Market Conditions in 75214>Question Details

Suzanne Clark…, Home Owner in Dallas, TX

Hello. I am interested in a historic 4plex in Junius Heights. for 395k . It's a solid brick building, with

Asked by Suzanne Clark O'Brien, Dallas, TX Sat Dec 1, 2007

interior concrete/plaster walls. It will need a new roof within the next 7 years and will need some tweaking here and there. Window units and newer gas heat units are installed as well as decent kitchen appliances and washer/dryers. Each unit is an ample 1300 Sq foot 1/1 with gated parking in back. rents are 800 now, but once leases are up, I know I can get 1,000.00 per unit. Considering the market, am I getting a fair deal? Looking for something today in the 75214 zip that will pay for itself (mortgage/taxes) and provide income in retirement, or go up substantially enough to sell in ten years for profit.

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That's about the going rate....for small multi family. About 10x monthly rent. I think the good news about Junius Heights is that you'll likely be in the way of progress. When town moves a little south and downtown meets Deep Ellum and all that fills in around there prices and rents will go up and perhaps go up significantly. Several large projects have been announced in the area, so I think it is just a matter of time when some of the riffraff gets pushed further out and the hip urban professionals move in (on a grander scale than current.) Let me know if you need assistance putting the deal together.
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1 vote Thank Flag Link Sat Dec 1, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
I agree with Bruce. Is that the asking price or the negotiated price? You should definitely start lower. Junius Place is close to Lakewood which is a good area for renters.
2 votes Thank Flag Link Sat Dec 1, 2007
Be very careful about that area. You can turn a block and it is not a good place to be. Plus a company that starts with a "P" owns a lot down there and they do not play well with others.
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1 vote Thank Flag Link Sat Dec 15, 2007
Hi Cameron,
I live in Munger Place, which is next door to Junius Heights. Are you in the process of purchasing this building or are you just looking at it?
I love this neighborhood, I have live here for the last 6 years and feel quite comfortable.
Junius Heights will continue to appreciate.
0 votes Thank Flag Link Tue May 20, 2008
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