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$227,560

NAL Estimated Property Value

406 E Fm 1585, Lubbock, TX, 79423

Off MarketInfo
Beds3 Beds
Baths2 Bath
Baths2,430 Sq Ft
price_per_sqft$401.23 / sqft
Year BuiltBuilt in 1946

Property Lead Type:

Absentee OwnerHigh Equity

Highlights

Interior

Bedrooms 3Bedrooms 3
Bathrooms Full 2Bathrooms Full 2
Indoor FireplaceIndoor Fireplace
Garage AvailableGarage Available
Heating CentralHeating Central
CoolingCooling

Exterior

Lot Size1 acre

Building Information

Year Built1946
Roof Type105
Garage Spaces2

Land Information

APNR166204
Lot Number510
Land UseResidential
Legal DescriptionBLK E SEC 18 AB 82 TR A5A AC: 1
Census Tract010513
Assessed Land Value$18,000
Assessed Improvement Value$209,560
Assessment Year2025

About this property

Future Loop 88 frontage and acquisition by TXDOT. 2430 square foot house with 3 bedrooms, 2 bathrooms, an office, and 2 car garage. Really nice clean home with office or 4th bedroom. 5 bay metal building (4 open bays, one enclosed with door). 5 Acres. Currently has 13 RV spots @ $420 each. Small Livestock pens. Endless opportunities. See attached TXDOT acquisition map. TXDOT will purchase house and frontage acreage in near future.

Investor Tools

Property Icon
$227,560
Estimated Property Value
$0Estimated Mortgage Balance
$227,560Estimated Equity
100% equity
Estimated Cap Rate
View Rate
Estimated ARV (After-Repair Value)
Calculate ARV
Rent-to-Value Ratio: 0.72%
Rent Estimate
$5,850 /month
Positive
Cash Flow Estimate:
$1,950 /month

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Financing Details

Estimated Taxes & Insurance
HOA Fees
Interest Rate Assumption
$439/month
No HOA
5.947%

Tax Information

Annual Taxes
Assessed Value
Assessment Year
Assessed Land
Assessed Improvement
Market Value
Tax Delinquent
$4,129
$227,560
2025
$18,000
$209,560
$227,560
No

Tax History

Year
Tax Paid
Assessed Value
2024
$4,129
$227,560

Equity Summary

Est. Mortgage Balance
Est. Equity
Equity %
LTV
Est. Monthly Payment
N/A
$227,560
100%
0%
$0/mo

Rental Potential

Est. Monthly Rent
Est. Monthly Expenses
Est. Cash Flow
Gross Yield
$1,550/mo
N/A
+$1,550/mo
8.2%

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.

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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: Lubbock

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406 E Fm 1585 | Property Details | No Agent List