7921-7923 Habersham Ln

Dallas, TX 75248

$565,000D+

6 bd · 5.0 ba · 3,712 sqft · Built 1965 · MultiFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,885/mo
• Mortgage (P&I): −$2,963
• Tax + insurance: −$942
• HOA: −$0
• Vac / Maint / Mgmt: −$1,026
• Net cashflow: $-45/mo
• Annual: $-545/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $158,200

Investor read

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $565k. Condition is rated good.
• At list price, monthly cash flow is $-45 ($-545/yr) — negative. Per door: $-23/mo.
• To cash-flow at today's rent, offer at most $558k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $488k (13.5% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $488k (13.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k 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.
• Richardson ISD (urban): math 40% / reading 44% proficiency, ranked #316 of 826 in TX (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Creek El (math 67% / reading 72%, grade A-, #146 of 4,322 statewide, top 4%, 414 students, 23% FRL) — zoned schools average 23% FRL vs 54% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 70% at this address vs 42% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Richardson ISD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 262 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 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 6.2% 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 $4,885/mo this rent would consume 58% of the median local household income ($100k/yr) (locally 1325% 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?
• 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?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.