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Old 05-11-2007, 12:15 AM
 
Location: California
11 posts, read 63,755 times
Reputation: 17

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I am looking to possibly buy an apartment building/complex in the DFW area. I am eyeing one in particular right next to Wells Park. I have read a lot of posts about Hurst north of the freeway, but haven't seen anyone commenting on this southern area of Hurst.

Can anyone tell me, in general, how this neighborhood is from the standpoint of the things that potential renters would be interested in - shopping, schools, safety, commute, etc.?

Thanks.
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Old 05-11-2007, 05:46 AM
 
Location: Fort Worth/Dallas
11,878 posts, read 32,924,989 times
Reputation: 5539
I used to go to Wells park quite a bit, and those apartments leave much to be desired. There are some duplexes about a block over that are quite nice, but if those apartments are in your price range, the duplexes are probably not. It's not a horrible area (not great though), but those apartments that sit next to the park and school are slummy. The area is close to shopping, within walking distance of a large grocery store, an autozone, a goodwill store, etc. They are also not that far from NE Mall, a very large mall and if one had a job at the mall you could ride a bike to work.

There are some very nice apartments over on Harwood, about 3/4 of a mile East of Precinct line road near my area north of 183; we almost rented there before we bought a house. There are town homes and apartments. However, you'll pay much more for these.

I don't know what your situation is, but if you're looking into those apartments next to wells park, let me tell you you can find much better, but of course it will cost you more. I wish you the best of luck. If you need any further information, just let me know. I'll be happy to get the name of the apartments off of Harwood and fill you in on their cost if you wish.
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Old 05-11-2007, 06:00 AM
 
Location: Fort Worth/Dallas
11,878 posts, read 32,924,989 times
Reputation: 5539
After reading your post, I see that you may not be renting, but buying the entire complex.. If so, I apologize for the miscue and will try and address those areas that you brought up:

Shopping: Tons of shopping in the area; you have Northeast Mall, one of the largest malls in Texas less than a mile away.

Schools: There is a school right next to the apartments (Hurst Elementary?) and I don't know how good or bad of a school it is, perhaps someone could fill you in on that with some stats.

Safety: Although the entire area isn't all that desirable, I rarely hear of any crimes in the area and in fact I've been to that park at all hours of the day and night (even late at night and early in the morning, running) and never had one single problem with anyone. The park is small, but nice and well kept by the city. It has a ballpark and field that are well maintained and there are regular events held there with never any problems.

Commute: Can't tell you about the commute unless you say where you are going, but the area has convenient access to all of the freeways and such.
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Old 05-14-2007, 10:02 PM
 
Location: California
11 posts, read 63,755 times
Reputation: 17
Default Reply to Synopsis

Thanks, Synopsis. Yes, we are actually thinking about buying the complex. The current owner has reduced the price. Can you tell me exactly what it is about those apartments that makes you say they are "slummy"? I would like to know if there are some improvements that need to be made and what those improvements would be. Also, I would then need to determine if the improvements would then reposition the complex so that I could increase the rents to the market rents of the nicer duplexes, etc. that you mentioned that are nearby.

Thanks for all the info - any additional info would be helpful. I would like to know as much as possible about the "real" story behind the apartments before I decide to hop on a plane and take a look in person.
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Old 05-15-2007, 06:43 AM
 
Location: Fort Worth/Dallas
11,878 posts, read 32,924,989 times
Reputation: 5539
Hi teakabelle,
I may be driving by that way later today or tomorrow, so I'll take a picture and let you be the judge. They may not be as bad as I remember, they're just not what I recall as looking to be a great place to live. But, for some income levels they may be just fine, and I don't mean that in a bad way. I've never seen or heard of any problems in the area with the residents, and there are kids there so it may just be my perception. I think safety and cleanliness are the key factors anyone should consider. The one thing that sticks out in my head is that they are the style of apartments (2 story) that are built like the cheaper motels with the doors facing outside. They have to be rather small as well, because the doors aren't far apart. There's a chain link fence around them too, which doesn't really promote a good look. Just my thoughts. Like I said, I'll snap a picture or two when I go by there and post them back on this thread.
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Old 05-15-2007, 10:15 AM
 
Location: Fort Worth/Dallas
11,878 posts, read 32,924,989 times
Reputation: 5539
Below are several of pics of the apartments (Parkside Apartments) I think you are talking about teakabelle. Please download these to your computer because to show them to you I had to upload them to my flickr account, which is near it's limit. As soon as you've had a look, let me know and I'll delete them. Hope this helps!

Last edited by AustinTraveler; 05-16-2007 at 07:56 AM.. Reason: Deleted photos per author's request
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Old 05-15-2007, 07:55 PM
 
Location: California
11 posts, read 63,755 times
Reputation: 17
Thanks, Synopsis. I have uploaded the pictures to my computer, so you can take them off now. They definitely look different from the marketing pics!

I see what you mean about the being a bit "slummy". Looks like they all have different window coverings, some have window a/c units, the fence isn't very attractive. I also noticed that the 2nd floor railing is black on some sides and white on another. Weird.

If I purchased the complex, got unified window coverings, replaced window a/c units with proper units, fixed up the landscaping and changed the fence to a nicer looking one (maybe wooden), do you think I could up the rents to $900 for a 3-bedroom, $750 for a 2-bedroom and $650 for a 1-bedroom?

I have to assume the chain link fence is to keep people from walking through the complex from the park, but I think a nice wooden fence that was about 4 or 5 feet tall would make a difference. The complex could also use more trees and the center area of the apartments could stand a landscaping over haul to make it feel more like a park - maybe even a fountain.

I appreciate any input you continue to give me!
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Old 05-16-2007, 06:11 AM
 
Location: Fort Worth/Dallas
11,878 posts, read 32,924,989 times
Reputation: 5539
Hi teakabelle. I applaud you for wanting to fix the place up, it actually looks worse in person than in those pictures. I should have taken some close ups.

Regarding the rent. To be honest, I don't think there's any way at all to charge that high of rent no matter how nicely you fix those places up. Rent in this area is just not that high. For example, we moved in to our house in a very nice middle-class neighborhood in North Hurst in 1999. Prior to that we were living in a 2-bedroom 1,000 square foot apartment complex in Bedford for $650 a month. Three bedrooms were going for around 750 or 800 at the time, and these were some decent apartments, almost like townhomes. Unlesss rent has gone up astronomically in the past 7 or 8 years, I doubt those apartments at Parkside are bringing in more than $500 per month for the very largest apartments - and $500 may be pushing it. I'd guess they are probably very low rent from the looks of them. If you did make all of the changes that you're speaking of, then I'd assume you may be able to get $650 for a three bedroom there, depending upon the size.

That's just my opinion, and I'm no apartment owner, but if you'll look at the rates of some apartments in this area that are in very nice areas and are of the style that are more like small homes you'll only see those types demanding $900 or $1000 per month for three-bedrooms.

I hope this helps. If you need any more information just let me know.
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