8203 Lullwater Dr · Dallas, TX 75218

$450,000

3 bd · 2.0 ba · 2,096 sqft · MultiFamily public records · 7 Days on market

Built 1968 0.26 ac lot $215/sqft · 28% above area Est $554k · 19% under

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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
• Cash flow +8.8/30.0
• Livability +4.0/5.0
• 1% rule +2.9/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fantastic investment property! Almost 4000 sf duplex in Lake Highlands. This property has been well-maintained 1 unit @1432 sf is 2/2 2/an open kit to the family rm. Mstr has sep bath w/ huge WIC. Nice cov. patio w/ sm back yard. Larger unit @2422sf is a 3/3 w/ 2 fam. rms. Mstr & upstairs bdrm have

Key facts

• Spacious layouts
• Full duplex
• 0.26 acre lot

Tags

• FULL DUPLEX
• MINUTES FROM WHITE ROCK LAKE
• SPACIOUS LAYOUTS
• NEARBY PARKS AND TRAILS
• NEAR NORTHPARK CENTER
• NEAR THE SHOPS AT PARK LANE

Property features AI

Finance

• Other: Two buildings with a total of 2 units
• Financial info: Property listed as residential income with duplex sub-type; Gross annual income: 66,660; Gross annual expenses: 15,833; Insurance expense: 2,747; Net operating income: 48,080; Capitalization rate: 10.68%
• HOA & community: No association

Exterior

• Parking: Attached garage facing rear (2 covered spaces, 2 total spaces)
• Security: Smoke detector(s)
• Utilities: City water; City sewer; Curbs; Concrete
• Home design: Duplex (residential income); One story
• Construction: Built in 1968; Brick and siding construction; Composition roof; Pillar/post/pier foundation
• Exterior features: Covered porch(es); Front covered porch; Gutters; Wood fencing; Few trees; Interior lot; Landscaped

Interior

• Kitchen: Dishwasher; Disposal; Electric cooktop; Electric oven
• Flooring: Carpet; Ceramic tile; Vinyl
• Heating & cooling: Central air; Ceiling fans; Electric cooling; Space heater
• Interior features: Eat-in kitchen; High-speed internet available; Skylights

What this means for you Summary

Snapshot

• This is a 1×2bd/2ba + 1×3bd/1ba units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $-368 ($-4k/yr) — negative. Per door: $-184/mo.
• To cash-flow at today's rent, offer at most $385k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (21.0% below list).
• Recommended offer: $356k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: 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: Victor H Hexter El (math 45% / reading 58%, grade C-, #808 of 4,322 statewide, top 19%, 441 students, 51% FRL); Robert T Hill Middle (math 21% / reading 28%, grade F, #1,279 of 1,662 statewide, top 78%, 803 students, 87% FRL); Bryan Adams H S Leadership Academy (math 41% / reading 41%, grade F, #774 of 1,632 statewide, top 49%, 2,271 students, 89% FRL).
• Market conditions: Rents soft (-0.2%/yr); 186 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 40% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• 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 $355,600 (21.0% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• GRM: 10.5

CMA / ARV

• ARV (median comp): $554,483
• List price: $450,000
• Delta: -18.84%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.15×
• Total profit: $-106,660
• Equity at exit: $67,096

10-year hold

• IRR: -35.9%
• Equity multiple: -0.29×
• Total profit: $-162,915
• Equity at exit: $38,908

Cash invested: $126,000 (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 75218

• Rents YoY: -0.2%
• Active inventory: 186
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $3,556 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$630 /mo · $7,554/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$747
• Net cashflow: $-368

Break-even live

Break-even rent $4,021

Max offer price $385,059

Occupancy floor —

Sensitivity live

Price	-10% $-113	-5% $-240	+0% $-368	+5% $-495	+10% $-622
Rent	-10% $-649	-5% $-508	+0% $-368	+5% $-227	+10% $-87
Rate	-1.0pp $-141	-0.5pp $-253	base $-368	+0.5pp $-484	+1.0pp $-603

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	2	$1,711
1× unit	3	1	$1,845
Total (2 units)			$3,556

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10765 E NW Hwy Dallas, TX	2.0–3.0	1.5–2.0	1250	$1,485	$1.19	4d	2	0.37mi
8834 Liptonshire Dr Dallas, TX	4.0	2.5	1674	$3,900	$2.33	26d	1	0.64mi
8717 Hackney Ln Dallas, TX	3.0	2.0	1402	$2,800	$2.00	21d	1	0.78mi
11125 Cactus Ln Dallas, TX	4.0	2.5	1833	$2,900	$1.58	0d	1	0.90mi
11125 Cactus Ln Dallas, TX	4.0	2.5	1833	$2,900	$1.58	1d	1	0.90mi
10505 Swallow Ln Dallas, TX	3.0	2.0	2258	$3,200	$1.42	9d	1	0.94mi
9210 Larchwood Dr Dallas, TX	3.0	2.0	1598	$3,000	$1.88	19d	1	0.95mi
8945 Flicker Ln Dallas, TX	4.0	2.0	1513	$2,245	$1.48	9d	1	1.06mi
8945 Flicker Ln Dallas, TX	4.0	2.0	1513	$2,245	$1.48	5d	1	1.06mi
10626 Longmeadow Dr Dallas, TX	4.0	2.0	1754	$3,300	$1.88	6d	1	1.08mi
10903 Lake Gardens Dr Dallas, TX	2.0	2.0	1400	$1,800	$1.29	46d	1	1.15mi
11517 Fernald Ave Dallas, TX	4.0	2.0	1426	$2,080	$1.46	8d	1	1.20mi
11517 Fernald Ave Dallas, TX	4.0	2.0	1426	$2,146	$1.50	9d	1	1.20mi
11352 Quail Run St Dallas, TX	3.0	2.0	1673	$1,800	$1.08	26d	1	1.20mi
11350 Quail Run St Unit 11352QR Dallas, TX	3.0	2.0	1673	$1,800	$1.08	26d	1	1.20mi
11348 McCree Rd Dallas, TX	3.0	2.5	1834	$2,500	$1.36	46d	1	1.23mi
10715 Garland Rd Dallas, TX	1.0–2.0	1.0–2.0	1049	$3,300	$3.14	1d	200	1.24mi
11317 McCree Rd Dallas, TX	4.0	2.0	1910	$2,274	$1.19	9d	1	1.24mi
11015 Wallbrook Dr Dallas, TX	3.0	2.0	1856	$2,200	$1.19	46d	1	1.25mi
939 N Buckner Blvd Dallas, TX	4.0	2.5	2650	$12,500	$4.72	0d	1	1.30mi

Listing history 5 events

1. 2026-05-12
   listed $450,000 Active 1323-char remark
2. 2004-08-05
   soldstatus
3. 2004-07-30
   soldstatus 305-char remark

   Show marketing remark (305 chars)

   Fantastic investment property! Almost 4000 sf duplex in Lake Highlands. This property has been well-maintained 1 unit @1432 sf is 2/2 2/an open kit to the family rm. Mstr has sep bath w/ huge WIC. Nice cov. patio w/ sm back yard. Larger unit @2422sf is a 3/3 w/ 2 fam. rms. Mstr & upstairs bdrm have

4. 2004-06-29
   historical 305-char remark

   Show marketing remark (305 chars)

   Fantastic investment property! Almost 4000 sf duplex in Lake Highlands. This property has been well-maintained 1 unit @1432 sf is 2/2 2/an open kit to the family rm. Mstr has sep bath w/ huge WIC. Nice cov. patio w/ sm back yard. Larger unit @2422sf is a 3/3 w/ 2 fam. rms. Mstr & upstairs bdrm have

5. 2004-06-28
   listed $269,000 305-char remark

   Show marketing remark (305 chars)

   Fantastic investment property! Almost 4000 sf duplex in Lake Highlands. This property has been well-maintained 1 unit @1432 sf is 2/2 2/an open kit to the family rm. Mstr has sep bath w/ huge WIC. Nice cov. patio w/ sm back yard. Larger unit @2422sf is a 3/3 w/ 2 fam. rms. Mstr & upstairs bdrm have

ⓘ 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: $7,554 · $630/mo
• Projected year-2 tax: $8,235 · $686/mo
• Expected delta: +$681/yr (+$57/mo · 9.0%)

ⓘ 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 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,672
• − Mortgage interest: −$25,207
• − Property taxes: −$7,554
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,414
• − Management: −$3,414
• − Depreciation: −$13,091
• Taxable loss: −$12,258
• Est. tax savings @ 24.0%: +$2,942
• After-tax cash flow: $-1,470/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): 22,544
• Household income: $107,366
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 943.0

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: Majority White (60%)
• Race & ethnicity: White 60% Hispanic / Latino 30% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Italian 2% Serbian 2% Slovak 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 76% English-only · Spanish 22%

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: ▼ -578.40%
• Current HPI: 325.633
• Rent YoY: ▼ -0.20%
• 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

+67.3% since first listed

7 events — show timeline

• 2026-06-05 Sold (MLS) — NTREIS
• 2026-05-19 Pending — NTREIS
• 2026-05-12 Listed $450,000 NTREIS
• 2004-08-05 Sold (Public Records) — Public Records
• 2004-07-30 Sold (MLS) — NTREIS
• 2004-06-29 Listing Removed — NTREIS
• 2004-06-28 Listed $269,000 NTREIS

Property tax history

+7.1%/yr

Latest (2025): $7,554 · -0.4% YoY. Source: county tax records.