Lubbock, TX (Texas) Market 2023 - Westmont (West End) 79407 - Milwaukee Ave

[Josh Chastain]

Zillow Data

Lubbock, Texas: I'm nearing a deadline and need to identify a 'like-kind' property to complete a 1031 exchange. I'm considering the Westmont community (50th and Milwaukee Ave.), which seems to be a developing area with a lot of potential. I've noticed a significant amount of new construction there. Does anyone know if these new builds are selling?

Most importantly, is it realistic to expect rent of $2,000 or $2,500 for a 4-bedroom, 2-bathroom (4/2) property in this area? Currently, I see 3/2 properties renting anywhere between $1,300 to $2,000 in this area. 

Westmont

4/2 , 296k, 2,050 sqft

3/2, 271k, 1,760 sqft (cheapest 3/2) 

With interest of 6%, with 25% down 

I estimate a monthly pmt of 1,322 + taxes at rate of .0209. After PM, insurance, vacancy, HOA, maintenance (shouldn't be much) it looks like I'll be lucky to breakeven.

I'm also looking at properties in Burgamy Park North, located just east of Terra Vista Middle School and north of Route 114 or 19th Street.

I would greatly appreciate any insights or experiences on the feasibility of achieving rents over $2,000 for a 4/2, as well as the general demand for 4/2 and 3/2 homes in these areas. Thanks a lot for your input!

Schools are in the Friendship school district.