Having already discussed Killeen and Harker Heights, now we are in Copperas Cove, looking for the 6 best neighborhoods.
I used similar methods – looking for established neighborhoods at decent price points where investors have a better chance of finding home owners with equity (a difficult problem in the Fort Hood buyer’s market with builders, VA loans galore).
Copperas Cove is a diverse community, with homes throughout the spectrum (and home values and distribution that mirrors the Fort Hood area as a whole). It is more “rural” than the rest of the Fort Hood area, and has homes with more space, trees, views and hills (like Cedar Creek Estates).
Several of the neighborhoods here are clustered on the South-East side of Cove (Morse Valley, Thousand Oaks and Copperhill Estates), near some of the newest development (both residential and commercial).
I came up with six neighborhoods to especially consider if you are preparing an investor prospecting campaign. Note that the price ranges include the full spectrum that homes sold for in the neighborhood in 2015 (i.e. including foreclosure sales).
Cedar Creek Estates
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $76,000 – $148,000 | $110,000 | 92 | 4 | 2 |
Cedar Creek Estates is a tiny neighborhood in South-West Copperas Cove with a HUGE amount of acreage – lots between 0.5 and 1 acres. In spite of the space, half the sales in 2015 were foreclosures, spelling opportunity for investors. The homes are generally between 1200 sq. ft. and 1900 sq. ft. It’s relative distance from Fort Hood is likely a negative, but nowhere in the area can people get this much house on this much land, making a flip very possible. Most homes were built in the mid-’80s.
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Colonial Park
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $55,500 – $149,900 | $96,800 | 97 | 13 | 3 |
Colonial Park is north of Hwy 190 in the North-East corner of Copperas Cove. It is adjacent the Hills of Cove Golf Course. The area includes multi-families, apartments, and surrounds the Hettie Helstead Elementary School. Homes range widely between 1200 sq. ft. to 2700 sq. ft., and were built between the mid-’80s to the mid-’90s.
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Copperhill Estates
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $45,000 – $145,000 | $72,000 | 73 | 12 | 3 |
Adjacent Morse Valley and Thousand Oaks, Copperhill Estates is a considerably lower price point neighborhood than the other two (and considerably older). Homes are single story houses built in the ’60s and ’70s, ranging from 1400 to 2200 sq. ft.
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Morse Valley
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $78,000 – $173,500 | $128,700 | 61 | 22 | 3 |
Located on the South-East side of Copperas Cove and adjacent some of the newer development in Cove, Morse Valley features diverse one and two story homes from 1400 sq. ft. to 3000 sq. ft., built throughout the ’90s and into the early 2000s.
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Thousand Oaks
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $123,000 – $184,000 | $162,950 | 102 | 6 | 0 |
Adjacent Morse Valley, Thousand Oaks is also near new building, both residential and commercial. The new homes are at $225,000+ price points and not necessarily competition with the $180,000 ARVs in the neighborhood. The homes are between 1700 and 2300 sq. ft.and built sporadically through the 1980s, ’90s and ’00s.
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“North” Walker Place
2015 Stats
| Price Range | Median Price | Median DOM | # Sold | # Foreclosures |
|---|---|---|---|---|
| $64,000 – $159,900 | $117,500 | 104 | 9 | 1 |
Walker Place is a popular neighborhood located on the South-West side of Copperas Cove. It is split in half by a creek bed. The north side, adjacent Martin Walker Elementary School, is the “older” side with homes built in the ’90s. The south side still has current builders, as well as homes built in the mid-2000s. Homes are between 1400 and 3000 sq. ft., both one and two stories. Note that the stats above are just for the “North” side of Walker Place.
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I hope you found the 3 part series helpful! Click the hyperlinks if you need to refer back to the Killeen or Harker Heights neighborhoods.
If you are a Copperas Cove investor looking for an investor friendly agent, please reach out to me at(512) 763-7912 or brian@starpointerealty.com.
Questions, ideas, feedback or experiences flipping in Copperas Cove? Please share in the comments!