The idea of an income property appeals to lots of real estate buyers. If you’re up for the challenge and responsibility, this investment can generate income and build your net worth more rapidly than a single-family property alone. 

In today’s Splurge vs. Steal, we’re looking at two multi-family buildings in Dallas. Both are priced under a million dollars, which makes them somewhat rare in the market. There are pros and cons to each — which income property would you buy if you had the opportunity? 

 

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4826 Swiss Front

Just southwest of the storied homes on Swiss Avenue lies a more intimate, less popular Swiss Avenue in the gorgeous Gaston Heights neighborhood. Bounded by North Fitzhugh Ave. on the northeast and Peak on the southwest, sandwiched between Live Oak and Worth Street, is a lovely little enclave of historic homes that enjoys a distinction as Peak’s Suburban Addition.

This is a fantastic neighborhood for people who want an urban environment where you can see downtown from Gaston Avenue, and yet you can enjoy a quiet, walkable neighborhood close to shopping and mass transit. And there’s Jimmy’s Food Store just down Fitzhugh if you’re craving a Cuban sandwich. Man, that makes me hungry!

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I know it looks petite and unassuming from the front, but inside 4423 N. Hall St. is a spacious, elegant home with a huge garage loft, too!

When most people are looking for a home, income property doesn’t often cross into their radar. You’re looking for someplace to live, right? Not someplace for you to live and another spot to rent out to someone. This home, though, in Perry Heights, is the best of both worlds.

With more than 3,000 square feet, this Tudor (That’s right! Another Tudor! TUDOR, TUDOR, TUDOR!) marketed by Christine McKenny of Dave Perry-Miller & Associates has room to spare and doesn’t feel cloistered. The living spaces are gorgeous, too, and really showcase the wonderful details that have been maintained in this 1927 home even though it’s been fully updated.

You get beautiful built-ins and a gorgeous fireplace in the living room, which feels almost like a completely separate part of the house it’s so intimate!

The kitchen and den, that’s the real showstopper in this four-bedroom, two-and-a-half-bath home. Of course, you get stainless and beautiful custom cabinets. It’s the eat-in breakfast bar that sits opposite of the den that makes the whole room feel open and relaxed, like a great place for the family to hang out and cook dinner.

The master bedroom, which is quite sizable, has a very cute bathroom. The double vanity, which is just perfect, sits between the tub and the standing shower, which has a peek-a-boo window where, if you’re taking a shower and your husband is sitting on the pot, you could totally have a conversation! (This has to be a bonus, right?)

The upstairs has even more built-ins on the landing, and three bedrooms, one of which would make a great office for a work-at-home professional.

Now, you’re wondering where the income property is, right? It’s above the garage, remember? It’s a studio-type loft with its own full bath, and it would be great for a UT Southwestern resident or perhaps an SMU graduate student. It’s a great location for a renter, too, with Uptown and Oak Lawn just a few blocks away.

Renting a little apartment like that will definitely help with the $575,000 mortgage, which still seems like a deal to me!

Do you have a listing that has income potential? We want to see it!