13990 Hwy 254 Hwy · Graford, TX 76449

$229,000

3 bd · 1.0 ba · 960 sqft · Manufactured public records · 58 Days on market

Built 1945 1.61 ac lot ↓ 30% since listing

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Why this score? — see what drove the C 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
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• 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

Opportunity awaits with this versatile multi-use property offering residential comfort and commercial potential in a prime high visibility location on HWY 254. Currently operating as an established wild game processing and taxidermy business, this turnkey opportunity includes processing equipment conveying with an acceptable offer. A detailed inventory list is available upon request. The property features an older 3 bedroom 1 bath home with central heat and air, attached carport, and plenty of space for on-site living or rental income potential. Additional improvements include a 24x40 fully insulated shop ideal for storage, workspace, or expansion, plus a 20x60 insulated metal building with

Key facts

• Multi-use property
• Walk-in cooler space
• 1.61 acre lot

Tags

• MULTI-USE PROPERTY
• HIGH VISIBILITY LOCATION
• 24X40 FULLY INSULATED SHOP
• 20X60 INSULATED METAL BUILDING
• WALK-IN COOLER SPACE
• EXCELLENT HIGHWAY FRONTAGE

Property features AI

Finance

• Other: Multi-parcel property; No known restrictions; Possession at closing/funding
• Financial info: Listing terms: Cash or Conventional; No second mortgage; Treat as clear loan type
• HOA & community: No homeowners association

Exterior

• Parking: Covered parking; Carport; Carport with 4 spaces; Covered parking for 6 vehicles; 2-car garage (40' wide x 24' deep)
• Utilities: Electricity connected; Overhead utilities; Well water; Septic system; Located outside city limits; Not in a municipal utility district
• Home design: Single family residence; Residential property; One story; Accessory building listed as 'Other'; Property attached
• Construction: Built in 1945 (preowned); Cedar, wood framing construction; Metal roof; Pillar/post/pier foundation
• Exterior features: Awnings; Storage; Barbed wire fencing; Few trees; Level lot; Easements for utilities; Horse permitted

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 3 bedrooms (primary bedroom on main level)
• Flooring: Hardwood floors; Laminate floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Central air conditioning; Electric cooling; Ceiling fans
• Interior features: Natural woodwork; Open floorplan; One living area; One dining area; Two total rooms
• Laundry & utility: List of other equipment available

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $229k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $229k).
• Recommended offer: $222k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 1.4% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $222,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.79%
• DSCR: 1.48
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-511
• Equity at exit: $34,145

10-year hold

• IRR: 9.4%
• Equity multiple: 1.72×
• Total profit: $46,360
• Equity at exit: $19,800

Cash invested: $64,120 (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: 7.9×

Monthly cashflow live

• Estimated rent: $2,421 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$40 /mo · $477/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $576

Break-even live

Break-even rent $1,691

Max offer price $229,000

Occupancy floor 71%

Sensitivity live

Price	-10% $706	-5% $641	+0% $576	+5% $251	+10% $172
Rent	-10% $385	-5% $481	+0% $576	+5% $672	+10% $768
Rate	-1.0pp $692	-0.5pp $635	base $576	+0.5pp $517	+1.0pp $457

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $229,000 Active 58 DOM
2. 2026-06-19
   days on market $229,000 Active 56 DOM
3. 2026-06-18
   days on market $229,000 Active 55 DOM
4. 2026-06-17
   days on market $229,000 Active 54 DOM
5. 2026-06-16
   days on market $229,000 Active 53 DOM
6. 2026-06-15
   days on market $229,000 Active 52 DOM
7. 2026-06-14
   days on market $229,000 Active 50 DOM
8. 2026-06-12
   days on market $229,000 Active 49 DOM
9. 2026-06-09
   days on market $229,000 Active 46 DOM
10. 2026-06-08
    days on market $229,000 Active 45 DOM
11. 2026-06-07
    days on market $229,000 Active 44 DOM
12. 2026-06-05
    days on market $229,000 Active 42 DOM
13. 2026-06-04
    days on market $229,000 Active 40 DOM
14. 2026-06-02
    days on market $229,000 Active 39 DOM
15. 2026-06-01
    days on market $229,000 Active 38 DOM
16. 2026-05-31
    days on market $229,000 Active 37 DOM
17. 2026-05-31
    days on market $229,000 Active 36 DOM
18. 2026-04-23
    listed $229,000 Active 1341-char remark
19. 2023-03-15
    price $279,000
20. 2023-01-16
    listed $329,000 Active

ⓘ 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: $477 · $40/mo
• Projected year-2 tax: $4,191 · $349/mo
• Expected delta: +$3,714/yr (+$309/mo · 778.5%)

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

Taxation est. · year 1

• Rental income: $29,050
• − Mortgage interest: −$12,828
• − Property taxes: −$477
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,324
• − Management: −$2,324
• − Depreciation: −$6,662
• Taxable income: $3,291
• Est. tax owed @ 24.0%: −$790
• After-tax cash flow: $6,127/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

-30.4% since first listed

3 events — show timeline

• 2026-04-23 Listed $229,000 NTREIS
• 2023-03-15 Price Changed $279,000 NTREIS
• 2023-01-16 Listed $329,000 NTREIS

Property tax history

+0.6%/yr

Latest (2019): $477 · -0.6% YoY. Source: county tax records.