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    Turnkey Rental Mobile Home Community Title is generated by Realmo AI

    County Road 392, Stephenville, TX 76401

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    For Sale
    $1,400,000

    MULTI_FAMILY - Stephenville, TX

    Lot size:
    10.25 Acres
    Added:
    Apr 22, 2026
    Days on Market:
    43
    Last Refresh:
    Jun 3 at 6:06 am

    Property Features for County Road 392

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    30
    Fencing
    Perimeter, Fenced
    Standard status
    Active
    APN
    R000014828
    Lot size
    10.25 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    1985
    Floors in Building
    2
    Number of units
    13
    Building materials
    MetalSiding
    Roof type
    Metal
    Additional Structures
    Barn(s)

    We can help!

    Listing Contact
    Kasey Mock
    Kasey Mock

    Listing agent Kasey Mock License #0636589

    Listing office Keller Williams Brazos West Weatherford, TX

    Listing date Apr 22, 2026

    MLS# 20964856 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.

    HighLights

    • 10‑rental‑unit property is 100% occupied as of April 2026 with $148,000 gross rental income per year
    • Rental mix includes five double‑wides, four single‑wides, and one RV spot
    • Mobile homes have been re‑sided with matching sheet metal; construction includes metal siding with metal roof
    • Horse facilities include 20+ stalls, 19 turnouts, and a lighted arena
    • Fronts a paved county road (392), just south of Lingleville and west of Stephenville, near Dublin and Tarleton State University
    • On‑site utilities include well water and septic tank; central heat and central air; fenced perimeter

    Overview

    This turnkey income-producing rental property offers a new configuration and recently updated presentation, with all units currently 100% occupied as of April 2026. The community is comprised of 10 rental units, including five double-wides, four single-wides, and one RV spot. The mobile homes have been well cared for, updated and maintained regularly, with recent re-siding using matching sheet metal. On-site equestrian facilities add a distinct asset layer, featuring 20+ horse stalls, loafing sheds, 19 turnouts, and a lighted arena.

    The property fronts a paved county road and is positioned between nearby communities, just south of Lingleville, west of Stephenville, and north of Dublin. It also benefits from proximity to Tarleton State University.

    For investors or owner-operators seeking a stabilized, income-producing rental platform, the fully leased status and established rental mix provide a practical foundation. The combination of mobile and RV housing with robust horse amenities may also appeal to tenant groups looking for an equestrian-focused living and boarding-style environment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Map

    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.314532
    Latitude
    32.237185

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    FAQs

    What type of property is this?
    Mobile home & RV park - Fully occupied mobile and RV rental property with established income and dedicated equestrian amenities.
    Where is this mobile home & rv park located?
    The property is located at County Road 392 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: 10‑rental‑unit property is 100% occupied as of April 2026 with $148,000 gross rental income per year; Rental mix includes five double‑wides, four single‑wides, and one RV spot; Mobile homes have been re‑sided with matching sheet metal; construction includes metal siding with metal roof
    (817) 441-4000
    We can help!
    Listing Contact
    Kasey Mock
    Kasey Mock
    Real Estate License ID: 0636589
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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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