3624 Parkridge Dr #214

Dallas, TX 75234

$95,000D+

1 bd · 1.0 ba · 661 sqft · Built 1982 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,329/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$248
• HOA: −$326
• Vac / Maint / Mgmt: −$279
• Net cashflow: $-22/mo
• Annual: $-266/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• 1% rule: 1.40%
• Cash to close: $26,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $95k.
• At list price, monthly cash flow is $-22 ($-266/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (4.1% below list).
• Meets the 1% rule at list price ($1k rent vs $95k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $91k (4.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k 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.
• 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: Chapel Hill Preparatory-A Personalized Lrning Sch (math 37% / reading 32%, grade F, #1,995 of 4,322 statewide, top 50%, 371 students, 89% FRL); Thomas C Marsh Middle (math 23% / reading 24%, grade F, #1,317 of 1,662 statewide, top 80%, 762 students, 95% FRL); W T White H S (math 14% / reading 28%, grade F, #1,385 of 1,632 statewide, top 85%, 2,149 students, 79% FRL) — zoned schools at 88% FRL track the district average.
• Watch-outs: property tax is 2.6% of price; HOA is 25% of rent.
• Market conditions: Rents soft (-1.3%/yr); 163 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 7 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• 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 6.0% 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

• 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?
• 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.