4824 Grove St

North Richland Hills, TX 76180

$154,000C+

3 bd · 2.0 ba · 1,265 sqft · Built 1956 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,933/mo
• Mortgage (P&I): −$808
• Tax + insurance: −$444
• HOA: −$0
• Vac / Maint / Mgmt: −$406
• Net cashflow: $275/mo
• Annual: $3,303/yr
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• 1% rule: 1.26%
• Cash to close: $43,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $154k.
• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• It's been on market 18 days — a 2% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#286 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment A-; Watch: amenities F, commute F, health & safety D-.
• Birdville ISD (suburban): math 42% / reading 43% proficiency, ranked #299 of 826 in TX (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jack C Binion El (math 22% / reading 29%, grade F, #2,982 of 4,322 statewide, top 70%, 688 students, 82% FRL) — zoned schools average 82% FRL vs 48% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-17 pts) — the specific schools serving this property underperform the Birdville ISD average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 3.0% of price; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.6%/yr); 152 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask is 185% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 3.6% in North Richland Hills — 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.

Questions for listing agent

• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.