3612 Rhea Rd · Canyon Creek, TX 76049

$274,000

4 bd · 3.0 ba · 2,128 sqft · Manufactured public records · 32 Days on market

Built 1999 0.69 ac lot $129/sqft · 15% below area Est $322k · 15% under

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Why this score? — see what drove the B 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 +28.3/30.0
• ARV discount +14.2/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• Schools +4.0/10.0
• Rent growth +3.8/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

Key facts

• Accessible entrances
• Ranch style home
• Prime interior lot

Tags

• RANCH STYLE HOME
• PRIME INTERIOR LOT
• OPEN-CONCEPT FLOORPLAN
• ACCESSIBLE ENTRANCES
• INLAW SUITE FLOORPLAN
• SMART HOME SYSTEM

Property features AI

Finance

• Other: Property type: Residential (single family); Lot size approximately 0.694 acre (.5 to <1 acre); Will not subdivide; Accessible features listed (bedroom, doors, entrance, hallways, kitchen) noted; Green energy/efficiency features: efficient appliances, improved construction, insulated doors, HVAC efficiency, efficient thermostat, energy-efficient water heater; Water conservation features: efficient hot water distribution, low-flow fixtures, water-smart landscaping
• HOA & community: No association

Exterior

• Parking: Carport with 6 spaces; Boat parking; RV access/parking; Circular driveway and driveway; Oversized parking
• Security: Carbon monoxide detectors; Smoke detectors; Wireless security features; Audio and video surveillance present
• Utilities: Electricity connected; Co-op electric available; Rural water district; Septic system; Cable available; Phone available; All-weather and asphalt road access; Outside city limits / unincorporated (no city services)
• Home design: Single-family residence; One-story; Property attached: yes; Waterfront on Granbury
• Construction: Built in 1999; Siding and wood construction; Asphalt roof; Pillar/post/pier foundation
• Exterior features: RV/boat parking and RV hookup; Boat access/parking; Chain link and partial fencing; Native landscaping; Utilities easement present; Interior lot with acreage

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal; Vented exhaust fan; Granite counters; Kitchen island; Pantry; Eat-in kitchen
• Bedrooms: 4 bedrooms (all on the main level); Primary suite with sitting area, dual master baths, steam shower, built-in cabinets, linen closet and walk-in closet; Second primary-style bedroom with separate vanities and walk-in closet; Split bedroom layout for secondary bedrooms
• Flooring: Luxury vinyl plank flooring
• Bathrooms: 3 full bathrooms; Ensuite bath(s) and separate vanities in primary areas
• Heating & cooling: Central air; Electric heating; Ceiling fan(s); ENERGY STAR qualified HVAC and equipment
• Interior features: Open floorplan with vaulted ceilings; Decorative lighting; Double vanity(s); Eat-in kitchen with kitchen island; Granite counters; Pantry; Walk-in closet(s); Wet bar; Cable TV available; High-speed internet available; Smart home system; In-law suite floorplan
• Laundry & utility: Full-size washer/dryer area on site; Washer hookup; Electric dryer hookup; Utility room; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $274k.

Deal economics

• At list price, monthly cash flow is $882 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $274k).
• Recommended offer: $266k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.7% in Canyon Creek — 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 60/100 on livability (#1,102 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime F, amenities F.
• Granbury ISD (town): math 46% / reading 46% proficiency, ranked #237 of 826 in TX (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Acton El (math 52% / reading 46%, grade D, #926 of 4,322 statewide, top 22%, 814 students, 48% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 690 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 125 units permitted in Hood County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($105k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Hood County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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: major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.79%
• DSCR: 1.61
• GRM: 6.9

CMA / ARV

• ARV (median comp): $321,793
• List price: $274,000
• Delta: -14.85%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.25×
• Total profit: $19,176
• Equity at exit: $40,854

10-year hold

• IRR: 17.4%
• Equity multiple: 2.58×
• Total profit: $120,836
• Equity at exit: $23,691

Cash invested: $76,720 (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 76049

• Home prices YoY: -26.8%
• Rents YoY: 5.2%
• Active inventory: 690
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,299 medium
• Mortgage (P&I): −$1,437
• Tax from tax record: −$173 /mo · $2,078/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$693
• Net cashflow: $882

Break-even live

Break-even rent $2,183

Max offer price $274,000

Occupancy floor 68%

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: $68,500
• Closing costs: $8,220
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4013 Legend Trl Granbury, TX	4.0	3.0	2902	$5,000	$1.72	44d	1	0.43mi
4202 Indian Creek Ct Granbury, TX	3.0	2.0	2202	$2,800	$1.27	20d	1	0.45mi
5114 Stoneridge Dr Granbury, TX	4.0	3.0	2302	$2,295	$1.00	44d	1	1.40mi

Listing history 32 events

1. 2026-06-04
   status $274,000 Pending 32 DOM
2. 2026-06-03
   days on market $274,000 Active Contingent 32 DOM
3. 2026-06-02
   days on market $274,000 Active Contingent 31 DOM
4. 2026-06-02
   days on market $274,000 Active Contingent 30 DOM
5. 2026-05-31
   days on market $274,000 Active Contingent 29 DOM
6. 2026-05-12
   historical Active Option Contract 1032-char remark
7. 2026-05-01
   listed $274,000 Active 1032-char remark
8. 2026-04-22
   historical
9. 2026-04-04
   price $280,000
10. 2026-03-03
    price $296,500
11. 2026-02-09
    listed $319,999 Active
12. 2025-07-24
    soldstatus
13. 2021-02-03
    soldstatus
14. 2018-08-27
    soldstatus
15. 2018-06-21
    soldstatus
16. 2018-06-13
    soldstatus Sold

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

17. 2018-05-29
    status Pending

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

18. 2018-05-11
    price $74,900

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

19. 2018-05-01
    price $75,900

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

20. 2018-03-29
    price $76,900

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

21. 2018-03-29
    status Active

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

22. 2018-03-19
    status Pending

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

23. 2018-03-02
    price $77,900

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

24. 2018-02-09
    price $78,900

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

25. 2018-01-24
    listed $79,900 Active

    Show marketing remark (155 chars)

    This Property is also part of a larger package of 12 rental properties all in Granbury. This Property can be purchased by itself or as part of the package.

26. 2014-02-04
    soldstatus Closed
27. 2014-01-06
    status Pending
28. 2013-12-14
    listed $40,000 Active
29. 2009-08-25
    soldstatus
30. 1999-06-04
    soldstatus
31. 1999-05-07
    soldstatus
32. 1998-10-20
    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: $2,078 · $173/mo
• Projected year-2 tax: $5,014 · $418/mo
• Expected delta: +$2,936/yr (+$245/mo · 141.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,587
• − Mortgage interest: −$15,348
• − Property taxes: −$2,078
• − Insurance: −$1,370
• − Repairs & maintenance: −$3,167
• − Management: −$3,167
• − Depreciation: −$7,971
• Taxable income: $6,485
• Est. tax owed @ 24.0%: −$1,557
• After-tax cash flow: $9,026/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: Granbury ISD
• NCES district ID: 4821390
• Math proficiency: 46% ▬ 0.00%
• Reading proficiency: 46% ▲ 4.00%
• Median HH income: $55,856
• Composite: 40.04/100
• National rank: #3820
• State rank: #237 of 826 in TX

Livability — Canyon Creek

• Score: 60/100
• State rank: #1102
• US rank: #19485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hood County · 58,506 people
• Metro: Granbury, TX
• Population (ZIP): 31,506
• Household income: $104,967
• Rent vs Own: 12.3% rent · 87.7% own
• Severe rent burden: 235.0

Population outlook (Hood County) Hauer SSP2

• Today (2025): 63,502 people
• By 2030: 67,459 · +6.2%
• By 2040: 74,958 · +18.0%
• By 2050: 81,922 · +29.0%
• By 2075: 98,872 · +55.7%
• By 2100: 107,796 · +69.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 14% Two or more races 9%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Hood

• 2024 margin: Solid R (+66.0) · D 16.6% · R 82.6%
• 2008→2024 swing: -11.9pp toward R · 2008: -54.0pp · 2024: -66.0pp
• All cycles: 2024: R+66.0 2020: R+64.1 2016: R+66.5 2012: R+64.7 2008: R+54.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.09%
• Current HPI: 273.1293
• Rent YoY: ▲ 5.20%
• Metro: Granbury, 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

+585.0% since first listed

29 events — show timeline

• 2026-06-12 Sold (MLS) — NTREIS
• 2026-06-03 Pending — NTREIS
• 2026-05-12 Contingent — NTREIS
• 2026-05-01 Listed $274,000 NTREIS
• 2026-04-22 Listing Removed — NTREIS
• 2026-04-04 Price Changed $280,000 NTREIS
• 2026-03-03 Price Changed $296,500 NTREIS
• 2026-02-09 Listed $319,999 NTREIS
• 2025-07-24 Sold (Public Records) — Public Records
• 2021-02-03 Sold (Public Records) — Public Records
• 2018-08-27 Sold (Public Records) — Public Records
• 2018-06-21 Sold (Public Records) — Public Records
• 2018-06-13 Sold (MLS) — NTREIS
• 2018-05-29 Pending — NTREIS
• 2018-05-11 Price Changed $74,900 NTREIS
• 2018-05-01 Price Changed $75,900 NTREIS
• 2018-03-29 Price Changed $76,900 NTREIS
• 2018-03-29 Relisted — NTREIS
• 2018-03-19 Pending — NTREIS
• 2018-03-02 Price Changed $77,900 NTREIS
• 2018-02-09 Price Changed $78,900 NTREIS
• 2018-01-24 Listed $79,900 NTREIS
• 2014-02-04 Sold (MLS) — NTREIS
• 2014-01-06 Pending — NTREIS
• 2013-12-14 Listed $40,000 NTREIS
• 2009-08-25 Sold (Public Records) — Public Records
• 1999-06-04 Sold (Public Records) — Public Records
• 1999-05-07 Sold (Public Records) — Public Records
• 1998-10-20 Sold (Public Records) — Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,078 · -0.3% YoY. Source: county tax records.