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, 2006:



|                                     |  |           |  |             
|------------------------------------ |  | --------- |  | ------------
|NAME OF ENTITY                       |  | OWNERSHIP |  | JURISDICTION
|Corporations                         |  |           |  |             
|IORI Centura, Inc.                   |  | 100.00%   |  | Nevada      
|IORI Enclave 5, Inc.                 |  | 100.00%   |  | Nevada      
|IORI Falcon Point, Inc.              |  | 100.00%   |  | Nevada      
|IORI Keller Springs Tech, Inc.       |  | 100.00%   |  | Nevada      
|IORI Marion Express, Inc.            |  | 100.00%   |  | Nevada      
|IORI Marion Inn, Inc.                |  | 100.00%   |  | Nevada      
|IORI Marion Suites, Inc.             |  | 100.00%   |  | Nevada      
|IORI Minerals, Inc.                  |  | 100.00%   |  | Nevada      
|IORI Springfield Suites, 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      
|                                     |  |          
|Partnerships*                        |  |           |  |             
|Nakash Income Associates             |  | 40.00%    |  | Georgia     
|TCI Eton Square, LP                  |  | 10.00%    |  | Texas       
|METRA Westwood, LP                   |  | 5.97%     |  | Delaware    
|METRA Arbor Pointe, LP               |  | 5.97%     |  | Delaware    
|METRA Wood Hollow, LP                |  | 5.97%     |  | Delaware    
|METRA Cross Pool 2, LP               |  | 5.97%     |  | Delaware    
|METRA Sunchase, LP                   |  | 5.97%     |  | Delaware    
|METRA Cross Pool 1, LP               |  | 5.97%     |  | Delaware    
|METRA Quail Oaks, LP                 |  | 5.97%     |  | Delaware    
|METRA Fairway View, LP               |  | 5.97%     |  | Delaware    
|METRA Willow Creek, LP               |  | 5.97%     |  | Delaware    
|METRA Fountain Lake, LP              |  | 5.97%     |  | Delaware    
|METRA Harpers Ferry, LP             |  | 5.97%     |  | Delaware    
|METRA Enclave, LP                    |  | 5.97%     |  | Delaware    
|METRA Meridian, LP                   |  | 5.97%     |  | Delaware    
|METRA Brighton Court, LP             |  | 5.97%     |  | Delaware    
|METRA Delmar Valley, LP              |  | 5.97%     |  | Delaware    
|                                     |  |          
|Limited Liability Companies          |  |           |  |             
|ATI Holdings Managing Member, LLC    |  | Varies    |  | Nevada      
|Holdings of ATI, LLC                 |  | Varies    |  | Delaware    

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|* | including indirect ownership through subsidiaries
|- | -------------------------------------------------