5009-5015 Bryan St

Dallas, TX 75206

$5,112,000F

1584 bd · 1584.0 ba · 5,430 sqft · Built 1956 · MultiFamily · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,972/mo
• Mortgage (P&I): −$26,808
• Tax + insurance: −$6,398
• HOA: −$0
• Vac / Maint / Mgmt: −$1,884
• Net cashflow: $-26,118/mo
• Annual: $-313,414/yr
• Cap rate: 0.16%
• Cash-on-cash: -21.90%
• DSCR: 0.03
• 1% rule: 0.18%
• Cash to close: $1,431,360

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $5.11M.
• At list price, monthly cash flow is $-26k ($-313k/yr) — negative. Per door: $-7k/mo.
• To cash-flow at today's rent, offer at most $1.02M (80.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $897k (82.4% below list).
• It's been on market 119 days — a 9% lower offer ($4.65M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $897k (82.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $35k of loan paydown is wiped out by about $153k 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: schools C-, 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.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.3%/yr); 330 active listings in the ZIP; solid renter incomes; 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 since 5y ago; this cycle's ask has dropped $483k (9%) 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 0.2% vs local median 2.3% in Dallas — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $8,972/mo this rent would consume 118% of the median local household income ($91k/yr) (locally 2983% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 119 days. Have you received any prior offers? Is the seller open to a 82% 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?
• Built in 1956 — 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?