435 Gene Lee Rd, Mineral Wells, TX 76067
- $860,000
- 3
- BD
- 2
- BA
- 1,349
- SqFt
- List Price
- $860,000
- MLS#
- 21417432
- Status
- ACTIVE
- Type
- Condo
- Subtype
- Residential
- Style
- Detached, Farmhouse
- Year Built
- 2008
- Bedrooms
- 3
- Full Baths
- 2
- Acres
- 17.28
- Living Area
- 1,349
- County
- Palo Pinto
- City
- Mineral Wells
- Subdivision
- none
Property Description
Income-Producing Property with Room to Grow! Explore the income potential of this versatile 17.281-acre property, featuring an ag exemption, two ponds, cross-fencing, a private well, and multiple income-producing assets, including three apartments, an 8,000-square-foot shop, and RV storage with covered and uncovered spaces. The property includes a 3-bedroom, 2-bathroom, 1,302-square-foot manufactured home with an in-ground pool, carport, a 30-by-40-foot insulated shop, and an additional 750-square-foot shop. The manufactured home, pool, and smaller shops are owner-occupied, but estimated rent potential is around $2,500 per month. A separate, approximately 8,000-square-foot insulated and conditioned shop includes two bathrooms and offers potential for commercial use, with estimated potential rent of $3,500 per month. The apartment area includes two 2-bedroom units and one 1-bedroom unit. One 2-bedroom apartment is leased for $1,350 per month, and the 1-bedroom apartment is leased for $1,250 per month. The second 2-bedroom apartment could potentially rent for $1,350 per month. RV storage provides another income stream, with 24 uncovered spaces offered for $50 per month and 18 covered spaces offered for $85 per month. With the manufactured home, large shop, all three apartments, and all RV spaces rented at the stated rates, this property has the potential to generate over $12,000 per month in gross rental income before expenses, vacancy, and other costs! There’s also potential to expand income by converting covered RV spaces into apartments or adding tiny homes, subject to feasibility and applicable approvals. A unique opportunity to combine acreage, existing rental income, and multiple avenues for future growth. Rental figures and income projections are estimates and should be independently verified. There are several different gated entry points that provide individual access to the different sections of the property.
Additional Information
- Unexempt Taxes
- $2,969
- Amenities
- Pool
- Lot Size
- 752,760
- Acres
- 17.28
- Lot Description
- Agricultural, Cleared, Pond(s), Trees, Few Trees
- Interior Features
- Open Floor Plan, Cable TV
- Flooring
- Carpet, Vinyl
- Foundation
- Slab
- Roof
- Metal
- Stories
- 1
- Pool
- Yes
- Pool Features
- In Ground, Outdoor Pool, Pool
- Garage Spaces
- 5
- Carport Spaces
- 4
- Parking Garage
- Attached, Additional Parking, Common, Carport, Driveway, Electric Gate, Guest, Gravel, Private, RV Carport, RV Gated, Secured, Rv/Boat Parking, Rv/Boat Parking
- School District
- Mineral Wells Isd
- Elementary School
- Houston
- Middle School
- Mineralwel
- High School
- Mineralwel
- Possession
- CloseOfEscrow
- Proposed Use
- Agricultural
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Listing courtesy of Keaton Vaughn from Monument Realty. Contact: 817-524-5800
Listing provided by North Texas Real Estate Information Systems (NTREIS). Listing data has been deemed reliable but is not guaranteed to be accurate by the MLS.
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