High end rentals in DFW

[Michael W. McCord]

I've got a house under contract in the Canyon Creek neighborhood in Richardson that I plan to gut and renovate. It's a typical mid century ranch style common the neighborhood that has good open floor plan potential. As the neighborhood has gotten so hot, there is a ton of flipping as the upside is pretty big. There are also quite a few teardowns with 1.2-1.6m customs going up in their place. Rather than go with the crowd and flip for a profit, I was thinking of renting as I have noticed shockingly few rentals in the area. To make the numbers work I would have to get at least $3,500 per month from a tenant. Anyone in DFW or other Texas metro areas have experience with high end rentals? Or know of a website or publication that deals with this? I have yet to hear a podcast or see any information on this. Thanks all!