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$220,000

240 Private Road 5515, Palestine, TX, 75801

$286,000 ARVInfo
Off MarketInfo
Beds3 Beds
Baths2 Bath
Baths1,960 Sq Ft
Single Family ResidenceSingle Family Residence
price_per_sqft$113.27 / sqft
Year BuiltBuilt in 2017

Property Lead Type:

Off-Market ListAbsentee OwnerHigh Equity

Highlights

Interior

Bedrooms 3Bedrooms 3
Bathrooms Half 2Bathrooms Half 2
AppliancesElectric Cooktop, Electric Water Heater
FlooringConcrete

Building Information

Year Built2017

Land Information

APN853851
Lot Number28-30
Land UseResidential
Legal DescriptionLAKE MARY LOT 28, 29 & 30 (IMPROVEMENTS ONLY)
Census Tract951001
Assessed Improvement Value$184,813
Assessment Year2025

About this property

Escape to the beauty of East Texas with this barndominium on gated private Lake Mary—a 14-acre spring-fed lake tucked among rolling hills and towering trees near historic Palestine. Step inside to an inviting open living, dining, and kitchen area designed for relaxed gatherings. This home offers 3 bedrooms including a spacious primary suite with loft, office, and private bath, plus two guest bedrooms with a shared bath. Easy maintenance stained concrete floors throughout. The primary suite can also serve as a second living space and opens onto a large covered back porch with serene lake views. Nestled on one of the largest lots on Lake Mary, where the fishing is great, the property is shaded by mature trees and features a pergola and ample space for outdoor enjoyment. A detached 2-car carport includes overhead door to storage for vehicles, boat, and all your lake toys. Two kayaks are included, so you can start enjoying lake life from the moment you arrive! Paddle out to the swimming platform in the center of the lake for fun! Whether full time residence or a weekend retreat, relaxing on the porch, fishing, or paddling the quiet waters will provide the lake life you desire!

Investor Tools

Property Icon
$220,000
Estimated Property Value
$0Estimated Mortgage Balance
$220,000Estimated Equity
100% equity
Estimated Cap Rate
View Rate
Estimated ARV (After-Repair Value)*
$286,000
Rent-to-Value Ratio: 0.72%
Rent Estimate
$1,332 /month
Positive
Cash Flow Estimate:
$444 /month

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Financing Details

Estimated Taxes & Insurance
HOA Fees
Interest Rate Assumption
$189/month
$125/month
5.947%

Tax Information

Annual Taxes
Assessed Value
Assessment Year
Assessed Land
Assessed Improvement
Market Value
Tax Delinquent
$1,174
$184,813
2025
N/A
$184,813
$184,813
No

Tax History

Year
Tax Paid
Assessed Value
2025
$1,174
$184,813

Equity Summary

Est. Mortgage Balance
Est. Equity
Equity %
LTV
Est. Monthly Payment
N/A
$220,000
100%
0%
$0/mo

Learn About the Market: Opportunity in Texas

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Explore

Texas

Living in Texas means access to four of the nation’s most dynamic metro economies — Dallas–Fort Worth’s corporate and logistics powerhouse, Houston’s global energy and medical hub, Austin’s tech-driven and culturally iconic Live Music Capital of the World, and San Antonio’s historic yet steadily expanding military and healthcare center. The state blends economic scale with cultural significance, rooted in independence, entrepreneurship, and a strong sense of place — from Friday night football to world-renowned barbecue and music festivals. For homebuyers, Texas offers comparatively attainable housing, no personal income tax, and master-planned communities built around space and convenience; for investors, continued population growth, business relocation, and diversified industries create sustained demand across urban cores, suburbs, and emerging secondary markets.

Explore Texas Explore This Area
Population Growth

Population Growth

~1.3% annually

Net Migration

Net Migration

Positive

Median Home Price

Median Home Price

$283,800

Unemployment Rate

Unemployment Rate

4.3%

Price Trend

Price Trend

Flat

New Permits

New Permits

158,121

City: Palestine

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