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    981 W Hwy 84 Mullin, TX 76864

    View on Map
    For Sale
    $324,500

    Craftsman, Farm/Ranch - Mullin, TX

    Type:Farm
    Property size:
    2,088 SF
    Lot size:
    15.00 Acres
    Added:
    Feb 18, 2026
    Days on Market:
    42
    Last Refresh:
    Apr 1 at 11:06 am

    Property Features for 981 W Hwy 84

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    3
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
    Parking features
    Driveway
    Interior features
    Cable Tv Available, High Speed Internet Available, Natural Woodwork, Paneling
    Exterior features
    Storage
    Fireplace
    1
    Appliances
    Range, Refrigerator
    Standard status
    Active
    APN
    R000003061
    Size
    2,088 SF
    Lot size
    15.00 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Fireplace(s)

    Building Details

    Year built
    1930
    Floors in Building
    2
    Flooring type
    Carpet, Linoleum
    Roof type
    Shingle
    Architectural style
    Craftsman
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Janette Padgett

    Listing agent Janette Padgett License #0558825

    Listing office Janette Padgett Real Estate 1010 Fisher St, Coppell, TX

    Listing date Feb 18, 2026

    MLS# 21184328 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

    Mullin Country Home on 15 Acres

    Located between Mullin and Goldthwaite, off Hwy 84 - 183, this two-story home is situated on approximately 15 fully fenced acres. The residence features 3 bedrooms and 1 bath. According to MCAD, the home includes 1,584 square feet of living space on the first floor and 504 square feet upstairs, totaling 2,088 square feet. The kitchen offers ample cabinet and countertop space, flowing into the dining and living areas. The dining room features wood beam accents and large windows, providing natural light. The living room includes wood detailing and a stone fireplace. A sunroom off the living area has vaulted ceilings, wood accents, and windows on three sides. The first floor contains two bedrooms, one of which was previously used as an office. The second-story space is currently used as a third bedroom. The 15± acres are fully fenced and include one water well. The land has a mix of oaks, elm, cedar, and mesquite trees. A small wet weather creek enters the property on the northeast corner and meanders through the land. The property has an Ag Exemption.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Building Supply Spa & Massage Center Hair Salon Nail Salon Hotel & Motel Furniture & Home Goods Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Mullin
    County
    Mills
    State
    Texas
    Longitude
    -98.6560003
    Latitude
    31.5540093

    Nearby Similar for Sale

    • $345,000

      Texas Hill Country Income Property

      4.487-acre park with riverfront access and income potential.
      441 County Road 433, Mullin, TX 76864
      View Details
    • $1,425,000

      Mills County Ranch with Farmhouse

      156-acre ranch featuring a farmhouse, guest house, and multiple ponds.
      1547 FM 574 W, Mullin, TX 76864
      View Details

    FAQs

    What type of property is this?
    Farm - Charming 3-bedroom home on 15 acres near Mullin, TX.
    Where is this farm located?
    The property is located at 981 W Hwy 84 Mullin, TX.
    What is the asking price?
    The asking price for this property is $324,500.
    What are key features of this property?
    This property features: 15± acres of fully fenced land with Ag Exemption.; Charming two‑story home with 3 bedrooms.; Stunning stone fireplace in the living room.
    (325) 648-2074
    We can help!
    Listing Contact
    Janette Padgett
    Real Estate License ID: 0558825
    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.

    More about this property
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