Duplex in Dallas close to Lovefield and Medical District

[Guylaine Dore]

Hello all!

I am looking at a duplex at the moment.  This would be my first buy in Dallas, TX (I am from Canada, but live in Dallas since a few months).

Question 1: rent by the room

I would like to rent by the  room to students.  When asking the city, they told me that I could not do that because of the zoning, which is single family house (the property is still considered a Duplex on the tax roll).  Not even with a special derogation.    The city employee also told me that if they live together as a family, there would be no problem, so I could take that as a green light, but it is being in the gray zone...  I know many people do rent by the room in the area, and so I wonder if any BP member would know how to go around this being legit and without getting in trouble.

Also, I heard we have to have a code inspector to inspect the place each time we have a new lease.  Is this true?  Does it cost something?

Question 2: how to evaluate the value of a property when there are no comparables

My agent ran comps, but there is no other duplex in the area... Only SFH. They sold all much lower than the asking price of this duplex, and were mostly updated. The property I am looking for has probably a foundation problem (pier and beam), red carpet and green mint walls (!!!), minor water infiltration. It will need some TLC as well as a little remodeling. I received a CMA from the agent, but do not agree with the price it comes with due to the condition of the house.

The seller is willing to finance and the conditions are good, so I have to take this into consideration as well in the price I will offer I guess, but at the end, I have to make money too!

Thank you in advance for your comments!

Guylaine