4600 Ireland St · Houston, TX 77016

$144,000

4 bd · 2.0 ba · 1,518 sqft · MultiFamily public records · 15 Days on market

Built 1950 0.39 ac lot $95/sqft · 51% below area ↓ 37% since listing

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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
• Appreciation +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0

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

Bring all offers! This property is ready to be transformed. Utilities are already on property and create a simple process of ordering additional meters to develop this nicely located lot into new development. Ireland Street already has new built homes that have been completed and now sit occupied! The time for change is now, property is ready to hold new units. Demolition bid is in hand, contact listing agent for more information!

Key facts

• Utilities available
• Easy access to i-69
• Oversized lot

Tags

• OVERSIZED LOT
• EASY ACCESS TO I-69
• SURROUNDED BY NEW DEVELOPMENT
• UTILITIES AVAILABLE

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; One-story entry (all main rooms listed on the first floor)
• Construction: Brick construction; Built in 1950; Composition roof; Slab foundation
• Exterior features: Fully fenced yard; Located in a subdivision

Interior

• Kitchen: Kitchen on the first floor (9x12)
• Bedrooms: Primary bedroom on the first floor (12x12); Three additional bedrooms on the first floor (11x11; 10x11; 10x11)
• Bathrooms: 2 full bathrooms
• Interior features: Six total rooms; Family room (16x15)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $144k.

Deal economics

• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $142k (1.5% below list) — sets the bar for market timing.

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: 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.
• Zoned schools: Shadydale El (math 11% / reading 20%, grade F, #3,990 of 4,322 statewide, top 93%, 631 students, 95% FRL); Forest Brook Middle (math 12% / reading 14%, grade F, #1,609 of 1,662 statewide, top 97%, 613 students, 98% FRL); North Forest H S (math 13% / reading 18%, grade F, #1,505 of 1,632 statewide, top 92%, 974 students, 97% FRL) — zoned schools average 97% FRL vs 71% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 31% district-wide (-16 pts) — the specific schools serving this property underperform the Houston ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 372 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).

Forward outlook

• In year one you build about $13k of equity ($996 loan paydown + $12k appreciation (8.7% local appreciation)).
• Harris County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (8.7% appreciation + 0.4% rent growth), your $40k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: built in 1950 — 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 $141,840 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.62%
• DSCR: 1.87
• GRM: 5.5

CMA / ARV

• ARV (median comp): $292,117
• List price: $144,000
• Delta: -66.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4802 Cruse Rd	0.67mi	4/2.0	1,640 (+8%)	18mo	$300,000	$183	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.65% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: 35.1%
• Equity multiple: 3.53×
• Total profit: $101,967
• Equity at exit: $115,816

10-year hold

• IRR: 29.9%
• Equity multiple: 7.33×
• Total profit: $255,125
• Equity at exit: $236,296

Cash invested: $40,320 (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 77016

• Home prices YoY: 2.8%
• Rents YoY: 0.4%
• Active inventory: 372
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,164 high
• Mortgage (P&I): −$755
• Tax from tax record: −$236 /mo · $2,826/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $659

Break-even live

Break-even rent $1,330

Max offer price $144,000

Occupancy floor 65%

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9422 Sandra St Unit B Houston, TX	3.0	2.5	1461	$1,875	$1.28	43d	1	0.58mi
8639 Peachtree St Unit A Houston, TX	3.0	2.5	1150	$1,750	$1.52	43d	1	0.68mi
4326 Plaag St Unit B Houston, TX	3.0	2.5	1150	$1,595	$1.39	43d	1	0.99mi
2920 La Estancia Ln Houston, TX	5.0	2.0	1562	$1,761	$1.13	7d	1	1.12mi
3208 Bostic St Unit 1254540P Houston, TX	3.0	2.0	1603	$3,691	$2.30	1d	1	1.15mi
8326 Curry Rd Unit 1228882P Houston, TX	3.0	2.0	1614	$2,878	$1.78	7d	1	1.17mi
8322 Curry Rd Houston, TX	3.0	2.5	1599	$2,500	$1.56	43d	1	1.18mi
8318 Curry Rd Houston, TX	3.0	2.0	1558	$2,299	$1.48	43d	1	1.18mi
8320 Curry Rd Houston, TX	3.0	2.5	1558	$8,950	$5.74	22d	1	1.19mi
8320 Curry Rd Unit 1391267P Houston, TX	3.0	2.5	1550	$5,134	$3.31	1d	1	1.19mi
7740 Wileyvale Rd Unit B Houston, TX	3.0	2.0	1500	$3,000	$2.00	43d	1	1.19mi
10329 Wicklowe St Houston, TX	3.0	2.0	1266	$1,400	$1.11	20d	1	1.27mi
9314 Sundown Dr Unit A Houston, TX	3.0	2.5	1608	$1,695	$1.05	14d	1	1.41mi
7119 Bywood St Unit A Houston, TX	3.0	2.5	1150	$1,795	$1.56	43d	1	1.44mi
10221 Bretton Dr Houston, TX	3.0	1.0	1350	$1,700	$1.26	24d	1	1.45mi
7201 Hallshire Dr Unit 235 Houston, TX	3.0	1.0	1100	$850	$0.77	43d	1	1.45mi

Listing history 15 events

1. 2026-06-18
   days on market $144,000 Active 15 DOM
2. 2026-06-17
   days on market $144,000 Active 14 DOM
3. 2026-06-16
   days on market $144,000 Active 13 DOM
4. 2026-06-15
   days on market $144,000 Active 12 DOM
5. 2026-06-13
   days on market $144,000 Active 10 DOM
6. 2026-06-09
   days on market $144,000 Active 6 DOM
7. 2026-06-08
   days on market $144,000 Active 5 DOM
8. 2026-06-07
   days on market $144,000 Active 4 DOM
9. 2026-06-04
   remarks 693-char remark
10. 2026-06-04
    pricestatusdays on marketlisting id $144,000 Active 1 DOM
11. 2026-05-11
    status Pending 439-char remark

    Show marketing remark (439 chars)

    Bring all offers! This property is ready to be transformed. Utilities are already on property and create a simple process of ordering additional meters to develop this nicely located lot into new development. Ireland Street already has new built homes that have been completed and now sit occupied! The time for change is now, property is ready to hold new units. Demolition bid is in hand, contact listing agent for more information!

12. 2026-05-01
    listed $99,000 Active 439-char remark

    Show marketing remark (439 chars)

    Bring all offers! This property is ready to be transformed. Utilities are already on property and create a simple process of ordering additional meters to develop this nicely located lot into new development. Ireland Street already has new built homes that have been completed and now sit occupied! The time for change is now, property is ready to hold new units. Demolition bid is in hand, contact listing agent for more information!

13. 2026-03-12
    historical
14. 2025-11-03
    listed $229,000 Active
15. 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: $2,826 · $236/mo
• Projected year-2 tax: $2,826 · $236/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: $25,973
• − Mortgage interest: −$8,066
• − Property taxes: −$2,826
• − Insurance: −$720
• − Repairs & maintenance: −$2,078
• − Management: −$2,078
• − Depreciation: −$4,189
• Taxable income: $6,016
• Est. tax owed @ 24.0%: −$1,444
• After-tax cash flow: $6,467/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): 29,841
• Household income: $47,677
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1297.0

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: Majority Black (56%)
• Race & ethnicity: Black 56% Hispanic / Latino 42% Two or more races 28%
• Hispanic origin (detail): Mexican 34%
• Foreign-born: 18% · Canada
• Languages at home: 61% English-only · Spanish 37%

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: ▲ 8.65%
• Current HPI: 315.6765
• Rent YoY: ▲ 0.44%
• 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

-37.1% since first listed

8 events — show timeline

• 2026-06-03 Listed $144,000 HARMLS
• 2026-06-01 Sold (Public Records) — Public Records
• 2026-05-29 Sold (MLS) — NTREIS
• 2026-05-11 Pending — NTREIS
• 2026-05-01 Listed $99,000 NTREIS
• 2026-03-12 Listing Removed — HARMLS
• 2025-11-03 Listed $229,000 HARMLS
• 1988-01-02 Sold (Public Records) — Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,826 · +15.3% YoY. Source: county tax records.