Rental Property Investor · Dallas, TX · Member since 2021 · 20 posts · 11 votes
Hi all. I have been looking at properties in Wichita Falls, Texas. I currently live in Dallas and not too familiar with the Wichita Falls Texas area. I did a little bit of research and as of today, it is a buyer's market. Is there anyone who can provide insights on the area? Which are the good neighborhoods that can cash flow?
Realtor · Lubbock, TX · Member since 2016 · 128 posts · 61 votes
2y
Hey Brenda! Wichita Falls has a lot to offer from a rental perspective. I think the local college, Air Force base and the significant amount of industry make it a great option. It is also often overlooked, which is a major plus.
When looking at a new area, I always like to check out crimemapping.com to see if some areas stand out (good or bad). Then take a look at the rent rates in those areas and check to see how that compares to 'for sale' prices. From there you can underwrite a few properties to see what cashflows and what doesn't. That should give you a good basic metric to use to quickly review properties.
Rental Property Investor · Dallas, TX · Member since 2021 · 20 posts · 11 votes
2y
@Lucia Rushton - I'm looking for a Single Family home, 3/2 and around 1500 sqft. The 'buyers market' info I found on realtor.com by googling ' Wichita Falls TX Real estate market supply' which may be wrong.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
2y
#1 it is 2 to 2 1/2 hours a way. I did that drive to a property today that I need to clean up in another city. On my way back after a long day, I thought to myself, I will not do this again....buy a challenging property that far away. It's a time suck for me.
#2 I think the tenant mix is very different in WF than DFW. I was there a couple of months ago at the foreclosure auction. Bank of America has pulled out. I don't think Wells Fargo is there. 1/2 the store fronts downtown are empty.
#3 As with any investment city, look at job growth, wage growth, and population growth. Not sure where WF stands there.
#4 I do like Mid-Western is there. With Texas university pressure, I expect this and all regional schools to grow. I don't know that for a fact, but makes sense. Sheppard AF base seems very active. I think some of what they have there, would be very tough to transfer to other bases if budget gets cut.
Rental Property Investor · Dallas, TX · Member since 2021 · 20 posts · 11 votes
2y
@Bruce Lynnthank you for this information. I understand it's quite a drive from Dallas and I appreciate the insight on the area. Are there any other areas close to DFW that you would recommend?
@Bruce Lynnthank you for this information. I understand it's quite a drive from Dallas and I appreciate the insight on the area. Are there any other areas close to DFW that you would recommend?
Any where between McKinnney and Sherman and including Sherman. Decatur and surrounding area.