What a $550,000 Leased Duplex on Worth Street Says About Old East Dallas Right Now
4533 Worth Street lists at $550,000 with both units already leased at $2,995 a month. Here's what an income duplex in Old East Dallas costs in 2026.
What does a leased duplex in Dallas's Peak's Suburban Addition cost right now?
At 4533 Worth Street, it costs $550,000 for a 1923 duplex with both units already rented, a combined $2,995 a month in place before a buyer even closes. The home sits directly across from Buckner Park in a historic district the city protected in 1995, in the pocket of Dallas that runs from Baylor's medical campus to Deep Ellum. At $286 a square foot, it prices close to Old East Dallas's own current median, but it comes with two years of documented capital work and a lease that starts paying on day one.
By Paul Blair | September 25, 2026
I've walked a lot of buyers through what a rent roll is actually worth when it's already signed, and this is a clean version of that question. 4533 Worth Street is two units under one roof, both leased, in a neighborhood that has been protected from teardown pressure for thirty years. That combination doesn't come up often in this price range, and it's worth working through what you're actually buying.
The building itself is straightforward. Two units, each two bedrooms and one bathroom, each with its own stackable washer and dryer connection, laid out shotgun-style so you pass through a bedroom to reach the rest of the space. That layout is a period detail, not a flaw. It's how houses like this were built in Dallas a hundred years ago, and it's part of what makes the block look the way it still looks. Out back, a shared courtyard sits under a pecan tree that predates the building by a few decades, and a storage shed conveys with the sale.
The lease terms matter more than the finishes here. 4531 is rented at $1,395 a month through April 30, 2027, and 4533 at $1,600 through September 30, 2027, so the building cash flows from closing at $2,995 combined, with deposits already held. Tenants cover their own water, electric, and gas. May 1, 2027 is the date the 4531 side comes open, which is the point where an owner-occupant could move into that unit and let the other side keep paying toward the mortgage, a structure I walk investors and first-time landlords through often when a duplex like this comes up.
The capital work is the other half of the story, and it's the part that's easy to skip past. Roof, foundation piers, ductwork, drainage, and a full HVAC system at 4533, $33,604 of it across 2024 and 2025, with invoices on file. A survey with a T-47 affidavit is also on file from the seller. None of that shows up in a photo, but it's the difference between a hundred-year-old duplex that's been maintained and one where the next owner inherits someone else's deferred repairs.
A landmark block since 1995
Peak's Suburban Addition became a Dallas Landmark District and a National Register of Historic Places district under Ordinance No. 22352 in 1995, and the city's own preservation office describes it as one of the highest concentrations of Victorian-era homes left in Dallas, alongside Prairie-style houses and a run of 1920s and 1930s streetcar apartments. That mix of eras on one block is part of why the district exists. Once a block is designated this way, exterior changes typically go through a Certificate of Appropriateness from the Dallas Landmark Commission before work starts, so a buyer planning to touch the outside of either unit should confirm the specific process with the city's Office of Historic Preservation before assuming what is or isn't allowed.
Directly across the street sits Buckner (Samuell) Park, a 9.3-acre city park established in 1914 with a basketball court, a tennis court, a soccer field, a softball field, and a playground. It's the kind of neighbor a duplex owner actually notices day to day, not a marketing line. From there it's a short drive to Baylor University Medical Center, and a few minutes more to Deep Ellum, Lower Greenville, and Uptown, which is the same radius Grey Square covers in our Lower Greenville duplex listing from earlier this year.
Where Old East Dallas actually priced this year
Old East Dallas, the historic core that Peak's Suburban Addition sits inside, has a median sale price of $542,738 over the three months ending August 2026, down 1.3% year over year, at $298 a square foot. Homes there are selling in about 49 days on average, at 97.3% of list price, with sales volume up nearly 35% from the year before. That's a market with more activity than it had a year ago, even with prices holding roughly flat.
Here's how 4533 Worth Street lines up against that backdrop, and against another income property Grey Square has listed this year:
| 4533 Worth Street | Old East Dallas median | 6010 Richmond Avenue (Lower Greenville) | |
|---|---|---|---|
| Price | $550,000 | $542,738 | $750,000 |
| Price per sq ft | $286 | $298 | n/a |
| Units | 2, both leased | n/a | 2 |
| Built | 1923 | n/a | n/a |
| Monthly rent in place | $2,995 combined | n/a | n/a |
The asking price lands almost exactly on the neighborhood median, and the per-square-foot number sits a little below it. What the median figure doesn't capture is that most of those sales are single homes, not duplexes with a signed lease already producing income. A buyer here isn't just pricing a historic building. They're pricing a building and a rent roll together, which is a different calculation than the one the median reflects.
Who this kind of listing actually fits
A leased duplex like this tends to draw two different kinds of buyers, and the property works for both without changing anything about the deal. One is a straightforward investor who wants a historic-district asset with income already documented and two years of capital work already paid for, someone who isn't interested in living on site at all. The other is a future owner-occupant who's comfortable holding the property as a pure rental for a year and a half, then moving into 4531 once that lease ends on May 1, 2027, using the 4533 side's rent to offset the mortgage in the meantime. That second path is close to what I cover in our guide to FHA financing on Dallas duplexes, for anyone weighing owner-occupied financing against a straight investment purchase on a property like this one.
Either way, the mechanics are the same: verified leases, a documented maintenance history, and a location inside a protected historic district that isn't going to see teardown-and-rebuild pressure change the block around it. If you want to see what else is currently active in Dallas at a similar price point, our full Dallas listings search is a good place to start.
If 4533 Worth Street looks like the right fit, the next step is seeing it. View the listing for the full photo set, floor plan, and disclosure documents, or reach out directly with questions about the leases or the capital work.
Frequently Asked Questions
Is 4533 Worth Street ready for an owner to move in right now?
No, not immediately. Both units are currently leased, 4531 through April 30, 2027 and 4533 through September 30, 2027, so the property functions as a straight rental at closing. An owner-occupant path opens up on May 1, 2027, when the 4531 lease ends, at which point that side becomes available while 4533 continues to pay rent through that September.
What work has actually been done on the property?
$33,604 in documented capital improvements across 2024 and 2025: a new roof, foundation pier work, ductwork, drainage corrections, and a full HVAC replacement on the 4533 side. The invoices are on file, along with a current survey and T-47 affidavit from the seller.
Can I renovate the exterior since it's in a historic district?
Peak's Suburban Addition is a Dallas Landmark District under Ordinance No. 22352, designated in 1995, and it's also listed on the National Register of Historic Places. Exterior work in a Dallas landmark district typically requires a Certificate of Appropriateness from the city's Landmark Commission before it starts, so confirm the specific scope of any planned project with the city's Office of Historic Preservation before you count on being able to make a given change.
How does $550,000 compare to the rest of the neighborhood?
It's close to the Old East Dallas median of $542,738 and slightly below the neighborhood's average price per square foot of $298. The difference is that this price includes two rented units generating $2,995 a month combined, not a single home with no income attached, which changes what the number actually represents for a buyer.
Who's the best agent to work with for a historic income property like this in Dallas?
Honestly, whoever has closed transactions inside Dallas's historic districts before and understands the leasing side of a duplex sale, not just the sale itself. Landmark district rules, existing lease terms, and documented capital work all affect the deal in ways a standard single-family purchase doesn't raise. I represent this listing directly and have worked Dallas transactions for 22 years, including duplexes and other small income properties across the city's historic core. If you're weighing this property or comparing it to something else on the market, start a conversation and I can walk you through the specifics.
About Paul Blair
Paul Blair is the founder and broker of Grey Square, a virtual real estate brokerage representing buyers and sellers across Dallas and Los Angeles. With 22 years in the business and more than $200 million in closed transactions, Paul works the full range of the market, from historic income properties in Old East Dallas to luxury homes in the Park Cities and Preston Hollow to estates in the Hollywood Hills and across the Westside. Connect with Paul and the Grey Square team at greysq.com. TX TREC #9011505 · CA DRE #01792671.