7508 / 7510 Hanover Ln · North Richland Hills, TX 76180

$295,000

4 bd · 2.0 ba · 2,154 sqft · MultiFamily public records · 8 Days on market

Built 1984 9,583 sqft lot Est $398k · 26% under

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Why this score? — see what drove the C+ 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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.7/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Income-producing duplex in sought-after North Richland Hills. Each unit offers 2 bedrooms, 2 bathrooms, and rear carport parking, providing comfortable living for tenants and low-maintenance ownership for investors. Both sides are currently occupied by long-term tenants who would love to stay, creating immediate rental income potential. Ideal opportunity to add a stable asset to your portfolio or live in one unit while the other helps offset your mortgage. Strong rental demand and an excellent location make this a smart investment.

Key facts

• 9,583 sq ft lot
• 2 parking spots
• Built 1984

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $506 ($6k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Cap rate 8.4% vs local median 3.6% in North Richland Hills — 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 71/100 on livability (#286 in TX) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment A-; Watch: amenities F, commute F, health & safety D-.
• Birdville ISD (suburban): math 42% / reading 43% proficiency, ranked #299 of 826 in TX (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Birdville El (math 22% / reading 32%, grade F, #2,791 of 4,322 statewide, top 68%, 489 students, 85% FRL) — zoned schools average 85% FRL vs 48% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 42% district-wide (-16 pts) — the specific schools serving this property underperform the Birdville ISD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.6%/yr); 152 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 18,938 units permitted in Tarrant County in 2024 (8,336 in 5+ unit buildings).
• At $3,444/mo this rent would consume 51% of the median local household income ($82k/yr) (locally 1551% 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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $295,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.17% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.36%
• DSCR: 1.33
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $398,490
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7022 Lincoln Dr	0.07mi	4/4.0	2,154 (0%)	24mo	$399,000	$185	69

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.69×
• Total profit: $-25,477
• Equity at exit: $43,985

10-year hold

• IRR: -4.1%
• Equity multiple: 0.77×
• Total profit: $-19,003
• Equity at exit: $25,506

Cash invested: $82,600 (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 76180

• Rents YoY: -1.6%
• Active inventory: 152
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $3,444 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$544 /mo · $6,532/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$723
• Net cashflow: $506

Break-even live

Break-even rent $2,803

Max offer price $295,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,444
Total (2 units)			$3,444

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6872 Greenleaf Dr North Richland Hills, TX	5.0	3.0	2390	$9,750	$4.08	43d	1	0.09mi
6872 Greenleaf Dr Unit 1319943P North Richland Hills, TX	5.0	3.0	2389	$17,285	$7.24	21d	1	0.09mi
6840 N Park Dr North Richland Hills, TX	3.0	2.5	2367	$2,675	$1.13	43d	1	0.17mi
6869 Dogwood Ct North Richland Hills, TX	3.0	2.5	1887	$2,545	$1.35	43d	1	0.19mi
6736 Starnes Rd North Richland Hills, TX	5.0	2.5	2515	$3,375	$1.34	43d	1	0.45mi
7008 Hanging Cliff Pl North Richland Hills, TX	3.0	2.0	1441	$2,095	$1.45	43d	1	0.47mi
6620 Moss Ln Watauga, TX	3.0	2.0	1659	$2,250	$1.36	3d	1	0.62mi
6621 North Park Dr Watauga, TX	3.0	2.0	1401	$2,085	$1.49	24d	1	0.63mi
6629 High Lawn Ter Watauga, TX	3.0	2.0	1497	$2,150	$1.44	17d	1	0.65mi
8041 Miles Dr Unit LO Watauga, TX	3.0	2.0	1568	$2,095	$1.34	16d	1	0.70mi
6569 Westridge Dr Watauga, TX	3.0	2.5	1487	$2,050	$1.38	43d	1	0.73mi
6548 Fairview Dr Watauga, TX	3.0	2.0	1733	$2,950	$1.70	43d	1	0.80mi
7512 Brentwood Ct North Richland Hills, TX	5.0	2.0	2093	$9,750	$4.66	43d	1	0.82mi
7512 Brentwood Ct Unit 1019529P North Richland Hills, TX	5.0	2.0	2088	$19,067	$9.13	24d	1	0.82mi
7313 Century Dr North Richland Hills, TX	3.0	2.0	1910	$2,375	$1.24	43d	1	0.82mi
6444 Whitehurst Dr Watauga, TX	3.0	3.0	1610	$2,450	$1.52	43d	1	1.03mi
2136 Stoneridge Dr Keller, TX	3.0	2.0	1765	$1,995	$1.13	21d	1	1.03mi
6421 Alta Vista Dr Watauga, TX	4.0	2.0	1596	$2,165	$1.36	43d	1	1.07mi
8221 Mark Ln Watauga, TX	3.0	2.0	1411	$2,900	$2.06	24d	1	1.10mi
2114 Rustic Ridge Dr Keller, TX	5.0	2.5	2390	$3,650	$1.53	4d	1	1.16mi
6400 High Lawn Ter Watauga, TX	3.0	2.0	1430	$2,155	$1.51	43d	1	1.17mi
6355 Starnes Rd Watauga, TX	3.0	2.5	1956	$2,600	$1.33	21d	1	1.18mi
7033 Payte Ln North Richland Hills, TX	3.0	1.5	1476	$1,995	$1.35	43d	1	1.21mi
8113 Starnes Rd North Richland Hills, TX	3.0	2.0	1638	$2,125	$1.30	17d	1	1.24mi
7013 Lincolnshire Ln North Richland Hills, TX	3.0	2.0	1419	$2,200	$1.55	24d	1	1.26mi
7013 Lincolnshire Ln North Richland Hills, TX	3.0	2.0	1419	$2,000	$1.41	2d	1	1.26mi
6132 Bursey Rd Watauga, TX	3.0	2.5	1609	$2,650	$1.65	18d	1	1.27mi
6329 North Park Dr Watauga, TX	3.0	2.0	1621	$2,195	$1.35	43d	1	1.28mi
6116 Bursey Rd Watauga, TX	3.0	3.0	1613	$2,750	$1.70	43d	1	1.29mi
6541 Wakefield Rd Unit N North Richland Hills, TX	3.0	2.0	1564	$1,800	$1.15	43d	1	1.35mi
7001 Newcastle Pl North Richland Hills, TX	3.0	2.0	1455	$2,400	$1.65	43d	1	1.38mi
6705 Nola Ct Watauga, TX	3.0	2.0	1792	$2,500	$1.40	43d	1	1.41mi
6000 Bursey Rd Unit 1521925P Watauga, TX	3.0	2.0	1614	$4,891	$3.03	1d	1	1.45mi
5968 Bursey Rd Watauga, TX	3.0	2.5	2261	$2,950	$1.30	43d	1	1.49mi

Listing history 4 events

1. 2026-03-23
   status Pending
2. 2026-03-15
   listed $295,000 Active
3. 1993-11-10
   soldstatus
4. 1986-10-16
   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: $6,532 · $544/mo
• Projected year-2 tax: $6,532 · $544/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,328
• − Mortgage interest: −$16,525
• − Property taxes: −$6,532
• − Insurance: −$1,475
• − Repairs & maintenance: −$3,306
• − Management: −$3,306
• − Depreciation: −$8,582
• Taxable income: $1,602
• Est. tax owed @ 24.0%: −$384
• After-tax cash flow: $5,693/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: Birdville ISD
• NCES district ID: 4810230
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 43% ▼ -6.00%
• Median HH income: $55,930
• Composite: 37.13/100
• National rank: #4491
• State rank: #299 of 826 in TX

Livability — North Richland Hills

• Score: 71/100
• State rank: #286
• US rank: #6602

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Richland Hills, TX
• County: Tarrant County · 2,033,669 people
• City population: 68,613
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 38,371
• Household income: $81,503
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 1551.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 62% Hispanic / Latino 22% Two or more races 10% Black 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Slovak 3% Serbian 2% Lithuanian 2%
• Foreign-born: 12% · Canada, Vietnam, South Korea
• Languages at home: 78% English-only · Spanish 14% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▼ -223.22%
• Current HPI: 279.046
• Rent YoY: ▼ -1.60%
• 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

4 events — show timeline

• 2026-03-23 Pending — NTREIS
• 2026-03-15 Listed $295,000 NTREIS
• 1993-11-10 Sold (Public Records) — Public Records
• 1986-10-16 Sold (Public Records) — Public Records

Property tax history

+4.1%/yr

Latest (2025): $6,532 · -1.0% YoY. Source: county tax records.