2314 Spence St · Houston, TX 77093

$95,000

3 bd · 1.0 ba · 1,296 sqft · SingleFamily public records · 214 Days on market

Built 1950 8,624 sqft lot $73/sqft · 61% below area

---

Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1-story 3bed, 1bath home in the Near North Westcott Place subdivision ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 15620135, 18764679, 35844177, 36322345, 4544794

Key facts

• 8,624 sq ft lot
• Parking
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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.

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 (+5.3%/yr); 148 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 29,883 units permitted in Harris County in 2024 (8,621 in 5+ unit buildings).
• This rent runs 44% of the median local income ($47k/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 $657 of loan paydown is wiped out by about $3k 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 + 5.3% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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

• Watch-outs: property tax is 2.8% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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 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: 1.80% ✓
• Cap rate: 13.80%
• Cash-on-cash: 26.81%
• DSCR: 2.19
• GRM: 4.6

CMA / ARV

• ARV (median comp): $242,603
• List price: $95,000
• Delta: -60.84%
• 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
6903 Semmes St	0.13mi	3/1.0	1,350 (+4%)	3mo	$399,900	$296	85
1909 Melbourne St	0.29mi	3/2.0	1,364 (+5%)	5mo	$259,000	$190	69
2010 King St	0.25mi	3/2.0	1,400 (+8%)	3mo	$269,000	$192	69
1410 Caplin St	0.55mi	3/1.0	1,209 (-7%)	0mo	$154,000	$127	63
3401 Melbourne St	0.62mi	3/1.0	1,346 (+4%)	3mo	$125,000	$93	62
2915 Creston Dr	0.39mi	3/2.0	1,392 (+7%)	5mo	$89,000	$64	61
2302 King St	0.23mi	3/2.0	1,436 (+11%)	12mo	$209,900	$146	57
1009 Wainwright St	0.71mi	3/1.5	1,200 (-7%)	1mo	$200,000	$167	52
5708 Elysian St	0.68mi	3/2.5	1,388 (+7%)	1mo	$249,900	$180	50
2518 Vaughn St	0.39mi	3/2.0	1,455 (+12%)	13mo	$229,000	$157	46
7618 Schneider St	0.53mi	3/2.0	1,176 (-9%)	12mo	$299,000	$254	46
2406 Mann St Unit C	0.75mi	3/2.5	1,470 (+13%)	14mo	$269,000	$183	25

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 · 5.31% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.00×
• Total profit: $26,618
• Equity at exit: $14,165

10-year hold

• IRR: 33.0%
• Equity multiple: 4.38×
• Total profit: $89,792
• Equity at exit: $8,214

Cash invested: $26,600 (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 77093

• Home prices YoY: -9.9%
• Rents YoY: 5.3%
• Active inventory: 148
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,712 high
• Mortgage (P&I): −$498
• Tax from tax record: −$220 /mo · $2,644/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $594

Break-even live

Break-even rent $960

Max offer price $95,000

Occupancy floor 60%

Sensitivity live

Price	-10% $648	-5% $621	+0% $594	+5% $567	+10% $541
Rent	-10% $459	-5% $527	+0% $594	+5% $662	+10% $730
Rate	-1.0pp $642	-0.5pp $618	base $594	+0.5pp $570	+1.0pp $545

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6869 Arto St Houston, TX	1.0–2.0	1.0	900	$950	$1.06	17d	6	0.24mi
7301 Jensen Dr Apt 12 Houston, TX	2.0	1.0	880	$930	$1.06	8d	1	0.36mi
7301 Jensen Dr Unit 50 Houston, TX	2.0	1.0	880	$999	$1.14	8d	1	0.36mi
7320 Jensen Dr Houston, TX	1.0–3.0	1.0–2.0	935	$1,176	$1.26	2d	5	0.46mi
3107 Melbourne St Houston, TX	3.0	1.0	956	$1,500	$1.57	44d	1	0.50mi
7506 Jensen Dr Houston, TX	1.0–2.0	1.0–2.0	772	$1,170	$1.51	0d	13	0.53mi
835E Dorchester St Unit 1273076P Houston, TX	3.0	2.0	1528	$3,079	$2.02	0d	1	0.76mi
2623 Huntington Creek Ln Houston, TX	3.0	2.5	1553	$2,299	$1.48	25d	1	0.80mi
3810 Lynnfield St Houston, TX	3.0	2.0	1298	$1,599	$1.23	15d	1	0.83mi
3812 Lynnfield St Houston, TX	3.0	2.0	1298	$1,545	$1.19	6d	1	0.84mi
6918 Irvington Blvd Houston, TX	2.0	2.0	1100	$1,550	$1.41	44d	1	0.84mi
5124 Gold St Unit B Houston, TX	3.0	2.5	1650	$1,895	$1.15	44d	1	0.93mi
2516 Ivy St Houston, TX	3.0	1.0	1200	$1,500	$1.25	44d	1	1.00mi
4030 Reid St Houston, TX	3.0	2.0	1680	$2,000	$1.19	44d	1	1.07mi
8320 Curry Rd Unit 1391267P Houston, TX	3.0	2.5	1550	$5,033	$3.25	0d	1	1.14mi
8320 Curry Rd Houston, TX	3.0	2.5	1558	$8,950	$5.74	22d	1	1.14mi
8318 Curry Rd Houston, TX	3.0	2.0	1558	$2,299	$1.48	44d	1	1.14mi
8322 Curry Rd Houston, TX	3.0	2.5	1599	$2,500	$1.56	44d	1	1.15mi
8326 Curry Rd Unit 1228882P Houston, TX	3.0	2.0	1614	$2,878	$1.78	8d	1	1.16mi
8326 Curry Rd Unit 1227052P Houston, TX	3.0	2.0	1270	$3,317	$2.61	0d	1	1.16mi
3208 Bostic St Unit 1254540P Houston, TX	3.0	2.0	1603	$3,673	$2.29	0d	1	1.18mi
3222 Bostic St Unit 1571615P Houston, TX	3.0	2.5	1593	$5,423	$3.40	0d	1	1.20mi
1524 Evelyn St Houston, TX	3.0	2.5	1804	$2,800	$1.55	44d	1	1.32mi
207 Lindale St Unit 1316403P Houston, TX	2.0	1.0	1119	$3,187	$2.85	0d	1	1.40mi
4326 Plaag St Unit B Houston, TX	3.0	2.5	1150	$1,595	$1.39	44d	1	1.48mi
4626 Shreveport Blvd Unit B Houston, TX	3.0	2.0	1150	$1,490	$1.30	14d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $95,000 Active 214 DOM
2. 2026-06-17
   days on market $95,000 Active 213 DOM
3. 2026-06-16
   days on market $95,000 Active 212 DOM
4. 2026-06-15
   days on market $95,000 Active 211 DOM
5. 2026-06-13
   days on market $95,000 Active 209 DOM
6. 2026-06-10
   days on market $95,000 Active 205 DOM
7. 2026-06-08
   days on market $95,000 Active 204 DOM
8. 2026-06-07
   days on market $95,000 Active 203 DOM
9. 2026-06-04
   days on market $95,000 Active 200 DOM
10. 2026-05-31
    days on market $95,000 Active 197 DOM
11. 2026-03-23
    price $95,000 213-char remark

    Show marketing remark (213 chars)

    1-story 3bed, 1bath home in the Near North Westcott Place subdivision ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 15620135, 18764679, 35844177, 36322345, 4544794

12. 2025-11-15
    listed $99,000 Active 213-char remark

    Show marketing remark (213 chars)

    1-story 3bed, 1bath home in the Near North Westcott Place subdivision ready for you. May be sold with others, Ask about other homes in The White Portfolio. with MLS# 15620135, 18764679, 35844177, 36322345, 4544794

13. 2006-05-21
    historical
14. 2005-12-01
    listed $37,977
15. 2005-11-09
    historical
16. 2005-05-09
    listed $39,977
17. 2005-03-10
    soldstatus
18. 2004-12-15
    soldstatus
19. 1988-01-02
    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: $2,644 · $220/mo
• Projected year-2 tax: $2,644 · $220/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 6/10 Major FEMA zone X (unshaded) · 69% 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: $20,543
• − Mortgage interest: −$5,321
• − Property taxes: −$2,644
• − Insurance: −$475
• − Repairs & maintenance: −$1,643
• − Management: −$1,643
• − Depreciation: −$2,764
• Taxable income: $6,052
• Est. tax owed @ 24.0%: −$1,453
• After-tax cash flow: $5,679/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): 46,407
• Household income: $46,766
• Rent vs Own: 43.8% rent · 56.2% own
• Severe rent burden: 1815.0

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 (82%)
• Race & ethnicity: Hispanic / Latino 82% Two or more races 24% Black 11% White 6% Native American 1%
• Hispanic origin (detail): Mexican 70%
• Foreign-born: 34% · Canada
• Languages at home: 30% English-only · Spanish 70%

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: ▼ -30.53%
• Current HPI: 277.4914
• Rent YoY: ▲ 5.31%
• 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

+137.6% since first listed

9 events — show timeline

• 2026-03-23 Price Changed $95,000 HARMLS
• 2025-11-15 Listed $99,000 HARMLS
• 2006-05-21 Listing Removed — HARMLS
• 2005-12-01 Listed $37,977 HARMLS
• 2005-11-09 Listing Removed — HARMLS
• 2005-05-09 Listed $39,977 HARMLS
• 2005-03-10 Sold (Public Records) — Public Records
• 2004-12-15 Sold (Public Records) — Public Records
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+6.1%/yr

Latest (2025): $2,644 · +11.7% YoY. Source: county tax records.