Small waterfront home in Graford, TX--- $285k USD

[GON]

Amazed at the price for this small home in Graford,TX---$285k USD.

Yesterday I was invited to apply for one of three vacant positions located in the areas of Prineville, OR; Spokane Valley, WA; and Wenatchee, WA . I did a waterfront real estate search in these three areas and essentially could not find anything for triple the price of this Texas home.

https://www.realtor.com/realestatea...Herman-Unit-43_Graford_TX_76449_M70759-65359?

 

[Zee09]

You'll get soaked good on property taxes

 

[fdcg27]

Looks pretty good for that kind of coin.

 

[Zee09]

Under $3k taxes not so bad

 

[The Critic]

Looks pretty good for that kind of coin.

Hail exposure is pretty extreme in that region, but add in a lower-end 1950's house in a heavily flood exposed area? Doesn't seem like a smart buy to me.

 

[demarpaint]

I'd pass.

 

[Wylie6G72]

Too close to, and similarly-elevated to the water for my comfort. And whenever a price seems too good, research research research.

 

[GON]

Hail exposure is pretty extreme in that region, but add in a lower-end 1950's house in a heavily flood exposed area? Doesn't seem like a smart buy to me.

Although I failed to research the water, I assume the lake is a large man made reservoir.

More likely than not this property risk is a receding waterline, not a rising waterline. If waters reach flood levels, the dam simply releases more water.

 

[The Critic]

More likely than not this property risk is a receding waterline, not a rising waterline. If waters reach flood levels, the damage simply releases more water.

Looks like this property is solidly in Zone AE:

Even if your hypothesis is correct, this is a SFHA so lenders may require flood insurance....and it isn't going to be cheap.

 

[clinebarger]

Although I failed to research the water, I assume the lake is a large man made reservoir.

More likely than not this property risk is a receding waterline, not a rising waterline. If waters reach flood levels, the damage simply releases more water.

There are very few natural lakes in Texas.

 

[Nukeman7]

There is a critical detail overlooked in the fine print. The house is located on land that is leased for $4000/year. The lease is only guaranteed through 2036, so the buyer may be forced to liquidate the house in 11 years. I also think the location poses a high risk for flooding during extreme weather.

 

[GON]

There is a critical detail overlooked in the fine print. The house is located on land that is leased for $4000/year. The lease is only guaranteed through 2036, so the buyer may be forced to liquidate the house in 11 years. I also think the location poses a high risk for flooding during extreme weather.

Outstanding catch, I missed that. Is the US Army Corps of Engineers the lessor? In Arizona, the US Forest service has thousands of leases with individuals for small plots of land where the lessee built a home.

Very few homes are not a risk during extreme weather. People have drowned in Arizona during extreme weather. I suspect a large man made reservior is actually a mitigation against extreme weather, to those miles from the water, yet on higher ground.

 

[dishdude]

BITOG sleuthing uncovered why this house appeared to be such a bargain.

 

[BMWTurboDzl]

Looks like this property is solidly in Zone AE:
View attachment 280857
Even if your hypothesis is correct, this is a SFHA so lenders may require flood insurance....and it isn't going to be cheap.

They will.

 

[RhondaHonda]

May as well just buy an RV with that land lease. Ask the people that lived on the lake that Stan Kroenke bought as part of his ranch how they feel.

 

[ka9mnx]

Nice house for the price but the elevation above the water would be a no go for me.

When I moved in my house I did the research. The house is 17' above the Atlantic ocean. Then I found out, in an unusual case, if on a king tide and with the hurricane winds in the right direction, the water could rise to 27'. ALL my friends here told me if I didn't get flood insurance I was nuts. I called my insurance company and requested flood insurance and they told me I wasn't on the flood plan. I insisted and got the flood insurance. Flood insurance is not expensive and I pay every year. My wife thought I was being a little foolish.

It all paid off when hurricane Matthew came through when our house flooded to the tune of around $350k.

 

[clinebarger]

There is a critical detail overlooked in the fine print. The house is located on land that is leased for $4000/year. The lease is only guaranteed through 2036, so the buyer may be forced to liquidate the house in 11 years. I also think the location poses a high risk for flooding during extreme weather.

Probably owned by whatever water authority, Possum Kingdom is fed by the Brazos IIRC?

 

[GON]

May as well just buy an RV with that land lease. Ask the people that lived on the lake that Stan Kroenke bought as part of his ranch how they feel.

RH, came across the below waterfront lot and thought it to be a great match for a high end RV- they make a few very nice high end RVs. One could have a boat, be saltwater fishing quickly, move the RV inland in case of hurricane. Looks like water, electric, and sewage is on the lot. Enough space to park some toys, even looks like a boat ramp.

A few minutes after reviewing the lot, my enthusiasm was curbed. Reality set in. I don't use air conditioning, reguardless of how hot the weather is. My windows are always open. Currently I live in a 100 percent non smoking hotel. I am on the top floor, and no buildings other than the hotel. My hotel room fills with cigar smoke, cigarette smoke, and weed smoke 24x7. I imagine the same is likely on this lot listed below, plus loud music into the night......

https://www.realtor.com/realestatea...port_TX_78382_M81751-84375?from=srp-list-card

 

[GON]

Probably owned by whatever water authority, Possum Kingdom is fed by the Brazos IIRC?

The US Army Corps of Engineers (USACE) manages land in Graford, Texas, including areas around the Grapevine Lake. While the Corps does not explicitly offer land leases in the traditional sense, they do allow adjacent landowners certain privileges and require permits for various activities on government-owned land.

Here's a more detailed breakdown:

• Grapevine Lake:
  The USACE manages land surrounding Grapevine Lake, including fee land and flowage easements.
  
  • Permitting: They may need permits for certain activities like mowing, placing waterlines, or constructing fences.
    
    
  • Pedestrian Access: They can have unrestricted pedestrian access to public land, except for restricted areas.
    
    
  • Gate Installation: With permission, they can install gates in the boundary line fencing for pedestrian access only.
    
• Fee Land:
  The Corps manages fee land, which is land they own outright, and may have specific restrictions or procedures for leases to provide services on this land.
  
  
• Flowage Easements:
  These are privately owned lands where the Corps has acquired the right to flood, but the land can still be used, subject to certain restrictions.
  
  • Mowing: To reduce fire hazards, but with restrictions.
    
    
  • Waterlines: To withdraw water for private use, requiring permits from the Dallas Water Utilities and the USACE.
    
    
  • Structures: They can generally construct structures on flowage easement land, but not for human habitation, and all structures require approval from the USACE.
    
• Contact Information:
  For more information, you can contact the Fort Worth District Water Management at the Sam Rayburn Project Office.
  

In essence, the USACE does not offer land leases in the way a private landowner would. Instead, they manage the land and provide permits and regulations for adjacent landowners to access and use the land, while protecting the natural and recreational resources of the lake and reservoir.

 

[The Critic]

Nice house for the price but the elevation above the water would be a no go for me.

When I moved in my house I did the research. The house is 17' above the Atlantic ocean. Then I found out, in an unusual case, if on a king tide and with the hurricane winds in the right direction, the water could rise to 27'. ALL my friends here told me if I didn't get flood insurance I was nuts. I called my insurance company and requested flood insurance and they told me I wasn't on the flood plan. I insisted and got the flood insurance. Flood insurance is not expensive and I pay every year. My wife thought I was being a little foolish.

It all paid off when hurricane Matthew came through when our house flooded to the tune of around $350k.

You must be surge exposed...