Househacking in Dallas Proper

[Haley Powell]

I will be moving to Dallas around May or June so I am trying to familiarize myself with the market there and scope out good areas suitable to househacking. I am trying to avoid getting too far out from the core or into the suburbs as I'll be working in downtown Dallas proper and I've heard commutes can have some brutal traffic. I would preferably be able to eventually buy a place so I can househack and eventually leverage my savings into buying more properties. However, from what I've seen on Zillow (not the best source, I'm sure) most of the more affordable places are farther out or are in South Dallas and need quite a bit of rehab. Considering that this is my first property and I don't have the resources or connections in place to rehab yet, I'd like to find something that doesn't need a huge amount of renovation.

Does anyone have any suggestions on where to look in Dallas proper for a first time househack? 

Any advice on property type would be helpful as well, I've seen a fair amount of condos and I'm unsure of how their value holds up over time and duplexes seem to be fairly rare. 

Just to clarify my own monetary situation a bit more: I am a grad student currently and I will graduate in May. I interned in Dallas through summer and fall and rented in the Oak Lawn area. I will be making about $50,000 at my new job so my budget is limited.

[Kenneth McKeown]

@Haley Powell welcome to BP! I was in your shoes just about 3-4 years ago. I had just finished graduate school at Texas A&M and had picked up the book Rich Dad Poor Dad after teaching for my first few months. I'll comment on a few of the items you mentioned - first off, condos. I'm personally not a fan. Condos will have HOA's - which is essentially renting (or paying someone else and never building any equity of your own) and they tend to be the least appreciating type of household. Most people will start with a duplex, quad or single family & rent out the rooms depending on each persons desires.

Now the income situation - I was a teacher and made a pretty similar salary and did have some student loan debt and car debt. I was able to qualify for at a $300k duplex - but the issue here is if you want to be near downtown.. duplexes are not anywhere near that price. Most areas of downtown you're talking low to mid 400k starting for duplexes. The duplexes downtown &/or surrounding areas aren't really cash flowing properties. I could go into more detail about this - but you've got to accept the negatives of purchasing near downtown.

You'll love Dallas though I'm sure - not sure if you've ever visited, but I've traveled all over and settled down here. It's great!