2315 Moser Ave

Dallas, TX 75206

$10,500,000B-

None bd · None ba · 11,635 sqft · Built 1986 · MultiFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $143,240/mo
• Mortgage (P&I): −$55,063
• Tax + insurance: −$15,880
• HOA: −$0
• Vac / Maint / Mgmt: −$30,080
• Net cashflow: $42,217/mo
• Annual: $506,601/yr
• Cap rate: 11.12%
• Cash-on-cash: 17.23%
• DSCR: 1.77
• 1% rule: 1.36%
• Cash to close: $2,940,000

Investor read

• This is a 64 × 1-bed/1-bath units multifamily listed at $10.50M.
• At list price, monthly cash flow is $42k ($507k/yr) — positive. Per door: $660/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($143k rent vs $10.50M).
• It's been on market 101 days — a 9% lower offer ($9.55M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $9.55M (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $73k of loan paydown is wiped out by about $315k 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: Alex W Spence Talented/Gifted Academy (math 35% / reading 41%, grade F, #717 of 1,662 statewide, top 44%, 599 students, 84% FRL); North Dallas H S (math 30% / reading 31%, grade F, #1,085 of 1,632 statewide, top 67%, 1,261 students, 82% FRL) — zoned schools at 83% FRL track the district average.
• Market conditions: Rents rising (+1.3%/yr); 342 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• 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 + 1.3% rent growth), your $2.94M cash investment doubles in ~9 years — after that, you're playing with house money.
• 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 11.1% 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.
• At $143,240/mo this rent would consume 1888% of the median local household income ($91k/yr) (locally 2983% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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?
• 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.