4936 Flamingo Rd Unit 4936/39/40/42 Flamingo Rd · Fort Worth, TX 76119

$449,000

8 bd · 4.0 ba · 3,120 sqft · MultiFamily public records · 61 Days on market

Built 1986 9,060 sqft lot $144/sqft · at area comps Est $448k · at est.

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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 +21.0/30.0
• ARV discount +7.4/15.0
• DSCR +6.7/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Fully occupied quadplex in Fort Worth offering immediate cash flow and strong investment potential. Each of the four units features a spacious two-story layout with 2 bedrooms and 1.5 bathrooms, approximately 780 square feet per unit, providing comfortable and functional living spaces for tenants. Property has seen recent improvements, with updates completed in select units and a roof replaced approximately three years ago, helping reduce near-term capital expenses. Units offer open-concept living areas, with bedrooms privately situated upstairs and convenient half baths on the main level. Centrally located with easy access to major thoroughfares, shopping, dining, and public transportation, this asset presents an excellent opportunity for investors seeking a stabilized property with upside potential through continued updates and rental growth.

Key facts

• Immediate cash flow
• Recent improvements
• Roof replaced

Tags

• FULLY OCCUPIED QUADPLEX
• IMMEDIATE CASH FLOW
• STRONG INVESTMENT POTENTIAL
• RECENT IMPROVEMENTS
• ROOF REPLACED
• OPEN-CONCEPT LIVING AREAS

What this means for you Summary

Snapshot

• This is a 4 × 2.0-bed/1.5-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive. Per door: $158/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $422k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: schools D+, 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.
• Market conditions: Rents soft (-1.6%/yr); 186 active listings in the ZIP; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• At $5,066/mo this rent would consume 119% of the median local household income ($51k/yr) (locally 2221% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 61 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $422,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.04%
• DSCR: 1.27
• GRM: 7.4

CMA / ARV

• ARV (median comp): $447,552
• List price: $449,000
• Delta: 0.32%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4927 Miller Ave	0.05mi	8/6.0	3,120 (0%)	10mo	$451,000	$145	81
4935 Miller Ave	0.04mi	8/12.0	3,120 (0%)	22mo	$475,000	$152	60

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.63×
• Total profit: $-47,092
• Equity at exit: $66,947

10-year hold

• IRR: -6.6%
• Equity multiple: 0.64×
• Total profit: $-45,550
• Equity at exit: $38,821

Cash invested: $125,720 (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 76119

• Home prices YoY: -6.4%
• Rents YoY: -1.6%
• Active inventory: 186
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $5,066 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$828 /mo · $9,938/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,064
• Net cashflow: $632

Break-even live

Break-even rent $4,266

Max offer price $449,000

Occupancy floor 83%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2.0	1.5	$5,064
Total (4 units)			$5,066

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $449,000 Active 61 DOM
2. 2026-06-17
   days on market $449,000 Active 60 DOM
3. 2026-06-16
   days on market $449,000 Active 59 DOM
4. 2026-06-15
   days on market $449,000 Active 58 DOM
5. 2026-06-13
   days on market $449,000 Active 56 DOM
6. 2026-06-09
   days on market $449,000 Active 52 DOM
7. 2026-06-08
   days on market $449,000 Active 51 DOM
8. 2026-06-07
   days on market $449,000 Active 50 DOM
9. 2026-06-04
   days on market $449,000 Active 47 DOM
10. 2026-06-03
    days on market $449,000 Active 46 DOM
11. 2026-06-02
    days on market $449,000 Active 45 DOM
12. 2026-06-01
    days on market $449,000 Active 44 DOM
13. 2026-05-31
    days on market $449,000 Active 43 DOM
14. 2026-04-18
    listed $449,000 Active 856-char remark

    Show marketing remark (856 chars)

    Fully occupied quadplex in Fort Worth offering immediate cash flow and strong investment potential. Each of the four units features a spacious two-story layout with 2 bedrooms and 1.5 bathrooms, approximately 780 square feet per unit, providing comfortable and functional living spaces for tenants. Property has seen recent improvements, with updates completed in select units and a roof replaced approximately three years ago, helping reduce near-term capital expenses. Units offer open-concept living areas, with bedrooms privately situated upstairs and convenient half baths on the main level. Centrally located with easy access to major thoroughfares, shopping, dining, and public transportation, this asset presents an excellent opportunity for investors seeking a stabilized property with upside potential through continued updates and rental growth.

15. 2024-07-25
    historical $1,045
16. 2024-06-11
    listed $1,045
17. 2023-07-11
    soldstatus
18. 2023-07-10
    soldstatus Closed 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

19. 2023-06-14
    status Pending 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

20. 2023-05-23
    historical Active Option Contract 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

21. 2023-05-18
    price $425,000 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

22. 2023-04-19
    price $449,000 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

23. 2023-03-31
    listed $485,000 Active 760-char remark

    Show marketing remark (760 chars)

    Investors, seize the opportunity to own an underpriced quadplex great potential! This property features four units, each with two bedrooms, one full bath, and one half bath, providing comfortable living space of 780 square feet per unit. The property has potential for improvement, with a little effort and investment, this property could shine and command higher rents, providing excellent returns for investors. It has an average lease of $881 per month, providing immediate cash flow for investors. This investment property requires some TLC, but the potential for long-term capital appreciation and higher rents over time make it a smart addition to any portfolio. Don't miss out on this opportunity to own an well-priced quadplex with lots of potential.

24. 2018-05-29
    soldstatus Sold
25. 2018-05-29
    listed $300,000
26. 2018-05-29
    historical
27. 2018-03-12
    soldstatus
28. 2008-03-14
    soldstatus
29. 2007-04-12
    soldstatus
30. 2003-06-20
    soldstatus
31. 1993-06-08
    soldstatus
32. 1990-02-07
    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: $9,938 · $828/mo
• Projected year-2 tax: $9,938 · $828/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 · 23 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,792
• − Mortgage interest: −$25,151
• − Property taxes: −$9,938
• − Insurance: −$2,245
• − Repairs & maintenance: −$4,863
• − Management: −$4,863
• − Depreciation: −$13,062
• Taxable income: $670
• Est. tax owed @ 24.0%: −$161
• After-tax cash flow: $7,427/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): 52,974
• Household income: $51,267
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 2221.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Hispanic / Latino 51% Black 36% Two or more races 26% White 8% Asian 3%
• Hispanic origin (detail): Mexican 44%
• Foreign-born: 25% · Canada, Philippines
• Languages at home: 54% English-only · Spanish 42% Other Indo-European 2% Other Asian/Pacific 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: ▼ -23.04%
• Current HPI: 336.7941
• Rent YoY: ▼ -1.61%
• 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

+49.7% since first listed

19 events — show timeline

• 2026-04-18 Listed $449,000 NTREIS
• 2024-07-25 Rental Removed $1,045 NTREIS
• 2024-06-11 Listed for Rent $1,045 NTREIS
• 2023-07-11 Sold (Public Records) — Public Records
• 2023-07-10 Sold (MLS) — NTREIS
• 2023-06-14 Pending — NTREIS
• 2023-05-23 Contingent — NTREIS
• 2023-05-18 Price Changed $425,000 NTREIS
• 2023-04-19 Price Changed $449,000 NTREIS
• 2023-03-31 Listed $485,000 NTREIS
• 2018-05-29 Listing Removed — NTREIS
• 2018-05-29 Listed $300,000 NTREIS
• 2018-05-29 Sold (MLS) — NTREIS
• 2018-03-12 Sold (Public Records) — Public Records
• 2008-03-14 Sold (Public Records) — Public Records
• 2007-04-12 Sold (Public Records) — Public Records
• 2003-06-20 Sold (Public Records) — Public Records
• 1993-06-08 Sold (Public Records) — Public Records
• 1990-02-07 Sold (Public Records) — Public Records

Property tax history

+7.9%/yr

Latest (2025): $9,938 · -2.4% YoY. Source: county tax records.