This Blog page was created to analyze and support the potential investment of a multi-family property located in the
I decided to do a Real Estate Analysis of a seasoned multi-family property located near the Fair Park area. What attracted me to this property was its location, the Fair Park Area is an older community located in Central Dallas and has been slowly undergoing a slow transformation. The Dallas Economic Development just complete phase one of their long-term efforts to attract new businesses and residents.
This property recently passes its city code inspection, and had its roof remodeled in 2009. It has also had its foundation leveled this year in 2012. It is an 8 unit apartment complex with 100% occupancy. It has a gross rental income of $4,240, additional expenses of $14,000 and a NOI of $34,080. Interestingly with 100% occupancy it has a fairly high Cap Rate of 17%.
4,800sq.ft. Milti-family low-rise garden property with 2 floors
- Built on 7500.00 acres
- 8 units- all 2 bedrooms/1bathroom
- Ceramic tile
- Tenants pay electric
- Located near new Dart Rail
- Gross income of 3800/month
This property can be acquired at a 17% Cap Rate, using the income statement of May 2012.
- Asking Price $199,OOO
- Down Payment $ 50,000
- 30 year Note $ 160,000
- Amortization – 2o Years
- Balloon – 3 Years
- Interest – 9.5%
- Monthly PI Payment $1,491.41
Since the year 2000 real property value has increased in the Southern Dallas region by 3.62B or 53.6%. The Southern Dallas Area is continuing to grow including new condominium, several town homes, and the addition of a new police head quaters.
Median Age: 35.1% Sizes of Households: 2.4 people
Average Adjusted Gross Income: 22,524
Percentage of Renters in 75215 vs State Average
After careful analysis of the areas market, the properties income statements, and projected cash flow I feel this property would be a good first time infestment. The remainder of this blog will present a break down of the research that went into the dession to possibly invest in this property.
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