3020 BICKERS ST, DALLAS, TX, 752121400
$33,440,000
2025 Appraised Value
↑ 0.0% from prior year
PASS. This is mission-driven public housing masquerading as a commercial multifamily asset, presenting structural barriers to PE acquisition that outweigh operational upside. The $33.4M valuation ($219.9K/unit) reflects a flatlined, income-constrained market with 44.1% of surrounding households earning under $25K—well below the property's tenant base—and a 19.5% land ratio that precludes redevelopment optionality. Most concerning: Google reviews have collapsed from 4.5 to 2.0 stars over six months, driven by documented community disorder and animal liability incidents, signaling either deteriorating tenant screening or management breakdown that would require immediate capital and operational intervention. The subsidy-dependent income profile (median $32.9K in the 1-mile radius), restrictive deed covenants typical of public housing, Walk Score of 21, and zero interior photography prevent meaningful underwriting of unit-level value-add—this property's returns depend on subsidized rent collections and operational discipline, not market-rate capture or capital appreciation. Unless acquisition thesis is explicitly predicated on long-term affordable housing impact investing or subsidy-backed yield, the combination of regulatory encumbrance, reputation deterioration, and minimal repositioning runway makes this a watch-list risk, not a core platform candidate.
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Quality, affordable housing to low-income families and individuals
DHA-owned residences are affordable rental housing properties for low-to-moderate income families and individuals. DHA operates 31 properties, which includes ~5,000 units located throughout North Texas. Rental options range from studio apartments up to five-bedroom homes. Housing types include apartments, single family homes, townhomes and communities specially designed for seniors and persons with disabilities. Qualified tenants pay approximately 30% of their income for rent based on federal guidelines.
Class B asset with mixed capital timeline and no interior visibility to assess unit-level value-add potential. The 152-unit portfolio shows 24 good-to-excellent condition exteriors against 2 fair and 3 under-construction/development units, indicating selective capital deployment rather than comprehensive repositioning. Renovation clustering around 2000s (5 units), 2010–2015 (3 units), and 2016–2020 (2 units) suggests staggered upgrades without a coordinated modernization strategy. Critically, zero kitchen or bathroom photos were captured—eliminating visibility into finish specifications, equipment age, and interior value-add runway that would typically drive acquisition thesis.
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Location profile mismatches fundamental multifamily value creation. Walk Score of 21 and Transit Score of 45 signal a car-dependent, transit-limited submarket with minimal pedestrian amenities—a profile typically reserved for workforce housing or suburban Class C properties. The absence of rent data prevents valuation analysis, but the mobility constraints suggest either heavily subsidized pricing or significant tenant friction (longer commutes, transportation costs). This location demands either dense service-sector employment within 2-3 miles or explicit positioning as affordable/public housing to justify the walkability deficit—standard market-rate multifamily would struggle here.
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Pipeline poses minimal near-term pressure despite submarket headwinds. The 3 units under construction represent just 1.97% of the property's 152-unit base, creating negligible direct competition. However, the permit activity reveals fragmented small-scale development across multiple addresses in the 75208 zip code rather than concentrated multifamily projects, suggesting these are likely renovation or adaptive reuse permits rather than new supply adds. The deteriorating vacancy trend in the submarket warrants monitoring, but this property's isolated pipeline exposure insulates it from the macro compression risk—the real threat is broader market softening, not local oversupply.
| Distance | Address | Description | Status | Filed |
|---|---|---|---|---|
| 1.7 mi | 3500 W COLORADO BLVD | QTEAM Add carports to multi-family project | Inspection Phase | Sep 29, 2025 |
| 1.8 mi | 4739 GRETNA ST | 18 Townhouses in 2 phases. 9 units each phase. PHASE 1 BU... | Inspection Phase | Jan 15, 2025 |
| 2.9 mi | 510 W 10TH ST | QTEAM MEETING 6.4.2025 New construction of 24 unit multif... | Inspection Phase | May 12, 2025 |
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Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Computed from nearby properties within 3 miles of similar vintage
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Dallas Housing Authority Townhomes is a 152-unit garden-style apartment community built in 2000 with wood-frame construction and brick exterior, averaging 1,210 SF per unit across 183.7K gross building area. Quality and condition are rated average; the property operates as public affordable housing with tenants paying roughly 30% of income toward rent. Located in a car-dependent area (Walk Score 21) in Dallas with standard community amenities including recreation center, laundry facilities, and washer/dryer connections. Utilities payment structure and pet policy are not specified in available data.
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| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| 1 Bedroom | 1BR | — | — | Inactive | Mar 24 | — | |
| 2 Bedroom | 2BR | — | — | Inactive | Mar 24 | — | |
| 3 Bedroom | 3BR | — | — | Inactive | Mar 24 | — | |
| 4 Bedroom | 4BR | — | — | Inactive | Mar 24 | — | |
| 5 Bedroom | 5BR | — | — | Inactive | Mar 24 | — |
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Severe affordability mismatch in immediate submarket signals subsidy dependency. The 1-mile radius shows 44.1% of households earning under $25K against a 22.9% affordability ratio—this property cannot support market-rate operations at scale in its immediate trade area. The 69.7% renter concentration confirms captive demand, but the sharp income cliff between the 1-mile ($32.9K median) and 3-mile ($61.9K median) rings suggests this asset serves a distinctly lower-income cohort than surrounding neighborhoods; the property's name and unit count indicate it's subsidized housing rather than market-rate multifamily. Demand depth exists but is income-constrained—the broader 5-mile radius (61.7% renters, $72.7K median) represents available but untapped upside if repositioning toward workforce housing were feasible.
Source: US Census ACS 5-Year Estimates (2023) · 1 tracts (1mi)
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Current appraised value of $33.4M translates to $219.9K per unit, placing this 2000-built asset in line with stabilized workforce housing comps. The 19.5% land-to-total ratio ($6.5M) is tight for a 152-unit property, suggesting limited redevelopment optionality; any value-add would need to come through operational efficiency rather than repositioning. With zero year-over-year movement, the market has essentially flatlined this asset—typical for mission-driven housing with restricted deed covenants, though this warrants confirmation of any regulatory encumbrances before underwriting.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $33,440,000 | +0.0% |
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Sharp deterioration in resident satisfaction signals emerging operational or community management issues. The 6-month average rating collapsed from 4.5 to 2.0, driven by a spike in 1-star reviews (11 total, clustered Oct 2024-Oct 2025) that overshadow the property's historical 5-star base (39 reviews). Recurring themes in negative feedback center on community disorder—unruly children, aggressive pets, lack of parental supervision—rather than traditional maintenance failures; one 2-star review from Oct 2025 explicitly flags an animal liability issue ("bitten multiple children"). The sparse negative review detail and absence of management responses suggest either weak community enforcement or deteriorating resident screening/lease compliance. This trajectory contradicts the investment thesis unless the deterioration reflects temporary demographic shifts or a specific incident cluster; a site visit focused on community standards enforcement and recent lease terminations is warranted before proceeding.
83 reviews total
This area is better than most being that it’s Dallas. But…..
My neighbors dog across the street is aggressive and has bitten multiple children including mine and she still leaves her dog tied up outside unattended especially while children are outside playing so they don’t come in “her yard”. I’ve complained multiple times to the office and even had to file a police report for the dog bite and nothing is being done.
*If your child gets bitten write a letter to management and send a copy by certified mail. Keep a copy for yourself (if you email management, they act like they didn’t receive it). Take your child to the hospital then contact the police (911) and animal control (311) to file a dog bite report.
* I suggest recording all conversations with management. Texas is a one party state so you have the right to record even if they tell you that you don’t. Any complaints you have should be sent by certified mail (keep a copy for yourself) because management will claim they never knew what was happening and didn’t receive your email. Certified mail will keep them from being able to claim that and hold them responsible if the problem escalates or persists.
The Regional Manager Stacey Rodgers is very rude. I’ve complained about a dog constantly bitting children, getting off of its leash, and running out of its owners home and bitting children. She told me to be a resident at my own home and did nothing to remedy the situation. If you ask to speak to someone over her she will not give you the information. Stacey treats residents unfairly and allows “her favorite residents” to break the lease while making others uphold the lease. If you get on her bad side she will threaten to give you a 30 day notice to vacate or evict you from your apartment.
*Make sure you know your rights because if you don’t Stacey will violate them. To report anyone in management you need to go to the DHA office on Hampton and ask to speak with Director Shannon. If Shannon does not remedy the situation your next step is to go back and request to speak with CEO Troy.
The kids over here are out of control. My son was shot with an Orbeez gun causing over 20 welts from his waist down. Kids have shot my neighbors car with an orbeez gun as well. Spoke with the office and they ask you to find out names and more information about the children when they have cameras and should be investigating these issues with the police themselves instead of relying on residents to do all of the work for them. I’ve had to contact the police because children decided to ram a metal shopping cart into the back of my car causing damage.
My rent is paid on time and I still got charged late fees because they got the mail a day late (which is not my fault) brought it to the office attention and they said they would handle it and it never got handled even after I showed my receipt and sent multiple emails.
Security doesn’t do anything except stay in the front of the apartments all night.
There is always trash thrown everywhere outside and by the dumpsters.
The parents are just as bad as the kids they don’t care and are very disrespectful.
The only problem I'm having is the kids are so unruly. They sit on your car, knock on door and run. The kids over here are completely out of control.The parents are just as worst as the kids And if you have a vehicle the vehicle and car insurance must be in your name or they will have your car towed. They have broken my living room window hadn't no one came out to fix it. My truck was stolen as a result from me not being able to park over here. I'm moving as soon as my lease is up I wouldn't advise no one especially if you have school age children to move over here period. As of 12/14/2024 things has gotten much better my only advice will be stay to yourself don’t make friends . And keep your children in the house as much as possible and you’ll be fine.
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