32232 Emancipation Circle Cir · Loxley, AL 36527

$241,400

3 bd · 2.5 ba · 1,437 sqft · SingleFamily · 123 Days on market

Built 2026 Excellent condition $168/sqft · 17% below area Est $291k · 17% under

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +10.3/30.0
• Schools +5.3/10.0
• Condition / age +5.0/5.0
• Rent growth +4.1/5.0
• Livability +3.3/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Palm, our brand-new townhome in Franklin Place at Independence in Spanish Fort, Alabama. This gorgeous townhome has so much to offer featuring open spaces and a wonderful layout. This home is a 2 stories with 1,437 square feet, 3 bedrooms, 2.5 bathrooms and a 1-car garage. Step into the Palm where you will be greeted with an entryway into the modern, open concept with gorgeous features. The stairway will be to one side opposite of the garage. You will then pass the convenient hallway bathroom across from the beautiful kitchen which seamlessly blends into the dining and living room. The living room also flows into the back patio, making an ideal place for entertaining or unwinding. The bedrooms are located upstairs with the primary first and the additional two bedrooms in the back of the home. The beautiful primary bedroom with large windows and a walk-in closet boasts an ensuite with a double-bowl vanity, bathtub and walk in shower and even includes extra space with shelving. The laundry room is also upstairs offering great convenience. All of the rooms include windows and closet space as well. This Palm townhome is a part of the wonderful new home community in Spanish Fort, Alabama, Franklin Place at Independence. Here you will enjoy peace and quiet along with the convenience of being just minutes to local schools and an abundance of shopping and dining and the interstate offering a quick commute. In addition to beautiful homes and an amazing location, you will also enjoy the community pools and multiple lakes. These will be great areas to relax or meet up with neighbors. Schedule your tour to find your new home at Franklin Place at Independence today! Pictures are of similar home and not necessarily of subject property, including interior and exterior colors, options, and finishes. Buyer to verify all information during due diligence. Estimated completion of May 2026!

Key facts

• Garage
• Built 2026
• Listed 123 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $241k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (19.5% below list).
• Recommended offer: $194k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 4.0% in Loxley — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#95 in AL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment B; Watch: crime D, amenities F, commute F.
• Baldwin County (rural): math 33% / reading 57% proficiency, ranked #18 of 129 in AL (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockwell Elementary School (math 46% / reading 76%, grade B, #60 of 627 statewide, top 9%, 724 students, 25% FRL); Spanish Fort Middle School (math 38% / reading 70%, grade B-, #20 of 257 statewide, top 8%, 622 students, 28% FRL); Spanish Fort High School (math 44% / reading 44%, grade F, #25 of 305 statewide, top 8%, 1,188 students, 24% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 436 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $194,425 (19.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $291,468
• List price: $241,400
• Delta: -17.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32232 Emancipation Circle Cir	0.00mi	3/2.5	1,437 (0%)	0mo	$233,500	$162	100
32240 Emancipation Circle Cir	0.01mi	3/2.5	1,437 (0%)	0mo	$240,000	$167	100
32378 Revere Drive Dr	0.10mi	4/2.0 (+1)	1,504 (+5%)	0mo	$302,080	$201	80
32392 Revere Drive Dr	0.12mi	4/2.0 (+1)	1,504 (+5%)	0mo	$296,580	$197	80
32250 Revere Drive Dr	0.14mi	4/2.0 (+1)	1,504 (+5%)	0mo	$293,080	$195	78
32407 Revere Dr	0.14mi	4/2.0 (+1)	1,504 (+5%)	1mo	$298,580	$199	78
32445 Revere Dr	0.17mi	4/2.0 (+1)	1,504 (+5%)	2mo	$298,580	$199	76
32478 Revere Dr	0.21mi	4/2.0 (+1)	1,504 (+5%)	0mo	$294,480	$196	75
32484 Revere Dr	0.22mi	4/2.0 (+1)	1,504 (+5%)	2mo	$291,900	$194	74
32408 Revere Drive Dr	0.13mi	3/2.0	1,281 (-11%)	0mo	$287,388	$224	74
12836 Patriot Way	0.20mi	3/2.0	1,281 (-11%)	1mo	$268,500	$210	70
32208 Lyon Rd	0.71mi	3/2.0	1,510 (+5%)	1mo	$330,000	$219	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.52% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.40×
• Total profit: $-40,385
• Equity at exit: $35,994

10-year hold

• IRR: -2.8%
• Equity multiple: 0.79×
• Total profit: $-14,446
• Equity at exit: $20,872

Cash invested: $67,592 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Alabama: 90 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

Right-to-evict in 7 days for non-payment; no rent control; preempted statewide; courts move quickly.

Methodology + full state rankings →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 33 active · 30 under contract
• Months of supply: 4.4 mo (23%/mo absorbed)
• Median asking: $285,900 ($196/sqft)
• Median days on market: 42 d
• This list price: 3% of active listings are priced below it
• ARV vs active asking: +3.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 36527

• Home prices YoY: -14.4%
• Rents YoY: 6.5%
• Active inventory: 436
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,944 high
• Mortgage (P&I): −$1,266
• Tax est. 1.5%: −$302 /mo · $3,621/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $-132

Break-even live

Break-even rent $2,112

Max offer price $222,255

Occupancy floor —

Sensitivity live

Price	-10% $35	-5% $-49	+0% $-132	+5% $-216	+10% $-299
Rent	-10% $-286	-5% $-209	+0% $-132	+5% $-56	+10% $21
Rate	-1.0pp $-11	-0.5pp $-71	base $-132	+0.5pp $-195	+1.0pp $-258

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $60,350
• Closing costs: $7,242
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32231 Emancipation Cir Spanish Fort, AL	3.0	2.5	1492	$1,850	$1.24	93d	1	0.04mi
31697 Lyon Rd Spanish Fort, AL	4.0	2.0	1787	$2,500	$1.40	70d	1	0.52mi
31573 Shearwater Dr Daphne, AL	4.0	2.0	1830	$1,995	$1.09	70d	1	0.63mi
33064 Stables Dr Unit B Spanish Fort, AL	2.0	2.0	1185	$1,600	$1.35	62d	1	1.13mi
31100 Falling Waters Loop Daphne, AL	2.0–4.0	1.0–2.0	1158	$1,974	$1.70	93d	1	1.14mi
12914 Churchill Dr Unit B Spanish Fort, AL	3.0	2.0	1600	$1,680	$1.05	70d	1	1.20mi

Listing history 50 events

1. 2026-07-31
   days on market $241,400 Active 123 DOM
2. 2026-07-30
   days on market $241,400 Active 122 DOM
3. 2026-07-29
   days on market $241,400 Active 121 DOM
4. 2026-07-27
   days on market $241,400 Active 119 DOM
5. 2026-07-25
   days on market $241,400 Active 117 DOM
6. 2026-07-24
   days on market $241,400 Active 116 DOM
7. 2026-07-23
   days on market $241,400 Active 115 DOM
8. 2026-07-22
   days on market $241,400 Active 114 DOM
9. 2026-07-21
   days on market $241,400 Active 113 DOM
10. 2026-07-18
    days on market $241,400 Active 110 DOM
11. 2026-07-16
    days on market $241,400 Active 108 DOM
12. 2026-07-16
    days on market $241,400 Active 107 DOM
13. 2026-07-14
    days on market $241,400 Active 106 DOM
14. 2026-07-13
    days on market $241,400 Active 105 DOM
15. 2026-07-12
    days on market $241,400 Active 104 DOM
16. 2026-07-11
    days on market $241,400 Active 103 DOM
17. 2026-07-10
    days on market $241,400 Active 102 DOM
18. 2026-07-09
    days on market $241,400 Active 101 DOM
19. 2026-07-08
    days on market $241,400 Active 100 DOM
20. 2026-07-07
    days on market $241,400 Active 99 DOM
21. 2026-07-06
    days on market $241,400 Active 98 DOM
22. 2026-07-05
    days on market $241,400 Active 97 DOM
23. 2026-07-04
    days on market $241,400 Active 96 DOM
24. 2026-07-03
    days on market $241,400 Active 95 DOM
25. 2026-07-02
    days on market $241,400 Active 94 DOM
26. 2026-07-01
    days on market $241,400 Active 93 DOM
27. 2026-06-30
    days on market $241,400 Active 92 DOM
28. 2026-06-29
    days on market $241,400 Active 91 DOM
29. 2026-06-28
    days on market $241,400 Active 90 DOM
30. 2026-06-28
    days on market $241,400 Active 89 DOM
31. 2026-06-27
    days on market $241,400 Active 88 DOM
32. 2026-06-25
    days on market $241,400 Active 86 DOM
33. 2026-06-23
    days on market $241,400 Active 84 DOM
34. 2026-06-21
    days on market $241,400 Active 83 DOM
35. 2026-06-19
    days on market $241,400 Active 81 DOM
36. 2026-06-18
    days on market $241,400 Active 80 DOM
37. 2026-06-17
    days on market $241,400 Active 79 DOM
38. 2026-06-16
    days on market $241,400 Active 78 DOM
39. 2026-06-15
    days on market $241,400 Active 77 DOM
40. 2026-06-14
    days on market $241,400 Active 75 DOM
41. 2026-06-13
    days on market $241,400 Active 74 DOM
42. 2026-06-10
    days on market $241,400 Active 72 DOM
43. 2026-06-09
    days on market $241,400 Active 71 DOM
44. 2026-06-08
    days on market $241,400 Active 70 DOM
45. 2026-06-07
    days on market $241,400 Active 69 DOM
46. 2026-06-05
    days on market $241,400 Active 66 DOM
47. 2026-06-03
    days on market $241,400 Active 65 DOM
48. 2026-06-02
    days on market $241,400 Active 64 DOM
49. 2026-06-01
    days on market $241,400 Active 63 DOM
50. 2026-05-31
    days on market $241,400 Active 62 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,331
• − Mortgage interest: −$13,522
• − Property taxes: −$3,621
• − Insurance: −$1,207
• − Repairs & maintenance: −$1,866
• − Management: −$1,866
• − Depreciation: −$7,023
• Taxable loss: −$5,775
• Est. tax savings @ 24.0%: +$1,386
• After-tax cash flow: $-202/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Excellent 100/100 None rehab

This brand-new townhome in Franklin Place at Independence in Spanish Fort, Alabama, is in excellent condition with no visible repairs or maintenance needed. It offers a modern, open concept with 3 bedrooms, 2.5 bathrooms, and a 1-car garage. The property is move-in ready and would benefit from a fresh coat of paint and some landscaping to further enhance its curb appeal.

Value-add opportunities

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping — Enhanced landscaping can improve curb appeal and attract potential buyers ↑
• Both Lighting — Upgraded lighting can make the home more inviting and safer ↑

D Composite school gradezoned avg 53/100

Zoned Schools

Elementary Rockwell Elementary School B AL #60/627 Nat'l #6,943/41,679 Middle Spanish Fort Middle School B- AL #20/257 Nat'l #2,699/14,009 High Spanish Fort High School F AL #25/305 Nat'l #7,320/17,239

Schools (NCES district)

• District: Baldwin County
• NCES district ID: 0100270
• Math proficiency: 33% ▼ -26.00%
• Reading proficiency: 57% ▲ 1.00%
• Median HH income: $50,677
• Composite: 38.61/100
• National rank: #4157
• State rank: #18 of 129 in AL

C Composite livability gradescore 66/100

Livability — Loxley

• Score: 66/100
• State rank: #95
• US rank: #11346

Category grades

Amenities F Commute F Cost of living A Crime D Employment B Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Loxley, AL
• County: Baldwin County · 248,264 people
• Metro: Daphne-Fairhope-Foley, AL
• Population (ZIP): 21,765
• Household income: $120,189
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 20% of renters

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Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 248,264 people
• By 2030: 270,315 · +8.9%
• By 2040: 312,967 · +26.1%
• By 2050: 352,262 · +41.9%
• By 2075: 438,841 · +76.8%
• By 2100: 487,736 · +96.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 8% Black 6% Hispanic / Latino 5% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 4% Slovak 2% Serbian 2%
• Foreign-born: 6% · Canada, Jamaica, South Korea
• Languages at home: 95% English-only · Spanish 3%

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Political lean MEDSL · Baldwin

• 2024 margin: Solid R (+58.2) · D 20.5% · R 78.7%
• 2008→2024 swing: -6.7pp toward R · 2008: -51.5pp · 2024: -58.2pp
• All cycles: 2024: R+58.2 2020: R+53.8 2016: R+57.8 2012: R+55.8 2008: R+51.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.56%
• Current HPI: 234.5113
• Rent YoY: ▲ 6.52%
• Metro: Daphne-Fairhope-Foley, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Price history

+0.2% since first listed

4 events — show timeline

• 2026-03-30 Relisted — BCAR
• 2026-03-30 Price Changed $241,400 BCAR
• 2026-02-24 Listed $240,900 BCAR
• 2026-02-24 Delisted — BCAR