Dallas Rental Property Market (newbie seeking info)
Hi Everyone!
My name is Eric, I live in Addison TX, and I work in healthcare IT. I've been a BP member for a while now, but this is my first post. I've mostly just been in the background, reading and learning as much as I can, but I'm ready and excited to finally take action and get much more actively involved!
I'm interested in investing in rental properties in Dallas, and my goal is to acquire my first property later this year (targeting SFH, 150-200k). I'm hoping to get some general information from any seasoned investors out there familiar with the Dallas market.
From what I've read, it sounds like it's pretty crazy competitive right now (hearing things like properties having multiple cash offers over the list price getting turned down). Has this been the experience for most investors here? And do you think I would be at a big disadvantage for getting deals if I don't offer cash?
As far as location, are there certain areas that are more ideal for SFH rental properties under 200k? I'd be interested in anywhere in the general vicinity of Addison (Carrollton, Richardson, Garland, Mesquite, Irving, Plano, etc.). This might be too vague of a question, but any overall thoughts/advice on the current state of the market in these areas (specifically for under 200k rentals properties)?
Is a 1% rent to property value percentage reasonable to expect for homes in my price range, or is that pretty hard to come by these days? Also, in terms or cashflow or cash on cash ROI, what would you consider to be "good" for rentals in the current Dallas market? Just trying to make sure I'm setting my expectations correctly as I start evaluating deals.
This post turned out longer than I planned, but I appreciate any advice you can offer, specific to my questions or not! Excited to (officially) be a part of the community here!
Eric