722 W Boyce Ave · Fort Worth, TX 76115

$350,000

None bd · None ba · 2,904 sqft · MultiFamily · 60 Days on market

Built 1954 Good condition 5,009 sqft lot $121/sqft · 29% below area Est $495k · 29% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Calling all real estate investors!! This is a prime value-add opportunity in Fort Worth, just minutes from Texas Christian University. This duplex is currently under construction and ready for you to bring your vision to life and take it to the next level. Designed with the potential for up to 12 rooms, this property offers a unique opportunity to create a high-income producing asset tailored to your strategy, whether that’s co-living, student housing, or short-term rentals. This could easily become a cash-flow machine with the right finishes and layout. The property is vacant and ready for work to begin immediately, making it ideal for investors looking to move quickly on a value-add project. It features a large yard and additional storage, adding to its overall appeal and functionality. Great location near downtown Fort Worth with easy access to Interstate 35W and Interstate 20, in an area that continues to see strong demand and growth. Don’t miss your chance to turn this into a standout investment!

Key facts

• Large yard
• Under construction
• Additional storage

Tags

• UNDER CONSTRUCTION
• POTENTIAL FOR 12 ROOMS
• HIGH-INCOME PRODUCING ASSET
• LARGE YARD
• ADDITIONAL STORAGE
• EASY ACCESS TO INTERSTATE 35W

What this means for you Summary

Snapshot

• This is a 2 × 6-bed/3-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive. Per door: $441/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.9% in Fort Worth — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#49 in TX, #1,954 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: schools D+, crime F.
• Fort Worth ISD (urban): math 18% / reading 28% proficiency, ranked #742 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 32 active listings in the ZIP; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• At $4,179/mo this rent would consume 96% of the median local household income ($52k/yr) (locally 859% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

• ARV (median comp): $495,123
• List price: $350,000
• Delta: -29.31%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-436
• Equity at exit: $52,186

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $72,263
• Equity at exit: $30,262

Cash invested: $98,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76115

• Home prices YoY: -6.0%
• Active inventory: 32
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $4,179 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$878
• Net cashflow: $883

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,125	-5% $1,004	+0% $883	+5% $762	+10% $641
Rent	-10% $552	-5% $718	+0% $883	+5% $1,048	+10% $1,213
Rate	-1.0pp $1,059	-0.5pp $972	base $883	+0.5pp $792	+1.0pp $700

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	6	3	$4,178
Total (2 units)			$4,179

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $350,000 Active 60 DOM
2. 2026-06-18
   days on market $350,000 Active 57 DOM
3. 2026-06-17
   days on market $350,000 Active 56 DOM
4. 2026-06-16
   days on market $350,000 Active 55 DOM
5. 2026-06-15
   days on market $350,000 Active 54 DOM
6. 2026-06-13
   days on market $350,000 Active 52 DOM
7. 2026-06-09
   days on market $350,000 Active 48 DOM
8. 2026-06-08
   days on market $350,000 Active 47 DOM
9. 2026-06-07
   days on market $350,000 Active 46 DOM
10. 2026-06-04
    days on market $350,000 Active 43 DOM
11. 2026-06-03
    days on market $350,000 Active 42 DOM
12. 2026-06-02
    days on market $350,000 Active 41 DOM
13. 2026-06-01
    days on market $350,000 Active 40 DOM
14. 2026-05-31
    days on market $350,000 Active 39 DOM
15. 2026-04-22
    listed $350,000 Active 1028-char remark

    Show marketing remark (1028 chars)

    Calling all real estate investors!! This is a prime value-add opportunity in Fort Worth, just minutes from Texas Christian University. This duplex is currently under construction and ready for you to bring your vision to life and take it to the next level. Designed with the potential for up to 12 rooms, this property offers a unique opportunity to create a high-income producing asset tailored to your strategy, whether that’s co-living, student housing, or short-term rentals. This could easily become a cash-flow machine with the right finishes and layout. The property is vacant and ready for work to begin immediately, making it ideal for investors looking to move quickly on a value-add project. It features a large yard and additional storage, adding to its overall appeal and functionality. Great location near downtown Fort Worth with easy access to Interstate 35W and Interstate 20, in an area that continues to see strong demand and growth. Don’t miss your chance to turn this into a standout investment!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,148
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,012
• − Management: −$4,012
• − Depreciation: −$10,182
• Taxable income: $5,337
• Est. tax owed @ 24.0%: −$1,281
• After-tax cash flow: $9,311/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 11 photos

Good 75/100 Extensive rehab

This multi-family property is under extensive renovation and is ready for immediate work. With proper finishing, it can become a high-value investment.

Repairs flagged

• Minor Exterior landscaping — Some overgrown vegetation
• Minor Interior drywall — Exposed framing suggests incomplete drywall installation

Value-add opportunities

• Both Complete drywall installation — Finishing drywall will improve the interior and make it move-in ready
• Both Landscaping and yard work — A well-maintained exterior enhances curb appeal and property value
• Both Painting exterior and interior — Fresh paint improves the home's appearance and can increase its value
• Both Complete plumbing and electrical work — Finishing these systems will make the home fully functional and ready for occupancy

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior landscaping · Some overgrown vegetation	Minor	$500–3,000
Interior drywall · Exposed framing suggests incomplete drywall installation	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Complete drywall installation — Finishing drywall will improve the interior and make it move-in ready ↑
• Both Landscaping and yard work — A well-maintained exterior enhances curb appeal and property value ↑
• Both Painting exterior and interior — Fresh paint improves the home's appearance and can increase its value ↑
• Both Complete plumbing and electrical work — Finishing these systems will make the home fully functional and ready for occupancy ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Fort Worth ISD
• NCES district ID: 4819700
• Math proficiency: 18% ▼ -16.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $42,109
• Composite: 19.61/100
• National rank: #8753
• State rank: #742 of 826 in TX

Livability — Fort Worth

• Score: 80/100
• State rank: #49
• US rank: #1954

Category grades

Amenities A+ Commute A Cost of living A+ Crime F Employment B- Housing A+ Health & safety A User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Worth, TX
• County: Tarrant County · 2,033,669 people
• City population: 911,619
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 19,655
• Household income: $52,411
• Rent vs Own: 53.2% rent · 46.8% own
• Severe rent burden: 859.0

Population outlook (Tarrant County) Hauer SSP2

• Today (2025): 2,380,417 people
• By 2030: 2,578,900 · +8.3%
• By 2040: 2,974,995 · +25.0%
• By 2050: 3,350,489 · +40.8%
• By 2075: 4,216,909 · +77.2%
• By 2100: 4,741,527 · +99.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (72%)
• Race & ethnicity: Hispanic / Latino 72% Two or more races 35% White 11% Black 11% Asian 5%
• Hispanic origin (detail): Mexican 66%
• Common ancestry: Italian 1% Arab 1%
• Foreign-born: 36% · Canada, South Korea, China
• Languages at home: 32% English-only · Spanish 62% Korean 3% Arabic 1%

Political lean MEDSL · Tarrant

• 2024 margin: Lean R (+5.1) · D 46.7% · R 51.9% · Other 1.4%
• 2008→2024 swing: +6.6pp toward D · 2008: -11.7pp · 2024: -5.1pp
• All cycles: 2024: R+5.1 2020: D+0.2 2016: R+8.7 2012: R+15.7 2008: R+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.05%
• Current HPI: 363.5732
• Rent YoY: —
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

1 event — show timeline

• 2026-04-22 Listed $350,000 NTREIS