2117 Grace Ave · Fort Worth, TX 76111

$199,900

2 bd · 1.0 ba · 1,006 sqft · SingleFamily public records · 28 Days on market

Built 1946 8,581 sqft lot $199/sqft · 17% below area Est $240k · 17% under ↓ 5% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +10.0/30.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• DSCR +2.8/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming and full of potential, this 2-bedroom, 1-bath home sits on a generously sized lot with both a spacious front yard and an expansive backyard - perfect for outdoor living, entertaining or future additions. A detached shed offers incredible flexibility and can easily be converted into a guest suite, home office or second living space. Enjoy freedom of no HOA, giving you endless possibilities to truly make this property your own. Major updates include a newly installed roof and a recently serviced HVAC system, providing peace of mind for years to come. Ideally located near major highways, this home offers quick and convenient access to Downtown Fort Worth and the iconic Fort Worth Sto

Key facts

• Spacious front yard
• Newly installed roof
• Expansive backyard

Tags

• SPACIOUS FRONT YARD
• EXPANSIVE BACKYARD
• DETACHED SHED
• NEWLY INSTALLED ROOF
• RECENTLY SERVICED HVAC SYSTEM
• NO HOA

Property features AI

Finance

• Other: Property type: Single family residence; Lot is under 0.5 acre (approximately 0.197 acres); Subdivision: Hightower Sub
• Financial info: Listing accepts Cash, Conventional, FHA, and VA financing
• HOA & community: No homeowners association

Exterior

• Parking: Driveway parking
• Utilities: City water; City sewer; Electricity connected; Individual gas meter; Cable available
• Home design: Single family residence; One-story; Residential property
• Construction: Shingle roof; Slab foundation; Built in 1946
• Exterior features: Workshop with electrical; Storage; Back yard fencing (wood, fenced)

Interior

• Kitchen: Built-in gas range
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fan(s)
• Interior features: Cable TV available; High-speed internet available; One living area; One dining area; Built-in gas range

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (14.1% below list).
• Recommended offer: $172k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.9% in Fort Worth — 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 80/100 on livability (#49 in TX, #1,954 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime F.
• Fort Worth ISD (urban): math 18% / reading 28% proficiency, ranked #742 of 826 in TX (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oakhurst El (math 29% / reading 33%, grade F, #2,429 of 4,322 statewide, top 57%, 479 students, 89% FRL) — zoned schools average 89% FRL vs 73% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 71 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• This rent runs 34% of the median local income ($60k/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.
• 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 28 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,678 (14.1% below list)

Questions for the listing agent

1. 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?
2. Built in 1946 — 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. 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?
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: 0.86% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 9.7

CMA / ARV

• ARV (median comp): $239,782
• List price: $199,900
• Delta: -16.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2117 Grace Ave	0.00mi	2/1.0	1,006 (0%)	0mo	$199,900	$199	100
2020 Watauga Ct W	0.36mi	2/1.0	988 (-2%)	9mo	$250,000	$253	72
2811 Springdale Rd	0.21mi	2/1.0	976 (-3%)	23mo	$205,000	$210	66
2617 Marigold Ave	0.50mi	3/1.5 (+1)	1,050 (+4%)	2mo	$249,950	$238	61
2301 Williams Pl	0.45mi	2/1.0	998 (-1%)	22mo	$205,000	$205	60
2012 Watauga Ct E	0.25mi	3/2.0 (+1)	1,097 (+9%)	7mo	$260,000	$237	58
2072 W Lotus Ave	0.64mi	2/1.0	1,012 (+1%)	15mo	$305,000	$301	56
3032 Carnation Ave	0.52mi	2/1.0	976 (-3%)	22mo	$177,000	$181	53
2309 Primrose Ave	0.63mi	3/1.0 (+1)	916 (-9%)	0mo	$160,000	$175	50
2708 Marigold Ave	0.53mi	3/1.0 (+1)	1,144 (+14%)	8mo	$125,000	$109	41

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 · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.21×
• Total profit: $-44,334
• Equity at exit: $29,806

10-year hold

• IRR: -28.4%
• Equity multiple: -0.16×
• Total profit: $-64,963
• Equity at exit: $17,284

Cash invested: $55,972 (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 76111

• Home prices YoY: -19.2%
• Rents YoY: 0.5%
• Active inventory: 71
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,717 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$346 /mo · $4,153/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-121

Break-even live

Break-even rent $1,870

Max offer price $178,458

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-65	+0% $-121	+5% $-178	+10% $-235
Rent	-10% $-257	-5% $-189	+0% $-121	+5% $-54	+10% $14
Rate	-1.0pp $-21	-0.5pp $-71	base $-121	+0.5pp $-173	+1.0pp $-226

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2021 Bluebonnet Dr Fort Worth, TX	3.0	2.0	1270	$1,849	$1.46	26d	1	0.43mi
2021 Bluebonnet Dr Fort Worth, TX	3.0	2.0	1270	$1,850	$1.46	4d	1	0.43mi
2211 Barbell Ln Fort Worth, TX	2.0	1.0	718	$1,295	$1.80	45d	1	0.56mi
2104 W Lotus Ave Fort Worth, TX	2.0	1.0	1039	$1,600	$1.54	8d	1	0.60mi
3417 Clary Ave Fort Worth, TX	2.0	1.0	1057	$1,595	$1.51	15d	1	0.92mi
1852 E Northside Dr Fort Worth, TX	2.0	2.0	1083	$2,055	$1.90	20d	1	1.03mi
1852 E Northside Dr Unit 1889 Fort Worth, TX	2.0	2.0	1169	$1,739	$1.49	0d	1	1.05mi
999 Scenic Hill Dr Fort Worth, TX	2.0	1.0–2.5	1077	$2,896	$2.69	0d	19	1.08mi
2901 Race St Fort Worth, TX	1.0–2.0	1.0–2.0	869	$1,300	$1.50	8d	1	1.15mi
2413 Race St Fort Worth, TX	2.0	1.0–2.0	849	$2,009	$2.37	0d	14	1.16mi
2900 Race St Fort Worth, TX	2.0	1.0–2.0	959	$1,750	$1.82	0d	20	1.21mi
2204 Salisbury Ave Fort Worth, TX	2.0	1.0	910	$1,400	$1.54	26d	1	1.23mi
336 Oakhurst Scenic Dr Fort Worth, TX	2.0	1.0–2.0	939	$2,095	$2.23	0d	26	1.41mi
1824 Carver Ave Fort Worth, TX	3.0	2.0	1300	$1,699	$1.31	26d	1	1.49mi

Listing history 6 events

1. 2026-05-17
   historical Active Option Contract 930-char remark
2. 2026-05-03
   price $199,900 930-char remark
3. 2026-04-22
   listed $210,000 Active 930-char remark
4. 2019-04-22
   soldstatus
5. 1999-06-23
   soldstatus
6. 1985-06-06
   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: $4,153 · $346/mo
• Projected year-2 tax: $4,153 · $346/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,601
• − Mortgage interest: −$11,198
• − Property taxes: −$4,153
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$5,815
• Taxable loss: −$4,860
• Est. tax savings @ 24.0%: +$1,166
• After-tax cash flow: $-290/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: Fort Worth ISD
• NCES district ID: 4819700
• Math proficiency: 18% ▼ -16.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $42,109
• Composite: 19.61/100
• National rank: #8753
• State rank: #742 of 826 in TX

Livability — Fort Worth

• Score: 80/100
• State rank: #49
• US rank: #1954

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Worth, TX
• County: Tarrant County · 2,033,669 people
• City population: 911,619
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 20,989
• Household income: $60,194
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 616.0

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 Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% White 24% Two or more races 24% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 62%
• Common ancestry: Slovak 1%
• Foreign-born: 25% · Canada, Vietnam
• Languages at home: 45% English-only · Spanish 52% Other Asian/Pacific 1% Vietnamese 1%

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: ▼ -74.75%
• Current HPI: 315.1072
• Rent YoY: ▲ 0.45%
• 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

-4.8% since first listed

8 events — show timeline

• 2026-06-11 Sold (MLS) — NTREIS
• 2026-05-20 Pending — NTREIS
• 2026-05-17 Contingent — NTREIS
• 2026-05-03 Price Changed $199,900 NTREIS
• 2026-04-22 Listed $210,000 NTREIS
• 2019-04-22 Sold (Public Records) — Public Records
• 1999-06-23 Sold (Public Records) — Public Records
• 1985-06-06 Sold (Public Records) — Public Records

Property tax history

+7.9%/yr

Latest (2025): $4,153 · +6.5% YoY. Source: county tax records.