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    Duplex Investment with Value-Add Potential Title is generated by Realmo AI

    909 Shepherd Street, Morgan, TX 76690

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    Claim this Listing
    For Sale
    $130,000

    MULTI_FAMILY - Morgan, TX

    Lot size:
    0.14 Acres
    Added:
    Mar 18, 2026
    Days on Market:
    77
    Last Refresh:
    Jun 2 at 8:06 pm

    Property Features for 909 Shepherd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 2, Bathroom 1
    Parking
    2
    Parking features
    Open, Off Street
    Fireplace
    1
    Standard status
    Active
    APN
    R30140
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Description
    MORGAN OT BLOCK 28 LOT 6
    Tax Annual Amount
    2786

    Utilities

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

    Building Details

    Year built
    2000
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Carpet
    Building materials
    Rock, Stone, VinylSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Madison Crook

    Listing agent Madison Crook License #0819401

    Listing office EG Realty Waco, TX

    Listing date Mar 18, 2026

    MLS# 21211538 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

    • 1,888 SF duplex with 2 bedrooms and 1.5 baths per unit
    • Built in 2000 with rock, stone, and vinyl siding exterior materials
    • Central heat with electric (heating) plus central air and ceiling fans
    • Fireplace included; composition roof
    • Utilities: public water and public sewer
    • Open and off‑street parking; offered alongside/with nearby duplexes on Shepherd St (905 & 907, and 907 & 909) for bundle or standalone purchase

    Overview

    This 1,888 sq ft duplex features two units, each with two bedrooms and 1.5 baths. The seller notes value-add potential in both units, creating room for an owner to apply improvements and optimize the property’s income performance.

    The property is positioned alongside two larger duplexes at 905 and 907 Shepherd St, which can make it a straightforward addition to an existing portfolio. The adjoining lots and neighboring duplexes at 907 and 909 Shepherd St are also available, allowing you to purchase this duplex as a standalone income property or as part of a multi-property investment bundle.

    For investors and operators, this layout offers a practical way to diversify within the duplex asset class while still targeting upside through thoughtful updates. Whether you’re building a small package or acquiring your next rental, the configuration and companion availability support a flexible ownership strategy based on how you plan to structure your investment.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Food Market Grocery & Convenience Store Bar & Pub Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Morgan
    County
    Bosque
    State
    Texas
    Longitude
    -97.605839
    Latitude
    32.016153

    Nearby Similar for Sale

    • $140,000
      2,580 SF

      Well-Maintained Duplex in Morgan, TX

      Two-story duplex with updated finishes, ideal for investors.
      905 Shepherd Street, Morgan, TX 76690
      View Details
    • $139,900
      2,580 SF

      Two-Story Duplex in Morgan, TX

      Two-story duplex with functional layouts, ideal for investors.
      907 Shepherd Street, Morgan, TX 76690
      View Details
    • $1,231,000
      9,100 SF

      Newer Retail Building For Sale

      Retail building with long-term corporate lease in Morgan, Texas.
      605 Harris St, Morgan, TX
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-unit duplex offers 2 bed, 1.5 bath layouts and value-add opportunity for long-term rental income.
    Where is this duplex located?
    The property is located at 909 Shepherd Street Morgan, TX.
    What is the asking price?
    The asking price for this property is $130,000.
    What are key features of this property?
    This property features: 1,888 SF duplex with 2 bedrooms and 1.5 baths per unit; Built in 2000 with rock, stone, and vinyl siding exterior materials; Central heat with electric (heating) plus central air and ceiling fans
    (254) 218-4220
    We can help!
    Listing Contact
    Madison Crook
    Real Estate License ID: 0819401
    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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