4523-4535 Reiger Ave

Dallas, TX 75246

$2,640,000A-

None bd · None ba · 5,460 sqft · Built 1960 · MultiFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $39,313/mo
• Mortgage (P&I): −$13,844
• Tax + insurance: −$2,204
• HOA: −$0
• Vac / Maint / Mgmt: −$8,256
• Net cashflow: $15,009/mo
• Annual: $180,105/yr
• Cap rate: 13.12%
• Cash-on-cash: 24.36%
• DSCR: 2.08
• 1% rule: 1.49%
• Cash to close: $739,200

Investor read

• This is a 30 × 2-bed/1-bath units multifamily listed at $2.64M. Condition is rated fair.
• At list price, monthly cash flow is $15k ($180k/yr) — positive. Per door: $500/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($39k rent vs $2.64M).
• It's been on market 81 days — a 6% lower offer ($2.48M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.48M (6.0% below list) — sets the bar for market timing.
• In year one you build about $129k of equity ($18k loan paydown + $110k appreciation (4.2% local appreciation)).
• 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); Alex W Spence Talented/Gifted Academy (math 35% / reading 41%, grade F, #717 of 1,662 statewide, top 44%, 599 students, 84% FRL); North Dallas H S (math 30% / reading 31%, grade F, #1,085 of 1,632 statewide, top 67%, 1,261 students, 82% FRL) — zoned schools at 86% FRL track the district average.
• Market conditions: 20 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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).
• 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 $739k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$207k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 13.1% 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.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage with missing shingles and exposed areas.
• Major: exterior siding — Weathered and discolored, likely needs repainting and possibly replacement.
• Major: concrete driveway — Cracks and uneven surfaces, needs repair or replacement.
• Major: landscaping — Overgrown and in need of trimming and maintenance.
• Major: fencing — In poor condition, may need repair or replacement.
• Major: HVAC/mechanical systems — Given the overall condition, these likely need inspection and potential replacement.