5118 Ash Ln · Dallas, TX 75223

$374,900

4 bd · 3.0 ba · 2,234 sqft · MultiFamily public records · 86 Days on market

Built 1923 7,231 sqft lot $168/sqft · 24% below area Est $494k · 24% under ↓ 9% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +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: 3 units. confirmed

Listing remarks MLS

Triplex ideal for investors looking for value-add and rental income. Alternative disposition strategy would be to renovate and resell. Up and coming neighborhood with numerous new builds. Get to this one quickly and make an offer today. Cash, private money, or non-owner occupied conventional loans only. Seller will not complete repairs.

Key facts

• Numerous new builds
• Rental income
• 7,231 sq ft lot

Tags

• RENTAL INCOME
• UP AND COMING NEIGHBORHOOD
• NUMEROUS NEW BUILDS

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $352k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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: schools C-, 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.
• Market conditions: 88 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• At $5,722/mo this rent would consume 94% of the median local household income ($73k/yr) (locally 526% 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 $3k of loan paydown is wiped out by about $11k 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 $105k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• 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 $352,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.53% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.03%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

• ARV (median comp): $493,547
• List price: $374,900
• Delta: -24.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5019 Worth St	0.68mi	4/4.0	2,560 (+15%)	17mo	$485,000	$189	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 12.2%
• Equity multiple: 1.49×
• Total profit: $51,024
• Equity at exit: $55,899

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $188,901
• Equity at exit: $32,415

Cash invested: $104,972 (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 75223

• Home prices YoY: -24.6%
• Active inventory: 88
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $5,722 medium
• Mortgage (P&I): −$1,966
• Tax from tax record: −$646 /mo · $7,755/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,202
• Net cashflow: $1,752

Break-even live

Break-even rent $3,504

Max offer price $374,900

Occupancy floor 64%

Sensitivity live

Price	-10% $1,964	-5% $1,858	+0% $1,752	+5% $1,646	+10% $1,540
Rent	-10% $1,300	-5% $1,526	+0% $1,752	+5% $1,978	+10% $2,204
Rate	-1.0pp $1,941	-0.5pp $1,847	base $1,752	+0.5pp $1,655	+1.0pp $1,556

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,721
Total (3 units)			$5,722

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5227 Lindsley Ave Dallas, TX	3.0	2.5	2250	$3,999	$1.78	44d	1	0.13mi
709 S Munger Blvd Dallas, TX	4.0	1.0	1610	$2,100	$1.30	8d	1	0.15mi
402 S Henderson Ave Dallas, TX	4.0	4.0	2200	$4,250	$1.93	25d	1	0.17mi
4918 Garland Ave Dallas, TX	3.0	2.5	1725	$2,500	$1.45	25d	1	0.19mi
5316 East Side Ave Dallas, TX	3.0	2.5	2000	$3,900	$1.95	8d	1	0.29mi
4717 Garland Ave Dallas, TX	3.0	2.5	2356	$3,000	$1.27	44d	1	0.35mi
4807 Parry Ave Dallas, TX	4.0	3.0	2024	$2,800	$1.38	44d	1	0.37mi
4526 Reiger Ave Dallas, TX	4.0	2.5	2728	$3,000	$1.10	25d	1	0.64mi
1333 S Fitzhugh Ave Dallas, TX	4.0	2.0	1670	$1,895	$1.13	8d	1	0.65mi
4502 Reiger Ave Unit 2 Dallas, TX	4.0	3.0	1500	$6,750	$4.50	44d	1	0.68mi
807 S Glasgow Dr Dallas, TX	3.0	2.5	2342	$3,950	$1.69	5d	1	0.78mi
805 S Glasgow Dr Dallas, TX	3.0	2.5	2342	$3,850	$1.64	5d	1	0.78mi
317 Alcalde St Unit 1018276P Dallas, TX	4.0	2.5	2292	$22,489	$9.81	25d	1	0.80mi
4527 Worth St Dallas, TX	3.0	2.0	1808	$2,800	$1.55	22d	1	0.82mi
312 S Glasgow Dr Dallas, TX	3.0	2.5	2017	$3,750	$1.86	19d	1	0.83mi
314 S Glasgow Dr Dallas, TX	3.0	2.5	1837	$3,500	$1.91	25d	1	0.83mi
4511 Junius St Dallas, TX	3.0	3.5	2400	$3,000	$1.25	14d	1	0.91mi
4602 Sycamore St Dallas, TX	4.0	3.5	3000	$6,790	$2.26	44d	1	1.06mi
4904 Live Oak St #1 Dallas, TX	3.0	3.5	1961	$2,599	$1.33	44d	1	1.06mi
6132 Victor St Dallas, TX	3.0	2.0	1956	$3,000	$1.53	25d	1	1.06mi
1005 Cavour Pl Unit 1 Dallas, TX	3.0	3.5	2492	$4,485	$1.80	44d	1	1.15mi
4220 Hamilton Ave Dallas, TX	4.0	2.0	1692	$2,350	$1.39	44d	1	1.32mi
1514 Holly Ave Dallas, TX	3.0	3.5	2826	$5,250	$1.86	8d	1	1.34mi
4701 San Jacinto St Unit 1532686P Dallas, TX	3.0	3.0	1496	$4,768	$3.19	14d	1	1.35mi
1610 Annex Ave Dallas, TX	3.0	3.0	1780	$3,661	$2.06	17d	1	1.38mi
6159 Oram St Dallas, TX	1.0–3.0	1.5–3.0	1391	$3,200	$2.30	14d	1	1.40mi
5836 La Vista Dr Dallas, TX	3.0	2.5	1863	$3,799	$2.04	44d	1	1.41mi
5713 Lewis St Dallas, TX	3.0	3.0	2401	$3,950	$1.65	8d	1	1.41mi
4315 San Jacinto St Unit 101 Dallas, TX	3.0	3.5	2700	$3,900	$1.44	44d	1	1.46mi
4621 Collins Ave Dallas, TX	4.0	2.5	1700	$2,250	$1.32	0d	1	1.47mi
1731 N Fitzhugh Ave #1 Dallas, TX	3.0	2.5	1900	$4,200	$2.21	44d	1	1.47mi
6035 Prospect Ave Dallas, TX	3.0	3.5	2572	$6,500	$2.53	0d	1	1.49mi
1323 Saint Joseph St #19 Dallas, TX	3.0	3.0	2150	$2,750	$1.28	44d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $374,900 Active 86 DOM
2. 2026-06-17
   days on market $374,900 Active 85 DOM
3. 2026-06-16
   days on market $374,900 Active 84 DOM
4. 2026-06-15
   days on market $374,900 Active 83 DOM
5. 2026-06-13
   days on market $374,900 Active 81 DOM
6. 2026-06-09
   days on market $374,900 Active 77 DOM
7. 2026-06-08
   days on market $374,900 Active 76 DOM
8. 2026-06-07
   days on market $374,900 Active 75 DOM
9. 2026-06-04
   days on market $374,900 Active 72 DOM
10. 2026-06-03
    days on market $374,900 Active 71 DOM
11. 2026-06-02
    days on market $374,900 Active 70 DOM
12. 2026-06-01
    days on market $374,900 Active 69 DOM
13. 2026-05-31
    days on market $374,900 Active 68 DOM
14. 2026-05-18
    price $374,900 338-char remark

    Show marketing remark (338 chars)

    Triplex ideal for investors looking for value-add and rental income. Alternative disposition strategy would be to renovate and resell. Up and coming neighborhood with numerous new builds. Get to this one quickly and make an offer today. Cash, private money, or non-owner occupied conventional loans only. Seller will not complete repairs.

15. 2026-04-28
    price $389,900 338-char remark

    Show marketing remark (338 chars)

    Triplex ideal for investors looking for value-add and rental income. Alternative disposition strategy would be to renovate and resell. Up and coming neighborhood with numerous new builds. Get to this one quickly and make an offer today. Cash, private money, or non-owner occupied conventional loans only. Seller will not complete repairs.

16. 2026-03-24
    listed $410,000 Active 338-char remark

    Show marketing remark (338 chars)

    Triplex ideal for investors looking for value-add and rental income. Alternative disposition strategy would be to renovate and resell. Up and coming neighborhood with numerous new builds. Get to this one quickly and make an offer today. Cash, private money, or non-owner occupied conventional loans only. Seller will not complete repairs.

17. 2020-12-10
    soldstatus
18. 2019-10-28
    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: $7,755 · $646/mo
• Projected year-2 tax: $7,755 · $646/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 · 23 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,664
• − Mortgage interest: −$21,000
• − Property taxes: −$7,755
• − Insurance: −$1,874
• − Repairs & maintenance: −$5,493
• − Management: −$5,493
• − Depreciation: −$10,906
• Taxable income: $16,142
• Est. tax owed @ 24.0%: −$3,874
• After-tax cash flow: $17,149/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: 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
• County: Dallas County · 2,612,404 people
• City population: 1,168,437
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 11,994
• Household income: $73,318
• Rent vs Own: 44.8% rent · 55.2% own
• Severe rent burden: 526.0

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: Predominantly Hispanic (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 19% White 18% Black 12% Asian 2%
• Hispanic origin (detail): Mexican 63% Dominican 1%
• Common ancestry: Lithuanian 1% Portuguese 1% Slovak 1%
• Foreign-born: 30% · Canada
• Languages at home: 40% English-only · Spanish 59% 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: ▼ -121.38%
• Current HPI: 372.672
• Rent YoY: —
• 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

-8.6% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $374,900 NTREIS
• 2026-04-28 Price Changed $389,900 NTREIS
• 2026-03-24 Listed $410,000 NTREIS
• 2020-12-10 Sold (Public Records) — Public Records
• 2019-10-28 Sold (Public Records) — Public Records

Property tax history

+6.8%/yr

Latest (2025): $7,755 · -0.4% YoY. Source: county tax records.