1661 Limpkin Dr

Fort Worth, TX 76140

$245,999D-

3 bd · 2.0 ba · 1,402 sqft · Built 2025 · Other · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,982/mo
• Mortgage (P&I): −$1,290
• Tax + insurance: −$196
• HOA: −$42
• Vac / Maint / Mgmt: −$416
• Net cashflow: $38/mo
• Annual: $453/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.66%
• DSCR: 1.03
• 1% rule: 0.81%
• Cash to close: $68,880

Investor read

• This is a 3-bed/2.0-bath other listed at $246k. Condition is rated poor.
• At list price, monthly cash flow is $38 ($453/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 $198k (19.4% below list).
• It's been on market 55 days — a 3% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (19.4% 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 $7k 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: schools D+, crime F.
• Everman ISD (suburban): math 21% / reading 32% proficiency, ranked #691 of 826 in TX (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 374 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• 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 31% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and potential water damage indicated by the satellite image.
• Major: exterior walls — Significant discoloration and wear visible in the satellite image.
• Major: landscaping — No visible greenery or landscaping features in the satellite image.
• Major: fencing — No fencing is visible in the satellite image, indicating a lack of privacy or security.