4304 Westminster Dr

Irving, TX 75038

$150,000D

2 bd · 1.0 ba · 901 sqft · Built 1973 · Townhouse · Active · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,437/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$362
• HOA: −$180
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-193/mo
• Annual: $-2,321/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• 1% rule: 0.96%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath townhouse listed at $150k.
• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (22.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (4.2% below list).
• It's been on market 199 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (22.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#45 in TX, #1,913 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Irving ISD (urban): math 19% / reading 25% proficiency, ranked #751 of 826 in TX (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lee El (math 19% / reading 21%, grade F, #3,536 of 4,322 statewide, top 83%, 709 students, 89% FRL); Travis Middle (math 18% / reading 32%, grade F, #1,258 of 1,662 statewide, top 77%, 971 students, 89% FRL); Macarthur H S (math 29% / reading 29%, grade F, #1,147 of 1,632 statewide, top 71%, 2,586 students, 80% FRL).
• Market conditions: Rents flat; 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $40k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 4.7% vs local median 2.6% in Irving — 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

• 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?
• It's been on market 199 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.