104 S 11th St · Garland, TX 75040

$2,350,000

None bd · None ba · 7,360 sqft · MultiFamily public records · 127 Days on market

Built 1983 0.69 ac lot ↓ 5% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 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

Town Central Apartments is a 24-unit multifamily property located in the downtown Garland area of the Dallas–Fort Worth metroplex. Constructed in 1983, the community offers a 1 and 2 bedroom unit mix. The value add opportunity for future owners exists through interior enhancements. The property is situated one block east of Garland High School with convenient access to S. Garland Road, providing strong visibility and connectivity to major employment centers, retail, and public transit. Walking distance to downtown Garland amenities, dining, and entertainment. Freddy Mac assumable loan available for qualified buyers. Recent ownership has completed multiple capital improvements such as a new roof, exterior carpentry and rehabbed a handful of units that prove the pro forma market rent. Current property management is able to maintain 90% occupancy to help buyer secure financing. The asset presents a stable asset with value add potential. Town Central Apartments is well positioned within a supply-constrained submarket and benefits from established residential demand. Property tours are available by appointment. Buyer to independently verify all information, including unit count, square footage, condition, and zoning.

Key facts

• Strong visibility
• Convenient access
• 0.69 acre lot

Tags

• 24 UNIT MULTIFAMILY PROPERTY
• VALUE ADD OPPORTUNITY
• INTERIOR ENHANCEMENTS
• STRONG VISIBILITY
• CONVENIENT ACCESS
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 2×2bd/1ba units multifamily listed at $2.35M.

Deal economics

• At list price, monthly cash flow is $-11k ($-133k/yr) — negative. Per door: $-3k/mo.
• To cash-flow at today's rent, offer at most $824k (64.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $721k (69.3% below list).
• Recommended offer: $721k (69.3% below list) — sets the bar for 1% rule.
• Cap rate 0.6% vs local median 3.5% in Garland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 232 active listings in the ZIP; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• At $7,210/mo this rent would consume 116% of the median local household income ($75k/yr) (locally 1746% 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 $16k of loan paydown is wiped out by about $70k 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 ($2.07M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $125k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $721,000 (69.3% 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. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 69% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.31% ✗
• Cap rate: 0.62%
• Cash-on-cash: -20.28%
• DSCR: 0.10
• GRM: 27.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -60.9%
• Equity multiple: -0.68×
• Total profit: $-1,106,703
• Equity at exit: $350,393

10-year hold

• IRR: —
• Equity multiple: -1.96×
• Total profit: $-1,944,573
• Equity at exit: $203,185

Cash invested: $658,000 (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 75040

• Rents YoY: 0.4%
• Active inventory: 232
• Price-to-rent: 125.9×

Monthly cashflow live

• Estimated rent: $7,210 medium
• Mortgage (P&I): −$12,324
• Tax from tax record: −$3,512 /mo · $42,147/yr
• Insurance: −$979
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,514
• Net cashflow: $-11,119

Break-even live

Break-even rent $21,285

Max offer price $824,206

Occupancy floor —

Sensitivity live

Price	-10% $-9,789	-5% $-10,454	+0% $-11,119	+5% $-11,784	+10% $-12,449
Rent	-10% $-11,689	-5% $-11,404	+0% $-11,119	+5% $-10,834	+10% $-10,550
Rate	-1.0pp $-9,936	-0.5pp $-10,521	base $-11,119	+0.5pp $-11,728	+1.0pp $-12,348

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,110
▸ 2× units	2	1	$4,100
Total (4 units)			$7,210

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: $587,500
• Closing costs: $70,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-03-10
   price $2,350,000 1246-char remark

   Show marketing remark (1246 chars)

   Town Central Apartments is a 24-unit multifamily property located in the downtown Garland area of the Dallas–Fort Worth metroplex. Constructed in 1983, the community offers a 1 and 2 bedroom unit mix. The value add opportunity for future owners exists through interior enhancements. The property is situated one block east of Garland High School with convenient access to S. Garland Road, providing strong visibility and connectivity to major employment centers, retail, and public transit. Walking distance to downtown Garland amenities, dining, and entertainment. Freddy Mac assumable loan available for qualified buyers. Recent ownership has completed multiple capital improvements such as a new roof, exterior carpentry and rehabbed a handful of units that prove the pro forma market rent. Current property management is able to maintain 90% occupancy to help buyer secure financing. The asset presents a stable asset with value add potential. Town Central Apartments is well positioned within a supply-constrained submarket and benefits from established residential demand. Property tours are available by appointment. Buyer to independently verify all information, including unit count, square footage, condition, and zoning.

2. 2026-01-19
   listed $2,475,000 Active 1246-char remark

   Show marketing remark (1246 chars)

   Town Central Apartments is a 24-unit multifamily property located in the downtown Garland area of the Dallas–Fort Worth metroplex. Constructed in 1983, the community offers a 1 and 2 bedroom unit mix. The value add opportunity for future owners exists through interior enhancements. The property is situated one block east of Garland High School with convenient access to S. Garland Road, providing strong visibility and connectivity to major employment centers, retail, and public transit. Walking distance to downtown Garland amenities, dining, and entertainment. Freddy Mac assumable loan available for qualified buyers. Recent ownership has completed multiple capital improvements such as a new roof, exterior carpentry and rehabbed a handful of units that prove the pro forma market rent. Current property management is able to maintain 90% occupancy to help buyer secure financing. The asset presents a stable asset with value add potential. Town Central Apartments is well positioned within a supply-constrained submarket and benefits from established residential demand. Property tours are available by appointment. Buyer to independently verify all information, including unit count, square footage, condition, and zoning.

3. 2025-07-08
   listed $509
4. 2025-06-30
   historical $509
5. 2025-06-20
   price $509
6. 2024-02-22
   listed $805
7. 2023-10-14
   historical
8. 2019-09-10
   soldstatus
9. 2017-11-15
   soldstatus
10. 2015-10-06
    soldstatus
11. 2003-12-01
    soldstatus
12. 1998-11-24
    soldstatus

ⓘ 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: $42,147 · $3,512/mo
• Projected year-2 tax: $43,005 · $3,584/mo
• Expected delta: +$858/yr (+$71/mo · 2.0%)

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,520
• − Mortgage interest: −$131,637
• − Property taxes: −$42,147
• − Insurance: −$11,750
• − Repairs & maintenance: −$6,922
• − Management: −$6,922
• − Depreciation: −$68,364
• Taxable loss: −$181,220
• Est. tax savings @ 24.0%: +$43,493
• After-tax cash flow: $-89,937/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: 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

-5.1% since first listed

12 events — show timeline

• 2026-03-10 Price Changed $2,350,000 NTREIS
• 2026-01-19 Listed $2,475,000 NTREIS
• 2025-07-08 Listed for Rent $509 HARMLS
• 2025-06-30 Rental Removed $509 HARMLS
• 2025-06-20 Price Changed $509 HARMLS
• 2024-02-22 Listed for Rent $805 HARMLS
• 2023-10-14 Rental Removed — HARMLS
• 2019-09-10 Sold (Public Records) — Public Records
• 2017-11-15 Sold (Public Records) — Public Records
• 2015-10-06 Sold (Public Records) — Public Records
• 2003-12-01 Sold (Public Records) — Public Records
• 1998-11-24 Sold (Public Records) — Public Records

Property tax history

+4.6%/yr

Latest (2025): $42,147 · -23.8% YoY. Source: county tax records.