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    502 County Road 194 Ovalo, TX 79541

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    For Sale
    $1,490,000

    Farm/Ranch - Ovalo, TX

    Type:Farm
    Property size:
    2,467 SF
    Lot size:
    127.55 Acres
    Price / SF:
    $603/SF
    Added:
    Apr 23, 2026
    Days on Market:
    13
    Last Refresh:
    May 5 at 11:06 am

    Property Features for 502 County Road 194

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Parking features
    Garage, Gated
    Interior features
    Built-in Features, Cable Tv Available, Chandelier, Decorative Lighting, Eat-in Kitchen, Granite Counters, High Speed Internet Available, Paneling, Vaulted Ceiling(s), Walk-in Closet(s)
    Fireplace
    1
    Appliances
    Cooktop, Cooktop - Electric, Dishwasher, Garbage Disposer, Oven - Double, Washer
    Standard status
    Active
    APN
    74149
    Size
    2,467 SF
    Lot size
    127.55 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Fireplace(s)

    Building Details

    Year built
    1984
    Floors in Building
    1
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Blaine Covington

    Listing agent Blaine Covington License #0474901

    Listing office Texas Hunting Land. LLC 800 S. Cherry Lane, Fort Worth, TX

    Listing date Apr 23, 2026

    MLS# 21043559 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.

    Overview

    Turnkey Ranch with Exquisite Home

    Located in the southern hills of Taylor County, this ranch offers a landscape with a ranch house built in 1984. The house provides 2,467 square feet of living space, including 4 bedrooms, 3 full baths, a kitchen, a dining room, a fireplace, and a full garage with additional covered parking. The backyard includes a saltwater swimming pool. There is a 50x50 barn, a 50x38 barn with roll-up doors, and a 16x46 barn. The land, spanning 127.548 acres, is flat to rolling. There are two large stock tanks, oak groves, and hunting opportunities. The property is a corner property with a gated entry and cross fencing. It is located in the Jim Ned CISD. The ranch has been managed for year-round recreational potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ranches

    Map

    City
    Ovalo
    County
    Taylor
    State
    Texas
    Longitude
    -100.008661
    Latitude
    32.138396

    Nearby Similar for Sale

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    • $600,000

      30 Acres with Panoramic Views

      30-acre property with views, pool, shop, and highway access.
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    • $3,900,000

      Turn-Key Ranch with Scenic Views

      403-acre ranch in Taylor County, ideal for equestrian or cattle.
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    • $600,000
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      30 Acres in Jim Ned

      30-acre property with metal building, pool, and utilities.
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      View Details

    FAQs

    What type of property is this?
    Ranch - Picturesque ranch featuring a home, barns, and recreational potential.
    Where is this ranch located?
    The property is located at 502 County Road 194 Ovalo, TX.
    What is the asking price?
    The asking price for this property is $1,490,000.
    What are key features of this property?
    This property features: Turnkey ranch featuring an updated 4‑bedroom home (2,467 sq ft) with a phenomenal kitchen, spacious dining room, and fireplace.; Exceptional backyard boasts a saltwater swimming pool and incredible ranch views, ideal for entertaining.; Multiple barns: 50x50, 50x38 (with roll‑up doors), and 16x46, providing ample storage and workspace.
    (817) 350-4617
    We can help!
    Listing Contact
    Blaine Covington
    Real Estate License ID: 0474901
    Learn More
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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.

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