31191 County Road 107

Red Level, AL 36474

$34,000B

3 bd · 1.0 ba · 1,056 sqft · Built 1988 · Manufactured · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $844/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $432/mo
• Annual: $5,181/yr
• Cap rate: 21.53%
• Cash-on-cash: 54.42%
• DSCR: 3.42
• 1% rule: 2.48%
• Cash to close: $9,520

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $34k. Condition is rated poor.
• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $34k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($235 loan paydown + $903 appreciation (2.7% local appreciation)).
• Location reads 62/100 on livability (#214 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools D-.
• Covington County (rural): math 27% / reading 50% proficiency, ranked #32 of 129 in AL (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 25 active listings in the ZIP; 13 units permitted in Covington County in 2024 (0 in 5+ unit buildings).
• Covington County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and tear on the roof as seen in the satellite image.
• Major: exterior siding — Peeling and faded paint on the exterior siding.
• Major: flooring — Worn and stained flooring in the kitchen and possibly other areas.
• Major: interior walls — Faded paint and potential water damage on interior walls.
• Major: kitchen cabinets — Outdated and worn cabinetry.
• Major: bathroom fixtures — Dated and worn bathroom fixtures.