8110 Skillman St #2030

Dallas, TX 75231

$70,000D+

2 bd · 2.0 ba · 962 sqft · Built 1980 · Condo · Active · 382 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,175/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$551
• Vac / Maint / Mgmt: −$247
• Net cashflow: $-107/mo
• Annual: $-1,282/yr
• Cap rate: 4.46%
• Cash-on-cash: -6.54%
• DSCR: 0.71
• 1% rule: 1.68%
• Cash to close: $19,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $55k (22.1% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 382 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (22.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Richardson ISD (urban): math 40% / reading 44% proficiency, ranked #316 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Math/Science/Tech Magnet (math 60% / reading 55%, grade C+, #492 of 4,322 statewide, top 12%, 601 students, 51% FRL); Lake Highlands J H (math 37% / reading 51%, grade D, #512 of 1,662 statewide, top 32%, 822 students, 49% FRL); Lake Highlands H S (math 38% / reading 45%, grade F, #767 of 1,632 statewide, top 47%, 2,896 students, 57% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: HOA is 47% of rent.
• Market conditions: Rents rising (+2.0%/yr); 352 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 30d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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.
• 2 sale attempts; this cycle's ask has dropped $22k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 4.5% vs local median 2.2% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 382 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Worn appearance
• Minor: kitchen cabinets — Signs of wear