Market Spotlight: Zip 75160
Backflip in Terrell
Backflip has provided 7 loans in Terrell, TX 75160, directly adding $526,000 in value to the Terrell community (when calculated simply as the difference between original As-is-Value and Sale Price or 3rd party ARV, including one $95k loss). That number doesn’t include indirect value, such as rising nearby property values.
All 7 homes were after-repair priced in the $200-300K range that is zip’s most common price bracket, indicating good property liquidity, reducing the loan risk. Indeed, Backflip members were likely to return to Terrell. Of the 7 loans, 4 came from borrowers who developed multiple properties in Terrell with Backflip.
We wanted to take a deeper dive into the zip code.
Terrell By the Numbers
Fast Growing: Per the U.S. Census Bureau, Kaufman County, Texas, east of Dallas, was the second fastest-growing county in the nation from 2022-2023. Terrell is a fast-growing municipality, with a population 26,632 as of July 2024, and rising at a whopping rate of 5.93% annually. (26x that of the US average, 3x that of of Nashville.)
Diverse: Terrell is highly diverse, with 29% of residents identifying as Hispanic/Latino.
Affordable: 75160 is still somewhat disadvantaged, with 14% of residents living at poverty level (above the national average of 11.5%). Terrell’s average median household income of $67,102 is $5K below the Texas median income of $72,284 and 10% below the 2022 US real median household income of $74,580.
Familied: Terrell is a family-focused population: median age, 36; largest age group is 15-19. While Kaufman country boasts six outstanding school districts, Terrell’s local schools are average performing.
Terrell Real Estate Fundamentals
Property Values increasing at a healthy rate. According to Redfin, In June 2024, zip code 75160 home prices were up 3.2% compared to last year, selling for a median price of $296K. The bigger property appreciation picture is even more impressive: 160.4% in the last ten years, with the 2022-2023 appreciation rate of houses in Terrell was nearly 20%.
Demand down from peak. On average, homes in 75160 sell after 46 days on the market compared to 41 days last year. There were 74 homes sold in June this year, down from 90 last year. (Hinting at a slow down, but not saturation.
Rental Yields still strong. Renters make up 42.5% of Terrell population, while only 1.3% of houses/apartments are available to ren.
Affordability. Terrell, TX, is generally considered an affordable housing market, which can lead to lower acquisition costs and higher profit margins.
Property Conditions are good for flips. The median age of Terrell property is 42 years – prime age for revamp and modernization.
Proximity to Dallas. As a suburb of Dallas-Fort Worth, Terrell benefits from the economic growth and job opportunities of the larger metropolitan area.
What Backflip Members Are Saying
Describing it as “up and coming,” Backflip members conclude there is plenty of opportunity in Terrell.
“The next city over is Forney,” notes investor Patrick Schultz, “one of the great investment areas in the US. Terrell’s rise was inevitable.” He adds: “Think of it as the third development ring around Dallas. There’s an Amazon distribution center. They have good data on future growth. Same goes for HEB, who is putting a supermarket in nearby Forney. Oh, and Jaime Foxx is from Terrell.”
The Foxx Factor
With mention of Jaime Foxx, Schultz taps into one other intangible quality: persona. Terrell has it. Not only is Terrell one of the larger towns in renowned Kaufman county, it has star quality. Jaime Foxx born and raised in Terrell TX. Foxx is vocal about how much he owed his success to his teachers. Over the years, as Foxx prospered in Hollywood, he would sponsor sports events, Special Olympics, and other events in Terrell. In 2023, Foxx and his charity organization funded the resurfacing and upgrading Terrell’s basketball courts at Breezy Hill Park near where the actor-singer grew up.
Backflip periodically investigates certain zip codes popular with its members. This isn’t investing advice. Before investing in any market, do conduct your own in-depth research.
