1228 Calamian Dr

Fort Worth, TX 76134

$253,199D-

3 bd · 2.0 ba · 1,474 sqft · Built 2025 · Other · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,034/mo
• Mortgage (P&I): −$1,328
• Tax + insurance: −$197
• HOA: −$42
• Vac / Maint / Mgmt: −$427
• Net cashflow: $40/mo
• Annual: $476/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• 1% rule: 0.80%
• Cash to close: $70,896

Investor read

• This is a 3-bed/2.0-bath other listed at $253k. Condition is rated poor.
• At list price, monthly cash flow is $40 ($476/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 $203k (19.7% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $203k (19.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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.
• Crowley ISD (urban): math 23% / reading 32% proficiency, ranked #643 of 826 in TX (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: David L Walker Elt (math 12% / reading 22%, grade F, #3,836 of 4,322 statewide, top 91%, 417 students, 87% FRL); H F Stevens Middle (math 16% / reading 26%, grade F, #1,387 of 1,662 statewide, top 85%, 747 students, 84% FRL); Crowley H S (math 23% / reading 36%, grade F, #1,112 of 1,632 statewide, top 70%, 2,351 students, 72% FRL) — zoned schools average 81% FRL vs 52% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 123 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• Tarrant County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.5% 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.
• This rent runs 34% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant water damage and rot
• Major: roof — No visible roof damage, but the condition of the roof cannot be determined from the satellite image
• Major: flooring — No visible flooring, but the condition of the flooring cannot be determined from the satellite image
• Major: interior walls/paint — No visible interior walls or paint, but the condition of the interior cannot be determined from the satellite image
• Major: systems — No visible systems, but the condition of the systems cannot be determined from the satellite image