120 5th St Unit 1-4 · San Leon, TX 77539

$279,900

1 bd · 1.0 ba · — sqft · Condo · 255 Days on market

Built 1975 Good condition ↓ 26% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Condition / age +3.8/5.0
• Schools +3.5/10.0
• Livability +3.1/5.0
• Cash flow +3.0/30.0
• Rent growth +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your charming coastal retreat! There are four 1-bedroom, 1-bath rental units at 120 5th St., that offer the perfect blend of comfort and convenience. Nestled in a quiet neighborhood just minutes from the bay, these apartments are ideal for those seeking a relaxed, waterfront lifestyle. Inside, you’ll find a bright and airy living space, a well-appointed kitchen with modern appliances, and a cozy bedroom with ample closet space. Step outside to enjoy the fresh coastal breeze, with nearby access to fishing, boating, and local dining hotspots like Topwater Grill. With easy access to Kemah, Galveston, and Houston, this rental is perfect for anyone looking to enjoy the best of the Texas Gulf Coast. Affordable coastal living and great investment opportunity! Don't miss out on this gem—schedule a showing today!

Key facts

• Bright living space
• Waterfront lifestyle
• Modern appliances

Tags

• WATERFRONT LIFESTYLE
• BRIGHT LIVING SPACE
• WELL-APPOINTED KITCHEN
• MODERN APPLIANCES
• AMPLE CLOSET SPACE
• EASY ACCESS TO KEMAH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (69.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (53.6% below list).
• Recommended offer: $87k (69.0% below list) — sets the bar for cash-flow.
• Cap rate 2.4% vs local median 1.8% in San Leon — 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 62/100 on livability (#899 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools F, amenities F, commute F.
• Dickinson ISD (suburban): math 39% / reading 40% proficiency, ranked #366 of 826 in TX (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.1%/yr); 664 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,258 units permitted in Galveston County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Galveston County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 255 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,848 (69.0% 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 255 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 0.46% ✗
• Cap rate: 2.40%
• Cash-on-cash: -13.90%
• DSCR: 0.38
• GRM: 17.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -62.9%
• Equity multiple: -0.71×
• Total profit: $-133,855
• Equity at exit: $41,734

10-year hold

• IRR: —
• Equity multiple: -2.06×
• Total profit: $-239,548
• Equity at exit: $24,201

Cash invested: $78,372 (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 77539

• Home prices YoY: -29.8%
• Rents YoY: -0.1%
• Active inventory: 664
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $1,300 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,198/yr
• Insurance: −$117
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $-1,334

Break-even live

Break-even rent $2,988

Max offer price $86,848

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 5th St Unit 1 San Leon, TX	1.0	1.0	—	$900	—	24d	1	0.02mi
120 5th St Dickinson, TX	1.0	1.0	750	$1,050	$1.40	1d	3	0.02mi
203 6th St Unit D San Leon, TX	1.0	1.0	—	$1,750	—	1d	1	0.10mi
502 9th St Unit 9 Dickinson, TX	1.0	1.0	—	$925	—	20d	1	0.53mi
642 5th St Dickinson, TX	1.0	1.0	—	$1,600	—	10d	1	0.70mi
124 17th St Dickinson, TX	2.0	1.0	—	$1,500	—	43d	1	0.75mi
713 6th St Dickinson, TX	1.0	1.0	1332	$1,799	$1.35	10d	1	0.76mi
726 4th St Dickinson, TX	2.0	2.0	—	$1,450	—	18d	1	0.78mi
715 11th St Unit A San Leon, TX	2.0	1.0	—	$1,100	—	19d	1	0.82mi
316 20th St Unit 3 San Leon, TX	2.0	1.0	—	$1,350	—	43d	1	0.98mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $279,900 Active 255 DOM
2. 2026-06-17
   days on market $279,900 Active 254 DOM
3. 2026-06-16
   days on market $279,900 Active 253 DOM
4. 2026-06-15
   days on market $279,900 Active 252 DOM
5. 2026-06-13
   days on market $279,900 Active 250 DOM
6. 2026-06-09
   days on market $279,900 Active 246 DOM
7. 2026-06-08
   days on market $279,900 Active 245 DOM
8. 2026-06-07
   days on market $279,900 Active 244 DOM
9. 2026-06-04
   days on market $279,900 Active 241 DOM
10. 2026-06-03
    days on market $279,900 Active 240 DOM
11. 2026-06-02
    days on market $279,900 Active 239 DOM
12. 2026-06-02
    days on market $279,900 Active 238 DOM
13. 2026-05-31
    days on market $279,900 Active 237 DOM
14. 2026-02-19
    price $279,900 840-char remark

    Show marketing remark (840 chars)

    Welcome to your charming coastal retreat! There are four 1-bedroom, 1-bath rental units at 120 5th St., that offer the perfect blend of comfort and convenience. Nestled in a quiet neighborhood just minutes from the bay, these apartments are ideal for those seeking a relaxed, waterfront lifestyle. Inside, you’ll find a bright and airy living space, a well-appointed kitchen with modern appliances, and a cozy bedroom with ample closet space. Step outside to enjoy the fresh coastal breeze, with nearby access to fishing, boating, and local dining hotspots like Topwater Grill. With easy access to Kemah, Galveston, and Houston, this rental is perfect for anyone looking to enjoy the best of the Texas Gulf Coast. Affordable coastal living and great investment opportunity! Don't miss out on this gem—schedule a showing today!

15. 2025-10-06
    listed $379,900 Active 840-char remark

    Show marketing remark (840 chars)

    Welcome to your charming coastal retreat! There are four 1-bedroom, 1-bath rental units at 120 5th St., that offer the perfect blend of comfort and convenience. Nestled in a quiet neighborhood just minutes from the bay, these apartments are ideal for those seeking a relaxed, waterfront lifestyle. Inside, you’ll find a bright and airy living space, a well-appointed kitchen with modern appliances, and a cozy bedroom with ample closet space. Step outside to enjoy the fresh coastal breeze, with nearby access to fishing, boating, and local dining hotspots like Topwater Grill. With easy access to Kemah, Galveston, and Houston, this rental is perfect for anyone looking to enjoy the best of the Texas Gulf Coast. Affordable coastal living and great investment opportunity! Don't miss out on this gem—schedule a showing today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,596
• − Mortgage interest: −$15,679
• − Property taxes: −$4,198
• − Insurance: −$6,518
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$8,143
• Taxable loss: −$21,437
• Est. tax savings @ 24.0%: +$5,145
• After-tax cash flow: $-10,865/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

Good 75/100 Cosmetic rehab

This multi-family unit is in good condition with minor cosmetic updates needed to enhance its resale and rental value.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace tile grout — Clean grout improves appearance and functionality
• Both Replace kitchen faucet — Modern faucet enhances kitchen aesthetics and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace tile grout — Clean grout improves appearance and functionality ↑
• Both Replace kitchen faucet — Modern faucet enhances kitchen aesthetics and functionality ↑

ⓘ 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: Dickinson ISD
• NCES district ID: 4817070
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $61,318
• Composite: 35.16/100
• National rank: #5005
• State rank: #366 of 826 in TX

Livability — San Leon

• Score: 62/100
• State rank: #899
• US rank: #16159

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Leon, TX
• County: Galveston County · 357,330 people
• Metro: Houston-The Woodlands-Sugar Land, TX
• Population (ZIP): 49,375
• Household income: $89,111
• Rent vs Own: 24.3% rent · 75.7% own
• Severe rent burden: 869.0

Population outlook (Galveston County) Hauer SSP2

• Today (2025): 390,640 people
• By 2030: 425,226 · +8.9%
• By 2040: 493,765 · +26.4%
• By 2050: 559,698 · +43.3%
• By 2075: 719,260 · +84.1%
• By 2100: 819,628 · +109.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 37% Two or more races 19% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 29% Puerto Rican 2%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 24% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Galveston

• 2024 margin: Strong R (+27.4) · D 35.7% · R 63.1% · Other 1.2%
• 2008→2024 swing: -7.9pp toward R · 2008: -19.5pp · 2024: -27.4pp
• All cycles: 2024: R+27.4 2020: R+22.6 2016: R+22.6 2012: R+26.9 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.46%
• Current HPI: 258.0104
• Rent YoY: ▼ -0.12%
• 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

-26.3% since first listed

2 events — show timeline

• 2026-02-19 Price Changed $279,900 HARMLS
• 2025-10-06 Listed $379,900 HARMLS