX	2.0–3.0	1.0	785	$930	$1.18	2d	6	1.30mi
1226 Posey St Houston, TX	1.0	1.0	650	$1,089	$1.68	43d	1	1.31mi
1007 Archer St Houston, TX	2.0	1.0	1008	$1,923	$1.91	1d	1	1.34mi
735 W Cavalcade St Houston, TX	1.0	1.0	590	$1,124	$1.91	5d	2	1.35mi
8520 Madie Dr Houston, TX	1.0	1.0	661	$1,145	$1.73	21d	1	1.42mi
8520 Madie Dr Houston, TX	1.0	1.0	661	$1,160	$1.75	13d	1	1.42mi
8520 Madie Dr Houston, TX	2.0	2.0	924	$1,395	$1.51	20d	1	1.42mi
8520 Madie Dr Houston, TX	2.0	2.0	924	$1,395	$1.51	43d	1	1.42mi
8520 Madie Dr Unit 1047 Houston, TX	1.0	1.0	661	$1,169	$1.77	2d	1	1.44mi
8520 Madie Dr Unit 8577 Houston, TX	2.0	2.0	924	$1,291	$1.40	43d	1	1.44mi
8520 Madie Dr Unit 422 Houston, TX	2.0	2.0	924	$1,320	$1.43	7d	1	1.44mi
8520 Madie Dr Unit 8541 Houston, TX	1.0	1.0	661	$1,165	$1.76	13d	1	1.44mi
8520 Madie Dr Unit 321 Houston, TX	1.0	1.0	661	$1,130	$1.71	7d	1	1.44mi
8520 Madie Dr Unit 8594 Houston, TX	1.0	1.0	661	$1,169	$1.77	10d	1	1.44mi
8520 Madie Dr Unit AX1 Houston, TX	1.0	1.0	661	$1,145	$1.73	7d	1	1.44mi
8520 Madie Dr Unit 1174 Houston, TX	1.0	1.0	661	$1,119	$1.69	12d	1	1.45mi
8520 Madie Dr Unit 1162 Houston, TX	1.0	1.0	661	$1,130	$1.71	5d	1	1.45mi
8520 Madie Dr Unit 1112 Houston, TX	1.0	1.0	661	$1,127	$1.70	2d	1	1.45mi
8520 Madie Dr Unit 2112 Houston, TX	2.0	2.0	924	$1,312	$1.42	2d	1	1.45mi
8520 Madie Dr Unit 2174 Houston, TX	2.0	2.0	924	$1,344	$1.45	10d	1	1.45mi
8520 Madie Dr Unit 424 Houston, TX	2.0	2.0	924	$1,320	$1.43	5d	1	1.45mi
8526 Madie Dr Houston, TX	1.0	1.0	661	$1,145	$1.73	18d	1	1.45mi

Listing history 16 events

1. 2026-06-18
   days on market $135,000 Active 102 DOM
2. 2026-06-17
   pricedays on market $135,000 Active 101 DOM
3. 2026-06-16
   days on market $139,000 Active 100 DOM
4. 2026-06-15
   days on market $139,000 Active 99 DOM
5. 2026-06-13
   days on market $139,000 Active 97 DOM
6. 2026-06-10
   days on market $139,000 Active 93 DOM
7. 2026-06-08
   days on market $139,000 Active 92 DOM
8. 2026-06-07
   days on market $139,000 Active 91 DOM
9. 2026-06-04
   days on market $139,000 Active 88 DOM
10. 2026-06-01
    days on market $139,000 Active 85 DOM
11. 2026-05-31
    days on market $139,000 Active 84 DOM
12. 2026-03-27
    price $139,000
13. 2026-03-27
    status Active
14. 2026-03-12
    status Pending
15. 2026-03-08
    listed $144,500 Active
16. 1995-01-23
    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: $2,875 · $240/mo
• Projected year-2 tax: $2,875 · $240/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 · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,940
• − Mortgage interest: −$7,562
• − Property taxes: −$2,875
• − Insurance: −$675
• − Repairs & maintenance: −$1,435
• − Management: −$1,435
• − Depreciation: −$3,927
• Taxable income: $30
• Est. tax owed @ 24.0%: −$7
• After-tax cash flow: $2,119/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): 25,805
• Household income: $52,739
• Rent vs Own: 49.6% rent · 50.4% own
• Severe rent burden: 1354.0

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: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 24% Black 19% White 7% Native American 1%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Romanian 1% Portuguese 1%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 40% English-only · Spanish 59%

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: ▼ -151.13%
• Current HPI: 304.3745
• Rent YoY: ▲ 4.47%
• 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

-3.8% since first listed

5 events — show timeline

• 2026-03-27 Price Changed $139,000 HARMLS
• 2026-03-27 Relisted — HARMLS
• 2026-03-12 Pending — HARMLS
• 2026-03-08 Listed $144,500 HARMLS
• 1995-01-23 Sold (Public Records) — Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,875 · +1.6% YoY. Source: county tax records.