2804 Brushy Lake Dr

Fort Worth, TX 76179

$324,299D

4 bd · 3.0 ba · 2,176 sqft · Built 2025 · Other · Pending · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,505/mo
• Mortgage (P&I): −$1,701
• Tax + insurance: −$232
• HOA: −$52
• Vac / Maint / Mgmt: −$526
• Net cashflow: $-6/mo
• Annual: $-73/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• 1% rule: 0.77%
• Cash to close: $90,804

Investor read

• This is a 4-bed/3.0-bath other listed at $324k.
• At list price, monthly cash flow is $-6 ($-73/yr) — negative.
• To cash-flow at today's rent, offer at most $323k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (22.8% below list).
• It's been on market 65 days — a 6% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $250k (22.8% 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 $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: Lake Pointe El (math 49% / reading 49%, grade D, #926 of 4,322 statewide, top 22%, 669 students, 44% 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 40% FRL track the district average.
• Market conditions: Rents rising (+1.5%/yr); 1074 active listings in the ZIP; 38 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; moderate 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 6.3% 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?
• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?