3240 Lombardy Ln #102

Dallas, TX 75220

$100,000B

2 bd · 1.5 ba · 1,008 sqft · Built 1981 · Condo · Active · 277 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,489/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$154
• HOA: −$240
• Vac / Maint / Mgmt: −$313
• Net cashflow: $258/mo
• Annual: $3,095/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• 1% rule: 1.49%
• Cash to close: $28,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 277 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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: Julian T Saldivar El (math 32% / reading 31%, grade F, #2,396 of 4,322 statewide, top 56%, 786 students, 98% FRL); Francisco Pancho Medrano J H (math 39% / reading 26%, grade F, #947 of 1,662 statewide, top 58%, 717 students, 100% FRL); Thomas Jefferson H S (math 30% / reading 20%, grade F, #1,250 of 1,632 statewide, top 77%, 1,452 students, 97% FRL).
• Market conditions: Rents rising (+1.1%/yr); 260 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.4% 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 277 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Stove and oven — Severe wear and visible damage, likely inoperable.
• Major: Bathroom fixtures — Old and worn, likely inoperable.
• Moderate: Exterior siding — Signs of wear and tear, with some peeling paint.
• Moderate: Staircase and flooring — Signs of wear and tear, with some damage visible.
• Moderate: Interior walls — Signs of wear and tear, with some discoloration and damage.