902 Devils River Dr · Granbury, TX 76048

$204,900

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 69 Days on market

Built 2002 0.48 ac lot $131/sqft · 13% above area Est $182k · 13% over $15/mo HOA · 1% of rent

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Why this score? — see what drove the D 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 +18.5/30.0
• DSCR +5.8/10.0
• 1% rule +4.3/10.0
• Schools +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is an excellent opportunity to enjoy relaxed lake-area living with extra space and great community amenities. Situated on three lots in the desirable Comanche Cove community, this 3-bedroom, 2-bath, a spacious office double-wide home offers 1,568 square feet of comfortable living space with room to spread out both inside and out. Whether you're looking for a full-time residence, weekend retreat, or investment opportunity, this property checks all the right boxes. Inside, you'll find a functional layout with a spacious living area, generous kitchen, and well-sized bedrooms designed for comfortable everyday living. The primary suite offers privacy and convenience, while the additional bedrooms provide flexibility for guests, family, or a home office. Step outside and enjoy the added value of three lots, giving you extra room for outdoor living, parking, storage, or future improvements. With this much space, there's plenty of opportunity to make it your own. Located in Comanche Cove, residents enjoy access to community amenities including a boat launch and community pool, making it easy to take advantage of everything Lake Granbury living has to offer. Spend your weekends boating, fishing, swimming, or simply enjoying the peaceful surroundings. Conveniently located just minutes from Granbury, you'll enjoy the charm of small-town living with nearby shopping, dining, and entertainment.

Key facts

• Lake-area living
• Three lots
• Community pool

Tags

• LAKE-AREA LIVING
• THREE LOTS
• COMMUNITY AMENITIES
• BOAT LAUNCH
• COMMUNITY POOL
• OUTDOOR LIVING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $205k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (7.1% below list).
• Recommended offer: $190k (7.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.8% in Granbury — 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 66/100 on livability (#628 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+, amenities F.
• Granbury ISD (town): math 46% / reading 46% proficiency, ranked #237 of 826 in TX (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mambrino School (math 53% / reading 48%, grade D+, #833 of 4,322 statewide, top 20%, 886 students, 53% FRL); Granbury Middle (math 35% / reading 40%, grade F, #736 of 1,662 statewide, top 45%, 846 students, 68% FRL); Granbury H S (math 38% / reading 51%, grade F, #652 of 1,632 statewide, top 43%, 2,202 students, 46% FRL).
• Market conditions: Rents rising (+1.1%/yr); 930 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 125 units permitted in Hood County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Hood County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,433 (7.1% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 D 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. 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?
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 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: 0.93% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 9.0

CMA / ARV

• ARV (median comp): $181,859
• List price: $204,900
• Delta: 12.67%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
915 Arkansas River Dr	0.10mi	3/2.0	1,493 (-5%)	4mo	$198,900	$133	84
917 Arkansas River Dr	0.10mi	3/2.0	1,344 (-14%)	6mo	$185,900	$138	66
915 Pecos River Dr	0.06mi	3/2.0	1,344 (-14%)	14mo	$199,000	$148	62
2821 Brazos River Dr	0.28mi	3/2.0	1,512 (-4%)	23mo	$149,990	$99	62
908 Devils River Dr	0.03mi	3/2.0	1,344 (-14%)	18mo	$194,900	$145	60
1418 Corona Dr	0.70mi	3/2.0	1,364 (-13%)	11mo	$180,000	$132	37

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 · 1.1% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.58×
• Total profit: $-24,381
• Equity at exit: $30,551

10-year hold

• IRR: -5.7%
• Equity multiple: 0.66×
• Total profit: $-19,484
• Equity at exit: $17,716

Cash invested: $57,372 (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 76048

• Home prices YoY: -23.4%
• Rents YoY: 1.1%
• Active inventory: 930
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,904 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$134 /mo · $1,612/yr
• Insurance: −$85
• HOA: −$15
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $195

Break-even live

Break-even rent $1,657

Max offer price $204,900

Occupancy floor 85%

Sensitivity live

Price	-10% $311	-5% $253	+0% $195	+5% $137	+10% $79
Rent	-10% $45	-5% $120	+0% $195	+5% $270	+10% $346
Rate	-1.0pp $298	-0.5pp $247	base $195	+0.5pp $142	+1.0pp $88

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
919 Arkansas River Dr Granbury, TX	3.0	2.0	1200	$1,775	$1.48	14d	1	0.11mi
606 Heritage Trl Granbury, TX	3.0	2.0	1415	$1,875	$1.33	45d	1	0.23mi
3505 Brazos River Dr Granbury, TX	3.0	2.0	1337	$1,900	$1.42	45d	1	0.32mi
408 Heritage Trl Granbury, TX	3.0	2.0	1635	$1,890	$1.16	23d	1	0.34mi
2509 Elk Trl Granbury, TX	3.0	2.0	1425	$1,695	$1.19	45d	1	0.61mi
2314 Creekview Dr Granbury, TX	3.0	2.0	1294	$1,850	$1.43	26d	1	0.89mi
2224 Hercules Dr Granbury, TX	3.0	2.0	1703	$2,000	$1.17	26d	1	0.94mi
1414 Lauren Ln Granbury, TX	3.0	2.0	1500	$2,100	$1.40	26d	1	1.36mi

HOA detail

• Monthly dues: $15 · $180/yr
• Likely covers: pool

Listing history 28 events

1. 2026-06-21
   days on market $204,900 Active 69 DOM
2. 2026-06-18
   days on market $204,900 Active 66 DOM
3. 2026-06-17
   days on market $204,900 Active 65 DOM
4. 2026-06-16
   days on market $204,900 Active 64 DOM
5. 2026-06-15
   days on market $204,900 Active 63 DOM
6. 2026-06-13
   days on market $204,900 Active 61 DOM
7. 2026-06-10
   price $204,900 Active 57 DOM
8. 2026-06-09
   days on market $192,500 Active 57 DOM
9. 2026-06-08
   days on market $192,500 Active 56 DOM
10. 2026-06-08
    status $192,500 Active 55 DOM
11. 2026-06-07
    days on market $192,500 Active Option Contract 55 DOM
12. 2026-06-04
    days on market $192,500 Active Option Contract 52 DOM
13. 2026-06-03
    days on market $192,500 Active Option Contract 51 DOM
14. 2026-06-02
    days on market $192,500 Active Option Contract 50 DOM
15. 2026-06-02
    days on market $192,500 Active Option Contract 49 DOM
16. 2026-05-31
    days on market $192,500 Active Option Contract 48 DOM
17. 2026-05-14
    status Active 1408-char remark

    Show marketing remark (1408 chars)

    Here is an excellent opportunity to enjoy relaxed lake-area living with extra space and great community amenities. Situated on three lots in the desirable Comanche Cove community, this 3-bedroom, 2-bath, a spacious office double-wide home offers 1,568 square feet of comfortable living space with room to spread out both inside and out. Whether you're looking for a full-time residence, weekend retreat, or investment opportunity, this property checks all the right boxes. Inside, you'll find a functional layout with a spacious living area, generous kitchen, and well-sized bedrooms designed for comfortable everyday living. The primary suite offers privacy and convenience, while the additional bedrooms provide flexibility for guests, family, or a home office. Step outside and enjoy the added value of three lots, giving you extra room for outdoor living, parking, storage, or future improvements. With this much space, there's plenty of opportunity to make it your own. Located in Comanche Cove, residents enjoy access to community amenities including a boat launch and community pool, making it easy to take advantage of everything Lake Granbury living has to offer. Spend your weekends boating, fishing, swimming, or simply enjoying the peaceful surroundings. Conveniently located just minutes from Granbury, you'll enjoy the charm of small-town living with nearby shopping, dining, and entertainment.

18. 2026-05-08
    historical Active Option Contract 1408-char remark

    Show marketing remark (1408 chars)

    Here is an excellent opportunity to enjoy relaxed lake-area living with extra space and great community amenities. Situated on three lots in the desirable Comanche Cove community, this 3-bedroom, 2-bath, a spacious office double-wide home offers 1,568 square feet of comfortable living space with room to spread out both inside and out. Whether you're looking for a full-time residence, weekend retreat, or investment opportunity, this property checks all the right boxes. Inside, you'll find a functional layout with a spacious living area, generous kitchen, and well-sized bedrooms designed for comfortable everyday living. The primary suite offers privacy and convenience, while the additional bedrooms provide flexibility for guests, family, or a home office. Step outside and enjoy the added value of three lots, giving you extra room for outdoor living, parking, storage, or future improvements. With this much space, there's plenty of opportunity to make it your own. Located in Comanche Cove, residents enjoy access to community amenities including a boat launch and community pool, making it easy to take advantage of everything Lake Granbury living has to offer. Spend your weekends boating, fishing, swimming, or simply enjoying the peaceful surroundings. Conveniently located just minutes from Granbury, you'll enjoy the charm of small-town living with nearby shopping, dining, and entertainment.

19. 2026-04-13
    listed $192,500 Active 1408-char remark

    Show marketing remark (1408 chars)

    Here is an excellent opportunity to enjoy relaxed lake-area living with extra space and great community amenities. Situated on three lots in the desirable Comanche Cove community, this 3-bedroom, 2-bath, a spacious office double-wide home offers 1,568 square feet of comfortable living space with room to spread out both inside and out. Whether you're looking for a full-time residence, weekend retreat, or investment opportunity, this property checks all the right boxes. Inside, you'll find a functional layout with a spacious living area, generous kitchen, and well-sized bedrooms designed for comfortable everyday living. The primary suite offers privacy and convenience, while the additional bedrooms provide flexibility for guests, family, or a home office. Step outside and enjoy the added value of three lots, giving you extra room for outdoor living, parking, storage, or future improvements. With this much space, there's plenty of opportunity to make it your own. Located in Comanche Cove, residents enjoy access to community amenities including a boat launch and community pool, making it easy to take advantage of everything Lake Granbury living has to offer. Spend your weekends boating, fishing, swimming, or simply enjoying the peaceful surroundings. Conveniently located just minutes from Granbury, you'll enjoy the charm of small-town living with nearby shopping, dining, and entertainment.

20. 2006-08-15
    soldstatus
21. 2005-08-12
    soldstatus 124-char remark

    Show marketing remark (124 chars)

    HUD CASE# 492-641661 SOLD 'AS IS'. BID DEADLINE 4-24 @11:59PM PST, THEN DAILY. ACCESS VIA HUD KEY. BUYER TO VERIFY ALL INFO.

22. 2005-07-11
    historical 124-char remark

    Show marketing remark (124 chars)

    HUD CASE# 492-641661 SOLD 'AS IS'. BID DEADLINE 4-24 @11:59PM PST, THEN DAILY. ACCESS VIA HUD KEY. BUYER TO VERIFY ALL INFO.

23. 2005-04-15
    listed $28,500 124-char remark

    Show marketing remark (124 chars)

    HUD CASE# 492-641661 SOLD 'AS IS'. BID DEADLINE 4-24 @11:59PM PST, THEN DAILY. ACCESS VIA HUD KEY. BUYER TO VERIFY ALL INFO.

24. 2005-03-09
    soldstatus
25. 2002-07-08
    soldstatus
26. 2001-03-31
    soldstatus
27. 1996-02-07
    soldstatus
28. 1995-10-27
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $1,612 · $134/mo
• Projected year-2 tax: $3,750 · $312/mo
• Expected delta: +$2,138/yr (+$178/mo · 132.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,852
• − Mortgage interest: −$11,478
• − Property taxes: −$1,612
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,828
• − Management: −$1,828
• − HOA: −$180
• − Depreciation: −$5,961
• Taxable loss: −$1,059
• Est. tax savings @ 24.0%: +$254
• After-tax cash flow: $2,597/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: Granbury ISD
• NCES district ID: 4821390
• Math proficiency: 46% ▬ 0.00%
• Reading proficiency: 46% ▲ 4.00%
• Median HH income: $55,856
• Composite: 40.04/100
• National rank: #3820
• State rank: #237 of 826 in TX

Livability — Granbury

• Score: 66/100
• State rank: #628
• US rank: #11998

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hood County · 58,506 people
• City population: 58,506
• Metro: Granbury, TX
• Population (ZIP): 27,000
• Household income: $70,346
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 612.0

Population outlook (Hood County) Hauer SSP2

• Today (2025): 63,502 people
• By 2030: 67,459 · +6.2%
• By 2040: 74,958 · +18.0%
• By 2050: 81,922 · +29.0%
• By 2075: 98,872 · +55.7%
• By 2100: 107,796 · +69.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 14% Two or more races 11% Black 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Slovak 2% Portuguese 1%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 10%

Political lean MEDSL · Hood

• 2024 margin: Solid R (+66.0) · D 16.6% · R 82.6%
• 2008→2024 swing: -11.9pp toward R · 2008: -54.0pp · 2024: -66.0pp
• All cycles: 2024: R+66.0 2020: R+64.1 2016: R+66.5 2012: R+64.7 2008: R+54.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.25%
• Current HPI: 272.2126
• Rent YoY: ▲ 1.10%
• Metro: Granbury, 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

+575.4% since first listed

12 events — show timeline

• 2026-05-14 Relisted — NTREIS
• 2026-05-08 Contingent — NTREIS
• 2026-04-13 Listed $192,500 NTREIS
• 2006-08-15 Sold (Public Records) — Public Records
• 2005-08-12 Sold (MLS) — NTREIS
• 2005-07-11 Listing Removed — NTREIS
• 2005-04-15 Listed $28,500 NTREIS
• 2005-03-09 Sold (Public Records) — Public Records
• 2002-07-08 Sold (Public Records) — Public Records
• 2001-03-31 Sold (Public Records) — Public Records
• 1996-02-07 Sold (Public Records) — Public Records
• 1995-10-27 Sold (Public Records) — Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,612 · -0.8% YoY. Source: county tax records.