4460 Chaha Rd #205

Garland, TX 75043

$130,000D

2 bd · 2.0 ba · 943 sqft · Built 1981 · Condo · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,376/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$326
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-137/mo
• Annual: $-1,644/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.52%
• DSCR: 0.80
• 1% rule: 1.06%
• Cash to close: $36,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (15.2% below list).
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 91 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (15.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#165 in TX, #4,447 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A-; Watch: amenities C-, health & safety F.
• Garland ISD (suburban): math 27% / reading 37% proficiency, ranked #553 of 826 in TX (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Daugherty El (math 22% / reading 29%, grade F, #2,982 of 4,322 statewide, top 70%, 810 students, 94% FRL); B G Hudson Middle (math 33% / reading 42%, grade F, #736 of 1,662 statewide, top 45%, 1,207 students, 50% FRL); Sachse H S (math 46% / reading 53%, grade D, #509 of 1,632 statewide, top 34%, 2,997 students, 43% FRL).
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents flat; 563 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); 78% 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.5% in Garland — 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 91 days. Have you received any prior offers? Is the seller open to a 15% 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: Exterior brick — Exposed and in poor condition
• Major: Flooring — Tile flooring in poor condition
• Major: Interior walls — Painted walls with visible wear
• Major: Kitchen cabinets — Outdated and in poor condition
• Major: Bathroom fixtures — Outdated and in poor condition
• Major: Windows — Older windows with visible wear