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    The Largest CRE Database in the US with Over 1 Million Listings

    1338 Fm 67 Covington, TX 76636

    Sponsored
    For Sale
    $675,000

    Ranch, Farm/Ranch - Covington, TX

    Type:Farm
    Property size:
    2,268 SF
    Lot size:
    9.95 Acres
    Days on Market:
    32
    Last Refresh:
    Jan 22 at 11:06 pm

    Property Features for 1338 Fm 67

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
    Bedrooms
    2
    Bathrooms
    2
    APN
    124215
    Parking features
    Carport
    Patio and Porch features
    Patio, Porch
    Interior features
    Kitchen Island, Open Floorplan, Walk-in Closet(s)
    Exterior features
    Covered Patio/Porch, Rain Gutters, Rain Barrel/Cistern(s), Rv Hookup, Rv/Boat Parking, Fence
    Fencing
    Fenced
    Appliances
    Dishwasher, Range, Washer
    Size
    2,268 SF
    Lot size
    9.95 Acres

    Utilities

    Heating system
    Central, Electric (Heating), Heat Pump (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Electric

    Building Details

    Year built
    2013
    Floors in Building
    1
    Flooring type
    Carpet, Vinyl
    Building materials
    Stone
    Roof type
    Metal
    Architectural style
    Ranch
    Additional Structures
    RV/Boat Storage

    We can help!

    Listing Contact
    Hope Kirkpatrick

    Webb Kirkpatrick Realtors (817) 774-2487

    Listing agent Hope Kirkpatrick (817) 774-2487

    Listing date Dec 22, 2025

    MLS# 21001365 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Covington Ranch with Custom Home

    Located in Covington, this property features a custom rock home situated on nearly 10 acres of improved pastures with mature trees. The one-owner home includes a wide front porch and an open-concept floor plan. The kitchen features custom hickory cabinets and abundant counter space. The land is divided into three pastures, with the front and rear pastures used for hay production and grazing, and the center pasture featuring scattered shade trees. A catch pen is in place for cattle. A 40x50 insulated shop with a 20x50 leanto includes a 50-amp plug and RV dump station, along with a storage room with a loft above. A rain harvesting barrel is included, along with a storm shelter. The back of the home features a sunroom with windows stretching the entire length. The primary suite offers a large walk-in shower and dual sinks. A guest bedroom is also included. The home features wood doors and luxury vinyl wood flooring, a 26-gauge R-panel metal roof, spray foam insulation, gutters, a sprinkler system, and an oversized carport. The 2,268 square foot home can easily be converted to a 3 bedroom. The 8x54 sunroom has its own HVAC unit. The property is located 56 minutes from Dickie's arena.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranches

    Suggested Use

    HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Hill
    State
    Texas
    Longitude
    -97.322567
    Latitude
    32.150488

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    FAQs

    What type of property is this?
    Farm - Nearly 10-acre Covington ranch featuring a custom rock home.
    Where is this farm located?
    The property is located at 1338 Fm 67 Covington, TX.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: - Stunning custom rock home on nearly 10 acres of improved pasture, offering peace and privacy.; - 40x50 insulated shop with 20x50 leanto, 50-amp plug, RV dump station, and storage loft.; - Open-concept floor plan with custom hickory cabinets and abundant counter space.
    (817) 774-2487
    Request Owner's contact information
    1338 Fm 67 Covington, TX 76636
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    Covington, TX 76636
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1338 Fm 67 Covington, TX 76636
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    We can help!
    Listing Contact
    Hope Kirkpatrick
    (817) 774-2487
    Learn more
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