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    Two-Bedroom Rental House Title is generated by Realmo AI

    1616 23rd Street, Wichita Falls, TX 76301

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    For Sale
    $65,000

    MULTI_FAMILY - Wichita Falls, TX

    Lot size:
    0.17 Acres
    Added:
    Jul 22, 2025
    Days on Market:
    320
    Last Refresh:
    Jun 6 at 12:06 pm

    Property Features for 1616 23rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    2
    Parking features
    Off Street
    Interior features
    CableTv
    Appliances
    ElectricRange, ElectricWaterHeater
    Standard status
    Active
    APN
    126127
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Description
    LOT 18 BLK 4 ED WILSON
    Tax Annual Amount
    1231

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Space Heater
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1941
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Combination
    Building materials
    WoodSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Ashley Self

    Listing agent Ashley Self License #0637892

    Listing office InterHomes Realty Fort Worth, TX

    Listing date Jul 22, 2025

    MLS# 21007922 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

    • 2 bed, 1 bath house currently rented for $850/month
    • Occupied by tenants; viewings require an executed contract
    • Year built 1941; wood siding exterior and composition roof
    • Utilities: public water and public sewer
    • Heating via space heater; cooling with window unit(s)
    • Off‑street parking

    Overview

    This two-bedroom, one-bath single-family home is currently occupied and rented for $850 per month. The property is being marketed as part of a portfolio, and all units are occupied at the time of listing. Viewings are available only with an executed contract.

    Located at 1616 23rd Street in Wichita Falls, Texas, the home sits on a relatively small lot size of 0.172 acres. The listing also notes that the property is part of a larger portfolio offering, with additional information available through the listing agent.

    For investors or buyers seeking a portfolio-based acquisition, this rental house may fit well as an income-producing unit with in-place tenants. Since the units are occupied, prospective buyers should plan for a purchase that supports existing tenancy through closing and coordinate viewing requirements directly with the agent.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita Falls
    County
    Wichita
    State
    Texas
    Longitude
    -98.497989
    Latitude
    33.891916

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    FAQs

    What type of property is this?
    Single family property - Rented two-bedroom, one-bath home generating monthly income and available to view with an executed contract.
    Where is this single family property located?
    The property is located at 1616 23rd Street Wichita Falls, TX.
    What is the asking price?
    The asking price for this property is $65,000.
    What are key features of this property?
    This property features: 2 bed, 1 bath house currently rented for $850/month; Occupied by tenants; viewings require an executed contract; Year built 1941; wood siding exterior and composition roof
    (817) 668-0508
    We can help!
    Listing Contact
    Ashley Self
    Real Estate License ID: 0637892
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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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