2631 Mike St · Dallas, TX 75212

$209,900

3 bd · 2.0 ba · 984 sqft · SingleFamily public records · 51 Days on market

Built 1988 4,879 sqft lot $213/sqft · 9% above area Est $192k · 9% over

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Why this score? — see what drove the D 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 +12.0/30.0
• Appreciation +10.0/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• ARV discount +3.3/15.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Rent growth +1.4/5.0

Listing remarks

This home has tremendous potential, needs some TLC. Close to Downtown Dallas and Bishops Arts District. Eligible for Irving ISD including Kinkeade Early Childhood School. Property to be sold As Is. Investors welcomed. Cash or Conventional Financing only. Lot at 2703 Mike Street is for sale as well! Sale is subject to the approval of the Dallas County Probate Court. Buyer or Buyer's Agent to verify all information.

Key facts

• 4,879 sq ft lot
• Garage
• Built 1988

Tags

• CLOSE TO DOWNTOWN DALLAS
• BISHOPS ARTS DISTRICT
• ELIGIBLE FOR IRVING ISD

Property features AI

Finance

• Other: Located in Dallas County, United States
• Financial info: Listing is an exclusive right to sell; Treat as clear loan type; No second mortgage reported; Probate listing
• HOA & community: No homeowners association

Exterior

• Parking: Carport with 2 spaces; Covered parking (3 spaces); 1-car garage
• Security: No smart home features listed
• Utilities: City water; City sewer; Electricity available; Not in a municipal utility district
• Home design: Single-family residence; Residential property; Built in 1988; One story
• Construction: Year built 1988
• Exterior features: Lot under 0.5 acre (approximately 0.112 acres); Subdivision: Joe Irwin 6a

Interior

• Kitchen: Disposal
• Bedrooms: 3 bedrooms (primary bedroom on main level)
• Flooring: No flooring details listed
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating or cooling details listed
• Interior features: One-level layout; Disposal; One living area; One dining area; Other interior features
• Laundry & utility: No specific laundry details listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-50 ($-599/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (9.4% below list).
• Recommended offer: $190k (9.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: crime F.
• 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: Townley El (math 17% / reading 21%, grade F, #3,739 of 4,322 statewide, top 87%, 648 students, 87% FRL); Bowie Middle (math 15% / reading 27%, grade F, #1,387 of 1,662 statewide, top 85%, 818 students, 89% FRL); Nimitz H S (math 25% / reading 27%, grade F, #1,234 of 1,632 statewide, top 76%, 2,361 students, 84% FRL).
• Market conditions: Rents falling (-4.2%/yr); 249 active listings in the ZIP; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• This rent runs 38% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $59k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $190,261 (9.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.02%
• DSCR: 0.95
• GRM: 9.2

CMA / ARV

• ARV (median comp): $192,028
• List price: $209,900
• Delta: 9.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2623 Lapsley St	0.24mi	3/2.0	1,022 (+4%)	16mo	$262,000	$256	69
5546 Bernal Dr	0.19mi	2/1.0 (-1)	1,064 (+8%)	4mo	$229,900	$216	65
5404 Chippewa Dr	0.73mi	2/2.0 (-1)	956 (-3%)	21mo	$110,000	$115	39

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

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 2.80×
• Total profit: $105,653
• Equity at exit: $189,095

10-year hold

• IRR: 19.5%
• Equity multiple: 6.17×
• Total profit: $303,830
• Equity at exit: $407,790

Cash invested: $58,772 (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 75212

• Rents YoY: -4.2%
• Active inventory: 249
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,903 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$365 /mo · $4,377/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-50

Break-even live

Break-even rent $1,966

Max offer price $201,081

Occupancy floor 98%

Sensitivity live

Price	-10% $69	-5% $9	+0% $-50	+5% $-109	+10% $-169
Rent	-10% $-200	-5% $-125	+0% $-50	+5% $25	+10% $100
Rate	-1.0pp $56	-0.5pp $3	base $-50	+0.5pp $-104	+1.0pp $-160

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $209,900 Active 51 DOM
2. 2026-06-18
   days on market $209,900 Active 48 DOM
3. 2026-06-17
   days on market $209,900 Active 47 DOM
4. 2026-06-16
   days on market $209,900 Active 46 DOM
5. 2026-06-15
   days on market $209,900 Active 45 DOM
6. 2026-06-13
   days on market $209,900 Active 43 DOM
7. 2026-06-13
   days on market $209,900 Active 42 DOM
8. 2026-06-09
   days on market $209,900 Active 39 DOM
9. 2026-06-08
   days on market $209,900 Active 38 DOM
10. 2026-06-07
    days on market $209,900 Active 37 DOM
11. 2026-06-04
    days on market $209,900 Active 34 DOM
12. 2026-06-03
    days on market $209,900 Active 33 DOM
13. 2026-06-02
    days on market $209,900 Active 32 DOM
14. 2026-06-01
    days on market $209,900 Active 31 DOM
15. 2026-05-31
    days on market $209,900 Active 30 DOM
16. 2026-05-01
    listed $209,900 Active 417-char remark

ⓘ 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: $4,377 · $365/mo
• Projected year-2 tax: $4,377 · $365/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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,831
• − Mortgage interest: −$11,758
• − Property taxes: −$4,377
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,827
• − Management: −$1,827
• − Depreciation: −$6,106
• Taxable loss: −$4,113
• Est. tax savings @ 24.0%: +$987
• After-tax cash flow: $388/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: Irving ISD
• NCES district ID: 4824420
• Math proficiency: 19% ▼ -28.00%
• Reading proficiency: 25% ▼ -11.00%
• Median HH income: $44,870
• Composite: 19.06/100
• National rank: #8840
• State rank: #751 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): 28,259
• Household income: $59,750
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 892.0

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 (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 26% Black 23% White 6% Asian 2%
• Hispanic origin (detail): Mexican 55%
• Common ancestry: Slovak 1%
• Foreign-born: 27% · Canada, Vietnam, Jamaica
• Languages at home: 42% English-only · Spanish 52% Vietnamese 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: ▲ 138.69%
• Current HPI: 477.2035
• Rent YoY: ▼ -4.21%
• 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

1 event — show timeline

• 2026-05-01 Listed $209,900 NTREIS

Property tax history

+4.9%/yr

Latest (2025): $4,377 · -0.2% YoY. Source: county tax records.