EXHIBIT 21.1

INCOME OPPORTUNITY REALTY INVESTORS, INC.

SUBSIDIARIES OF THE REGISTRANT

The following is a list of all subsidiaries and partnership interests of Income Opportunity Realty Investors, Inc., the percentage of ownership and the
state or other jurisdiction of organization or incorporation as of December 31, 2008:



|                                                                             |  |           |   |  |             
|---------------------------------------------------------------------------- |  | --------- | - |  | ------------
|Name of Entity                                                               |  | Ownership |   |  | Jurisdiction
|Corporations                                                                
|IORI Operating, Inc.                                                         |  | 100.00    | % |  | Nevada      
|IORI Centura, Inc.                                                           |  | 100.00    | % |  | Nevada      
|IORI Falcon Point, Inc.                                                      |  | 100.00    | % |  | Nevada      
|IORI Keller Springs Tech, Inc.                                               |  | 100.00    | % |  | Nevada      
|IORI Minerals, Inc.                                                          |  | 100.00    | % |  | Nevada      
|IORI Tristar Tech, Inc.                                                      |  | 100.00    | % |  | Nevada      
|IORI Valley View, Inc.                                                       |  | 100.00    | % |  | Nevada      
|Midland Odessa Properties, Inc.                                              |  | 19.90     | % |  | California  
|Transcontinental Brewery, Inc.                                               |  | 100.00    | % |  | Nevada      
|Transcontinental Parkway Corporation                                         |  | 100.00    | % |  | Nevada      
|                                                                            
|LLC Interests (including direct and indirect ownership through subsidiaries)
|IORI Meridian Apartments, LLC                                                |  | 100.00    | % |  | Texas       
|IORI Sinclair Place, LLC                                                     |  | 100.00    | % |  | Texas       
|                                                                             |  |          
|Partnerships (including direct and indirect ownership through subsidiaries)  |  |           |   |  |             
|Metra Arbor Pointe, LP                                                       |  | 5.97      | % |  | Delaware    
|Metra Brighton Court, LP                                                     |  | 5.97      | % |  | Delaware    
|Metra Cross Pool 1, LP                                                       |  | 5.97      | % |  | Delaware    
|Metra Cross Pool 2, LP                                                       |  | 5.97      | % |  | Delaware    
|Metra Delmar Valley, LP                                                      |  | 5.97      | % |  | Delaware    
|Metra Enclave, LP                                                            |  | 5.97      | % |  | Delaware    
|Metra Fairway View, LP                                                       |  | 5.97      | % |  | Delaware    
|Metra Fountain Lake, LP                                                      |  | 5.97      | % |  | Delaware    
|Metra Harpers Ferry, LP                                                     |  | 5.97      | % |  | Delaware    
|Metra Meridian, LP                                                           |  | 5.97      | % |  | Delaware    
|Metra Quail Oaks, LP                                                         |  | 5.97      | % |  | Delaware    
|Metra Sunchase, LP                                                           |  | 5.97      | % |  | Delaware    
|Metra Westwood, LP                                                           |  | 5.97      | % |  | Delaware    
|Metra Willow Creek, LP                                                       |  | 5.97      | % |  | Delaware    
|Metra Wood Hollow, LP                                                        |  | 5.97      | % |  | Delaware    
|Nakash Income Associates                                                     |  | 40.00     | % |  | Georgia     
|TCI Eton Square, LP                                                          |  | 10.00     | % |  | Texas