1808 Sheila Dr · Pelican Bay, TX 76020

$185,000

3 bd · 2.0 ba · 1,216 sqft · Other public records · 25 Days on market

Built 2025 7,275 sqft lot

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.1/10.0
• Schools +3.6/10.0
• Rent growth +3.1/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful home located in a desirable lake community featuring an open-concept floor plan and split-bedroom design for added privacy. This thoughtfully designed home offers luxury vinyl flooring, spacious living and dining areas, and a large walk-in pantry with plenty of storage. Bright natural light and modern finishes throughout create a warm and inviting atmosphere, perfect for both everyday living and entertaining. Enjoy comfort, style, and peaceful community living in this move-in-ready home.

Key facts

• Move-in-ready home
• Natural light
• Modern finishes

Tags

• OPEN-CONCEPT FLOOR PLAN
• SPLIT-BEDROOM DESIGN
• LARGE WALK-IN PANTRY
• NATURAL LIGHT
• MODERN FINISHES
• MOVE-IN-READY HOME

Property features AI

Finance

• Other: Property treated as clear for loan purposes
• Financial info: Listing accepts Cash, Conventional, FHA, and VA financing; No second mortgage reported
• HOA & community: No homeowners association

Exterior

• Parking: Driveway parking
• Security: No security features listed
• Utilities: Utilities: Other; Not in a municipal utility district
• Home design: Manufactured home; Residential property; Single-story
• Construction: Built in 2025
• Exterior features: Lot under 0.5 acre (approximately 0.167 acre); Subdivision: Pelican Bay; GPS-friendly directions

Interior

• Kitchen: Dishwasher; Refrigerator; Pantry
• Bedrooms: Three bedrooms (all on the main level); Primary bedroom with walk-in closet
• Flooring: No flooring information provided
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: No heating or cooling information provided
• Interior features: Pantry; Walk-in closet(s); Six total rooms; One living area; One dining area; One-level layout
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $185k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/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 $168k (9.1% below list).
• Recommended offer: $168k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 6.4% in Pelican Bay — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 62/100 on livability (#917 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Azle ISD (suburban): math 37% / reading 43% proficiency, ranked #351 of 826 in TX (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty El (math 32% / reading 42%, grade F, #1,769 of 4,322 statewide, top 44%, 466 students, 64% FRL) — zoned schools average 64% FRL vs 45% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 596 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 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 $6k of value loss. Plan a longer hold.
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 11112% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,157 (9.1% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 0.91% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-16,893
• Equity at exit: $27,584

10-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,289
• Equity at exit: $15,995

Cash invested: $51,800 (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 76020

• Home prices YoY: -20.6%
• Rents YoY: 2.3%
• Active inventory: 596
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,682 high
• Mortgage (P&I): −$970
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $225

Break-even live

Break-even rent $1,397

Max offer price $185,000

Occupancy floor 82%

Sensitivity live

Price	-10% $330	-5% $277	+0% $225	+5% $173	+10% $120
Rent	-10% $92	-5% $159	+0% $225	+5% $291	+10% $358
Rate	-1.0pp $318	-0.5pp $272	base $225	+0.5pp $177	+1.0pp $128

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1844 Sheila Dr Azle, TX	3.0	2.0	1319	$1,645	$1.25	0d	1	0.06mi
1920 Reef Ct Azle, TX	3.0	2.0	1090	$1,449	$1.33	44d	1	0.22mi
11124 Liberty School Rd Unit 24B Azle, TX	2.0	2.0	700	$999	$1.43	23d	1	0.46mi
1324 White Sand Dr Azle, TX	3.0	2.0	1149	$1,650	$1.44	6d	1	0.46mi
11128 Liberty School Rd Unit 28A Azle, TX	2.0	2.0	700	$1,050	$1.50	25d	1	0.47mi
1408 Yachtclub Dr Azle, TX	3.0	2.0	1302	$2,000	$1.54	13d	1	0.47mi
1300 White Sand Dr Unit 1304 Azle, TX	3.0	2.0	1149	$1,695	$1.48	44d	1	0.49mi
1304 White Sand Dr Azle, TX	3.0	2.0	1149	$1,695	$1.48	44d	1	0.52mi
1329 Fox Hollow Ct Azle, TX	2.0	1.0	924	$900	$0.97	7d	1	0.59mi
1620 Mockingbird Ln Azle, TX	3.0	2.0	1090	$1,499	$1.38	21d	1	0.62mi

Listing history 22 events

1. 2026-06-21
   days on market $185,000 Active 25 DOM
2. 2026-06-18
   days on market $185,000 Active 22 DOM
3. 2026-06-17
   days on market $185,000 Active 21 DOM
4. 2026-06-16
   days on market $185,000 Active 20 DOM
5. 2026-06-15
   days on market $185,000 Active 19 DOM
6. 2026-06-13
   days on market $185,000 Active 17 DOM
7. 2026-06-13
   days on market $185,000 Active 16 DOM
8. 2026-06-09
   days on market $185,000 Active 13 DOM
9. 2026-06-08
   days on market $185,000 Active 12 DOM
10. 2026-06-07
    days on market $185,000 Active 11 DOM
11. 2026-06-04
    days on market $185,000 Active 8 DOM
12. 2026-06-03
    days on market $185,000 Active 7 DOM
13. 2026-06-02
    days on market $185,000 Active 6 DOM
14. 2026-06-01
    days on market $185,000 Active 5 DOM
15. 2026-05-31
    days on market $185,000 Active 4 DOM
16. 2026-05-28
    listed $1,650
17. 2026-05-27
    listed $185,000 Active
18. 2025-12-29
    historical $1,650
19. 2025-12-04
    listed $1,650
20. 2023-03-30
    soldstatus
21. 2006-06-02
    soldstatus
22. 1985-10-17
    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: $675 · $56/mo
• Projected year-2 tax: $3,386 · $282/mo
• Expected delta: +$2,710/yr (+$226/mo · 401.5%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,179
• − Mortgage interest: −$10,363
• − Property taxes: −$675
• − Insurance: −$925
• − Repairs & maintenance: −$1,614
• − Management: −$1,614
• − Depreciation: −$5,382
• Taxable loss: −$395
• Est. tax savings @ 24.0%: +$95
• After-tax cash flow: $2,794/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: Azle ISD
• NCES district ID: 4809200
• Math proficiency: 37% ▼ -11.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $61,473
• Composite: 35.57/100
• National rank: #4900
• State rank: #351 of 826 in TX

Livability — Pelican Bay

• Score: 62/100
• State rank: #917
• US rank: #16376

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pelican Bay, TX
• County: Parker County · 144,797 people
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 34,602
• Household income: $87,298
• Rent vs Own: 22.3% rent · 77.7% own
• Severe rent burden: 433.0

Population outlook (Tarrant County) Hauer SSP2

• Today (2025): 2,380,417 people
• By 2030: 2,578,900 · +8.3%
• By 2040: 2,974,995 · +25.0%
• By 2050: 3,350,489 · +40.8%
• By 2075: 4,216,909 · +77.2%
• By 2100: 4,741,527 · +99.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 18% Two or more races 9% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 2% Italian 1% Portuguese 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 11%

Political lean MEDSL · Tarrant

• 2024 margin: Lean R (+5.1) · D 46.7% · R 51.9% · Other 1.4%
• 2008→2024 swing: +6.6pp toward D · 2008: -11.7pp · 2024: -5.1pp
• All cycles: 2024: R+5.1 2020: D+0.2 2016: R+8.7 2012: R+15.7 2008: R+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -74.72%
• Current HPI: 287.155
• Rent YoY: ▲ 2.31%
• Metro: Dallas-Fort Worth-Arlington, 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

+0.0% since first listed

7 events — show timeline

• 2026-05-28 Listed for Rent $1,650 RENTEC
• 2026-05-27 Listed $185,000 NTREIS
• 2025-12-29 Rental Removed $1,650 RENTEC
• 2025-12-04 Listed for Rent $1,650 RENTEC
• 2023-03-30 Sold (Public Records) — Public Records
• 2006-06-02 Sold (Public Records) — Public Records
• 1985-10-17 Sold (Public Records) — Public Records

Property tax history

-3.8%/yr

Latest (2025): $675 · +21.5% YoY. Source: county tax records.