9544 Thorncrown Ln

Fort Worth, TX 76179

$325,000C+

3 bd · 2.0 ba · 1,906 sqft · Built 2024 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,026/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$703
• HOA: −$175
• Vac / Maint / Mgmt: −$845
• Net cashflow: $598/mo
• Annual: $7,176/yr
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• 1% rule: 1.24%
• Cash to close: $91,000

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $325k. Condition is rated good.
• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• It's been on market 16 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• Eagle Mt-Saginaw ISD (urban): math 35% / reading 42% proficiency, ranked #361 of 826 in TX (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eagle Mountain El (math 40% / reading 42%, grade F, #1,462 of 4,322 statewide, top 34%, 507 students, 19% FRL); Wayside Middle (math 42% / reading 42%, grade D-, #572 of 1,662 statewide, top 36%, 1,077 students, 39% FRL); Boswell H S (math 49% / reading 62%, grade C, #364 of 1,632 statewide, top 23%, 2,547 students, 37% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: Rents rising (+1.5%/yr); 1074 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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.
• 3 sale attempts since 2y 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.
• Climate carrying-cost: extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.5% 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 45% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.