4513 Fairway can be considered four ways:

1. As a duplex unit with a third accessory structure.  In this scenario, you could realize:
   • $4,100-$4,300 in rent from the bottom unit at 4513 Fairway.  The bottom unit has additional square footage, plus direct access to the backyard.
   • $3,900-$4,100 in rent for the top unit at 4515 Fairway.  The top unit lacks a backyard with only the upstairs patio as private outdoor space and has less square footage.
   • $1,500 to $1,700 in rent for the garage apartment (see comparables).  This comes with a qualification: utilities for this unit are metered with the lower floor unit at 4513 Fairway - the zoning for this property is duplex and the City of Highland Park will not budge; dignifying this third unit with a separate meter or submetering equipment would go against zoned land use. To realize rent on this unit, the owner will need to:
     • pay all utilities for 4513 Fairway and the garage apartment
     • develop an articulation between the garage apartment tenant for a reimbursement of utilties to the tenant at 4513 Fairway.
   • This is a total of $8800-$9600 in gross revenue per month.  If you assume annual days vacant of each unit at 30 days and accept these rents, total annual revenue ranges from $96,800-$105,600.
   • Between taxes, insurance, water for the sprinkler system (third meter), pest control, maintenance reserve, weekly yard care, annual expenses are $53,203.
   • The linked spreadsheet below calculates this option.
2. Alternatively, this property can be owner-occupied in the first-floor unit and the top-floor unit plus garage unit can be leased as an all-bills-paid rental.  Again, rent on the top floor unit would range between $3,600-$3,900 and I believe the garage unit, all bills paid, could lease for $1,500 per month.  Total that's a range of $5,100-$5,400 per month. Parkland is nearby & rents may be adjusted for for a mid-term rental to serve travel nurses. Once again, assuming expenses of $53,203, the revenue would come close to offseting expenses, leaving you to cover only the debt service. The linked spreadsheet below calculates this option.
3. Many duplexes in this neighborhood have been converted to single-family residences. At the current price, the duplex at 4513/5 Fairway is priced at $361.13/sf per sqft.  To compare, the 2023 sold price of 3500-5500 sf homes in Highland Park ISD average $656.29 per sf.  The difference in price per sf suggests you could spend $1,434,853 ($295.16 x 4,929 sf at 4513 Fairway) to convert this property to a single-family residence and keep this property at the average price/sf of HPISD single-family homes comparable in size.  One more stat, the average price on all active listings in HPISD have an average price/sf of $926.10 - at $361.13 you are well below 1/2 that price and, on a per sqft basis, one of the most inexpensive property on the market in HPISD.
4. The option also exists to tear down and build new. Over the last year, the average $/sf for lots in HPISD were $205/sf - with a lot at 9,100 sf that's $1,865,500.  Currently, three lots are listed in HPISD at an average $/sf of $344/sf - at 9,100 sf you're at $3,130,400. Another way to look at this is to utilize the duplex zoning for the lot and develop two half-duplexes to build to sale.