$3,600/mo
Total Rent (~$900/unit)
Property Details
- Address: 7 Latham St, Houston TX 77011
- Type: Fourplex — all 1-bedroom units
- Price: $550,000 — priced to sell quickly
- Rent: ~$900/mo each × 4 units = $3,600/mo ($43,200/yr)
- Roof: Metal roof (long-lasting, low maintenance)
- Condition: Updated/remodeled since purchase
- Parking: In rear — attractive property
- Source: Evan Compean (The Compean Group)
- Status: Evan visiting next week for full assessment
Why This Stands Out
Price Advantage: At $550,000, this property is $200,000+ below the original search floor of $750,000. If rent rolls support the economics, this could deliver significantly better returns than any property on the original 15-listing list.
- Metal roof = lower long-term maintenance costs vs. composition shingles
- All 1-BR units = easier to lease, faster turnover, strong rental demand in Houston
- Updated/remodeled = reduced immediate CapEx needs
- Rear parking = attractive to tenants, off-street convenience
- $200K below floor = lower debt service, stronger cash-on-cash
- Priced to sell = seller motivated, potential for quick close
Investment Analysis
Based on actual rent data from Evan Compean (Mar 27, 2026).
| Metric |
Value |
| Purchase Price | $550,000 |
| Rent per Unit | ~$900/mo |
| Monthly Gross Rent (4 units) | $3,600 |
| Annual Gross Rent | $43,200 |
| Gross Cap Rate | 7.9% |
| Gross Rent Multiplier (GRM) | 12.7x |
| Cost per Door | $137,500 |
For comparison: 301 Estelle ($340K) has ~12.4% gross cap rate. 324 W Alabama ($875K) has ~7.1%.
Data Still Needed
UPDATE (Apr 1, 2026): Evan shared photos. Listing goes live this week at $550K. Lot: 50×125'. Priced to move within 30 days. Parking in rear. Metal roof. Property has had additional updating and remodeling since Evan helped seller purchase. All 1-BR units.
STATUS: COMING SOON — Monitor HAR for listing to go live. When active, update with MLS#, listing URL, and full property details.
Remaining items:
- Year built
- Total square footage / unit sizes
- Operating expenses (taxes, insurance)
- Current lease terms and tenant status
- BAC confirmation