Looking at a property close to the freeway and irving mall. Rent to value of about 0.81%. Feel like it is a good opportunity for long term appreciation and one that will continue to benefit from the gentrification of Dallas? Still in the early stages, but would be interested in hearing thought about the Irving market specifically.
Solid base of jobs and is close to Dallas proper as well as DFW. School district is not the best, but has very low crime rates.
Most parts of Irving are pretty hot right now, especially under $200,000. Irving is about 50% rental. City for a while was very aggressive with the old run down apartment owners and if I remember right ended up forcing about 5 low rent places to be torn down. I understand people like to do this to improve the look and feel of the city, but it also created some pressure in the lower rent ranges. Not that many $500-$600 apartments around and certainly nothing like that getting build. Plenty of demand factors hitting Irving....both airports are close. Las Colinas is now pretty full on office space. Irving Music Factory is now open. Northlake is on fire....bringing in lots of businesses...7-11, Core Logic, and more. I was thinking today Northlake might be a great place for Amazon HQ2.... Lot's of competition typically sub $200,000. Many will sell $5000-$10,000 over asking.
Some people like North of 183 better than South, but I like both. I think South has more potential for appreciation in many cases.
Thanks Bruce! Appreciate the insight, the property I'm evaluating is a SFH in the ~200,000 range, this one is north of 183. Agree lots of demand factors for the area, haha I am also hoping Amazon picks North Texas for their HQ would be a boon for the RE market in the general DFW area.
Just sent in my earnest money, first real estate investment. Bullish on DFW
I would caution you to make sure it will still cashflow at .81%, I typically don't like to get under 1% rent to purchase.
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