841 County Road 502 , Stephenville, TX 76401(Erath County)

Behind each unit, youll find a private horse trap and shed, adding flexibility for tenant use or potential income from agricultural leases. Each apartment also includes its own connex box, providing secure, private storage. The interiors were completely renovated just two years ago, ensuring long-lasting durability, updated finishes, and minimal maintenance expenses.

Each duplex has its own water meter, giving tenants independence and allowing you, the owner, the flexibility to manage utilities transparently. A recent roof replacement across all buildings further boosts the propertys longevity and investment value.

But what truly sets this property apart is its location and built-in tenant base.

Thriving College & Rodeo Economy

Located just minutes from Tarleton State University, this property taps into a robust student rental marketTarleton boasts over 15,000 students and a nationally acclaimed collegiate rodeo team. With regular athletic events and major seasonal rodeos, including the Stampede Collegiate Rodeo, the university brings in hundreds of competitors, students, and fans every semester looking for nearby housing.

Stephenville also proudly claims the title Cowboy Capital of the World, hosting PRCA rodeos, Rodeo Heritage Week, and multiple annual festivals that draw thousands of spectators and participants to town. These events create a reliable stream of visitors, short-term tenants, and seasonal rentersideal for maximizing occupancy. From parades and queen contests to live music and family-friendly mutton bustin, these events make Stephenville a magnet for rodeo families and fans alike.

Beyond the college and rodeo scenes, the town offers a strong community atmosphere with attractions like the 112-acre City Park, trails along the Bosque River, the lively Moo-La Fest, Fourth of July fireworks, and a Summer Concert Series. All of these events support a stable, diversified rental market that appeals to students, traveling professionals, local workers, and event-goers alike.

Smart Systems, Strong Returns

The current owner has implemented an automated rent-reminder system, which alerts tenants in advance and has kept delinquencies to a minimum. With this automation and strong local demand, the property runs with smooth efficiency and consistent cash flow.

Additionally, the owner has successfully run a hay business on the property for years. The combination of hay production potential, horse traps, sheds, and extra land adds significant agricultural value, making this not just a multifamily investmentbut a multi-revenue property.

Whether you're an investor looking to grow your portfolio with low-maintenance, income-generating units or a hands-on buyer looking to live on-site and manage operations yourself, this property offers tremendous flexibility. With student housing demand, rodeo traffic, and community-driven rental stability, this one-of-a-kind asset is ready to generate income for years to come.

Rent rolls and financials available upon request.