Irving TX Real Estate Investing: Is It A Good Place & Good Time To Invest?

Is Irving a Good Real Estate Investment?

Irving, Texas, is considered a great market for investors looking for real estate appreciation for several reasons, including:

Strong Economic Growth: Irving is home to a strong and diverse local economy, with major employers in industries such as finance, technology, and healthcare. This strong local economy provides a stable source of employment for residents and helps to support the local real estate market.

Some of the largest employers in Irving include:

AT&T: Founded in 1983, AT&T is a telecommunications company that provides services such as wireless communications, broadband and digital television services. The company is one of the largest employers in Irving, employing over 6,000 people in the city.

ExxonMobil: ExxonMobil is a multinational oil and gas company that was founded in 1999. The company has a large presence in Irving and employs over 4,000 people in the city.

McKesson Corporation: McKesson Corporation is a healthcare services company that was founded in 1833. The company provides pharmaceuticals, medical supplies and technology solutions to healthcare providers and has a large presence in Irving, employing over 3,000 people in the city.

Verizon: Verizon is a telecommunications company that was founded in 2000. The company provides mobile communications, broadband and digital television services and has a large presence in Irving, employing over 2,500 people in the city.

Growing Population: Irving has experienced significant population growth over the last several years, due to its proximity to major cities like Dallas and Fort Worth, its strong local economy, and its affordable housing options. This growing population has helped to create a steady demand for housing, which has supported real estate appreciation. According to data from the U.S. Census Bureau, the population of Irving was estimated to be 238,289 in 2019, which represents an increase of over 20% from the 2010 census.

Proximity to Major Cities: Irving is located in the Dallas-Fort Worth metropolitan area, one of the fastest-growing regions in the United States. This proximity to major cities has helped to make Irving an attractive place to live, work, and invest, and has helped to drive real estate appreciation.

Affordable Housing Options: Compared to other major cities in the Dallas-Fort Worth metropolitan area, Irving is known for its relatively affordable housing options, making it an attractive option for first-time homebuyers, families, and real estate investors. According to Zillow, the median home value in Irving was approximately $165,000 in March 2013 and has steadily risen over the years to approximately $269,000 as of February 2023. This represents an increase of approximately 63% over the last decade.

It’s important to note that the housing market can be influenced by various factors such as economic conditions, population growth, and supply and demand dynamics, among others. As a result, the rate of growth in home prices in Irving and other areas can fluctuate from year to year.

Overall, the trend in Irving and the Dallas-Fort Worth metropolitan area has been towards increasing home prices over the last decade, reflecting the overall growth and demand for housing in the region.

Strong Rental Demand: With a growing population and a strong local economy, there is a steady demand for rental properties in Irving. This demand for rental properties can help to ensure a consistent and stable rental income for real estate investors.

Is it a Good Time to Invest in Irving?

It is a good time to invest in Irving TX real estate.

There have been several large developments happening in Irving, Texas in recent years. Some of the most notable ones include:

Toyota Music Factory: This mixed-use development features a variety of entertainment options, including a live music venue, a movie theater, and several restaurants and bars. The Toyota Music Factory has become a popular destination for residents and visitors alike.

Las Colinas Urban Center: This mixed-use development features a variety of residential, commercial, and office spaces. The Las Colinas Urban Center is home to several large companies, including ExxonMobil, Verizon, and Sabre Holdings.

The Domain: This mixed-use development features a variety of retail, dining, and entertainment options, as well as luxury apartments and office spaces. The Domain is a popular destination for residents and visitors alike, and is home to several high-end retailers and restaurants.

Texas Health Resources: Texas Health Resources recently opened a new medical center in Irving, which will provide residents with access to high-quality healthcare services.

Irving Real Estate Investment Tips

The following are the top reasons why you should consider investing in Irving real estate:

1. Irving has great proximity to the downtown Dallas area and the nearby international airport. What’s more, the area has a hot inventory of real estate properties ranging between 300K and 500K, which are bound to play favorably for different types of investment strategies.
2. Have you noticed how close Irving is to the Dallas International Airport? This works perfectly for you, considering that this is the 9th busiest airport worldwide. Depending on how you look at it, this proximity to it can be either a benefit or a drawback. As such, I recommend that you pay close attention to the flight paths and the location of the runways before buying in Irving. However, if you don’t intend on holding onto this property for more than 10 to 15 years, then there’s no reason to mind the flight paths.
3. Given that the local population is increasing at a fast pace, it will become challenging to avoid the upward pressure placed on housing values. However, you’re uniquely positioned to do your future self a favor by ensuring that you don’t invest in a direct flight path. End buyers are notorious for getting nervous about the noise generated by airplane traffic. You can avoid this potential headache by investing in Irving properties that are off the major runway paths.

Main Activities/Attractions in Irving

Situated in the middle of Fort Worth/Dallas, Irving is bursting at its seams with music, adventure, arts, and entertainment. Below are some of the attractions and activities I recommend engaging in once you complete your move to Irving.

Toyota Music Factory

It’s by far the top attraction in the area and features tons of events every week. Toyota Music Factory has multiple bars and restaurants onsite and is within a short walking distance of major Irving hotels.

Its main sections include a bowling alley, the Alamo Drafthouse Cinema, an in-door music theater that can seat 4,000 people, and the Pavilion. The in-door music theater has a wall that can retract, allowing it to hold an additional 4,000 concertgoers.

The Trinity River Trail

You’ll love The Trinity River Trail, as it has several access points right here in Irving. Overall, the trail spans over 20 miles and goes through numerous of the metroplex downtown regions. It’s a popular spot for dog walking, fishing, running, and boating.

Mustangs of Las Colinas

The Mustangs of Las Colinas refers to a superb sculpture that also doubles up as the centerpiece of William’s Square, located in the Las Colinas Urban Center. Dedicated in 1984, it depicts nine wild mustangs galloping through a granite stream.

It’s a sculpture that attracts tourists from different parts of the world. You can visit the adjacent museum to learn how the making of these larger-than-life mustangs took eight years and traversed three different continents.

Ruth Paine House Museum

Ruth Paine House Museum is the house where Lee Harvey Oswald and his wife stayed the night before assassinating President John F. Kennedy. The small suburban home has been restored to its original 1963 look. It tells the story of how its owners got caught up in this tragedy.

The home is a must-visit location for anyone who wants to understand the important background information related to the assassination. Make sure to make your way to the Visitor’s Center at the Irving Central Library, where the tour begins.

Irving Real Estate Investment Strategies

Irving Real Estate Investment is an I.D.E.A.L (income, depreciation, equity growth, appreciation, and leverage) type of investment. Nonetheless, the umbrella that is real estate investing comes with different strategies on how to make money.

All these choices can make it overwhelming for a new investor to choose the right one. So, below, I have taken it upon myself to provide you with information that will help you get the most out of your investment.

Irving is a prime RENT BY THE ROOM investment market. Therefore, the right investment strategy for you will be the house hackers interested in large single-family homes. For example, you can buy a four to a six-bedroom house in a turnkey condition and lease the individual rooms for between $700 and $900 a month.

Furthermore, Irving has a low cost of living compared to its surrounding communities, making it perfect for service industry workers and young professionals — two groups of Irving residents looking to lower their monthly housing expenses.

It’s, therefore, not uncommon to find a four-bedroom home with 2,500 sq ft, having:

• No HOA restrictions
• 3+ bathrooms and a corner lot
• An opportunity to convert an extra office space or bonus room into a fourth bedroom

Interestingly, you may find the aforementioned house retailing for $400K or less. Taking this into account, it’s clear that Irving is a hot spot for house hackers and rent-by-the-room investors. 

Financing Information for Irving Real Estate Investors

If you’re looking for financing, you’ll be glad to learn that JJVM can finance owner-occupied loans for single-family or house hackers’ investments. Such a loan will attract a 20% down payment.