15005 Reyes Rd

Fort Worth, TX 76052

$270,999D

3 bd · 2.0 ba · 1,451 sqft · Built 2025 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,295/mo
• Mortgage (P&I): −$1,421
• Tax + insurance: −$452
• HOA: −$40
• Vac / Maint / Mgmt: −$482
• Net cashflow: $-100/mo
• Annual: $-1,196/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.58%
• DSCR: 0.93
• 1% rule: 0.85%
• Cash to close: $75,880

Investor read

• This is a 3-bed/2.0-bath single-family listed at $271k. Condition is rated fair.
• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (15.3% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $230k (15.3% 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.
• Northwest ISD (rural): math 48% / reading 52% proficiency, ranked #120 of 826 in TX (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lance Thompson El (math 56% / reading 60%, grade C+, #480 of 4,322 statewide, top 11%, 825 students, 7% FRL); Truett Wilson Middle (math 51% / reading 45%, grade C-, #400 of 1,662 statewide, top 24%, 1,414 students, 30% FRL); V R Eaton H S (math 48% / reading 62%, grade C, #373 of 1,632 statewide, top 23%, 3,273 students, 0% FRL).
• Market conditions: Rents rising (+1.1%/yr); 1100 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); high-income renter base; 10,531 units permitted in Denton County in 2024 (2,713 in 5+ unit buildings).
• Denton County population projected at +66% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 22% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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: Kitchen countertops — Severe wear and tear on the countertops.
• Major: Bathroom fixtures — Outdated and worn fixtures in the bathrooms.
• Major: Flooring — Old and worn flooring in the kitchen and bathrooms.
• Major: Interior walls — Signs of wear and discoloration on the interior walls.
• Major: Exterior siding — Wear and discoloration on the exterior siding.
• Major: Landscaping — Overgrown and unkempt landscaping.