In Houston, the homes that cover their payment are spread across the whole city rather than bunched into a few ZIPs.

Each week I run every 1–4 unit home for sale in the city of Houston through one test: would a 12-month lease cover principal, interest, taxes, insurance and HOA? That's DSCR 1.0, the test a DSCR lender uses.

Today (Nov 4), out of 9,939 homes I could price (11,903 listed):
- 20% down: 925 pass
- 25% down: 1,516
- 30% down: 2,291

Going from 20% to 30% down more than doubles the count.

Where: 102 ZIPs have at least one, and the top five hold less than a fifth of them:
- 77033: 79 of 156
- 77021: 67 of 174
- 77028: 44 of 109
- 77084: 44 of 296
- 77489: 43 of 63
At the other end, 77057 has 1 of 273 and 77008 has 1 of 240.

What: 1,232 single-family homes, most priced $165k to $230k. 119 townhomes around $165k, 106 duplexes to fourplexes around $226k, 59 condos around $130k.

Not counted: vacancy, repairs, capex and management. This is the lender's test, not cash flow.

Assumptions: 30-year loan at 7.25% (7.625% for 2–4 units). Taxes at 2.1% of price, Harris County's typical rate on full market value, since a rental gets no homestead cap. MUD districts run higher, so homes in them look better here than they are. Insurance from Harris County defaults, more in flood zones. HOA as listed. Rents are two independent estimates for a 12-month lease. Site-built resale only.

If you own rentals in 77033 or 77021: what are 3-bed leases getting right now?

Disclosure: I run NetsPositive, the screener these counts come from. See Profile for more.