Rare opportunity to secure an attractive, now market-rate investment opportunity. Willis South Apartments at 205 E Watson Street sits within the fast-growing North Houston submarket of Willis, Texas. This 48-unit garden-style community offers stable cash flow supported by a combination of government voucher-backed rents and market-rate tenants, providing investors with immediate income and operational flexibility. Formerly operated under the USDA Rural Development affordable housing program, the property has successfully transitioned to an unrestricted, market-rate asset. At the time of transition, existing residents received USDA vouchers tied to market rents, creating a strong and stable rent roll that includes eight one-bedroom units receiving $1,063 per month, 15 two-bedroom units receiving $1,293 per month, and 21 additional two-bedroom units receiving $1,461 per month. The remaining units are leased at full market rents, allowing for ongoing revenue optimization. The property comprises 40 two-bedroom and eight one-bedroom units and includes an on-site leasing office and laundry facility. The complex is in strong physical condition with ongoing maintenance after passing a USDA physical inspection with a clean report. Tenants are responsible for their own electricity, while ownership covers water, sewer, and trash, offering a potential income enhancement opportunity through the implementation of a Ratio Utility Billing System (RUBS). Positioned in a high-growth area with a 5-mile population exceeding 41,000 and an average household income nearing $93,000, Willis South Apartments benefits from sustained local demand and a projected 4.7% annual population growth through 2029. Conveniently located near S Danville Street and surrounded by local dining options such as La Casita Tex-Mex Restaurant, Pizza Shack, and the Original Super Burger, Willis South Apartments combines operational upside and long-term investment stability.