1505 Elm St #603 · Dallas, TX 75201

$295,000

2 bd · 2.5 ba · 2,045 sqft · Condo public records · 132 Days on market

Built 1957 $144/sqft · 28% below area Est $410k · 28% under $2147/mo HOA · 59% of rent ↓ 9% since listing

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• 1% rule +7.3/10.0
• Appreciation +6.5/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

You’ve found it — a rare gem in the heart of Dallas! This large, fabulous condominium blends timeless style with modern convenience. Gorgeous hardwood floors and a generous open floor plan create a warm, inviting space that instantly feels like home. The sleek, spacious kitchen boasts expansive granite countertops, premium appliances, and thoughtful extras like a warming drawer and wine refrigerator — perfect for both everyday living and entertaining. Two bedrooms each feature an ensuite bath and walk-in closet, giving you the flexibility of dual primary suites. A third bedroom offers endless possibilities: home office, library, nursery, workout room, or art studio — the choice is yours. Designed by renowned architect George Dahl, the building offers exceptional amenities: 24-hour courtesy desk, 24-hour valet, a library, welcoming gathering spaces, fitness center, pool, barbecue area with tables, and even a dog area. This is true upscale living — with grocery stores, restaurants, shopping, and medical facilities just moments away. Come see it for yourself… and fall in love with the lifestyle.

Key facts

• Open floor plan
• Wine refrigerator
• Warming drawer

Tags

• HARDWOOD FLOORS
• OPEN FLOOR PLAN
• EXPANSIVE GRANITE COUNTERTOPS
• PREMIUM APPLIANCES
• WARMING DRAWER
• WINE REFRIGERATOR

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (64.8% below list).
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $104k (64.8% below list) — sets the bar for cash-flow.
• Cap rate -0.4% 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.

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: 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.
• Market conditions: Rents rising (+2.4%/yr); 97 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• This rent runs 42% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.1% local appreciation)).
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; HOA is 59% of rent; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 $103,834 (64.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 65% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.23% ✓
• Cap rate: -0.43%
• Cash-on-cash: -24.01%
• DSCR: -0.07
• GRM: 6.8

CMA / ARV

• ARV (median comp): $409,725
• List price: $295,000
• Delta: -28.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.1% appreciation · 2.38% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.17×
• Total profit: $-68,916
• Equity at exit: $134,228

10-year hold

• IRR: -7.5%
• Equity multiple: -0.22×
• Total profit: $-100,493
• Equity at exit: $208,101

Cash invested: $82,600 (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 75201

• Home prices YoY: 1.2%
• Rents YoY: 2.4%
• Active inventory: 97
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $3,626 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$701 /mo · $8,406/yr
• Insurance: −$123
• HOA: −$2,147
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $-1,653

Break-even live

Break-even rent $5,718

Max offer price $103,834

Occupancy floor —

Sensitivity live

Price	-10% $-1,486	-5% $-1,569	+0% $-1,653	+5% $-1,736	+10% $-1,820
Rent	-10% $-1,939	-5% $-1,796	+0% $-1,653	+5% $-1,510	+10% $-1,366
Rate	-1.0pp $-1,504	-0.5pp $-1,578	base $-1,653	+0.5pp $-1,729	+1.0pp $-1,807

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 Elm St Unit 1882 Dallas, TX	2.0	2.0	1445	$2,337	$1.62	44d	1	0.04mi
1509 Main St Dallas, TX	2.0	1.0–2.0	973	$2,690	$2.76	1d	17	0.04mi
1413 Elm St Dallas, TX	2.0	2.0	1531	$4,710	$3.08	21d	1	0.04mi
1413 Elm St Dallas, TX	2.0	2.0	1531	$4,710	$3.08	10d	1	0.04mi
1309 Main St Dallas, TX	1.0–2.0	1.0–2.0	1526	$5,196	$3.40	2d	14	0.05mi
1401 Elm St Dallas, TX	2.0	1.0–3.5	1873	$17,867	$9.54	4d	64	0.07mi
1601 Elm St Dallas, TX	1.0–2.0	1.0–2.5	1082	$4,175	$3.86	2d	23	0.11mi
300 N Akard St Dallas, TX	2.0	1.0–2.0	1223	$2,706	$2.21	2d	25	0.12mi
1222 Commerce St Dallas, TX	2.0	1.0–2.0	1028	$2,270	$2.21	1d	35	0.13mi
222 Browder St Dallas, TX	1.0–2.0	1.0–2.0	1141	$3,175	$2.78	44d	27	0.14mi
1623 Main St Dallas, TX	2.0	1.0–2.0	995	$2,017	$2.03	2d	9	0.14mi
405 N Ervay St Dallas, TX	3.0	1.0–3.5	1846	$8,510	$4.61	2d	24	0.16mi
1500 Jackson St Dallas, TX	1.0–2.0	1.0–2.0	1085	$2,470	$2.28	2d	8	0.17mi
356 N Ervay St Unit 1308 Dallas, TX	2.0	2.0	1512	$2,500	$1.65	44d	1	0.19mi
350 N Ervay St Dallas, TX	1.0–2.0	1.0–2.0	1144	$2,777	$2.43	2d	24	0.19mi
1122 Jackson St Dallas, TX	2.0	1.0–2.0	1054	$4,500	$4.27	4d	5	0.20mi
1122 Jackson St Dallas, TX	2.0	1.0–2.0	1054	$4,500	$4.27	1d	6	0.20mi
412 N Ervay St Unit 4702 Dallas, TX	2.0	2.0	1408	$2,235	$1.59	44d	1	0.21mi
1810 Commerce St Dallas, TX	1.0–2.0	1.0–2.0	1122	$1,909	$1.70	3d	18	0.26mi
1919 Jackson St Dallas, TX	3.0	1.0–3.5	1543	$4,156	$2.69	2d	20	0.30mi
411 N Harwood St Dallas, TX	3.0	2.0	1451	$3,283	$2.26	17d	1	0.30mi
411 N Harwood St Dallas, TX	3.0	2.0	1451	$3,283	$2.26	21d	1	0.30mi
400 S Saint Paul St Dallas, TX	3.0	1.0–3.0	1036	$3,500	$3.38	3d	116	0.32mi
1800 N Field St Dallas, TX	1.0–3.0	1.0–3.0	1820	$7,482	$4.11	3d	28	0.36mi
506 S Ervay St Dallas, TX	1.0	1.0	1430	$1,950	$1.36	44d	1	0.36mi
1801 N Pearl St Dallas, TX	1.0–3.0	1.0–2.0	1130	$3,290	$2.91	13d	5	0.55mi
1801 N Pearl St Dallas, TX	1.0–3.0	1.0–2.0	1170	$3,517	$3.00	12d	3	0.55mi
1801 N Pearl St Dallas, TX	1.0–3.0	1.0–2.0	1130	$3,298	$2.92	3d	4	0.55mi
1801 N Pearl St Dallas, TX	1.0–3.0	1.0–2.0	1163	$3,446	$2.96	15d	4	0.55mi
907 N Pearl St Dallas, TX	3.0	3.0	1732	$5,845	$3.37	22d	1	0.55mi
907 N Pearl St Dallas, TX	3.0	3.0	1732	$5,845	$3.37	44d	1	0.55mi
2121 Albany St Dallas, TX	2.0	2.5	2414	$4,200	$1.74	44d	1	0.55mi
2121 Albany St Dallas, TX	2.0	2.5	1997	$4,150	$2.08	24d	1	0.55mi
1700 Cedar Springs Rd Dallas, TX	1.0–2.0	1.0–2.0	1133	$4,306	$3.80	2d	45	0.57mi
2200 Victory Ave #701 Dallas, TX	1.0	1.5	1540	$4,500	$2.92	21d	1	0.61mi
2200 Victory Ave #707 Dallas, TX	1.0	1.5	1549	$4,050	$2.61	44d	1	0.61mi
2120 Olive St Unit 612 Dallas, TX	3.0	2.0	2300	$7,880	$3.43	11d	1	0.62mi
1900 McKinney Ave Dallas, TX	1.0–2.0	1.0–2.0	1733	$4,228	$2.44	1d	18	0.63mi
2323 N Houston St Dallas, TX	2.0	2.5	2308	$4,500	$1.95	15d	1	0.63mi
2220 Canton St #406 Dallas, TX	1.0	1.0	1448	$4,200	$2.90	44d	1	0.65mi

HOA detail condo

• Monthly dues: $2,147 · $25,764/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-18
   days on market $295,000 Active 132 DOM
2. 2026-06-17
   days on market $295,000 Active 131 DOM
3. 2026-06-16
   days on market $295,000 Active 130 DOM
4. 2026-06-15
   days on market $295,000 Active 129 DOM
5. 2026-06-13
   days on market $295,000 Active 127 DOM
6. 2026-06-09
   days on market $295,000 Active 123 DOM
7. 2026-06-08
   days on market $295,000 Active 122 DOM
8. 2026-06-07
   days on market $295,000 Active 121 DOM
9. 2026-06-04
   days on market $295,000 Active 118 DOM
10. 2026-06-03
    days on market $295,000 Active 117 DOM
11. 2026-06-02
    days on market $295,000 Active 116 DOM
12. 2026-06-02
    days on market $295,000 Active 115 DOM
13. 2026-05-31
    days on market $295,000 Active 114 DOM
14. 2026-04-07
    price $295,000 1162-char remark

    Show marketing remark (1162 chars)

    You’ve found it — a rare gem in the heart of Dallas! This large, fabulous condominium blends timeless style with modern convenience. Gorgeous hardwood floors and a generous open floor plan create a warm, inviting space that instantly feels like home. The sleek, spacious kitchen boasts expansive granite countertops, premium appliances, and thoughtful extras like a warming drawer and wine refrigerator — perfect for both everyday living and entertaining. Two bedrooms each feature an ensuite bath and walk-in closet, giving you the flexibility of dual primary suites. A third bedroom offers endless possibilities: home office, library, nursery, workout room, or art studio — the choice is yours. Designed by renowned architect George Dahl, the building offers exceptional amenities: 24-hour courtesy desk, 24-hour valet, a library, welcoming gathering spaces, fitness center, pool, barbecue area with tables, and even a dog area. This is true upscale living — with grocery stores, restaurants, shopping, and medical facilities just moments away. Come see it for yourself… and fall in love with the lifestyle.

15. 2026-02-06
    listed $325,000 Active 1162-char remark

    Show marketing remark (1162 chars)

    You’ve found it — a rare gem in the heart of Dallas! This large, fabulous condominium blends timeless style with modern convenience. Gorgeous hardwood floors and a generous open floor plan create a warm, inviting space that instantly feels like home. The sleek, spacious kitchen boasts expansive granite countertops, premium appliances, and thoughtful extras like a warming drawer and wine refrigerator — perfect for both everyday living and entertaining. Two bedrooms each feature an ensuite bath and walk-in closet, giving you the flexibility of dual primary suites. A third bedroom offers endless possibilities: home office, library, nursery, workout room, or art studio — the choice is yours. Designed by renowned architect George Dahl, the building offers exceptional amenities: 24-hour courtesy desk, 24-hour valet, a library, welcoming gathering spaces, fitness center, pool, barbecue area with tables, and even a dog area. This is true upscale living — with grocery stores, restaurants, shopping, and medical facilities just moments away. Come see it for yourself… and fall in love with the lifestyle.

16. 2026-01-05
    historical
17. 2025-10-23
    price $385,000
18. 2025-10-08
    price $390,000
19. 2025-08-26
    listed $399,000 Active
20. 2024-12-01
    historical $3,500
21. 2024-06-05
    listed $3,500
22. 2024-02-29
    historical
23. 2023-11-12
    price $390,000
24. 2023-10-05
    price $399,000
25. 2023-09-09
    listed $425,000 Active
26. 2022-07-27
    soldstatus
27. 2018-12-26
    historical
28. 2018-07-21
    price $359,000
29. 2018-06-04
    price $369,900
30. 2018-03-07
    listed $379,900 Active
31. 2006-10-16
    soldstatus
32. 2006-10-05
    soldstatus
33. 2006-08-18
    historical
34. 2006-06-17
    listed $289,900
35. 2003-05-06
    historical
36. 2001-05-25
    listed $325,000

ⓘ 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: $8,406 · $701/mo
• Projected year-2 tax: $8,406 · $701/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $43,512
• − Mortgage interest: −$16,525
• − Property taxes: −$8,406
• − Insurance: −$1,475
• − Repairs & maintenance: −$3,481
• − Management: −$3,481
• − HOA: −$25,764
• − Depreciation: −$8,582
• Taxable loss: −$24,201
• Est. tax savings @ 24.0%: +$5,808
• After-tax cash flow: $-14,026/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): 18,345
• Household income: $103,761
• Rent vs Own: 89.4% rent · 10.6% own
• Severe rent burden: 2051.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 58% Black 16% Hispanic / Latino 15% Two or more races 9% Asian 6%
• Hispanic origin (detail): Mexican 8% Puerto Rican 3%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 83% English-only · Spanish 8% Other Indo-European 3% French/Haitian/Cajun 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: ▲ 3.10%
• Current HPI: 250.7801
• Rent YoY: ▲ 2.38%
• 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

-9.2% since first listed

23 events — show timeline

• 2026-04-07 Price Changed $295,000 NTREIS
• 2026-02-06 Listed $325,000 NTREIS
• 2026-01-05 Listing Removed — NTREIS
• 2025-10-23 Price Changed $385,000 NTREIS
• 2025-10-08 Price Changed $390,000 NTREIS
• 2025-08-26 Listed $399,000 NTREIS
• 2024-12-01 Rental Removed $3,500 NTREIS
• 2024-06-05 Listed for Rent $3,500 NTREIS
• 2024-02-29 Listing Removed — NTREIS
• 2023-11-12 Price Changed $390,000 NTREIS
• 2023-10-05 Price Changed $399,000 NTREIS
• 2023-09-09 Listed $425,000 NTREIS
• 2022-07-27 Sold (Public Records) — Public Records
• 2018-12-26 Listing Removed — NTREIS
• 2018-07-21 Price Changed $359,000 NTREIS
• 2018-06-04 Price Changed $369,900 NTREIS
• 2018-03-07 Listed $379,900 NTREIS
• 2006-10-16 Sold (Public Records) — Public Records
• 2006-10-05 Sold (MLS) — NTREIS
• 2006-08-18 Listing Removed — NTREIS
• 2006-06-17 Listed $289,900 NTREIS
• 2003-05-06 Listing Removed — NTREIS
• 2001-05-25 Listed $325,000 NTREIS

Property tax history

+2.3%/yr

Latest (2025): $8,406 · -5.7% YoY. Source: county tax records.