4523-4535 Reiger Ave · Dallas, TX 75246

$2,650,000

None bd · None ba · 5,460 sqft · MultiFamily public records · 30 Days on market

Built 1960 0.82 ac lot ↓ 11% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Prime opportunity to purchase two apartments (30 units) in east Dallas sitting on roughly 35,700 sq ft of land, zoned PD-98. Emerald Isle is vacant and ready for a full rehab while El Caro is leased at 83% occupancy. This location is close to all things East Dallas as well as Deep Ellum, Baylor Hospital, the Santa Fe Trail, etc.

Key facts

• Vacant lot
• 50
• Two apartments

Tags

• 50
• 218 SQ FT OF LAND
• ZONED PD-98
• 3 ADJACENT PROPERTIES
• TWO APARTMENTS
• VACANT LOT

Property features AI

Finance

• Other: Building area approximately 22,912 total; Two buildings, 30 total units; Parcel numbers available
• Financial info: Property listed as residential income; Multi-parcel property
• HOA & community: No association

Exterior

• Parking: On-site parking; 30 parking spaces
• Utilities: City water; City sewer; Curbs; Not in a municipal utility district
• Home design: Residential income property (Apartment); Two levels; Complex: Emerald Isle and El Caro
• Construction: Brick and stone veneer exterior; Composition roof; Pillar/post/pier foundation; Built in 1960
• Exterior features: Interior lot; Level lot; Will subdivide

Interior

• Kitchen: Gas Range; Refrigerator
• Flooring: Carpet; Vinyl
• Heating & cooling: Electric cooling; Wall/Window unit cooling; Other heating
• Interior features: Other interior features

What this means for you Summary

Snapshot

• This is a multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $15k ($185k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $2.65M).
• Recommended offer: $2.61M (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 2.3% in Dallas — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#24 in TX, #1,380 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Dallas ISD (urban): math 31% / reading 36% proficiency, ranked #559 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ignacio Zaragoza El (math 37% / reading 32%, grade F, #1,995 of 4,322 statewide, top 50%, 292 students, 92% FRL).
• Market conditions: 19 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• At $39,880/mo this rent would consume 894% of the median local household income ($54k/yr) (locally 179% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $129k of equity ($18k loan paydown + $111k appreciation (4.2% local appreciation)).
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $742k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$208k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($2.61M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,610,250 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.91%
• DSCR: 2.11
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $1,244,880
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5004 Worth St	0.45mi	4/4.0	5,924 (+8%)	12mo	$1,350,000	$228	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.1%
• Equity multiple: 2.98×
• Total profit: $1,468,547
• Equity at exit: $1,371,591

10-year hold

• IRR: 32.3%
• Equity multiple: 5.92×
• Total profit: $3,654,075
• Equity at exit: $2,265,982

Cash invested: $742,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75246

• Home prices YoY: 1.4%
• Active inventory: 19
• Price-to-rent: 166.1×

Monthly cashflow live

• Estimated rent: $39,880 high
• Mortgage (P&I): −$13,897
• Tax from tax record: −$1,104 /mo · $13,249/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,375
• Net cashflow: $15,400

Break-even live

Break-even rent $20,386

Max offer price $2,650,000

Occupancy floor 56%

30-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 30× units	2	1	$39,870
Total (30 units)			$39,880

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
316 N Carroll Ave Dallas, TX	1.0	1.0	7399	$1,025	$0.14	43d	1	0.08mi
5309 Eastside Ave Unit 1 Dallas, TX	1.0	1.0	4148	$1,650	$0.40	5d	1	0.62mi
5309 East Side Ave Dallas, TX	1.0	1.0	4148	$1,550	$0.37	7d	1	0.62mi
2934 S Hall St Unit 401 Dallas, TX	3.0	4.5	5275	$12,500	$2.37	43d	1	1.11mi
800 S Glasgow Dr Dallas, TX	3.0	2.5	4864	$4,000	$0.82	2d	1	1.38mi

Listing history 16 events

1. 2026-06-18
   days on market $2,650,000 Active 30 DOM
2. 2026-06-17
   days on market $2,650,000 Active 29 DOM
3. 2026-06-16
   days on market $2,650,000 Active 28 DOM
4. 2026-06-15
   days on market $2,650,000 Active 27 DOM
5. 2026-06-13
   days on market $2,650,000 Active 25 DOM
6. 2026-06-09
   days on market $2,650,000 Active 21 DOM
7. 2026-06-08
   days on market $2,650,000 Active 20 DOM
8. 2026-06-07
   days on market $2,650,000 Active 19 DOM
9. 2026-06-04
   days on market $2,650,000 Active 16 DOM
10. 2026-06-03
    days on market $2,650,000 Active 15 DOM
11. 2026-06-02
    days on market $2,650,000 Active 14 DOM
12. 2026-06-01
    days on market $2,650,000 Active 13 DOM
13. 2026-05-31
    days on market $2,650,000 Active 12 DOM
14. 2026-05-22
    price $2,650,000
15. 2026-05-19
    listed $2,990,000 Active
16. 2019-12-31
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $13,249 · $1,104/mo
• Projected year-2 tax: $48,495 · $4,041/mo
• Expected delta: +$35,246/yr (+$2,937/mo · 266.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $478,560
• − Mortgage interest: −$148,441
• − Property taxes: −$13,249
• − Insurance: −$13,250
• − Repairs & maintenance: −$38,285
• − Management: −$38,285
• − Depreciation: −$77,091
• Taxable income: $149,959
• Est. tax owed @ 24.0%: −$35,990
• After-tax cash flow: $148,810/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dallas ISD
• NCES district ID: 4816230
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $42,881
• Composite: 28.41/100
• National rank: #6763
• State rank: #559 of 826 in TX

Livability — Dallas

• Score: 81/100
• State rank: #24
• US rank: #1380

Category grades

Amenities A+ Commute A+ Cost of living A- Crime F Employment C+ Housing A+ Health & safety A User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, TX
• County: Dallas County · 2,612,404 people
• City population: 1,168,437
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 2,286
• Household income: $53,555
• Rent vs Own: 80.1% rent · 19.9% own
• Severe rent burden: 179.0

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 2,979,839 people
• By 2030: 3,191,823 · +7.1%
• By 2040: 3,619,611 · +21.5%
• By 2050: 4,026,915 · +35.1%
• By 2075: 4,957,073 · +66.4%
• By 2100: 5,508,725 · +84.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 36% White 34% Black 22% Two or more races 14% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 31% Puerto Rican 3%
• Common ancestry: Italian 3% Iranian 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Vietnam
• Languages at home: 59% English-only · Spanish 35% Russian/Polish/Slavic 2% Vietnamese 2%

Political lean MEDSL · Dallas

• 2024 margin: Strong D (+22.2) · D 60.2% · R 38.0% · Other 1.8%
• 2008→2024 swing: +6.9pp toward D · 2008: 15.3pp · 2024: 22.2pp
• All cycles: 2024: D+22.2 2020: D+31.6 2016: D+26.2 2012: D+15.4 2008: D+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.18%
• Current HPI: 308.7396
• Rent YoY: —
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-11.4% since first listed

3 events — show timeline

• 2026-05-22 Price Changed $2,650,000 NTREIS
• 2026-05-19 Listed $2,990,000 NTREIS
• 2019-12-31 Sold (Public Records) — Public Records

Property tax history

+4.5%/yr

Latest (2025): $13,249 · +9.9% YoY. Source: county tax records.