16437 COUNTY ROAD 3147
About This Property
A standout feature is the spring-fed pond measuring approximately 5.5± acres, providing both scenic appeal and functional water for recreation and wildlife. Cleared lake frontage, established pasture lanes, and existing road access enhance the overall usability of the tract.
Two residential structures are present. The primary home offers potential for renovation or updating, while a secondary homesite near the lake includes structures that are likely best suited for removal and redevelopment, allowing a buyer to take full advantage of the lake setting. A shop outbuilding remains usable and provides practical utility for equipment storage or ranch operations.
The property is located within a rural residential and recreational corridor, surrounded by larger landholdings, farms, and homesteads, making it attractive to long-term landholders, recreational buyers, or estate-scale residential purchasers seeking acreage with a water amenity.
Overall, the property is priced primarily on land value, with existing improvements offering functional support rather than driving value-an excellent opportunity to acquire a sizable East Texas tract with water, privacy, and future potential.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 13, 2026 | In contract | - | |
| In contract | |||
| Jun 3, 2026 | Price Decreased |
$1,176,483
↓ $156K
(11.7%) | |
| Price Decreased | |||
| Feb 10, 2026 | Listed by Drake Real Estate | $1,332,413 | |
| Listed by Drake Real Estate | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017