Exceptional opportunity to acquire a fully leased, currently under market rates, recently constructed 5-unit condominium platted townhome community in the heart of East Dallas. Built in 2021, this modern, income-producing asset offers a rare combination of strong in-place cash flow and compelling future upside. The property consists of four spacious 2-bedroom, 2.1-bathroom townhomes and one 1-bedroom, 1.5-bath unit, each thoughtfully designed with open-concept living, granite finishes throughout, and private rooftop decks featuring turf and stunning Dallas skyline views. All bedrooms are situated on the third floor, creating an ideal separation of living and private spaces. Located in one of East Dallas' most desirable and walkable areas, the property is just steps from popular dining, retail, and entertainment destinations, enhancing tenant appeal and long-term rental stability. Unit 5 is currently operating as a short-term rental, providing additional income flexibility. With no HOA currently in place, this asset presents a unique value-add opportunity. An appraisal of $2.8M is available, and the highest and best use for the property may be the creation of an HOA to facilitate the sale of individual units. This allows a buyer to capitalize on immediate equity and multiple exit strategies, including selling units individually, occupying one unit while leasing the others, or holding the property as a long-term investment. Whether you're seeking a stabilized multifamily investment or a strategic redevelopment play, this East Dallas townhome complex offers versatility, location, and upside in one compelling package.