3517 Forney Rd · Dallas, TX 75223

$275,000

3 bd · 2.0 ba · 1,296 sqft · MultiFamily public records · 133 Days on market

Built 1955 4,922 sqft lot $212/sqft · at area comps Est $278k · at est. ↓ 30% since listing

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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 +26.5/30.0
• DSCR +9.0/10.0
• ARV discount +7.9/15.0
• 1% rule +6.1/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Priced to sell, this triplex offers a strong value-add opportunity in Dallas. Zoned commercial under Senate Bill 840, allowing multifamily development without rezoning, this property is ideal for investors or developers. Three 1-bedroom units in a single building with city water and sewer, offering flexibility for renovation, redevelopment, or long-term investment potential.

Key facts

• City water and sewer
• Triplex
• Zoned commercial

Tags

• TRIPLEX
• ZONED COMMERCIAL
• MULTIFAMILY DEVELOPMENT
• CITY WATER AND SEWER
• LONG-TERM INVESTMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive. Per door: $242/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.

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: 88 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• At $3,065/mo this rent would consume 50% of the median local household income ($73k/yr) (locally 526% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $798; list at $275k implies a 34361% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.11% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.33%
• DSCR: 1.50
• GRM: 7.5

CMA / ARV

• ARV (median comp): $277,569
• List price: $275,000
• Delta: -0.93%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2903 Jerome St	0.58mi	2/2.0 (-1)	1,196 (-8%)	16mo	$136,900	$114	41

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

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,651
• Equity at exit: $41,003

10-year hold

• IRR: 10.2%
• Equity multiple: 1.79×
• Total profit: $60,721
• Equity at exit: $23,777

Cash invested: $77,000 (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 75223

• Home prices YoY: -24.6%
• Active inventory: 88
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $3,065 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $727

Break-even live

Break-even rent $2,145

Max offer price $275,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,066
Total (3 units)			$3,065

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4717 Owenwood Ave Dallas, TX	3.0	2.0	1090	$1,490	$1.37	13d	1	0.43mi
4621 Collins Ave Dallas, TX	4.0	2.5	1700	$2,350	$1.38	43d	1	0.67mi
4706 Spring Ave Dallas, TX	3.0	2.0	1287	$3,900	$3.03	43d	1	0.69mi
4525 Metropolitan Ave Dallas, TX	3.0	2.0	1090	$1,490	$1.37	13d	1	0.73mi
2720 Morning Ave Dallas, TX	3.0	2.0	1332	$2,350	$1.76	43d	1	0.96mi
4303 Jamaica St Dallas, TX	3.0	2.0	1027	$1,375	$1.34	6d	1	0.97mi
2724 Swanson St Dallas, TX	4.0	2.0	1368	$2,350	$1.72	43d	1	1.01mi
2811 Morning Ave Dallas, TX	3.0	2.0	1634	$2,200	$1.35	14d	1	1.01mi
4220 Hamilton Ave Dallas, TX	4.0	2.0	1692	$2,350	$1.39	43d	1	1.03mi
1333 S Fitzhugh Ave Dallas, TX	4.0	2.0	1670	$1,895	$1.13	7d	1	1.04mi
1514 Washington St Unit 105 Dallas, TX	2.0	2.5	1404	$2,950	$2.10	7d	1	1.12mi
1006 Grandview Ave Dallas, TX	3.0	1.0	1345	$1,500	$1.12	43d	1	1.13mi
4014 Marshall Dr Dallas, TX	4.0	2.0	1600	$1,850	$1.16	24d	1	1.17mi
2670 Copper Breaks St Dallas, TX	3.0	3.0	1816	$2,990	$1.65	43d	1	1.22mi
3311 Tooms St Dallas, TX	3.0	1.5	1749	$1,800	$1.03	43d	1	1.22mi
5724 Rich St Dallas, TX	3.0	1.0	1608	$1,760	$1.09	2d	1	1.24mi
4704 Craymore Rd Dallas, TX	3.0	2.5	1670	$2,649	$1.59	4d	1	1.26mi
3801 Carpenter Ave Dallas, TX	4.0	2.0	1454	$2,400	$1.65	43d	1	1.27mi
2354 Little Pocket Rd Unit B Dallas, TX	2.0	2.5	1384	$1,275	$0.92	4d	1	1.28mi
7506 Edgeware Rd Dallas, TX	3.0	2.5	1620	$2,419	$1.49	16d	1	1.30mi
3726 Copeland St Dallas, TX	3.0	2.0	1298	$1,690	$1.30	6d	1	1.31mi
7513 Laburnam Rd Dallas, TX	3.0	2.5	1617	$2,700	$1.67	43d	1	1.32mi
7513 Laburnam Rd Dallas, TX	3.0	2.5	1617	$2,700	$1.67	7d	1	1.32mi
5110 Lindsley Ave Dallas, TX	2.0	2.0	1340	$2,400	$1.79	43d	1	1.32mi
3402 Lawnview Ave Dallas, TX	3.0	2.0	1550	$1,795	$1.16	43d	1	1.35mi
3402 Lawnview Ave Dallas, TX	3.0	2.0	1500	$1,700	$1.13	24d	1	1.35mi
7503 Millingston Rd Dallas, TX	3.0	2.5	1650	$2,900	$1.76	3d	1	1.35mi
616 Wayne St Dallas, TX	3.0	2.0	1224	$2,395	$1.96	43d	1	1.35mi
6028 Fairway Ave Dallas, TX	2.0	2.0	1459	$1,870	$1.28	5d	1	1.36mi
2714 Hector St Dallas, TX	3.0	2.0	1233	$2,100	$1.70	24d	1	1.36mi
3639 Pine St Dallas, TX	3.0	2.0	1090	$1,490	$1.37	13d	1	1.37mi
7150 E Grand Ave Dallas, TX	1.0–3.0	1.0–2.0	774	$1,983	$2.56	20d	14	1.40mi
709 S Munger Blvd Dallas, TX	4.0	1.0	1610	$2,100	$1.30	7d	1	1.41mi
4942 Garland Ave Dallas, TX	3.0	1.0	1058	$1,600	$1.51	24d	1	1.42mi
5214 Ash Ln Dallas, TX	3.0	2.0	1207	$2,200	$1.82	43d	1	1.43mi
3523 Herrling St Dallas, TX	3.0	2.0	1525	$1,800	$1.18	16d	1	1.45mi
4918 Garland Ave Dallas, TX	3.0	2.5	1725	$2,500	$1.45	24d	1	1.45mi
7526 Hunnicut Rd Dallas, TX	1.0–2.0	1.0–2.0	865	$1,400	$1.62	7d	4	1.47mi
3619 York St Dallas, TX	3.0	2.0	1298	$1,740	$1.34	7d	1	1.47mi
6205 Lovett Ave Dallas, TX	3.0	2.0	1000	$1,699	$1.70	14d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $275,000 Active 133 DOM
2. 2026-06-17
   days on market $275,000 Active 132 DOM
3. 2026-06-16
   days on market $275,000 Active 131 DOM
4. 2026-06-15
   days on market $275,000 Active 130 DOM
5. 2026-06-13
   days on market $275,000 Active 128 DOM
6. 2026-06-09
   days on market $275,000 Active 124 DOM
7. 2026-06-08
   days on market $275,000 Active 123 DOM
8. 2026-06-07
   days on market $275,000 Active 122 DOM
9. 2026-06-04
   days on market $275,000 Active 119 DOM
10. 2026-06-03
    days on market $275,000 Active 118 DOM
11. 2026-06-02
    days on market $275,000 Active 117 DOM
12. 2026-06-02
    days on market $275,000 Active 116 DOM
13. 2026-05-31
    days on market $275,000 Active 115 DOM
14. 2026-02-20
    price $275,000 377-char remark

    Show marketing remark (377 chars)

    Priced to sell, this triplex offers a strong value-add opportunity in Dallas. Zoned commercial under Senate Bill 840, allowing multifamily development without rezoning, this property is ideal for investors or developers. Three 1-bedroom units in a single building with city water and sewer, offering flexibility for renovation, redevelopment, or long-term investment potential.

15. 2026-02-05
    listed $295,000 Active 377-char remark

    Show marketing remark (377 chars)

    Priced to sell, this triplex offers a strong value-add opportunity in Dallas. Zoned commercial under Senate Bill 840, allowing multifamily development without rezoning, this property is ideal for investors or developers. Three 1-bedroom units in a single building with city water and sewer, offering flexibility for renovation, redevelopment, or long-term investment potential.

16. 2025-09-05
    historical
17. 2025-06-30
    status Active
18. 2025-06-14
    status Pending
19. 2025-06-05
    listed $225,000 Active
20. 2025-04-18
    historical
21. 2025-03-06
    price $265,000
22. 2025-03-05
    status Active
23. 2025-03-03
    status Pending
24. 2025-02-18
    listed $395,000 Active
25. 2024-02-21
    soldstatus
26. 2004-09-28
    soldstatus
27. 2004-07-22
    soldstatus
28. 1997-08-12
    soldstatus $798

ⓘ 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: $1,654 · $138/mo
• Projected year-2 tax: $5,032 · $419/mo
• Expected delta: +$3,379/yr (+$282/mo · 204.3%)

ⓘ 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 8/10 Severe 7 d/yr ≥109°F today · 26 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: $36,780
• − Mortgage interest: −$15,404
• − Property taxes: −$1,654
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,942
• − Management: −$2,942
• − Depreciation: −$8,000
• Taxable income: $4,462
• Est. tax owed @ 24.0%: −$1,071
• After-tax cash flow: $7,651/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): 11,994
• Household income: $73,318
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 526.0

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: Predominantly Hispanic (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 19% White 18% Black 12% Asian 2%
• Hispanic origin (detail): Mexican 63% Dominican 1%
• Common ancestry: Lithuanian 1% Portuguese 1% Slovak 1%
• Foreign-born: 30% · Canada
• Languages at home: 40% English-only · Spanish 59% 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: ▼ -121.38%
• Current HPI: 372.672
• Rent YoY: —
• 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

-30.4% since first listed

15 events — show timeline

• 2026-02-20 Price Changed $275,000 NTREIS
• 2026-02-05 Listed $295,000 NTREIS
• 2025-09-05 Listing Removed — NTREIS
• 2025-06-30 Relisted — NTREIS
• 2025-06-14 Pending — NTREIS
• 2025-06-05 Listed $225,000 NTREIS
• 2025-04-18 Listing Removed — NTREIS
• 2025-03-06 Price Changed $265,000 NTREIS
• 2025-03-05 Relisted — NTREIS
• 2025-03-03 Pending — NTREIS
• 2025-02-18 Listed $395,000 NTREIS
• 2024-02-21 Sold (Public Records) — Public Records
• 2004-09-28 Sold (Public Records) — Public Records
• 2004-07-22 Sold (Public Records) — Public Records
• 1997-08-12 Sold (Public Records) $798 Public Records

Property tax history

+4.3%/yr

Latest (2025): $1,654 · -53.9% YoY. Source: county tax records.