Debt & Ownership Analysis – Woodglen Park

The property presents moderate refinancing risk but not acute distress: the two largest FHA loans ($3.6M and $3.8M at 7.5%) both matured in 2020–2021 and are marked terminated, suggesting they were either paid off or rolled into current financing—the $100K Bank of NY Mellon note and undocumented first mortgage are insufficient to explain the $10.0M valuation. DALCOR Woodglen's 13.5-year hold with only three transactions (including two simultaneous deeds in 2012) indicates a buy-and-hold operator rather than a flipper, though the quit-claim deed in the ownership chain and absentee corporate structure warrant title review. Loan-to-value is opaque without current mortgage balance, but if the FHA loans were paid down rather than refinanced, equity position is likely strong; if rolled forward at current rates (7.5%+), debt service coverage depends on NOI recovery post-maturity. The $89.4K per-unit appraised value ($10.0M ÷ 112 units) suggests a workforce/affordable play—typical of FHA-financed vintage stock—but absent income data, no DSCR calculation is possible.

Woodglen Park is a 112-unit garden-style apartment built in 1994 with wood-frame construction across two stories; 98.3K SF of leasable area indicates an average unit size of approximately 878 SF. The property is classed as "Good" condition with no data on specific finishes, amenities, or parking configuration. Located in Dallas with a Walk Score of 28, the asset sits in a car-dependent area; the 3.5 Google rating suggests moderate tenant satisfaction. No information on utilities inclusion, pet policy, or parking type is available from the data provided.

Workforce housing asset in a high-renter micromarket with significant income cliff at property perimeter. The 1-mile radius shows 79.8% renter occupancy and a median household income of $38.7K, but critically, 67.7% of households earn under $50K annually—indicating tight affordability even before rent is known. The 37.2% affordability ratio at 1-mile suggests rents must be pitched at workforce levels ($1.4K–$1.6K range for $38.7K income) to avoid severe cost burden.

The market widens materially beyond 1-mile: median income jumps 55% to $59.9K at 3-mile radius with renter concentration falling to 54%, and income distribution shifts markedly upward (23.9% earn $100K+). This two-tier dynamic signals the property operates in a dense, lower-income urban core surrounded by higher-income suburban ring—a classic location advantage for workforce multifamily but with limited pricing power without significant rent growth or income migration into the submarket.

Unit Mix Analysis: WOODGLEN PARK

This property data is incomplete and insufficient for meaningful analysis. The dataset shows only 1 unit classified as three-bedroom-plus against a 112-unit portfolio, with zero units recorded across studio, one-bedroom, and two-bedroom categories—a configuration that is either a data entry error or reflects incomplete records. Without populated rent figures in the listings array and a credible accounting of the remaining 111 units, we cannot assess concentration risk, rent progression by unit type, or market positioning relative to the Dallas multifamily demographic profile. Request corrected unit mix detail and current rent roll before proceeding.

Appraisal History: Limited data—only 2025 appraisal available at $10.0M ($89.4K/unit). Land represents 14.8% of total value ($1.5M), indicating the asset is improvement-heavy with minimal redevelopment upside; any repositioning would require significant capex against an already-built 31-year-old product rather than land play economics. YoY growth of 10.4% suggests recent market appreciation, but without prior-year comparables, cannot assess whether this reflects stabilization, market correction, or cyclical peak—recommend pulling 2024 and 2023 appraisals to establish trend trajectory.

Rating collapse signals acute operational deterioration. The 60-basis-point decline in average rating over six months (3.2 to 2.6) reflects a fundamental shift in resident satisfaction, driven by three correlated failure modes: maintenance responsiveness (AC outages lasting 1-2 days despite $1K+ monthly rents), pest infestation (roaches recurring after pest control visits), and management professionalism (language-based discrimination complaints, communication gaps). The 29.8% one-star concentration versus 53.6% five-star creates a barbell distribution that masks deterioration—recent five-star reviews reference a new manager (Kaelin, December 2025) suggesting corrective action post-acquisition, while the October-January cluster of one-star pest/mold complaints indicates the previous regime allowed systemic neglect. This property presents a classic value-add inflection point where management capability directly drives resident retention and operational margins; the investment thesis hinges entirely on the new management team's ability to arrest the 2.6-month trend before it impacts renewals and lease economics.