13849 Leinsper Green St

Dallas, TX 75240

$164,000D

3 bd · 2.0 ba · 1,170 sqft · Built 1969 · Townhouse · Active · 222 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,873/mo
• Mortgage (P&I): −$860
• Tax + insurance: −$509
• HOA: −$466
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-356/mo
• Annual: $-4,268/yr
• Cap rate: 3.69%
• Cash-on-cash: -9.29%
• DSCR: 0.59
• 1% rule: 1.14%
• Cash to close: $45,920

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $164k.
• At list price, monthly cash flow is $-356 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (35.5% below list).
• Meets the 1% rule at list price ($2k rent vs $164k).
• It's been on market 222 days — a 12% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (35.5% below list) — sets the bar for cash-flow.
• 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.
• 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.
• 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.
• Watch-outs: property tax is 3.2% of price; HOA is 25% of rent.
• Market conditions: Rents rising fast (+4.9%/yr); 94 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $71k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 3.7% 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.
• This rent runs 39% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 222 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?