7803 & 7805 Lost Mirage Dr · Dallas, TX 75232

$675,000

72 bd · 60.0 ba · 3,420 sqft · MultiFamily · 44 Days on market

Built 2026 Excellent condition 0.25 ac lot ↓ 2% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 12 units. estimate disagrees with records

Listing remarks

Rare opportunity to acquire a newly constructed 12-unit build-to-rent portfolio in Dallas, TX. This exclusive offering consists of six newly built duplexes, each featuring two spacious 3-bedroom, 2.5-bathroom units with 2-story floorplans and attached 2-car garages. The developer is delivering the project in phases, with the first two duplexes scheduled for completion in mid-July 2026, followed by additional deliveries in consecutive phases. Each unit has been thoughtfully designed with modern finishes, functional layouts, and strong rental appeal targeting the growing workforce housing market in Dallas County. The project is ideal for investors seeking stabilized new-construction rental pr

Key facts

• Newly constructed
• Convenient access
• Modern finishes

Tags

• NEWLY CONSTRUCTED
• DUPLEX BUILDINGS
• MODERN FINISHES
• FUNCTIONAL LAYOUTS
• STRONG RENTAL APPEAL
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Listing terms include 1031 exchange, cash, conventional, VA loan; Builder special listing condition
• Financial info: Property listed as residential income; Duplex with 2 units; Gross annual income and expenses not reported
• HOA & community: No association

Exterior

• Parking: Attached 2-car garage with garage door opener; 2 covered/carport spaces; Concrete driveway; Total of 4 parking spaces; Garage faces front (19' wide x 21' long, 2-car single door)
• Security: Security gate; Firewall(s)
• Utilities: City water; City sewer; Electricity connected; Cable available; Not in a municipal utility district
• Home design: Duplex (residential income); Two levels; New construction (incomplete, 2026)
• Construction: Brick and fiber cement exterior; Composition/shingle roof; Pillar/post/pier and slab foundation; Year built 2026 (new construction - incomplete)
• Exterior features: Back yard fencing; Wood and wrought iron fencing; Covered patios/porches with awnings; Cleared and landscaped lot; Few trees; Greenbelt nearby; Located in a subdivision

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Pantry; Kitchen island; Granite counters; Eat-in kitchen
• Bedrooms: 6 bedrooms
• Flooring: Carpet; Ceramic tile; Luxury vinyl plank
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Heating & cooling: Central air; Ceiling fans; Electric heating; Fireplace heating
• Interior features: Built-in features; Cable TV available; Decorative lighting; Double vanity in baths; Eat-in kitchen; Granite counters; Kitchen island; Natural woodwork; Open floorplan; Paneling; Vaulted ceilings; Walk-in closets; Living room fireplace
• Laundry & utility: Electric water heater; Disposal

What this means for you Summary

Snapshot

• This is a 12 × 6-bed/5.0-bath units multifamily listed at $675k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $10k ($126k/yr) — positive. Per door: $874/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $675k).
• Recommended offer: $655k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.9% 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: 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.
• Zoned schools: Birdie Alexander El (math 12% / reading 22%, grade F, #3,836 of 4,322 statewide, top 91%, 252 students, 94% FRL); T W Browne Middle (math 15% / reading 23%, grade F, #1,466 of 1,662 statewide, top 89%, 478 students, 96% FRL); David W Carter H S (math 12% / reading 23%, grade F, #1,451 of 1,632 statewide, top 89%, 1,082 students, 80% FRL).
• Zoned-school proficiency averages 18% at this address vs 34% district-wide (-16 pts) — the specific schools serving this property underperform the Dallas ISD average; the district grade overstates school quality for this exact location.
• Market conditions: 100 active listings in the ZIP; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 $189k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.

Recommended offer $654,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.84% ✓
• Cap rate: 24.93%
• Cash-on-cash: 66.56%
• DSCR: 3.96
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 65.9%
• Equity multiple: 3.96×
• Total profit: $558,609
• Equity at exit: $100,645

10-year hold

• IRR: 70.1%
• Equity multiple: 8.13×
• Total profit: $1,347,370
• Equity at exit: $58,362

Cash invested: $189,000 (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 75232

• Home prices YoY: -4.0%
• Active inventory: 100
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $19,175 medium
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,027
• Net cashflow: $10,483

Break-even live

Break-even rent $5,905

Max offer price $675,000

Occupancy floor 40%

Sensitivity live

Price	-10% $10,950	-5% $10,717	+0% $10,483	+5% $10,250	+10% $10,017
Rent	-10% $8,969	-5% $9,726	+0% $10,483	+5% $11,241	+10% $11,998
Rate	-1.0pp $10,823	-0.5pp $10,655	base $10,483	+0.5pp $10,309	+1.0pp $10,131

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

Units	Beds	Baths	Est. rent
▸ 12× units	6	5	$19,176
Total (12 units)			$19,175

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $675,000 Active 44 DOM
2. 2026-06-18
   days on market $675,000 Active 41 DOM
3. 2026-06-17
   days on market $675,000 Active 40 DOM
4. 2026-06-16
   days on market $675,000 Active 39 DOM
5. 2026-06-15
   days on market $675,000 Active 38 DOM
6. 2026-06-13
   days on market $675,000 Active 36 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $675,000 Active 32 DOM

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

Taxation est. · year 1

• Rental income: $230,100
• − Mortgage interest: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$3,375
• − Repairs & maintenance: −$18,408
• − Management: −$18,408
• − Depreciation: −$19,636
• Taxable income: $122,337
• Est. tax owed @ 24.0%: −$29,361
• After-tax cash flow: $96,441/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 · 6 photos

Excellent 100/100 None rehab

This newly constructed multi-family property is in excellent condition with no visible repairs or maintenance needed. The high ROI updates include landscaping and curb appeal improvements to enhance its appeal.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhancing the landscaping and curb appeal can improve both the resale and rental value of the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhancing the landscaping and curb appeal can improve both the resale and rental value of the property. ↑

ⓘ 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: 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
• City population: 1,168,437
• Population (ZIP): 32,967

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 0.56)
• Race & ethnicity: Black 49% Hispanic / Latino 45% Two or more races 20% White 5% Native American 1%
• Hispanic origin (detail): Mexican 39%
• Common ancestry: Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 64% English-only · Spanish 35%

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: ▼ -16.24%
• Current HPI: 389.7618
• Rent YoY: —
• Metro: —
• 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

-2.2% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $675,000 NTREIS
• 2026-05-08 Listed $690,000 NTREIS