Updated Duplex With
For Sale
$560,000
9269 & 9271 Meandering Drive, North Richland Hills, TX 76182
ResidentialIncome, North Richland Hills, TX
Property Size2,512 SF
Lot Size0.10 Acres
Price / SF$222.93
Days on Market33
Property Features for 9269 & 9271 Meandering Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Parking
2
Parking features
Driveway, Garage
Interior features
EatInKitchen, HighSpeedInternet, CableTv
Fireplace
1
Appliances
Dishwasher, ElectricCooktop, ElectricOven, Microwave, Refrigerator
Subdivision
Oak Hills Add
Lot features
Subdivision
Elementary school
Porter
Middle school
Smithfield
High school
Birdville
Elementary school district
Birdville ISD
Middle school district
Birdville ISD
High school district
Birdville ISD
Directions
GPS Friendly
Standard status
Active
APN
05881188
Size
2,512 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
OAK HILLS ADDITION BLOCK 7 LOT 16RA
Tax Annual Amount
4859
Legal Description
OAK HILLS ADDITION BLOCK 7 LOT 16RA
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
wood burning fireplace
Building Details
Year built
1986
Floors in Building
1
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Century 21 Mike Bowman, Inc. · Century 21 Real Estate
(817) 354-7653
Listed By:
Melanie Hunt · License #0295970
(817) 929-3181
Added: Aug 3
Changed: Sep 2
Last Checked: Sep 4 at 5:06AM
MLS# 21342498
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.
Investment Insights
Based on property information with market context.
This 1986 duplex contains two three-bedroom, two-bath units, each measuring 1,270 square feet and including a one-car garage. The 2,512-square-foot property features tile and vinyl flooring, updated bathrooms with tiled showers and granite counters, and kitchens with cabinet storage, electric appliances, and maintained countertops. Tall living-room ceilings and wood-burning fireplaces add distinctive interior features. Central electric heating and cooling, brick construction, public water, and public sewer are also in place.
The property is located in Oak Hills near Precinct Line Road and Highway 121 in North Richland Hills. It falls within Birdville ISD. One unit is leased through 01-01-2027, while the second operates on a month-to-month lease. A composition roof replacement is currently in process.
The property is located in Oak Hills near Precinct Line Road and Highway 121 in North Richland Hills. It falls within Birdville ISD. One unit is leased through 01-01-2027, while the second operates on a month-to-month lease. A composition roof replacement is currently in process.
Key Highlights
- Two 3‑bedroom, 2‑bath units, each with 1,270 square feet
- Total property size of 2,512 square feet on 0.104 acres
- Each unit includes a 1‑car garage plus driveway parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,923
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$378,460
$378.5K
Cap Rate 7%
$270,329
$270.3K
Cap Rate 9%
$210,256
$210.3K
Market Conditions
NOI Build-Up for 2,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.4K $12.12/SF
− Vacancy
−$3.4K −$1.36/SF
EGI
$27.0K $10.76/SF
− OpEx
−$8.1K −$3.23/SF
NOI
$18.9K $7.53/SF
Area
Tarrant County, TX
Vacancy
11.21%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$378,460
Cap Rate 7%
$270,329
Cap Rate 9%
$210,256
Alternative Uses
Best Use
Multifamily LT 5
$270.3K
$236.5K – $315.4K
NOI $18,923 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$235.0K
$205.6K – $274.2K
NOI $16,451 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$883.6K
$773.2K – $1.03M
NOI $61,855 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 76182, TX
31,117
Population
11,845
Households
2.6
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
8.7 sq mi
ZIP Area
3,577
Density / Sq Mi
$119,722
Median Household Income
$60,589
Median Earnings
$1,821
Median Rent
$364,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences offer renovated finishes, private garages, and an active lease arrangement.
Where is this duplex located?
The property is located at 9269 & 9271 Meandering Drive North Richland Hills, TX.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units, each with 1,270 square feet; Total property size of 2,512 square feet on 0.104 acres; Each unit includes a 1‑car garage plus driveway parking
