condos in North Dallas (Irving, Spring: section 8, for sale, real estate)

[dgz]

Looking at investing in a condo in the north Dallas area, actually in these 4 areas:

- near Richland College or
- west of 75 (near Royal)
- Oak Lawn or
- Addison (around Keller or Montfort)

I've owned a few rental properties in the past (duplexes). But this time around, I'm not wanting to deal with maintaining a yard/exterior/etc. Looking for something I can customize/upgrade (so it doesn't feel like a 'dumpy' apt).

What do you think about these areas and about investing in condos in general? Do condos in this area generally hold their resale value?

I'm noticing that more people seem to be consciously choosing renting over home ownership? I'm thinking of buying two condos over the next 2 years and getting a short-term (10 year note). Then, as they are paid off, I'd consider either selling them or keeping them as retirement income.

[TurtleCreek80]

If you are looking for consistent cash flow, any of those locations **could** work if price & rental market work in your favor. You are going to get a lower income tenant near Richland vs the other areas (and possibly the Montfort property depending on exact location).

If you are looking for appreciation potential, I would only consider the Oak Lawn property....assuming it's truly in Oak Lawn (east of Tollroad) & north of Cedar Springs- the area wedged between Cedar Springs & 35 is pretty seedy.

[dgz]

Thanks! I'll keep that in mind. I feel hesitant about the Richland area, particularly because I'm a little more leery about renting to college students too.

[FarNorthDallas]

I used to live in that yucky Richland College area in a condo over 15 years ago at Richland Trace. Those aren't college students near there. (That's a commuter college.) It's a bad bad area. Lots of Section 8. Is your plan to accept Section 8? Lots of crime around there. eeek.

[Squirl]

there's a 1 bdrm townhouse in Beverly Oaks in Irving that might be a good buy. (I don't own this place, don't know the owner) These units always rent easily. Great access to Loop 12/183/35 and both Parkland and Irving Medical districts. I own investment property in there and get tenants from Las Colinas businesses and UTSW.

1516 Brentwood Dr Irving TX - Real Estate for Sale and Homes for Sale - MLS #11543042 - Realtor.com®

[christinadq]

We live in a condo in the area around Royal & 75 to the West of 75 like you asked about above. Depending on what association you choose makes a big difference in terms of marketability, resale value etc. Well run associations make a big difference. A lot of the ones in this area are all-bills-paid, where your HOA covers electricty, water, sewer, trash. In our case it means we pay an average of $3600 a year for a 2-bedroom condo for utilities, exterior maintenance/painting, garage maintenance, roof/pool/landscaping etc. We also qualify for commercial rates of electricity, water, etc because we are a large HOA. For renters that can be a big plus but it will increase your overall cost to rent the place.

I would not go out as far as Addison or Irving. In my experience the closer in condos have held their value while the places we looked at in the 'burbs (even closer-in 'burbs) have lost a lot of value since 2005, when we bought this place.

We plan to keep this condo as a rental when we move on to a new city in the future. Hope this helps.