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Old 02-28-2011, 08:50 PM
 
4 posts, read 6,623 times
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Folks,

I am looking to invest in a property - areas not too far from 75243 zip. A 2bed/2bath should be good enough considering its just me and my wife, may be a baby next year :-). We are looking to spend close to $130,000. Good resale value(or rental income) is #1 priority as we plan to stay in this property for only 3-4 yrs before we start looking out for a large home. And needless to say safe neighborhood.

I have been going through this forums and looks like investing in areas like Uptown, Oak lawn, M streets would be a safe bet. Are there areas other than Uptown where I can put my money in, and still not fear about resale value? Even areas with good potential for rental income are Ok with me.

Appreciate any advice..

Last edited by nsrk; 02-28-2011 at 08:57 PM.. Reason: adding budget
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Old 02-28-2011, 09:13 PM
 
12,690 posts, read 25,052,921 times
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Your budget is not realistic for a 2/2 condo in or around Uptown...you need another $75-100k in your budget.

That being said....if you can find anything in the condos between Greenville and Skillman on / around University (75206), that area is ALWAYS in demand with SMU undergrad & grad students and other young professionals. I can't promise you tons of appreciation in the near term, but easily rentable and **could** have good cash flow if your mortgage & HOA's are decent.

Another complex I would check out is on West Greenway, right behind Inwood Village in 75209....think it's called Inwood Crossing (?). Again, if there is something there in your budget, it's a decent investment- they always sell quickly and appeal to a lot of singles of all ages. Extremely safe location.

There are also a few condos left along Abbott on Highland Park's eastern border that are in/near that price range. Not sure how well the HOA's are managed (I've never heard anything bad....just never heard anything at all), but the location is top-notch with the added "sell" of HPISD.


I'll keep thinking but those are the only areas that are safe & a good bet where a 2/2 is going to be in your price range.
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Old 02-28-2011, 09:23 PM
 
12,690 posts, read 25,052,921 times
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Ok, just checked....the Abbott condos in HP are $120k-ish for 1/1's....2br is prob out of your budget. The Greenway Parks condos (7640 Greenway) are listed around $150k for 2/2....possibly could close near $130k if owner is desperate ?

The 75206 condos seem the most promising. Check the Bella Gardens Condos on E University- HOA dues under $200/mo and some units appear to have small private yard space (definitely a perk for anyone with a dog or green thumb!) listing in the $130-150k range for 2/2...your budget is probably doable there.
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Old 03-01-2011, 11:43 AM
 
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Yep for a condo/townhome I would go with that 75206 area off E. University - streets are Sandhurst, Jason, Birchbrook, Danbury, etc. There is quite a lot of redevelopment and it's excellent location close to DART/Greenville Ave/Central Expressway/Northwest Highway/Mockingbird/SMU/Park Cities/Lakewood/White Rock Lake/Central Market/Northpark/Park Lane. There's a shuttle bus which goes to SMU and the DART stations. The Katy Trail is expanding from the Park Cities to White Rock Lake through there - one of the access trails is under construction now on Skillman. It's located in Blue-Ribbon Stonewall Jackson Elementary and in the Woodrow Wilson High IB cluster. The tenants and residents are a good mix from SMU students and staff to hipsters, yuppies and bohos and retired folks. It's very stable for an area with mostly apartments and condos. When some of the apartment complexes have been up for sale they have had more than a dozen offers on them. I believe there were 17 offers on the last complex sold.

Most of the older complexes which were converted to condos were better-built than other developments from that era and spacious with dens and real brick fireplaces and hardwood floors (mostly in the dens).

I have a friend who lives in one who just put forty grand into renovating his kitchen - I wouldn't do that but I think it demonstrates confidence in the area. It's very nice to have this friend with the upcoming Greenville Avenue St. Patrick's Parade on March 12. He always has a party!
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Old 03-02-2011, 09:13 PM
 
4 posts, read 6,623 times
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Lakewooder and Turtlecreek80, thanks for the advice. More search options have opened up now :-)
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