2419 Crossman Ave

Dallas, TX 75212

$444,900C-

4 bd · 4.5 ba · 2,572 sqft · Built 2021 · MultiFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,299/mo
• Mortgage (P&I): −$2,333
• Tax + insurance: −$1,397
• HOA: −$0
• Vac / Maint / Mgmt: −$903
• Net cashflow: $-333/mo
• Annual: $-4,001/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• 1% rule: 0.97%
• Cash to close: $124,572

Investor read

• This is a 4-bed/4.5-bath multifamily listed at $445k. Condition is rated excellent.
• At list price, monthly cash flow is $-333 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $386k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $430k (3.4% below list).
• It's been on market 62 days — a 6% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $386k (13.2% below list) — sets the bar for cash-flow.
• In year one you build about $48k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• 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: Jesus Moroles Expressive Arts Vanguard (math 23% / reading 43%, grade F, #2,208 of 4,322 statewide, top 52%, 627 students, 75% FRL); D A Hulcy Steam Middle (math 33% / reading 32%, grade F, #947 of 1,662 statewide, top 58%, 423 students, 88% FRL); L G Pinkston H S (math 10% / reading 21%, grade F, #1,505 of 1,632 statewide, top 92%, 1,139 students, 92% FRL) — zoned schools at 85% FRL track the district average.
• Watch-outs: property tax is 3.3% of price.
• Market conditions: Rents falling (-4.2%/yr); 247 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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.
• 3 sale attempts since 3y ago 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.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.4% 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.
• At $4,299/mo this rent would consume 86% of the median local household income ($60k/yr) (locally 892% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 62 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.