Anybody have any experience living in the less popular areas in Old East Dallas? (Bryan: sale, rental)

[DPatel304]

I really enjoy and have spent a lot of time in certain parts of East Dallas (Deep Ellum, Lower Greenville, Henderson Ave.), but I also know the area, as a whole, can be very patchy. I've been eying the area lately and have noticed that it's actually pretty reasonable to purchase property in the area.

For instance, this Condo which is within walking distance to Lower Greenville and Henderson Ave. is only $53K: https://www.redfin.com/TX/Dallas/150.../home/82706308

I've also seen a few units at the Live Oak Lofts and 3033 San Jacinto St which I found to be reasonably priced. I suppose the best thing for me to do would be to rent in the area for a year and then look at purchasing, but I was hoping to get a little insight from any of you who might have experience.

I'm really just hoping that East Dallas will experience the same boom that Uptown did and property values will shoot up and it'll be a much more desirable and safe place to live. I feel the area already has a lot going for it, it just needs time and some good developments from the right people, but, in the meantime, I feel like some of these properties could be a great deal to purchase and hold on to for the long haul.

I don't plan to purchase anytime soon, but I just wanted to get a discussion going on what you guys think of the current state and potential of the area.

[lpepping]

I lived in the area north of Ross for about 10 years. The property values have already shot up in this area. But south of Ross, in general, there are still deals to be had. I just don't think you will see the same boom as Uptown. How long are you wanting to hold onto a property and wait?

[TurtleCreek80]

In the sketchier areas, I would be ok with buying & holding property (single family units only), but I would not buy any individual units in the really cheap / sketchy condos or other multifamily. Reason being, you're agreeing to co-own property with people who probably don't share your values or priorities. If your priority is to speculate that a developer will eventually buy out your entire condo complex, you don't want to be tied to people who are terrified to be priced out of their neighborhood and have to move somewhere else. Ruthless but true.

For single family, depends on how long you're willing to buy & hold (will you wait 10 years or more for the block to finally gentrify if that's how long it takes?) and if you intend for it to be your primary home vs investment property. As a female, there are a lot of blocks of OED I would still not be willing to live on for safety reasons.

[DPatel304]

Originally Posted by lpepping

I lived in the area north of Ross for about 10 years. The property values have already shot up in this area. But south of Ross, in general, there are still deals to be had. I just don't think you will see the same boom as Uptown. How long are you wanting to hold onto a property and wait?

I didn't really have a set timeline in mind, but I was thinking for the long haul (20+ years).

Originally Posted by TurtleCreek80

In the sketchier areas, I would be ok with buying & holding property (single family units only), but I would not buy any individual units in the really cheap / sketchy condos or other multifamily. Reason being, you're agreeing to co-own property with people who probably don't share your values or priorities. If your priority is to speculate that a developer will eventually buy out your entire condo complex, you don't want to be tied to people who are terrified to be priced out of their neighborhood and have to move somewhere else. Ruthless but true.

Thanks, that's a good point. As far as having a developer buy out the entire complex, that's not really what I was looking for. It would be nice, but, you're right, I can't necessarily expect that given that I am only a co-owner.

Originally Posted by TurtleCreek80

For single family, depends on how long you're willing to buy & hold (will you wait 10 years or more for the block to finally gentrify if that's how long it takes?) and if you intend for it to be your primary home vs investment property. As a female, there are a lot of blocks of OED I would still not be willing to live on for safety reasons.

Thanks for your post. Sounds like I should stick to my original plan (save up some more and go for a multifamily property if possible). I was not even close to consider buying, but this particular unit just came out of nowhere for me and I couldn't believe the price. It was close to the area where I wanted to buy.

I've checked the sale history of condos in the same complex, and it looks like they're all very cheap, so it's not like this is some diamond in the rough that I have to jump on. In fact, the unit I linked was actually purchased for 44.5K a few months ago.

By the way, what does "OED" stand for?

[TurtleCreek80]

OED = shorthand for Old East Dallas

[TurtleCreek80]

Originally Posted by DPatel304

Thanks, that's a good point. As far as having a developer buy out the entire complex, that's not really what I was looking for. It would be nice, but, you're right, I can't necessarily expect that given that I am only a co-owner.

Thanks for your post. Sounds like I should stick to my original plan (save up some more and go for a multifamily property if possible). I was not even close to consider buying, but this particular unit just came out of nowhere for me and I couldn't believe the price. It was close to the area where I wanted to buy.

I would also think long & hard about what kind of tenants you want to deal with. Most professionals with steady jobs/incomes are not going to want to live in a complex where units go for $40-50k a pop. Most people who rent these units are more prone to being less educated, less stable incomes, more unstable home environments, more drug/alcohol abuse, etc. I prefer the kind of tenants where I always know 100% their tent checks are coming (and won't bounce) every single month. I also prefer the kind of rental property where I wouldn't be worried to go there at 2am should there be an energency that required ASAP attention.

[DPatel304]

Originally Posted by TurtleCreek80

I would also think long & hard about what kind of tenants you want to deal with. Most professionals with steady jobs/incomes are not going to want to live in a complex where units go for $40-50k a pop. Most people who rent these units are more prone to being less educated, less stable incomes, more unstable home environments, more drug/alcohol abuse, etc. I prefer the kind of tenants where I always know 100% their tent checks are coming (and won't bounce) every single month. I also prefer the kind of rental property where I wouldn't be worried to go there at 2am should there be an energency that required ASAP attention.

Yes, you're totally right about that. I plan to move to the area in a few years with my girlfriend, and, in the meantime, I was hoping to rent to a friend or family member, or perhaps try my hand at hosting the place on AirBnB (of course that depends on what rules the condo association has regarding that).

But even if I happen to find great tenants, I have no control over the other units in the complex. Thank you for all your posts, sounds like this would not be a wise purchase for me at this current time.

[pepper131]

The condo in your link is in a horrid location despite how close it is to some great areas seemingly within walking distance. The park that backs up to the condo has constant problems with homeless and drug addicts. Hopefully, eventually this entire will be razed just like up the street on Bennett.

The condo on San Jacinto is basically in Bryan Place which is a great community.

Live Oak Lofts are great. I have a friend in that bldg.

[DPatel304]

Originally Posted by pepper131

The condo in your link is in a horrid location despite how close it is to some great areas seemingly within walking distance. The park that backs up to the condo has constant problems with homeless and drug addicts. Hopefully, eventually this entire will be razed just like up the street on Bennett.

The condo on San Jacinto is basically in Bryan Place which is a great community.

Live Oak Lofts are great. I have a friend in that bldg.

Great, I appreciate the insight. And yes, I've briefly been to the area surrounding the first condo and I'm not surprised about what you're saying.

I used to live in Uptown near Reverchon park which, from what I hear, also used to not be that pleasant. Not sure if there were drug addicts populating the park, but regardless, it's changed drastically and is a very nice park now.

But, based on what you're saying, perhaps the more expensive condos on either San Jacinto or the Live Oak Lofts are a better bet.

[trc_everything]

I've lived in the Baylor/Deep Ellum area of OED for about 6 years. I've seen lots of interesting things, but I, personally, have never been the victim of a crime. A few of my neighbors' guests who parked on the street have had their cars broken in to to steal whatever they left in their passenger/back seats. Homeless people push their carts and strollers along the nearby streets, which is always a fun sight for relatives from the suburbs. And I live on one of the newer construction, "gentrified" streets.

But I'm a guy with no children, so I'm not bothered much. I knew what I was getting into when I started looking around Deep Ellum.

That said, my property value has increased 42% since I bought my townhouse.

I wouldn't buy the condo in your link. Others have given you the reasons why.