7803 & 7805 Lost Mirage Dr

Dallas, TX 75232

$675,000B

72 bd · 60.0 ba · 3,420 sqft · Built 2026 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,175/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,125
• HOA: −$0
• Vac / Maint / Mgmt: −$4,027
• Net cashflow: $10,483/mo
• Annual: $125,802/yr
• Cap rate: 24.93%
• Cash-on-cash: 66.56%
• DSCR: 3.96
• 1% rule: 2.84%
• Cash to close: $189,000

Investor read

• This is a 12 × 6-bed/5.0-bath units multifamily listed at $675k. Condition is rated excellent.
• 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).
• It's been on market 44 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $655k (3.0% below list) — sets the bar for market timing.
• 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.
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.
• 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.
• 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.