1910 Bennett Ave

Dallas, TX 75206

$4,200,000F

676 bd · 832.0 ba · 9,253 sqft · Built 2002 · MultiFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $32,473/mo
• Mortgage (P&I): −$22,025
• Tax + insurance: −$9,822
• HOA: −$0
• Vac / Maint / Mgmt: −$6,819
• Net cashflow: $-6,193/mo
• Annual: $-74,321/yr
• Cap rate: 4.52%
• Cash-on-cash: -6.32%
• DSCR: 0.72
• 1% rule: 0.77%
• Cash to close: $1,176,000

Investor read

• This is a 26 × 1-bed/1.0-bath units multifamily listed at $4.20M.
• At list price, monthly cash flow is $-6k ($-74k/yr) — negative. Per door: $-238/mo.
• To cash-flow at today's rent, offer at most $3.11M (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.25M (22.7% below list).
• It's been on market 83 days — a 6% lower offer ($3.95M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.11M (26.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $29k of loan paydown is wiped out by about $126k 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: Solar Prep For Boys At John F Kennedy (math 42% / reading 47%, grade F, #1,155 of 4,322 statewide, top 29%, 427 students, 40% FRL) — zoned schools average 40% FRL vs 83% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.3%/yr); 341 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.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $300k (7%) 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 2.3% 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.
• At $32,473/mo this rent would consume 428% 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 83 days. Have you received any prior offers? Is the seller open to a 26% 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?
• 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?