The Killeen-Temple market has always been a great spot for anyone interested in 2-4 family investing. Despite having a population only 4% of the DFW metro area, Killeen-Temple has nearly half as many 2-4 family transactions a year.

Killeen is a renter heavy market, as many military towns are. That dynamic is conducive to the affordable, short-term accommodation provided by duplexes and fourplexes, and many landlords have been rewarded by investing in this product type. 

But the market may have peaked. 

Below is our 2024 report for local 2-4 family multi-families. 

Killeen-Temple 2-4 Family 2024 Report

Below is just a snapshot of the highlight insights.

Killeen-Temple Duplex owners watched their values skyrocket in 2021 by over $100,000 overnight! 

Deals might be hard to find. Here is a sample underwriting I did on a typical duplex that is currently active at 4208 Elms Run Circle, Killeen, Texas 76542. 

It works out to a negative IRR. So, basically an appreciation play. 

There are a significant number of house hacking duplex buyers. VA financing is more common than cash purchases for area duplexes in every year save 2021.

If you are interested in a Killeen-Temple duplex, you're best off coming to it as a house-hacker.

Rents will probably continue to rise, but it's also possible prices drop for the rest of the year and you may be better off waiting for the dip. 

I personally would target duplexes anywhere in Harker Heights or Copperas Cove, as well as duplexes built since 2000 in Killeen, if you can find a price that works. 

As other parts of town improve, you might take a gamble on older duplex units for the price if you have a ready property manager in the area. The 76541 zip code is old Killeen and typically been neglected as it was easier to build new, but now that prices are up, there are increasing opportunities for value-add investments on the north side of town.

This content is also available on Bigger Pockets. If you are not already a member of that investment community, be sure to join and consider connecting with me there! 

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