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    21-Acre Property with Two Homes Title is generated by Realmo AI

    1490 County Road 185, Stephenville, TX 76401

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    For Sale
    $999,000

    21 acres featuring two homes, barn, and coastal pasture.

    Type:Farm/Ranch
    Property size:
    1,930 SF
    Lot size:
    21.00 Acres
    Price / SF:
    $517/SF
    Added:
    Mar 15, 2026
    Days on Market:
    84
    Last Refresh:
    Mar 18 at 8:31 am

    Property Features for 1490 County Road 185

    General Information

    Standard status
    Active
    Size
    1,930 SF
    Lot size
    21.00 Acres
    Property subtype
    Farm/Ranch

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Josey Key
    Josey Key

    Listing agent Josey Key

    Listing office Majestic Realty Group

    Listing date Mar 15, 2026

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Majestic Realty Group

    HighLights

    • 21‑acre property with two homes, offering multi‑generational living or rental income potential.
    • Horse‑ready with a barn featuring five horse pens with water, plus coastal pasture and full fencing.
    • Main home features 3 bedrooms, 3 bathrooms, updated appliances, and outdoor kitchen.
    • Second 2008 home with 3 bedrooms, 2 bathrooms, office, and separate entrance.
    • High‑producing coastal Bermuda grass pasture with sandy loam soil, ideal for hay production and grazing.
    • Includes above‑ground pool, kids' playhouse, greenhouse, and covered back porch.

    Overview

    This 21-acre property features two homes, a barn, and coastal pasture. The main home includes 3 bedrooms and 3 bathrooms, a wood-burning fireplace, a large additional family room, and a closed-in back room. Updated appliances, remodeled bathrooms, and a tankless hot water heater are present. A covered back porch with an outdoor kitchen area, complete with power and water, enhances the outdoor space. The backyard also features an above-ground pool with a deck, a kids' playhouse, and a greenhouse. The second home, built in 2008, includes 3 bedrooms, 2 bathrooms, and a dedicated office area. It features front and back porches, a carport, a storage shed, and a separate entrance. The land features coastal Bermuda grass with sandy loam soil, suitable for hay production and livestock grazing. The property is fenced and includes a seasonal tank. A large barn includes five horse pens with water, plus an additional shed and a separate access entrance. A water well is located on the property. Located on a quiet country road, this property offers the option to divide or create a multi-generational homestead, or maintain the second home as a rental for additional income. The property is suited for livestock and offers investment potential.
    Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.134295
    Latitude
    32.158969

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    FAQs

    What type of property is this?
    Horse & equestrian property - 21 acres featuring two homes, barn, and coastal pasture.
    Where is this horse & equestrian property located?
    The property is located at 1490 County Road 185 Stephenville, TX.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: 21‑acre property with two homes, offering multi‑generational living or rental income potential.; Horse‑ready with a barn featuring five horse pens with water, plus coastal pasture and full fencing.; Main home features 3 bedrooms, 3 bathrooms, updated appliances, and outdoor kitchen.
    (254) 413-5445
    We can help!
    Listing Contact
    Josey Key
    Josey Key
    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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