4623 Spring Garden Rd · Dallas, TX 75215

$150,000

2 bd · 1.0 ba · 1,072 sqft · SingleFamily public records · 302 Days on market

Built 1928 6,100 sqft lot $140/sqft · 13% below area Est $172k · 13% under

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Why this score? — see what drove the C+ 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).

• Cash flow +19.1/30.0
• ARV discount +13.3/15.0
• DSCR +6.0/10.0
• 1% rule +5.7/10.0
• Appreciation +5.4/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 4623 Spring Garden Road — a hidden gem with massive potential in the heart of Dallas, TX. This 3-bedroom, 1-bathroom single-family home offers a great canvas for savvy investors, renovators, or anyone looking to customize their dream home. Sitting on a spacious lot, this property features solid bones, a functional layout, and a large backyard with room for expansion or outdoor living upgrades. With some TLC and vision, this house could be transformed into a stunning residence or an income-generating rental in a neighborhood seeing steady revitalization. Located just minutes from downtown Dallas, major highways, and local schools, the property offers both convenience and long-term value. Whether you’re a flipper, landlord, or DIY enthusiast, this is your perfect chance to own in Dallas. Great bones with plenty of opportunity to renovate or rent!

Key facts

• Large backyard
• Spacious lot
• Functional layout

Tags

• SPACIOUS LOT
• LARGE BACKYARD
• FUNCTIONAL LAYOUT
• ROOM FOR EXPANSION
• OUTDOOR LIVING UPGRADES
• MINUTES FROM DOWNTOWN DALLAS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.

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 fast (+7.2%/yr); 248 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• This rent runs 42% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.8% local appreciation)).
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.8% appreciation + 7.2% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 302 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $150k implies a 318% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 302 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.53%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (median comp): $172,314
• List price: $150,000
• Delta: -12.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4502 Bradshaw St	0.10mi	2/1.5	1,112 (+4%)	12mo	$144,000	$129	77
3603 York St	0.23mi	2/1.0	986 (-8%)	4mo	$160,000	$162	73
3516 York St	0.18mi	2/1.0	990 (-8%)	8mo	$114,900	$116	72
3814 Pine St	0.55mi	3/1.0 (+1)	1,120 (+4%)	0mo	$210,000	$188	62
2726 Carpenter Ave	0.54mi	3/1.0 (+1)	1,008 (-6%)	6mo	$119,000	$118	55
3622 Cauthorn Dr	0.36mi	3/2.0 (+1)	1,200 (+12%)	1mo	$210,000	$175	53
3111 Mcdermott Ave	0.67mi	3/2.0 (+1)	1,043 (-3%)	4mo	$226,000	$217	52
3519 Frank St	0.62mi	2/1.0	924 (-14%)	4mo	$90,000	$97	44
4103 Copeland St	0.62mi	3/1.0 (+1)	948 (-12%)	8mo	$90,000	$95	40
5128 Dimple Jackson St	0.69mi	3/2.0 (+1)	992 (-8%)	8mo	$199,999	$202	40
2714 Stephenson Dr	0.68mi	3/2.5 (+1)	1,225 (+14%)	1mo	$210,000	$171	33
3719 Meadow St	0.72mi	3/2.0 (+1)	1,222 (+14%)	2mo	$225,000	$184	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.79% appreciation · 7.19% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.44×
• Total profit: $18,502
• Equity at exit: $49,569

10-year hold

• IRR: 15.5%
• Equity multiple: 3.08×
• Total profit: $87,317
• Equity at exit: $64,623

Cash invested: $42,000 (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 75215

• Home prices YoY: 0.3%
• Rents YoY: 7.2%
• Active inventory: 248
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,609 high
• Mortgage (P&I): −$787
• Tax from tax record: −$263 /mo · $3,160/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $159

Break-even live

Break-even rent $1,408

Max offer price $150,000

Occupancy floor 85%

Sensitivity live

Price	-10% $243	-5% $201	+0% $159	+5% $116	+10% $74
Rent	-10% $31	-5% $95	+0% $159	+5% $222	+10% $286
Rate	-1.0pp $234	-0.5pp $197	base $159	+0.5pp $120	+1.0pp $80

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4611 Bradshaw St Dallas, TX	3.0	2.0	1145	$1,550	$1.35	25d	1	0.03mi
4722 Meadow St Dallas, TX	2.0–3.0	2.0	1107	$1,275	$1.15	12d	4	0.19mi
3526 Elsie Faye Heggins St Dallas, TX	3.0	2.0	1113	$1,795	$1.61	25d	1	0.22mi
3526 Elsie Faye Heggins St Dallas, TX	3.0	2.0	1113	$1,795	$1.61	8d	1	0.22mi
3619 York St Dallas, TX	3.0	2.0	1298	$1,714	$1.32	0d	1	0.28mi
3627 Sidney St Dallas, TX	3.0	2.0	1090	$1,600	$1.47	0d	1	0.30mi
3408 Spring Ave Dallas, TX	3.0	2.0	780	$1,314	$1.68	0d	1	0.40mi
3639 Pine St Dallas, TX	3.0	2.0	1090	$1,490	$1.37	14d	1	0.48mi
3726 Copeland St Dallas, TX	3.0	2.0	1298	$1,680	$1.29	0d	1	0.48mi
2840 Oakdale St Dallas, TX	3.0	2.0	1379	$1,900	$1.38	44d	1	0.49mi
2829 Oakdale St Dallas, TX	3.0	2.0	1028	$1,814	$1.76	0d	1	0.49mi
2714 Hector St Dallas, TX	3.0	2.0	1233	$2,100	$1.70	25d	1	0.55mi
2838 Frost Ave Dallas, TX	2.0	1.0	1200	$1,400	$1.17	25d	1	0.56mi
3907 Roberts Ave Dallas, TX	3.0	1.0	908	$1,395	$1.54	15d	1	0.56mi
2711 Cross St Dallas, TX	2.0	1.0	700	$1,249	$1.78	0d	1	0.56mi
4024 Myrtle St Dallas, TX	3.0	2.0	1106	$1,595	$1.44	5d	1	0.62mi
5000 Linder Ave Dallas, TX	3.0	2.0	1327	$1,950	$1.47	44d	1	0.63mi
3927 S Malcolm X Blvd Dallas, TX	1.0	1.0	1248	$1,200	$0.96	2d	1	0.64mi
2627 Elsie Faye Heggins St Dallas, TX	3.0	2.0	876	$1,280	$1.46	44d	1	0.66mi
2615 Elsie Faye Heggins St Dallas, TX	3.0	2.0	876	$1,280	$1.46	16d	1	0.68mi
5221 Grovewood St Dallas, TX	3.0	1.5	840	$1,400	$1.67	44d	1	0.69mi
2603 Elsie Faye Heggins St Dallas, TX	3.0	2.0	876	$1,385	$1.58	44d	1	0.69mi
2563 Elsie Faye Heggins St Dallas, TX	3.0	2.0	876	$1,240	$1.42	16d	1	0.70mi
2561 Elsie Faye Heggins St Dallas, TX	3.0	2.0	876	$1,390	$1.59	7d	1	0.71mi
2822 McDermott Ave Dallas, TX	3.0	2.0	1200	$1,795	$1.50	25d	1	0.73mi
2513 Southland St Dallas, TX	2.0	1.0	1010	$1,399	$1.39	21d	1	0.76mi
2513 Southland St Dallas, TX	2.0	1.0	1010	$1,299	$1.29	3d	1	0.76mi
2847 Metropolitan Ave Dallas, TX	3.0	1.0	1344	$2,050	$1.53	22d	1	0.82mi
5340 Dimple Jackson St Dallas, TX	3.0	2.0	1298	$1,814	$1.40	0d	1	0.83mi
2720 Morning Ave Dallas, TX	3.0	2.0	1332	$2,350	$1.76	44d	1	0.85mi
3711 Guaranty St Dallas, TX	3.0	1.0	984	$1,800	$1.83	15d	1	0.89mi
2642 Anderson St Dallas, TX	2.0	1.0	820	$1,150	$1.40	25d	1	0.93mi
2545 Metropolitan Ave Dallas, TX	3.0	1.0	936	$1,750	$1.87	0d	1	0.95mi
4303 Jamaica St Dallas, TX	3.0	2.0	1027	$1,299	$1.26	0d	1	0.96mi
3308 Birmingham Ave Unit 1 Dallas, TX	2.0	2.5	1451	$2,275	$1.57	25d	1	0.99mi
3308 Birmingham Ave Unit 7 Dallas, TX	2.0	2.5	1287	$2,125	$1.65	15d	1	0.99mi
3308 Birmingham Ave Unit 03 Dallas, TX	2.0	2.5	1451	$2,275	$1.57	44d	1	0.99mi
3308 Birmingham Ave Unit 6 Dallas, TX	2.0	2.5	1341	$2,175	$1.62	17d	1	0.99mi
4706 Spring Ave Dallas, TX	3.0	2.0	1287	$3,900	$3.03	44d	1	1.07mi
3501 Latimer St Dallas, TX	2.0	1.0	1008	$1,095	$1.09	3d	1	1.16mi

Listing history 17 events

1. 2026-06-18
   days on market $150,000 Active 302 DOM
2. 2026-06-17
   days on market $150,000 Active 301 DOM
3. 2026-06-16
   days on market $150,000 Active 300 DOM
4. 2026-06-15
   days on market $150,000 Active 299 DOM
5. 2026-06-13
   days on market $150,000 Active 297 DOM
6. 2026-06-09
   days on market $150,000 Active 293 DOM
7. 2026-06-08
   days on market $150,000 Active 292 DOM
8. 2026-06-07
   days on market $150,000 Active 291 DOM
9. 2026-06-04
   days on market $150,000 Active 288 DOM
10. 2026-06-03
    days on market $150,000 Active 287 DOM
11. 2026-06-02
    days on market $150,000 Active 286 DOM
12. 2026-06-02
    days on market $150,000 Active 285 DOM
13. 2026-05-31
    days on market $150,000 Active 284 DOM
14. 2026-05-20
    historical Active Option Contract 886-char remark

    Show marketing remark (886 chars)

    Welcome to 4623 Spring Garden Road — a hidden gem with massive potential in the heart of Dallas, TX. This 3-bedroom, 1-bathroom single-family home offers a great canvas for savvy investors, renovators, or anyone looking to customize their dream home. Sitting on a spacious lot, this property features solid bones, a functional layout, and a large backyard with room for expansion or outdoor living upgrades. With some TLC and vision, this house could be transformed into a stunning residence or an income-generating rental in a neighborhood seeing steady revitalization. Located just minutes from downtown Dallas, major highways, and local schools, the property offers both convenience and long-term value. Whether you’re a flipper, landlord, or DIY enthusiast, this is your perfect chance to own in Dallas. Great bones with plenty of opportunity to renovate or rent!

15. 2025-09-25
    price $160,000 886-char remark

    Show marketing remark (886 chars)

    Welcome to 4623 Spring Garden Road — a hidden gem with massive potential in the heart of Dallas, TX. This 3-bedroom, 1-bathroom single-family home offers a great canvas for savvy investors, renovators, or anyone looking to customize their dream home. Sitting on a spacious lot, this property features solid bones, a functional layout, and a large backyard with room for expansion or outdoor living upgrades. With some TLC and vision, this house could be transformed into a stunning residence or an income-generating rental in a neighborhood seeing steady revitalization. Located just minutes from downtown Dallas, major highways, and local schools, the property offers both convenience and long-term value. Whether you’re a flipper, landlord, or DIY enthusiast, this is your perfect chance to own in Dallas. Great bones with plenty of opportunity to renovate or rent!

16. 2025-08-20
    listed $175,000 Active 886-char remark

    Show marketing remark (886 chars)

    Welcome to 4623 Spring Garden Road — a hidden gem with massive potential in the heart of Dallas, TX. This 3-bedroom, 1-bathroom single-family home offers a great canvas for savvy investors, renovators, or anyone looking to customize their dream home. Sitting on a spacious lot, this property features solid bones, a functional layout, and a large backyard with room for expansion or outdoor living upgrades. With some TLC and vision, this house could be transformed into a stunning residence or an income-generating rental in a neighborhood seeing steady revitalization. Located just minutes from downtown Dallas, major highways, and local schools, the property offers both convenience and long-term value. Whether you’re a flipper, landlord, or DIY enthusiast, this is your perfect chance to own in Dallas. Great bones with plenty of opportunity to renovate or rent!

17. 1994-04-20
    soldstatus $35,910

ⓘ 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: $3,160 · $263/mo
• Projected year-2 tax: $3,160 · $263/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,307
• − Mortgage interest: −$8,402
• − Property taxes: −$3,160
• − Insurance: −$750
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$4,364
• Taxable loss: −$459
• Est. tax savings @ 24.0%: +$110
• After-tax cash flow: $2,013/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): 18,895
• Household income: $45,557
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1464.0

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 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 25% White 11% Two or more races 10%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Italian 1% Hispanic 1%
• Foreign-born: 16% · Canada
• Languages at home: 74% English-only · Spanish 26%

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: ▲ 0.79%
• Current HPI: 224.2955
• Rent YoY: ▲ 7.19%
• 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

+345.6% since first listed

4 events — show timeline

• 2026-05-20 Contingent — NTREIS
• 2025-09-25 Price Changed $160,000 NTREIS
• 2025-08-20 Listed $175,000 NTREIS
• 1994-04-20 Sold (Public Records) $35,910 Public Records

Property tax history

+9.2%/yr

Latest (2025): $3,160 · +13.2% YoY. Source: county tax records.