# FM 1148, Graford, TX 76540 > **TL;DR:** land, $2,464,000. > View. Est. $13,178/mo. ## Property at a Glance | Attribute | Value | |-----------|-------| | Price | $2,464,000 | | Lot Size | 13,939,200 sqft (320.00 acres) | | Property Type | Land (Other) | | Status | Active | | Days on Market | 0 | ## Why This Home Stands Out - **Views** - Water ## Estimated Monthly Costs | Category | Amount | |----------|--------| | Principal & Interest (20% down, 30-year at 6.5%) | $12,459 | | Estimated Insurance | $719 | | **Total** | **$13,178** | ## Nearby Schools - **Elementary:** Graford - **Middle:** Graford - **High:** Graford ## Key Amenities - View ## Property Highlights - 320.00 acre lot ## Description ### Agent Description An exceptional opportunity to acquire 320+/- acres overlooking Possum Kingdom Lake in the heart of Palo Pinto County, featuring Caudill Mountain, a named county summit rising to approximately 1,360+ feet in elevation. This unique high point offers commanding views of Possum Kingdom Lake on one side and a sweeping valley panorama on the other, creating a rare dual-aspect vantage seldom found on privately held ranch land. The property showcases dramatic topography with rolling hills, rugged slopes, elevated ridgelines, and scenic high points that provide expansive views from multiple locations. Native oak, mesquite, and cedar blend with open pasture and grassed areas, delivering both visual appeal and functional grazing capacity. Two established stock tanks and a water tap enhance the ranch's recreational and agricultural utility, supporting wildlife and livestock operations. The property benefits from an existing agricultural exemption and is well-suited for cattle operations, hunting, recreational use, and future residential development. The ranch also includes a cellular communications tower generating approximately $500 per month in rental income, with all electrical service and related utility costs paid by the tower operator, providing supplemental passive revenue. With approximately 2,000 feet of FM road frontage, access is provided via an all-weather road and available co-op electric service. The ranch is unzoned and unrestricted, allowing flexibility for a private estate, legacy ranch, recreational retreat, or long-term investment holding. Wildlife is abundant, including whitetail deer, hogs, dove, ducks, and native game species. The varied terrain and vegetation create diverse habitat and natural cover throughout the property. This is a rare opportunity to own a landmark-quality ranch centered around one of Palo Pinto County's signature high points-offering elevation, views, privacy, income potential, and versatility in a premier Possum Kingdom Lake setting. ## Location - **Address:** FM 1148, Graford, TX 76540 - **County:** Palo Pinto - **Neighborhood:** ALEX STRINGER - **Coordinates:** 32.906354, -98.50456982 - **Google Maps:** https://www.google.com/maps?q=32.906354,-98.50456982 ## Virtual Tour & Media - **Video Tour:** https://www.propertypanorama.com/instaview/ntreis/21167684 ## Listing Agent - **Name:** Charles Horton - **Brokerage:** The Michael Group, LLC - **Phone:** (214) 692-6400 - **Broker Phone:** (214) 692-6400 - **Listing URL:** [View original listing](https://www.realtor.com/realestateandhomes-detail/Fm-1148_Graford_TX_76540_M91846-95552?f=listhub&s=NTREIS&m=21167684&c=propsimple) ## Photos ![FM 1148 - Photo 1](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f857837058r.jpg) ![FM 1148 - Photo 2](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1589862789r.jpg) ![FM 1148 - Photo 3](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1166578935r.jpg) ![FM 1148 - Photo 4](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2124471170r.jpg) ![FM 1148 - Photo 5](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1346401139r.jpg) ![FM 1148 - Photo 6](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2029272892r.jpg) ![FM 1148 - Photo 7](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1145987229r.jpg) ![FM 1148 - Photo 8](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3245710339r.jpg) ![FM 1148 - Photo 9](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f392607584r.jpg) ![FM 1148 - Photo 10](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f917856641r.jpg) ![FM 1148 - Photo 11](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1026006222r.jpg) ![FM 1148 - Photo 12](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1871065045r.jpg) ![FM 1148 - Photo 13](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1006708367r.jpg) ![FM 1148 - Photo 14](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3907180191r.jpg) ![FM 1148 - Photo 15](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f865810014r.jpg) ![FM 1148 - Photo 16](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3530265961r.jpg) ![FM 1148 - Photo 17](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f798142439r.jpg) ![FM 1148 - Photo 18](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1027494121r.jpg) ![FM 1148 - Photo 19](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2799953864r.jpg) ![FM 1148 - Photo 20](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3792823010r.jpg) ![FM 1148 - Photo 21](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1398826052r.jpg) ![FM 1148 - Photo 22](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3399950817r.jpg) ![FM 1148 - Photo 23](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1225283001r.jpg) ![FM 1148 - Photo 24](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2483381344r.jpg) ![FM 1148 - Photo 25](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2888675438r.jpg) ![FM 1148 - Photo 26](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2142283804r.jpg) ![FM 1148 - Photo 27](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f827293309r.jpg) ![FM 1148 - Photo 28](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1819472824r.jpg) ![FM 1148 - Photo 29](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2305205689r.jpg) ![FM 1148 - Photo 30](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2637134069r.jpg) ![FM 1148 - Photo 31](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f2086050871r.jpg) ![FM 1148 - Photo 32](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3079086491r.jpg) ![FM 1148 - Photo 33](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f891138935r.jpg) ![FM 1148 - Photo 34](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f434693032r.jpg) ![FM 1148 - Photo 35](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f13435188r.jpg) ![FM 1148 - Photo 36](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1985956999r.jpg) ![FM 1148 - Photo 37](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f344862466r.jpg) ![FM 1148 - Photo 38](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1782251002r.jpg) ![FM 1148 - Photo 39](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f3210775835r.jpg) ![FM 1148 - Photo 40](http://lh.rdcpix.com/025c7bccb0007c27f70a6f27b0c8866dl-f1811374484r.jpg) --- **MLS#:** 21167684 | **Updated:** 2026-09-23 **Source:** listhub *Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.* [View on PropertySimple](https://www.propertysimple.ai/listing/fm-1148-graford-tx-76540-21167684) --- ## Structured Data ```json { "@context": "https://schema.org", "@type": "RealEstateListing", "@id": "https://www.propertysimple.ai/listing/fm-1148-graford-tx-76540-21167684#listing", "url": "https://www.propertysimple.ai/listing/fm-1148-graford-tx-76540-21167684", "name": "FM 1148, Graford, TX 76540", "description": "An exceptional opportunity to acquire 320+/- acres overlooking Possum Kingdom Lake in the heart of Palo Pinto County, featuring Caudill Mountain, a named county summit rising to approximately 1,360+ feet in elevation. This unique high point offers commanding views of Possum Kingdom Lake on one side and a sweeping valley panorama on the other, creating a rare dual-aspect vantage seldom found on privately held ranch land. The property showcases dramatic topography with rolling hills, rugged slopes, elevated ridgelines, and scenic high points that provide expansive views from multiple locations. Native oak, mesquite, and cedar blend with open pasture and grassed areas, delivering both visual appeal and functional grazing capacity. Two established stock tanks and a water tap enhance the ranch's recreational and agricultural utility, supporting wildlife and livestock operations. The property benefits from an existing agricultural exemption and is well-suited for cattle operations, hunting, recreational use, and future residential development. The ranch also includes a cellular communications tower generating approximately $500 per month in rental income, with all electrical service and related utility costs paid by the tower operator, providing supplemental passive revenue. With approximately 2,000 feet of FM road frontage, access is provided via an all-weather road and available co-op electric service. The ranch is unzoned and unrestricted, allowing flexibility for a private estate, legacy ranch, recreational retreat, or long-term investment holding. Wildlife is abundant, including whitetail deer, hogs, dove, ducks, and native game species. The varied terrain and vegetation create diverse habitat and natural cover throughout the property. 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