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    Turn-Key Duplex Investment Opportunity Title is generated by Realmo AI

    1802-1804 Iris Circle, Temple, TX 76502

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    For Sale
    $310,000

    MULTI_FAMILY - Other - Temple, TX

    Property size:
    2,296 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $135/SF
    Added:
    Sep 15, 2025
    Days on Market:
    246
    Last Refresh:
    May 18 at 7:06 pm

    Property Features for 1802-1804 Iris Circle

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Rooms
    Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 5, Bathroom 1
    Parking features
    Open, Garage
    Interior features
    CeilingFans, TubShower, Vanity, BreakfastBar
    Appliances
    Dishwasher, ElectricRange, ElectricWaterHeater, Disposal, MultipleWaterHeaters, Refrigerator, SomeElectricAppliances, Range
    Standard status
    Active
    APN
    12503
    Size
    2,296 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    OAK CREEK PLANNED DEVELOPMENT, BLOCK 001, LOT 0006
    Tax Annual Amount
    7717

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    1979
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Vinyl, Carpet, Laminate
    Building materials
    Masonry
    Roof type
    Composition, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Andrea C. Curtis

    Listing agent Andrea C. Curtis License #0376227

    Listing office United Country Premier Propert 202 W Central Texas Expy, TX

    Listing date Sep 15, 2025

    MLS# 592741 Listing URL

    Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turn‑key duplex with immediate positive cash flow from leased units and long‑term tenants
    • Prime location near I‑35, HEB, Temple Mall, Baylor Scott & White Medical Center, and major employers
    • Spacious units with updated interiors, modern finishes, central heat & air, and in‑unit laundry hookups
    • Each unit includes an attached 1‑car garage and a privacy‑fenced backyard
    • Located on a large 0.28‑acre corner lot in a quiet cul‑de‑sac with potential for landscaping upgrades
    • Suitable for 1031 exchange, portfolio expansion, or owner‑occupancy with rental income

    Overview

    This meticulously maintained duplex, constructed in 1979, is situated on a 0.28-acre corner lot within a quiet cul-de-sac. The multifamily property features two leased units, each benefiting from updated interiors with modern finishes and central heat and air. Each unit includes in-unit laundry hookups, an attached 1-car garage, and access to a privacy-fenced backyard. Outdoor storage is available, and the generous lot size allows for potential landscaping upgrades. One unit features 3 bedrooms and 2 full bathrooms, while the other contains 2 bedrooms and 1 bathroom. The property is located in close proximity to HEB grocery, Temple Mall, restaurants, and everyday shopping, as well as Baylor Scott & White Medical Center, VA Hospital, and major employers. The property is currently generating income with long-term tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Temple
    County
    Bell
    State
    Texas
    Longitude
    -97.371948
    Latitude
    31.070398

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    FAQs

    What type of property is this?
    Duplex - Meticulously maintained duplex with stable tenants in Temple, TX.
    Where is this duplex located?
    The property is located at 1802-1804 Iris Circle Temple, TX.
    What is the asking price?
    The asking price for this property is $310,000.
    What are key features of this property?
    This property features: Turn‑key duplex with immediate positive cash flow from leased units and long‑term tenants; Prime location near I‑35, HEB, Temple Mall, Baylor Scott & White Medical Center, and major employers; Spacious units with updated interiors, modern finishes, central heat & air, and in‑unit laundry hookups
    (254) 466-7083
    We can help!
    Listing Contact
    Andrea C. Curtis
    Real Estate License ID: 0376227
    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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