old condos/apartments across from cole park, uptown (Dallas, Katy: rentals, HOA)

[lalalaolala]

Hi,
I recently came across a few good deals on renting/buying 2bd, 1bath condos right across cole park on cole avenue. The location looks really nice, cole park, tennis court, walk to katy trail, west village, trolley to art district etc. And price is low for uptown both in terms of renting and buying. On a recent visit though, I did notice that these condo complexes (2 stories, with a pool) tend to be older (1960s) and do not look very sleek/nicely maintained, the exterior kinda looks out of date to me, which is in sharp contrast with all the other condos/constructions in the neighborhood. Is anybody familiar with the area and history of these old condos? Is it a good idea to buy a 2bd, 1bath for $120-130k ish? Or rent for $1200 ish? I am female graduate student in my mid-20s and really love the location. I would love to buy, but don't have $400k for the newer big townhouses :-( Thanks!

[TurtleCreek80]

How much are the monthly HOA dues? Are there any deferred maintenance issues that could cause a mandatory assessment? An inexpensive condo isn't always "cheap" to own.

Honestly, condos in Dallas aren't a good buy....and I own one in that neighborhood, too! Really, the only multifamily properties that ever end up being a potentially good buy are duplexes and small townhouse rows with 3-6 units.

Those particular condos are cheap because they're old and have little-to-no appreciation potential since the area is already gentrified. 20 years ago that was a sketchy area (all of Upfown was!) but not now.

Bottom line- I wouldn't hesitate to rent one and live cheaply in Uptown. But I wouldn't buy one at all!! Keep saving for something thaw a better buy.

[lalalaolala]

HOA is $400 all utilities included, which i thought was high, especially for the appearance/maintenance level. How would I know their HOA status? I thought I would only have access to that once i make an offer.

[lalalaolala]

I am also not waiting for it to appreciate in price per se. But I am thinking if I buy some distressed properties for say $95k, in 5 years it might return to it's market value. Plus I am going to live there, not flipping it. I also though even with HOA, tax and mortagage, for $1000 I can basically have 2 stories, 2 bedrooms, 1 giant patio all to myself in uptown, vs high rise/apartment buildings in uptown which I only get a room but no patio, etc. But yeah as you've mentioned, i was worried that the old units need a lot of maintenance and don't know how to further investigate on it.

[Lakewooder]

I think I would rent in this case if you want that location - there is a chance that some of those might be bought out for redevelopment (tear-down and new construction) - however that is never a guarantee, especially with many owners. I like the area just east of SMU off E. University for cheap condos - search 75206. Some of them are two bedrooms with a den for $85,000 - ish...some cheaper, some more (redone). There is a free SMU/DART shuttle bus going to Lover's Lane and Mockingbird DART rail stations (also SMU). The Katy Trail is being extended through there next to the DART rail line to White Rock Lake. Central Market, The Village Apartments are next door - with a major new redevelopment going in on Lover's Lane. North Park, Central Expressway and Northwest Highway and Park Cities are very close -- also it's in a good school attendance zone. Not really as chic or urban but that's changing...

[lalalaolala]

Thanks lakewooder, Wow what happens if the area get bought out for redevelopment? Do they compensate the owners with market value of their condos or something?

[CGGirl]

I currently rent an apartment that is about 30 or so years old and it's the first time since I lived in NY over 10 years ago that I have lived in an apt this old and I have to see...it's a PITA at times. Thank god I'm only renting. I never had plumbing issues or issues with cracks in the walls, etc. in other places where I have lived but in 3 months, I have had so many issues. Had to call maintenance 3 times for plumbing issues who in turn had to call the plumbers. One of the issues they said I just simply had to live with. Had issues with the windows as well which they almost refused to fix but I made them fix it. A lot of these issues I didn't even notice and I am extremely anal when looking at rentals.