8381 Davis Blvd #306

North Richland Hills, TX 76182

$189,000F

2 bd · 1.0 ba · 1,224 sqft · Built 2023 · Condo · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,948/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$377
• HOA: −$1,908
• Vac / Maint / Mgmt: −$409
• Net cashflow: $-1,737/mo
• Annual: $-20,843/yr
• Cap rate: -4.74%
• Cash-on-cash: -39.39%
• DSCR: -0.75
• 1% rule: 1.03%
• Cash to close: $52,920

Investor read

• This is a 2-bed/1.0-bath condo listed at $189k. Condition is rated excellent.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 20 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (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 $6k 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-.
• Keller ISD (urban): math 50% / reading 54% proficiency, ranked #91 of 826 in TX (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Liberty El (math 72% / reading 62%, grade B+, #199 of 4,322 statewide, top 5%, 474 students, 7% FRL).
• Zoned-school proficiency averages 67% at this address vs 52% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Keller ISD average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 98% of rent.
• Market conditions: Rents rising (+2.2%/yr); 178 active listings in the ZIP; high-income renter base; 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.
• Climate carrying-cost: extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -4.7% vs local median 3.6% in North Richland Hills — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.