2334 Sanbar Rd #50 · Graford, TX 76449

$175,000

4 bd · 2.0 ba · 1,438 sqft · SingleFamily · 128 Days on market

Built 1974 10,846 sqft lot $122/sqft · 94% above area

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated and furnished lake home with sweeping, wide-open views of Possum Kingdom Lake! Ideally situated in the heart of Golden Cove—within easy walking distance to the community boat ramp and swim cove—this prime location lets you soak in lake living from sunrise to breathtaking sunsets, all from a spacious, grassy front yard. Golden Cove offers a true sense of community along with excellent amenities, including access to the swim cove, boat ramp, community dock, pavilion, and neighborhood events that make lake life even more enjoyable. After a full day on the water, retreat to this cozy and well-maintained home featuring an open-concept living and kitchen area, an inviting enclosed sunroom, and four bedrooms, with room for a large family or plenty of guests. Out back, you’ll find a shaded oasis beneath a majestic oak tree—perfect for grilling, relaxing, and entertaining—fully enclosed by a wooden privacy fence. A newly added (2024) carport provides two covered parking spaces for vehicles or your boat. The sellers have lovingly cared for this property, painting the exterior and making plumbing improvements in recent years. This is leased land with a current monthly lease fee of $915; the landowner pays the lot taxes. Deeded properties with views like this at Possum Kingdom Lake are increasingly rare and typically come with a much higher price tag. Come see it for yourself and get into your own lake place before Spring Break!

Key facts

• Community boat ramp
• Spacious front yard
• Community dock

Tags

• LAKE HOME
• WIDE OPEN VIEWS
• COMMUNITY BOAT RAMP
• SWIM COVE
• SPACIOUS FRONT YARD
• COMMUNITY DOCK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 1.3% in Graford — 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 63/100 on livability (#856 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D+, schools D-.
• Graford ISD (rural): math 35% / reading 40% proficiency, ranked #817 of 1,141 in TX (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 465 active listings in the ZIP; 27 units permitted in Palo Pinto County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• Palo Pinto County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.88% ✓
• Cap rate: 15.85%
• Cash-on-cash: 34.14%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $90,000
• List price: $175,000
• Delta: 94.44%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2241 Fm 2951	0.24mi	4/2.0	1,524 (+6%)	18mo	$1,695,000	$1,112	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 29.5%
• Equity multiple: 2.23×
• Total profit: $60,478
• Equity at exit: $26,093

10-year hold

• IRR: 36.9%
• Equity multiple: 4.41×
• Total profit: $167,190
• Equity at exit: $15,131

Cash invested: $49,000 (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 76449

• Home prices YoY: -27.7%
• Active inventory: 465
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $3,295 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $1,394

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 53%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $175,000 Active 128 DOM
2. 2026-06-18
   days on market $175,000 Active 127 DOM
3. 2026-06-17
   days on market $175,000 Active 126 DOM
4. 2026-06-16
   days on market $175,000 Active 125 DOM
5. 2026-06-15
   days on market $175,000 Active 124 DOM
6. 2026-06-14
   days on market $175,000 Active 122 DOM
7. 2026-06-12
   days on market $175,000 Active 121 DOM
8. 2026-06-09
   days on market $175,000 Active 118 DOM
9. 2026-06-08
   days on market $175,000 Active 117 DOM
10. 2026-06-07
    days on market $175,000 Active 116 DOM
11. 2026-06-05
    days on market $175,000 Active 114 DOM
12. 2026-06-04
    days on market $175,000 Active 112 DOM
13. 2026-06-02
    days on market $175,000 Active 111 DOM
14. 2026-06-01
    days on market $175,000 Active 110 DOM
15. 2026-05-31
    days on market $175,000 Active 109 DOM
16. 2026-05-31
    days on market $175,000 Active 108 DOM
17. 2026-02-08
    listed $175,000 Active 1490-char remark

    Show marketing remark (1490 chars)

    Updated and furnished lake home with sweeping, wide-open views of Possum Kingdom Lake! Ideally situated in the heart of Golden Cove—within easy walking distance to the community boat ramp and swim cove—this prime location lets you soak in lake living from sunrise to breathtaking sunsets, all from a spacious, grassy front yard. Golden Cove offers a true sense of community along with excellent amenities, including access to the swim cove, boat ramp, community dock, pavilion, and neighborhood events that make lake life even more enjoyable. After a full day on the water, retreat to this cozy and well-maintained home featuring an open-concept living and kitchen area, an inviting enclosed sunroom, and four bedrooms, with room for a large family or plenty of guests. Out back, you’ll find a shaded oasis beneath a majestic oak tree—perfect for grilling, relaxing, and entertaining—fully enclosed by a wooden privacy fence. A newly added (2024) carport provides two covered parking spaces for vehicles or your boat. The sellers have lovingly cared for this property, painting the exterior and making plumbing improvements in recent years. This is leased land with a current monthly lease fee of $915; the landowner pays the lot taxes. Deeded properties with views like this at Possum Kingdom Lake are increasingly rare and typically come with a much higher price tag. Come see it for yourself and get into your own lake place before Spring Break!

18. 2019-04-30
    soldstatus Sold 759-char remark

    Show marketing remark (759 chars)

    Are you ready for a Possum Kingdom place to call YOURS?! This lake front spot in Golden Cove offers All you need to enjoy the lake life! Situated on an elevated, manicured lot with amazing lake & sunset views, this home has been beautifully renovated inside & very well maintained. Improvements include hardwood flooring; new cabinetry & counters; updated AC & thermostats; outdoor RV hookup & electrical for lighting in trees; flagstone porches, walkways & steps, & more. There is plenty of room for the whole gang to spread out comfortably after a day of swimming in the cove or a day on the lake. Golden Cove is centrally located on the Broadway waters of PK, so getting to all the lake landmarks is easy from here!

19. 2019-04-13
    status Pending 759-char remark

    Show marketing remark (759 chars)

    Are you ready for a Possum Kingdom place to call YOURS?! This lake front spot in Golden Cove offers All you need to enjoy the lake life! Situated on an elevated, manicured lot with amazing lake & sunset views, this home has been beautifully renovated inside & very well maintained. Improvements include hardwood flooring; new cabinetry & counters; updated AC & thermostats; outdoor RV hookup & electrical for lighting in trees; flagstone porches, walkways & steps, & more. There is plenty of room for the whole gang to spread out comfortably after a day of swimming in the cove or a day on the lake. Golden Cove is centrally located on the Broadway waters of PK, so getting to all the lake landmarks is easy from here!

20. 2019-04-04
    historical Active Contingent 759-char remark

    Show marketing remark (759 chars)

    Are you ready for a Possum Kingdom place to call YOURS?! This lake front spot in Golden Cove offers All you need to enjoy the lake life! Situated on an elevated, manicured lot with amazing lake & sunset views, this home has been beautifully renovated inside & very well maintained. Improvements include hardwood flooring; new cabinetry & counters; updated AC & thermostats; outdoor RV hookup & electrical for lighting in trees; flagstone porches, walkways & steps, & more. There is plenty of room for the whole gang to spread out comfortably after a day of swimming in the cove or a day on the lake. Golden Cove is centrally located on the Broadway waters of PK, so getting to all the lake landmarks is easy from here!

21. 2019-02-19
    listed $104,000 Active 759-char remark

    Show marketing remark (759 chars)

    Are you ready for a Possum Kingdom place to call YOURS?! This lake front spot in Golden Cove offers All you need to enjoy the lake life! Situated on an elevated, manicured lot with amazing lake & sunset views, this home has been beautifully renovated inside & very well maintained. Improvements include hardwood flooring; new cabinetry & counters; updated AC & thermostats; outdoor RV hookup & electrical for lighting in trees; flagstone porches, walkways & steps, & more. There is plenty of room for the whole gang to spread out comfortably after a day of swimming in the cove or a day on the lake. Golden Cove is centrally located on the Broadway waters of PK, so getting to all the lake landmarks is easy from here!

22. 2019-01-02
    historical
23. 2018-12-27
    price $99,999
24. 2018-12-02
    price $115,000
25. 2018-09-17
    price $119,500
26. 2018-08-18
    price $128,950
27. 2018-06-15
    listed $133,750 Active

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

Taxation est. · year 1

• Rental income: $39,545
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$3,164
• − Management: −$3,164
• − Depreciation: −$5,091
• Taxable income: $14,824
• Est. tax owed @ 24.0%: −$3,558
• After-tax cash flow: $13,170/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.

Schools (NCES district)

• District: Graford ISD
• NCES district ID: 4821330
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 40% ▲ 10.00%
• Median HH income: $43,275
• Composite: 34.3/100
• National rank: #10225
• State rank: #817 of 1141 in TX

Livability — Graford

• Score: 63/100
• State rank: #856
• US rank: #15394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,157

Population outlook (Palo Pinto County) Hauer SSP2

• Today (2025): 27,500 people
• By 2030: 27,079 · -1.5%
• By 2040: 26,135 · -5.0%
• By 2050: 25,215 · -8.3%
• By 2075: 23,416 · -14.9%
• By 2100: 20,300 · -26.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 1% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Palo Pinto

• 2024 margin: Solid R (+67.1) · D 16.1% · R 83.2%
• 2008→2024 swing: -18.9pp toward R · 2008: -48.2pp · 2024: -67.1pp
• All cycles: 2024: R+67.1 2020: R+64.1 2016: R+64.1 2012: R+59.8 2008: R+48.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.53%
• Current HPI: 241.6435
• Rent YoY: —
• Metro: —
• 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

+30.8% since first listed

11 events — show timeline

• 2026-02-08 Listed $175,000 NTREIS
• 2019-04-30 Sold (MLS) — NTREIS
• 2019-04-13 Pending — NTREIS
• 2019-04-04 Contingent — NTREIS
• 2019-02-19 Listed $104,000 NTREIS
• 2019-01-02 Listing Removed — NTREIS
• 2018-12-27 Price Changed $99,999 NTREIS
• 2018-12-02 Price Changed $115,000 NTREIS
• 2018-09-17 Price Changed $119,500 NTREIS
• 2018-08-18 Price Changed $128,950 NTREIS
• 2018-06-15 Listed $133,750 NTREIS