2115 Hurley Ave

Fort Worth, TX 76110

$269,900B+

4 bd · 2.0 ba · 1,500 sqft · Built 1930 · MultiFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,800/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$539
• HOA: −$0
• Vac / Maint / Mgmt: −$1,008
• Net cashflow: $1,837/mo
• Annual: $22,047/yr
• Cap rate: 14.46%
• Cash-on-cash: 29.17%
• DSCR: 2.30
• 1% rule: 1.78%
• Cash to close: $75,572

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $270k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $919/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $270k).
• It's been on market 109 days — a 9% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (9.0% 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 $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.
• 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.
• Zoned schools: Daggett El (math 17% / reading 20%, grade F, #3,759 of 4,322 statewide, top 88%, 544 students, 84% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 187 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 5y ago; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~5 years — after that, you're playing with house money.
• 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 14.5% 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 per unit runs 41% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible signs of wear and tear.
• Moderate: exterior siding — The exterior siding and paint appear to be in fair condition, with some discoloration and wear visible.
• Moderate: windows — The windows appear to be in fair condition, with some discoloration and wear visible.
• Minor: landscaping — The landscaping and curb appeal appear to be in fair condition, with some overgrown areas and debris visible.