3883 Turtle Creek Blvd #1016

Dallas, TX 75219

$200,000F

1 bd · 1.0 ba · 862 sqft · Built 1963 · Condo · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,684/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$977
• Vac / Maint / Mgmt: −$354
• Net cashflow: $-1,029/mo
• Annual: $-12,342/yr
• Cap rate: 0.12%
• Cash-on-cash: -22.04%
• DSCR: 0.02
• 1% rule: 0.84%
• Cash to close: $56,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $51k (74.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (15.8% below list).
• It's been on market 19 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (74.4% 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 $6k 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: Ben Milam El (math 32% / reading 32%, grade F, #2,268 of 4,322 statewide, top 55%, 293 students, 84% FRL); Thomas J Rusk Middle (math 20% / reading 21%, grade F, #1,407 of 1,662 statewide, top 86%, 443 students, 95% 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 87% FRL track the district average.
• Watch-outs: HOA is 58% of rent.
• Market conditions: Rents flat; 633 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 sale attempts; this cycle's ask is 10454% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 0.1% vs local median 2.3% in Dallas — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Built in 1963 — 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?
• 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?
• 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?
• 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.