621 Carriagehouse Ln Unit 9F · Garland, TX 75040

$160,000

2 bd · 2.5 ba · 1,089 sqft · Condo · 127 Days on market

Built 1984 Average condition $147/sqft · 9% below area Est $176k · 9% under $264/mo HOA · 14% of rent

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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 +16.8/30.0
• ARV discount +11.6/15.0
• 1% rule +6.7/10.0
• DSCR +5.2/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-established community in Garland, Texas. This thoughtfully designed residence offers a functional layout with comfortable living spaces suited for a variety of lifestyles. The interior features an open and practical floor plan that allows for flexible furniture arrangements and everyday living. Natural light enhances the main living areas, creating a bright and welcoming atmosphere throughout the home. The kitchen is efficiently arranged with ample cabinet and counter space, supporting both daily use and entertaining. Adjacent dining and living areas provide a seamless flow, ideal for relaxing or hosting guests. The bedroom areas are well proportioned and offer privacy, while the bathrooms are designed for convenience and ease of maintenance. Additional features assigned parking. The property is situated near major roadways, shopping centers, dining options, parks, and public services, offering convenient access to a wide range of local amenities. Public transportation routes and commuter connections are also nearby. This property presents an excellent opportunity for anyone seeking a low-maintenance home in an accessible Garland location. Schedule a showing today to explore the possibilities this residence has to offer.

Key facts

• Open floor plan
• Convenient access
• Ample cabinet space

Tags

• OPEN FLOOR PLAN
• AMPLE CABINET SPACE
• ASSIGNED PARKING
• NEAR MAJOR ROADWAYS
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $160k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.5% in Garland — 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 74/100 on livability (#165 in TX, #4,447 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: amenities C-, schools D+, health & safety F.
• Garland ISD (suburban): math 27% / reading 37% proficiency, ranked #553 of 826 in TX (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 230 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 30% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 127 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• GRM: 7.2

CMA / ARV

• ARV (median comp): $176,196
• List price: $160,000
• Delta: -9.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.47×
• Total profit: $-23,860
• Equity at exit: $23,857

10-year hold

• IRR: -13.3%
• Equity multiple: 0.33×
• Total profit: $-29,855
• Equity at exit: $13,834

Cash invested: $44,800 (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 75040

• Rents YoY: 0.4%
• Active inventory: 230
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,865 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$264
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $103

Break-even live

Break-even rent $1,734

Max offer price $160,000

Occupancy floor 89%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
633 Carriagehouse Ln Unit 3I Garland, TX	2.0	1.5	916	$1,600	$1.75	43d	1	0.04mi
312 Cole St Garland, TX	2.0	1.0	1004	$1,695	$1.69	24d	1	0.36mi
1405 Meandering Way Garland, TX	3.0	2.0	1446	$2,100	$1.45	7d	1	0.46mi
202 Belt Line Rd Garland, TX	2.0	2.0	987	$1,570	$1.59	3d	10	0.55mi
613 Dawn Dr Garland, TX	3.0	2.0	1026	$2,200	$2.14	3d	1	0.57mi
510 Sunset Dr Garland, TX	3.0	2.0	1265	$1,800	$1.42	4d	1	0.66mi
618 Pleasant Valley Rd Garland, TX	3.0	2.0	1003	$2,095	$2.09	43d	1	0.72mi
2606 Shalimar Dr Garland, TX	3.0	2.0	1242	$1,850	$1.49	14d	1	0.77mi
2013 Victoria Dr Garland, TX	3.0	2.0	1159	$1,900	$1.64	3d	1	0.77mi
2013 Victoria Dr Garland, TX	3.0	2.0	1159	$1,900	$1.64	14d	1	0.77mi
822 Milky Way Garland, TX	3.0	2.0	1141	$2,100	$1.84	7d	1	0.80mi
502 Moonlight Dr Garland, TX	3.0	2.0	1496	$1,900	$1.27	12d	1	0.85mi
2005 Glencrest Ln Garland, TX	3.0	2.0	1473	$2,400	$1.63	43d	1	0.88mi
1630 Dell Oak Dr Garland, TX	3.0	2.0	1268	$2,100	$1.66	7d	1	0.93mi
1406 Yukon Dr Garland, TX	2.0	1.5	950	$1,395	$1.47	43d	1	1.00mi
1009 Foxe Basin Dr Garland, TX	3.0	1.5	1019	$1,850	$1.82	2d	1	1.03mi
625 Camilla Ln Garland, TX	3.0	2.0	1273	$2,300	$1.81	4d	1	1.06mi
1506 Whiteoak Dr Garland, TX	3.0	2.0	1435	$2,000	$1.39	16d	1	1.07mi
1506 Whiteoak Dr Garland, TX	3.0	2.0	1435	$2,000	$1.39	17d	1	1.07mi
902 Town Center Blvd Garland, TX	1.0–3.0	1.0–2.0	1027	$2,130	$2.07	4d	108	1.13mi
1617 Meridian Way Garland, TX	3.0	2.0	1476	$1,900	$1.29	24d	1	1.19mi
1841 Sage Dr Garland, TX	3.0	2.0	1356	$1,995	$1.47	13d	1	1.21mi
1834 Sage Dr Garland, TX	3.0	2.0	1422	$2,100	$1.48	7d	1	1.23mi
3400 Firewheel Pkwy Unit 1015 Garland, TX	1.0	1.0	700	$1,190	$1.70	43d	1	1.28mi
617 Rosewood Hills Dr Garland, TX	3.0	2.0	1272	$1,800	$1.42	24d	1	1.28mi
501 Rosewood Hills Dr Garland, TX	3.0	1.5	1304	$1,850	$1.42	18d	1	1.28mi
305 River Fern Ave Garland, TX	3.0	1.0–2.0	1594	$1,927	$1.21	3d	45	1.34mi
3422 Firewheel Pkwy Unit 1317 Garland, TX	2.0	2.0	1210	$2,020	$1.67	43d	1	1.36mi
3422 Firewheel Pkwy Garland, TX	1.0–3.0	1.0–3.0	1074	$2,266	$2.11	43d	33	1.36mi
821 Travis St Garland, TX	3.0	1.0	1158	$1,875	$1.62	43d	1	1.40mi
3422 Firewheel Pkwy Garland, TX	2.0	3.0	1470	$3,170	$2.16	3d	1	1.46mi

HOA detail condo

• Monthly dues: $264 · $3,168/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $160,000 Active 127 DOM
2. 2026-06-17
   days on market $160,000 Active 126 DOM
3. 2026-06-16
   days on market $160,000 Active 125 DOM
4. 2026-06-15
   days on market $160,000 Active 124 DOM
5. 2026-06-13
   days on market $160,000 Active 122 DOM
6. 2026-06-09
   days on market $160,000 Active 118 DOM
7. 2026-06-08
   days on market $160,000 Active 117 DOM
8. 2026-06-07
   days on market $160,000 Active 116 DOM
9. 2026-06-04
   days on market $160,000 Active 113 DOM
10. 2026-06-03
    days on market $160,000 Active 112 DOM
11. 2026-06-02
    days on market $160,000 Active 111 DOM
12. 2026-06-01
    days on market $160,000 Active 110 DOM
13. 2026-05-31
    days on market $160,000 Active 109 DOM
14. 2026-02-09
    listed $160,000 Active 1261-char remark

    Show marketing remark (1261 chars)

    Welcome to this well-established community in Garland, Texas. This thoughtfully designed residence offers a functional layout with comfortable living spaces suited for a variety of lifestyles. The interior features an open and practical floor plan that allows for flexible furniture arrangements and everyday living. Natural light enhances the main living areas, creating a bright and welcoming atmosphere throughout the home. The kitchen is efficiently arranged with ample cabinet and counter space, supporting both daily use and entertaining. Adjacent dining and living areas provide a seamless flow, ideal for relaxing or hosting guests. The bedroom areas are well proportioned and offer privacy, while the bathrooms are designed for convenience and ease of maintenance. Additional features assigned parking. The property is situated near major roadways, shopping centers, dining options, parks, and public services, offering convenient access to a wide range of local amenities. Public transportation routes and commuter connections are also nearby. This property presents an excellent opportunity for anyone seeking a low-maintenance home in an accessible Garland location. Schedule a showing today to explore the possibilities this residence has to offer.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,375
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − HOA: −$3,168
• − Depreciation: −$4,655
• Taxable loss: −$1,190
• Est. tax savings @ 24.0%: +$286
• After-tax cash flow: $1,525/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This moderate rehab project offers a good opportunity to increase the home's value with updates that improve both its appearance and functionality.

Repairs flagged

• Minor wooden fence — some debris
• Minor exterior paint — slight wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood — increases both resale and rental value
• Both repair wooden fence — improves curb appeal and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
wooden fence · some debris	Minor	$500–3,000
exterior paint · slight wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood — increases both resale and rental value ↑
• Both repair wooden fence — improves curb appeal and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Garland ISD
• NCES district ID: 4820340
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $58,392
• Composite: 28.63/100
• National rank: #6706
• State rank: #553 of 826 in TX

Livability — Garland

• Score: 74/100
• State rank: #165
• US rank: #4447

Category grades

Amenities C- Commute A+ Cost of living A- Crime C+ Employment B Housing A+ Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garland, TX
• County: Dallas County · 2,612,404 people
• City population: 246,342
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 64,606
• Household income: $74,519
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 1746.0

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 0.69)
• Race & ethnicity: Hispanic / Latino 48% Two or more races 29% White 21% Black 15% Asian 11%
• Hispanic origin (detail): Mexican 38% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Romanian 1%
• Foreign-born: 33% · Canada, Vietnam, China
• Languages at home: 45% English-only · Spanish 40% Vietnamese 7% Other Indo-European 1%

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: ▼ -203.91%
• Current HPI: 325.6966
• Rent YoY: ▲ 0.43%
• 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

1 event — show timeline

• 2026-02-09 Listed $160,000 NTREIS