Dallas Multifamily

13 Replies

I would like to know some of the rental rates in the Dallas Area for multifamily units. The zip code is 75271 located close to the Great Trinity Forest Blvd and Near Frederick Douglas Elementary School. Im thinking about aquiring a small multifamily in the area. I would like to know the direction that the neighborhood is going. I would also like to know what the going occupancy rate is,what the rental rates are on a 1 bd, 2 bd, 3 bd, who pays for utilities and what the typical demographic is in the area. 

Thanks

The correct zip code is 75217

That's a rough area. 

Pleasant Grove area, low income rentals. 1br about $600, 2br about $700and 3br about $775-850. SFH bring slightly more at about $900 for a 3-2.

High crime, high turnover, be careful.

Thank you for the information. Would you classify it as a C class area?

Nick,

Have you been to Dallas. Catch a flight. Go and see that is not even on the scale of apartments. It is a low class E complex. You will need to be an experience operator that specializes in this kind of housing.  Dallas has a freeze on section 8 housing so there is no help there.. High crime, high turnover, be careful you could default. There are thousands of places like that on the rough southside. That is why it is so cheap. 

Will

I got the early parts of my land lording education in 75217.  I'm happy to not be there today.  However, there are decent parts of Pleasant Grove that cash flow and are not war zones.  Also, look along the relatively new DART green line.  Light rail can change things.

Originally posted by @Nick West:

Thank you for the information. Would you classify it as a C class area?

 Class D.  Pretty rough.

Agreed...there are some C/C+ parts of Pleasant Grove.

The particular area referenced...I have that in my list of places I'm not getting out of my car in, during the day.  If I happen to find myself there after dark, I'm probably not stopping at traffic lights.  Just sayin'...

Agree with all of the above.  I looked at something down there not long ago simply because its so hard to find anything right now.  I thought, hmmm, maybe I'll widen my scope a little.....  NOPE.  Scary.  I don't have experience with areas like that, but I would think to make a go of it someone would need to really be on top of it and able to visit regularly.

Originally posted by @Tom Lafferty:

Agree with all of the above.  I looked at something down there not long ago simply because its so hard to find anything right now.  I thought, hmmm, maybe I'll widen my scope a little.....  NOPE.  Scary.  I don't have experience with areas like that, but I would think to make a go of it someone would need to really be on top of it and able to visit regularly.

 A couple years ago I looked at a MF near Hatcher and Scyene. I wasn't interested, but a friend from Austin (which doesn't have any war zones) really wanted me to go with him and possibly partner on it. The complex kind of worked because it had a very tough property manager who lived in a unit. He never left his unit without his gun and had to show it numerous times to discourage bad guys. No thank you. 

We just bought in PG and I'm not really planning on going back there. We cash flow really really well there. Comps are difficult in our complex bc they are almost always pocket listings.
Originally posted by @Veena J. :
We just bought in PG and I'm not really planning on going back there. We cash flow really really well there. Comps are difficult in our complex bc they are almost always pocket listings.

 It was a good place to learn for me.  I actually did a flip there last Fall. No hiccups.  Eventually the DART green line might improve some areas. 

Yes. We are at a 35% cap rate there. I have a great TT. It's a rough area, but it's a cheap property to learn on. Plus my bank financed it so I'm happy.

This post has been removed.