115 Merritt St · Fort Worth, TX 76114

$2,500,000

36 bd · 90.0 ba · 8,400 sqft · MultiFamily · 31 Days on market

Built 2025 Excellent condition 0.97 ac lot $173/mo HOA · 12% of rent

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 36 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Discover modern comfort at the Merritt Street Condominiums. These 2-bedroom, 2.5-bathroom condos offer stylish interiors with open layouts, sleek kitchens, and in-unit laundry connections. Excellent location near various retailers and Castleberry High School with quick access to 183, I-30, and Downtown Fort Worth. We ENCOURAGE ALL OFFERS! Owner can potentially offer incentives pending offer!

Key facts

• Cultural district
• 0.97 acre lot
• 8 parking spots

Tags

• NEW CONDO DEVELOPMENT
• HEART OF THE RIVER DISTRICT
• CULTURAL DISTRICT
• FORT WORTH STOCKYARDS
• EFFICIENT COMFORTABLE LIVING
• LOCK-AND-LEAVE LIFESTYLE

Property features AI

Finance

• Other: Tenancy allows pets; Operating expense responsibilities include insurance, maintenance, payroll, management and utilities
• Financial info: Property marketed for cash or 1031 exchange; Cap rate approximately 4.45%; Multi-unit income property: 1 building with 8 total units, 100% occupancy; Gross annual income approximately $185,760; Gross annual expenses approximately $74,395 (includes insurance, maintenance, payroll, professional management, utilities); Insurance expense approximately $6,888; Net operating income approximately $111,365
• HOA & community: Mandatory association with monthly fee (approximately $173); HOA covers front yard maintenance, grounds and structure maintenance, pest control, sewer and water; HOA managed by Touchstone Property Management

Exterior

• Parking: 8 parking spaces in an on-site, lighted concrete parking lot (open/common)
• Security: Smoke detector(s)
• Utilities: City water; City sewer; Individual gas meters; Individual water meters; Underground utilities; Sidewalks and curbs; Community mailbox
• Home design: Residential income property (apartment); Three or more levels; New construction completed in 2025; Perimeter fencing in the community; Subdivision: Hassett Gardens Add; Complex: The Merritt Condominiums
• Construction: Brick construction; Composition roof; Slab foundation; Building area approximately 8,400
• Exterior features: Balcony; Covered porches; Covered patio

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Kitchen island
• Bedrooms: 12 bedrooms
• Flooring: Luxury vinyl plank; Tile
• Bathrooms: 16 total bathrooms (12 full, 4 half)
• Heating & cooling: Central heating; Central air
• Interior features: Cable TV available; High-speed internet available; Decorative lighting; Kitchen island; Multiple staircases; Pantry; Walk-in closets
• Laundry & utility: Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 36 × 1-bed/?-bath units multifamily listed at $2.50M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $22k ($264k/yr) — positive. Per door: $612/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($50k rent vs $2.50M).
• Recommended offer: $2.42M (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% 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.

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: crime F.
• Castleberry ISD (suburban): math 21% / reading 32% proficiency, ranked #701 of 826 in TX (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Castleberry El (math 17% / reading 26%, grade F, #3,470 of 4,322 statewide, top 81%, 747 students, 88% FRL) — zoned schools average 88% FRL vs 72% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 153 active listings in the ZIP; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• At $49,979/mo this rent would consume 966% of the median local household income ($62k/yr) (locally 1095% 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 $17k of loan paydown is wiped out by about $75k 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.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $700k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($2.42M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $2,425,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 2.00% ✓
• Cap rate: 16.87%
• Cash-on-cash: 37.77%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.88% rent growth · sell at horizon

5-year hold

• IRR: 32.5%
• Equity multiple: 2.35×
• Total profit: $943,373
• Equity at exit: $372,758

10-year hold

• IRR: 38.9%
• Equity multiple: 4.44×
• Total profit: $2,408,497
• Equity at exit: $216,154

Cash invested: $700,000 (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 76114

• Home prices YoY: -24.3%
• Rents YoY: 1.9%
• Active inventory: 153
• Price-to-rent: 150.1×

Monthly cashflow live

• Estimated rent: $49,979 high
• Mortgage (P&I): −$13,110
• Tax est. 1.5%: −$3,125 /mo · $37,500/yr
• Insurance: −$1,042
• HOA: −$173
• Vacancy / Maint / Mgmt: −$10,496
• Net cashflow: $22,033

Break-even live

Break-even rent $22,089

Max offer price $2,500,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 36× units	1	—	$49,968
Total (36 units)			$49,979

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: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $173 · $2,076/yr

Listing history 19 events

1. 2026-06-18
   days on market $2,500,000 Active 31 DOM
2. 2026-06-17
   days on market $2,500,000 Active 30 DOM
3. 2026-06-16
   days on market $2,500,000 Active 29 DOM
4. 2026-06-15
   days on market $2,500,000 Active 28 DOM
5. 2026-06-13
   days on market $2,500,000 Active 26 DOM
6. 2026-06-13
   days on market $2,500,000 Active 25 DOM
7. 2026-06-09
   days on market $2,500,000 Active 22 DOM
8. 2026-06-08
   days on market $2,500,000 Active 21 DOM
9. 2026-06-07
   days on market $2,500,000 Active 20 DOM
10. 2026-06-04
    days on market $2,500,000 Active 17 DOM
11. 2026-06-03
    days on market $2,500,000 Active 16 DOM
12. 2026-06-02
    days on market $2,500,000 Active 15 DOM
13. 2026-06-01
    days on market $2,500,000 Active 14 DOM
14. 2026-05-31
    days on market $2,500,000 Active 13 DOM
15. 2026-05-18
    listed $2,500,000 Active
16. 2026-01-27
    soldstatus Closed 394-char remark

    Show marketing remark (394 chars)

    Discover modern comfort at the Merritt Street Condominiums. These 2-bedroom, 2.5-bathroom condos offer stylish interiors with open layouts, sleek kitchens, and in-unit laundry connections. Excellent location near various retailers and Castleberry High School with quick access to 183, I-30, and Downtown Fort Worth. We ENCOURAGE ALL OFFERS! Owner can potentially offer incentives pending offer!

17. 2026-01-09
    listed $380,000 Active 394-char remark

    Show marketing remark (394 chars)

    Discover modern comfort at the Merritt Street Condominiums. These 2-bedroom, 2.5-bathroom condos offer stylish interiors with open layouts, sleek kitchens, and in-unit laundry connections. Excellent location near various retailers and Castleberry High School with quick access to 183, I-30, and Downtown Fort Worth. We ENCOURAGE ALL OFFERS! Owner can potentially offer incentives pending offer!

18. 2025-10-21
    historical
19. 2025-06-06
    listed $2,240,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $599,748
• − Mortgage interest: −$140,039
• − Property taxes: −$37,500
• − Insurance: −$12,500
• − Repairs & maintenance: −$47,980
• − Management: −$47,980
• − HOA: −$2,076
• − Depreciation: −$72,727
• Taxable income: $238,946
• Est. tax owed @ 24.0%: −$57,347
• After-tax cash flow: $207,055/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This modern, move-in-ready multi-family property in the heart of The River District is in excellent condition with no visible repairs needed. Ideal for investors seeking a prime opportunity to own income-producing property in a high-demand area.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Interior updates — Modernizes interior and enhances appeal
• Both Appliance upgrades — Improves functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Interior updates — Modernizes interior and enhances appeal ↑
• Both Appliance upgrades — Improves functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Castleberry ISD
• NCES district ID: 4813170
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $39,060
• Composite: 22.22/100
• National rank: #8152
• State rank: #701 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): 27,357
• Household income: $62,073
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1095.0

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: Majority Hispanic (61%)
• Race & ethnicity: Hispanic / Latino 61% White 35% Two or more races 20% Native American 3% Black 2%
• Hispanic origin (detail): Mexican 56%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 54% English-only · Spanish 45%

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: ▼ -117.88%
• Current HPI: 366.5263
• Rent YoY: ▲ 1.88%
• 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

+11.6% since first listed

5 events — show timeline

• 2026-05-18 Listed $2,500,000 NTREIS
• 2026-01-27 Sold (MLS) — NTREIS
• 2026-01-09 Listed $380,000 NTREIS
• 2025-10-21 Listing Removed — NTREIS
• 2025-06-06 Listed $2,240,000 NTREIS