2137 Trellis Pl #2137 · Richardson, TX 75081

$182,500

2 bd · 1.5 ba · 1,096 sqft · Condo public records · 70 Days on market

Built 1973 $167/sqft · 14% below area Est $212k · 14% under $195/mo HOA · 11% of rent

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Why this score? — see what drove the D 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 +13.8/15.0
• Cash flow +8.0/30.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated 2-bedroom condo in the heart of Richardson! This move-in ready unit offers a bright, open layout and thoughtful updates throughout. The kitchen features ample cabinet space and flows seamlessly into the living and dining areas. The spacious primary suite includes an updated bathroom with upgraded tile, creating a comfortable, refreshed retreat. A second bedroom offers flexibility for guests, a home office, or additional living space. Enjoy the enclosed patio for relaxing, or outdoor dining. Two assigned parking spaces are conveniently located next to the unit for easy access. Located in a well-established community with quick access to major highways, shopping, dining, and top Richardson amenities, this condo combines convenience, comfort, and value.

Key facts

• Updated kitchen
• Enclosed patio
• $195 HOA

Tags

• UPDATED KITCHEN
• ENCLOSED PATIO
• ASSIGNED PARKING SPACES
• WELL-ESTABLISHED COMMUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $182k.

Deal economics

• At list price, monthly cash flow is $-184 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (2.0% below list).
• Recommended offer: $150k (17.8% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 2.7% in Richardson — 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 85/100 on livability (#5 in TX, #551 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living D+.
• 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.
• Market conditions: Rents flat; 152 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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 70 days — a 6% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,012 (17.8% 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 70 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 0.98% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• GRM: 8.5

CMA / ARV

• ARV (median comp): $212,080
• List price: $182,500
• Delta: -13.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.10×
• Total profit: $-45,970
• Equity at exit: $27,211

10-year hold

• IRR: -47.3%
• Equity multiple: -0.43×
• Total profit: $-73,238
• Equity at exit: $15,779

Cash invested: $51,100 (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 75081

• Rents YoY: 0.2%
• Active inventory: 152
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,788 high
• Mortgage (P&I): −$957
• Tax from tax record: −$368 /mo · $4,417/yr
• Insurance: −$76
• HOA: −$195
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-184

Break-even live

Break-even rent $2,021

Max offer price $150,012

Occupancy floor —

Sensitivity live

Price	-10% $-81	-5% $-132	+0% $-184	+5% $-236	+10% $-287
Rent	-10% $-325	-5% $-255	+0% $-184	+5% $-113	+10% $-43
Rate	-1.0pp $-92	-0.5pp $-137	base $-184	+0.5pp $-231	+1.0pp $-279

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: $45,625
• Closing costs: $5,475
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Trellis Pl Richardson, TX	3.0	3.0	1314	$1,800	$1.37	8d	1	0.10mi
207 Trellis Pl Unit 1 Richardson, TX	3.0	2.5	1314	$1,800	$1.37	13d	1	0.10mi
2315 Trellis Pl Richardson, TX	3.0	2.5	1314	$1,800	$1.37	44d	1	0.11mi
1902 Heather Way Richardson, TX	3.0	2.0	1497	$2,250	$1.50	3d	1	0.25mi
2111 E Belt Line Rd Richardson, TX	2.0	1.0–2.0	972	$1,674	$1.72	44d	3	0.28mi
3343 Briaroaks Dr Garland, TX	2.0	2.0	1292	$1,900	$1.47	18d	1	0.56mi
3211 Roundtree Ln Garland, TX	3.0	2.5	1442	$2,200	$1.53	24d	1	0.70mi
188 N Plano Rd Richardson, TX	1.0–2.0	1.0–2.0	965	$1,955	$2.02	44d	6	0.72mi
2929 Pegasus Dr Garland, TX	2.0	1.5	1196	$1,650	$1.38	5d	1	0.81mi
2929 Pegasus Dr Garland, TX	2.0	2.0	1196	$1,650	$1.38	44d	1	0.81mi
3536 W Buckingham Rd Unit 421 Garland, TX	3.0	2.0	1220	$1,395	$1.14	5d	1	0.84mi
2103 Overview Ln Garland, TX	3.0	2.0	1376	$2,200	$1.60	15d	1	0.84mi
2902 Southern Cross Dr Garland, TX	2.0	1.5	1196	$1,950	$1.63	22d	1	0.87mi
2902 Southern Cross Dr Garland, TX	2.0	1.5	1196	$1,875	$1.57	8d	1	0.87mi
3106 Gayle Dr Garland, TX	3.0	2.0	1400	$2,000	$1.43	8d	1	0.92mi
3200 W Buckingham Rd Garland, TX	1.0–3.0	1.0–2.0	937	$1,377	$1.47	2d	1	0.99mi
1702 N Jupiter Rd Garland, TX	1.0–2.0	1.0–2.0	805	$1,379	$1.71	2d	15	1.03mi
1234 Briarcove Dr Richardson, TX	3.0	2.0	1380	$2,600	$1.88	24d	1	1.08mi
2601 Nova Dr Garland, TX	2.0	2.0	1440	$1,895	$1.32	21d	1	1.13mi
2334 Angel Fire Dr Garland, TX	3.0	2.0	1354	$2,400	$1.77	44d	1	1.29mi
3037 Burning Tree Ln Garland, TX	3.0	2.0	1388	$2,195	$1.58	3d	1	1.35mi
4386 Lawrence Dr Garland, TX	2.0	1.0–2.0	900	$1,425	$1.58	21d	1	1.43mi
4386 Lawrence Dr Garland, TX	2.0	2.0	900	$1,592	$1.77	8d	8	1.43mi
2379 Apollo Rd Garland, TX	1.0–2.0	1.0–2.0	820	$1,495	$1.82	1d	11	1.44mi
2046 N Shiloh Rd Garland, TX	1.0–2.0	1.0	684	$1,495	$2.19	2d	8	1.45mi

HOA detail condo

• Monthly dues: $195 · $2,340/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $182,500 Active 70 DOM
2. 2026-06-17
   days on market $182,500 Active 69 DOM
3. 2026-06-16
   days on market $182,500 Active 68 DOM
4. 2026-06-15
   days on market $182,500 Active 67 DOM
5. 2026-06-13
   days on market $182,500 Active 65 DOM
6. 2026-06-09
   days on market $182,500 Active 61 DOM
7. 2026-06-08
   days on market $182,500 Active 60 DOM
8. 2026-06-07
   days on market $182,500 Active 59 DOM
9. 2026-06-04
   days on market $182,500 Active 56 DOM
10. 2026-06-03
    days on market $182,500 Active 55 DOM
11. 2026-06-02
    days on market $182,500 Active 54 DOM
12. 2026-06-01
    days on market $182,500 Active 53 DOM
13. 2026-05-31
    days on market $182,500 Active 52 DOM
14. 2026-04-09
    listed $190,000 Active 789-char remark

    Show marketing remark (789 chars)

    Beautifully updated 2-bedroom condo in the heart of Richardson! This move-in ready unit offers a bright, open layout and thoughtful updates throughout. The kitchen features ample cabinet space and flows seamlessly into the living and dining areas. The spacious primary suite includes an updated bathroom with upgraded tile, creating a comfortable, refreshed retreat. A second bedroom offers flexibility for guests, a home office, or additional living space. Enjoy the enclosed patio for relaxing, or outdoor dining. Two assigned parking spaces are conveniently located next to the unit for easy access. Located in a well-established community with quick access to major highways, shopping, dining, and top Richardson amenities, this condo combines convenience, comfort, and value.

15. 2018-12-28
    soldstatus
16. 2018-08-24
    soldstatus
17. 2018-08-24
    soldstatus
18. 2018-08-16
    soldstatus
19. 2016-03-07
    soldstatus
20. 2003-12-31
    soldstatus
21. 2003-12-02
    historical
22. 2003-06-17
    listed $59,900
23. 2002-04-05
    soldstatus
24. 1997-07-30
    soldstatus
25. 1996-03-04
    soldstatus
26. 1996-02-28
    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: $4,417 · $368/mo
• Projected year-2 tax: $4,417 · $368/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,453
• − Mortgage interest: −$10,223
• − Property taxes: −$4,417
• − Insurance: −$912
• − Repairs & maintenance: −$1,716
• − Management: −$1,716
• − HOA: −$2,340
• − Depreciation: −$5,309
• Taxable loss: −$5,182
• Est. tax savings @ 24.0%: +$1,244
• After-tax cash flow: $-963/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: Richardson ISD
• NCES district ID: 4837020
• Math proficiency: 40% ▼ -14.00%
• Reading proficiency: 44% ▼ -6.00%
• Median HH income: $54,609
• Composite: 36.58/100
• National rank: #4633
• State rank: #316 of 826 in TX

Livability — Richardson

• Score: 85/100
• State rank: #5
• US rank: #551

Category grades

Amenities C+ Commute A+ Cost of living D+ Crime B+ Employment A+ Housing A+ Health & safety A- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richardson, TX
• County: Dallas County · 2,612,404 people
• City population: 118,731
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 36,544
• Household income: $93,165
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 1347.0

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 0.70)
• Race & ethnicity: White 46% Black 21% Hispanic / Latino 18% Asian 11% Two or more races 8%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Arab 2% Lithuanian 2% Slovak 2%
• Foreign-born: 28% · Canada, China, Vietnam
• Languages at home: 61% English-only · Spanish 15% Other Indo-European 5% Arabic 4%

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: ▼ -290.20%
• Current HPI: 305.9843
• Rent YoY: ▲ 0.19%
• 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

+217.2% since first listed

13 events — show timeline

• 2026-04-09 Listed $190,000 NTREIS
• 2018-12-28 Sold (Public Records) — Public Records
• 2018-08-24 Sold (Public Records) — Public Records
• 2018-08-24 Sold (Public Records) — Public Records
• 2018-08-16 Sold (Public Records) — Public Records
• 2016-03-07 Sold (Public Records) — Public Records
• 2003-12-31 Sold (Public Records) — Public Records
• 2003-12-02 Listing Removed — NTREIS
• 2003-06-17 Listed $59,900 NTREIS
• 2002-04-05 Sold (Public Records) — Public Records
• 1997-07-30 Sold (Public Records) — Public Records
• 1996-03-04 Sold (Public Records) — Public Records
• 1996-02-28 Sold (Public Records) — Public Records

Property tax history

+7.1%/yr

Latest (2025): $4,417 · +0.0% YoY. Source: county tax records.