Cheap Houses in Dallas TX: Neighborhoods that Promise a Good Return in 2018

Cheap Houses in Dallas TX: Neighborhoods that Promise a Good Return in 2018


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Cheap Houses in Dallas TX

It is not every day that you come across cheap houses in Dallas TX. But if you know where to look, they are not a needle in a haystack either.

There is a reason the Dallas real estate market is the most favored by investors across the country. That’s simply because it offers great profit-earning opportunities regardless of the type of property you decide to invest in.

Whether it is your first fix-and-flip or another addition to your buy-and-hold portfolio, the Dallas real estate market has something lucrative for everyone.

Why Dallas?

Dallas is buoyed by a strong economy that shows no signs of slowing down any time soon. More and more companies, large multinationals for that matter, are setting up shop in Texas, the most business-friendly of all the states with the best infrastructure and workforce.

In particular, the Dallas-Fort Worth metroplex has been a hotbed for corporate relocations and expansion over the last few years. This year alone, 22 companies in the DFW area landed on the Fortune 500 list.

As both rent and housing prices continue their upward trend, so is the need for anyone looking to find cheap houses in Dallas TX to move in now, as opposed to later.

Investing in property in Dallas, whether it be a single-family home or multi-family apartment, is a venture that can offer huge benefits if you are well-versed with real estate investing.

You need to know the best areas to put your funds, so you need to do some good research to establish which neighborhoods hold the most promise.

But that’s why we are here. We have done the heavy lifting for you, and below are the areas in which you can expect to find cheap houses in Dallas TX this year.

On a side-note, allow us to point out that by ‘cheap’, we don’t necessarily mean budget housing areas, although we have included a few of these on the list. What we have also included are those neighborhoods that guarantee the best return.

Without further ado, here are the Dallas areas where your money would be well spent:

Cockrell Hill

As far as cheap houses in Dallas go, it doesn’t get any better than Cockrell Hill.

Comprised mostly of an up-and-coming younger population, the little town of less than 5,000 inhabitants should appeal to anyone looking for a racially-diverse area with people from all walks of life.

Median home value is $132,500. This represents an 8.9 percent jump over the last year, with Zillow projecting a 7.7 percent rise in home value within the next year.

Downtown

It is not often that you find an affordable life in any city in America. Until Dallas.

Surprisingly, house prices have managed to remain affordable in downtown Dallas, with homes averaging $186,600.

Some might be quick to argue that for a condo, that is expensive. But if experience is anything to go by, it is only a matter of time before downtown starts happening and prices become exaggerated.

After all, there are still those who prefer life in the high-rise, with both the convenience the location guarantees and in this case, busking in the famed Dallas skyline.

Elmwood

Elmwood is another area to consider if you are looking for cheap houses for sale in Dallas TX.

Median home value stands at $102,300. If that sounds affordable, it might come as a surprise to hear that prices have gone up by a whopping 22.4% in the last year alone.

Located in Anderson County, Elmwood has been a sleepy town of approximately 4,500 people. But the signs point to a change in fortunes – for the better.

This is especially when you consider the area, with a park running along a picturesque creek, has gorgeous properties that range from ranch-style homes, to Craftsman bungalows, to Tudor cottages.

And it’s less than 10 miles from the hustle and bustle of downtown.

Highland Meadows

Highland Meadows is a charming little neighborhood that you will find just before you hit I-635. It is possible to find beautiful, gutted homes for under $300,000.

As the time of publishing, one 3-bed two-bath property is currently listed at $255K with three months on the market. There is also a four-bed two-bath lush property with a week on the market and is going for $295,000.

The area is high on safety and an elementary school in the neighborhood serves to add to its desirability.

Lochwood

Lochwood is one of the few areas in Dallas that can pride themselves as a ‘greenbelt’.

Nestled in proximity to White Rock Lake and Lake Highlands, sinking your funds here is bound to be a wise investment over time. This is more so when you factor in the growing demand for homes situated in a nature-like setting.

According to the Neighborhood Scout, real estate prices in Lochwood are 77.1% higher than in any other neighborhood in Texas. Median purchase price is currently pegged at $399,000; not exactly the going rate for cheap houses in Dallas TX, but no doubt good value for money.

If your ideal tenant is young families with kids, Lochwood is your golden ticket. It is preferred by growing families as well as young people between their 30s and 40s.

Munger Place/Junius Heights

This treasured North East Dallas pocket has become a favorite among house seekers as investors look to restore it back to its glory days.

Recognized by the US National Register of Historic Places, Munger Place boasts a collection of Prairie-style homes, although we have to admit it is not easy getting your hands on one.

One of the reasons for this is, apart from being considered one of the most breathtaking places in the whole of Texas, is that 77% of local households are made up of renters.

If the light bulb hasn’t flicked yet, let’s put it this way: rental properties in an area such as this means there are low vacancy rates, so the investor can expect a good return on investment.

You might also come across a promising teardown or renovated piece of real estate. If you are ready to match the $527,141 median home value, it could be yours.

Bryan Place

Another area you are likely to find cheap houses for sale in Dallas TX.

Bryan Place is a chic part of the city that has an air of a private residence, with the shadow of skyscrapers serving as a backdrop.

The town of roughly 20,000 residents has a design that catches the eye, with a beautiful landscape and within a few miles of downtown.

Stats put the median rental cost at 90.3% higher than all neighborhoods in Texas. Which in other words means sinking your money in a rental property in Bryan Place can earn you some good returns.

Like Munger Place, however, finding a property for sale in Bryan Place is not easy. So, if luck is on your side, grab the chance and run away with it.

Median purchase price stands at $313,244.

Conclusion

As we said earlier, finding cheap houses for sale in Dallas TX will only get more challenging going forward, so if you can, now would be a good time to get in the mix.

In addition to the areas we have discussed, other places worth scouring for cheap houses in Dallas TX include Farmers Market District, Allen, Far North, Coppell, Campbell Green, University Park and Frisco.

 

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