508 Midland St · Little Rock, AR 72205

$224,900

3 bd · 1.0 ba · 1,365 sqft · SingleFamily public records · 106 Days on market

Built 1939 6,969 sqft lot $165/sqft · 32% below area Est $330k · 32% 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
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

Key facts

• New hvac
• Separate dining room
• Open living area

Tags

• NEW HVAC
• NEW ROOF
• HARDWOOD FLOORS
• GAS LOG FIREPLACE
• OPEN LIVING AREA
• SEPARATE DINING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-125 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (26.2% below list).
• Recommended offer: $166k (26.2% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 4.1% in Little Rock — 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 73/100 on livability (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.4%/yr); 123 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,006 units permitted in Pulaski County in 2024 (0 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.
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,001 (26.2% 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 106 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F 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: 0.74% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• GRM: 11.3

CMA / ARV

• ARV (median comp): $329,923
• List price: $224,900
• Delta: -31.83%
• 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
222 Valmar St	0.37mi	3/1.5	1,320 (-3%)	1mo	$255,000	$193	74
316 Martin St	0.45mi	2/1.0 (-1)	1,347 (-1%)	1mo	$289,500	$215	71
400 Rosetta St	0.53mi	3/2.0	1,359 (-0%)	1mo	$264,900	$195	70
506 N Valentine St	0.06mi	2/2.0 (-1)	1,216 (-11%)	2mo	$328,000	$270	68
317 S Uams Blvd	0.51mi	2/2.0 (-1)	1,373 (+1%)	1mo	$238,000	$173	65
316 Fairfax Dr	0.26mi	2/2.0 (-1)	1,189 (-13%)	2mo	$300,000	$252	56
1704 Magnolia Ave	0.73mi	3/2.0	1,423 (+4%)	1mo	$285,000	$200	54
314 Johnson	0.53mi	3/2.0	1,507 (+10%)	2mo	$315,000	$209	52
3710 W Capitol Ave	0.55mi	3/1.0	1,176 (-14%)	2mo	$142,500	$121	49
2721 W Capitol Ave	0.73mi	2/2.0 (-1)	1,273 (-7%)	3mo	$240,000	$189	44
4213 A St	0.53mi	2/2.0 (-1)	1,186 (-13%)	2mo	$190,000	$160	42
3212 Lamar	0.75mi	3/2.5	1,228 (-10%)	1mo	$75,000	$61	42

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 · 2.4% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.28×
• Total profit: $-45,425
• Equity at exit: $33,533

10-year hold

• IRR: -15.6%
• Equity multiple: 0.14×
• Total profit: $-54,007
• Equity at exit: $19,445

Cash invested: $62,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 92 Strongly Landlord-Friendly
• State Arkansas: 92 Strongly Landlord-Friendly · R+14
• County: — inherits STATE
• City: — inherits STATE

Only US state where non-payment is criminal. Strongly landlord-favorable; very few tenant protections.

Methodology + full state rankings →

ZIP-level market 72205

• Rents YoY: 2.4%
• Active inventory: 123
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,660 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$163 /mo · $1,955/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $-125

Break-even live

Break-even rent $1,818

Max offer price $202,885

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-61	+0% $-125	+5% $-188	+10% $-252
Rent	-10% $-256	-5% $-190	+0% $-125	+5% $-59	+10% $7
Rate	-1.0pp $-11	-0.5pp $-67	base $-125	+0.5pp $-183	+1.0pp $-242

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 Linwood Ct Little Rock, AR	3.0	2.0	1702	$1,695	$1.00	24d	1	0.17mi
325 Midland St Little Rock, AR	3.0	2.0	1647	$2,675	$1.62	45d	1	0.22mi
100 Linwood Ct Unit NA Little Rock, AR	2.0	1.0	1475	$1,475	$1.00	20d	1	0.27mi
100 Linwood Ct Little Rock, AR	2.0	1.0	1475	$1,475	$1.00	15d	1	0.27mi
3801 Hill Rd Little Rock, AR	2.0	2.0	1300	$1,500	$1.15	45d	1	0.29mi
3800 W Markham St Little Rock, AR	2.0	1.0	1196	$1,250	$1.05	45d	1	0.31mi
3825 W Markham St Little Rock, AR	2.0	1.0	950	$1,095	$1.15	45d	1	0.35mi
322 Rose St Little Rock, AR	3.0	2.0	1200	$1,850	$1.54	15d	1	0.51mi
3615 W Capitol Ave Little Rock, AR	4.0	2.0	1410	$1,550	$1.10	24d	1	0.53mi
408 Booker St Little Rock, AR	2.0	2.0	936	$1,350	$1.44	45d	1	0.58mi
1200 Riverfront Dr Little Rock, AR	1.0–2.0	1.0–2.0	923	$2,274	$2.46	22d	12	0.61mi
106 Fountain Ave Little Rock, AR	3.0	2.0	1600	$1,600	$1.00	45d	1	0.62mi
1200 Brookwood Dr Little Rock, AR	1.0–2.0	1.0–2.0	983	$2,279	$2.32	22d	8	0.69mi
212 Rice St Little Rock, AR	3.0	2.0	1442	$1,795	$1.24	20d	1	0.80mi
3204 Maryland Ave Little Rock, AR	3.0	1.0	921	$1,095	$1.19	45d	1	0.84mi
3423 Maryland Ave Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	45d	1	0.85mi
119 N Monroe St Little Rock, AR	3.0	2.0	1490	$1,850	$1.24	45d	1	0.87mi
4815 Lee Ave Little Rock, AR	3.0	2.0	1459	$2,950	$2.02	45d	1	0.90mi
109 Barton St Little Rock, AR	2.0	1.0	880	$750	$0.85	24d	1	0.91mi
4905 Lee Ave Little Rock, AR	2.0	2.0	1152	$2,050	$1.78	24d	1	0.94mi
4816 Kenyon Dr Little Rock, AR	3.0	2.0	1425	$4,500	$3.16	15d	1	0.98mi
3109 W 11th St Little Rock, AR	3.0	2.0	1055	$1,295	$1.23	45d	1	1.00mi
404 N Jackson St Little Rock, AR	3.0	2.0	1400	$1,900	$1.36	45d	1	1.00mi
3209 Kavanaugh Blvd Little Rock, AR	2.0	1.0	1310	$1,595	$1.22	24d	1	1.03mi
306 S Schiller St Little Rock, AR	3.0	2.0	1037	$1,795	$1.73	45d	1	1.04mi
1205 Valmar St Little Rock, AR	2.0	1.0	1100	$1,199	$1.09	45d	1	1.04mi
324 S Schiller St Little Rock, AR	3.0	2.0	1352	$1,995	$1.48	24d	1	1.05mi
5110 Lee Ave Little Rock, AR	3.0	1.0	1268	$1,895	$1.49	15d	1	1.07mi
2100 Rebsamen Park Rd Little Rock, AR	1.0–2.0	1.0–2.0	772	$989	$1.28	15d	13	1.08mi
3214 W 13th St Little Rock, AR	3.0	2.0	1264	$1,095	$0.87	45d	1	1.08mi
5123 Lee Ave Little Rock, AR	3.0	2.0	1600	$2,125	$1.33	45d	1	1.10mi
3715 W 13th St Little Rock, AR	2.0	1.0	1176	$900	$0.77	45d	1	1.10mi
2200 Riverfront Dr Little Rock, AR	1.0–3.0	1.0–2.0	1000	$2,190	$2.19	15d	10	1.11mi
907 S Park St Little Rock, AR	2.0	2.0	950	$2,100	$2.21	24d	1	1.20mi
1123 Thayer St Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	24d	1	1.21mi
2300 Rebsamen Park Rd Little Rock, AR	1.0–3.0	1.0–2.5	1097	$1,220	$1.11	15d	10	1.23mi
4314 W 14th St Little Rock, AR	4.0	2.0	1223	$1,495	$1.22	24d	1	1.24mi
4104 W 15th St Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	45d	1	1.24mi
2900 W 15th St Little Rock, AR	3.0	1.0	1337	$950	$0.71	45d	1	1.25mi
2803 W Daisy L Gatson Bates Dr Little Rock, AR	4.0	2.0	1138	$1,495	$1.31	45d	1	1.26mi

Listing history 22 events

1. 2026-06-21
   days on market $224,900 Active 106 DOM
2. 2026-06-18
   days on market $224,900 Active 103 DOM
3. 2026-06-17
   days on market $224,900 Active 102 DOM
4. 2026-06-16
   days on market $224,900 Active 101 DOM
5. 2026-06-15
   days on market $224,900 Active 100 DOM
6. 2026-06-14
   days on market $224,900 Active 98 DOM
7. 2026-06-13
   pricestatusdays on market $224,900 Active 97 DOM
8. 2026-06-10
   days on market $239,500 Price Change 95 DOM
9. 2026-06-09
   days on market $239,500 Price Change 94 DOM
10. 2026-06-08
    days on market $239,500 Price Change 93 DOM
11. 2026-06-05
    pricestatusdays on market $239,500 Price Change 89 DOM
12. 2026-06-03
    days on market $244,750 Active 88 DOM
13. 2026-06-02
    days on market $244,750 Active 87 DOM
14. 2026-06-01
    days on market $244,750 Active 86 DOM
15. 2026-05-31
    days on market $244,750 Active 85 DOM
16. 2026-05-31
    days on market $244,750 Active 84 DOM
17. 2026-05-19
    price $244,750 655-char remark

    Show marketing remark (655 chars)

    Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

18. 2026-05-06
    price $249,900 655-char remark

    Show marketing remark (655 chars)

    Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

19. 2026-04-21
    price $259,900 655-char remark

    Show marketing remark (655 chars)

    Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

20. 2026-03-26
    price $265,000 655-char remark

    Show marketing remark (655 chars)

    Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

21. 2026-03-07
    listed $299,900 New Listing 655-char remark

    Show marketing remark (655 chars)

    Charming one level cottage on a desirable level Hillcrest Lot on Midland Street between Kavanaugh and Lee. New HVAC 2024. Newer Roof. Enjoy this prime Hillcrest location with its incredible walking score. If you're not familiar with the Hillcrest Pumpkin Roll then you are in for an exciting treat where the neighborhood comes together competing in the best chaotic, but friendly, event ever right from your front porch! The home features beautiful hardwood floors, lots of windows, gas log fireplace, Open living area, separate dining room along with three spacious bedrooms. The back yard is nice and level with lots of grass. Agents Please see Remarks.

22. 2024-05-08
    soldstatus $700,000

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

Tax reassessment forecast AR · Resets to sale price

• Current annual tax: $1,955 · $163/mo
• Projected year-2 tax: $1,955 · $163/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,920
• − Mortgage interest: −$12,598
• − Property taxes: −$1,955
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,594
• − Management: −$1,594
• − Depreciation: −$6,543
• Taxable loss: −$5,487
• Est. tax savings @ 24.0%: +$1,317
• After-tax cash flow: $-179/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.

Schools (NCES district)

• District: Little Rock School District
• NCES district ID: 0509000
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $43,346
• Composite: 21.0/100
• National rank: #8457
• State rank: #183 of 238 in AR

Livability — Little Rock

• Score: 73/100
• State rank: #22
• US rank: #5295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Rock, AR
• County: Pulaski County · 372,764 people
• City population: 218,896
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 23,043
• Household income: $68,415
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1073.0

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 415,378 people
• By 2030: 423,720 · +2.0%
• By 2040: 435,182 · +4.8%
• By 2050: 440,904 · +6.1%
• By 2075: 445,521 · +7.3%
• By 2100: 419,173 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 26% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Italian 5% Slovak 3% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 3% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Pulaski

• 2024 margin: Strong D (+22.1) · D 59.8% · R 37.7% · Other 2.5%
• 2008→2024 swing: +10.6pp toward D · 2008: 11.6pp · 2024: 22.1pp
• All cycles: 2024: D+22.1 2020: D+22.5 2016: D+17.9 2012: D+11.4 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.61%
• Current HPI: 215.0083
• Rent YoY: ▲ 2.40%
• Metro: Little Rock-North Little Rock-Conway, AR
• State GDP YoY: ▲ 3.80%
• F500 in state: 10

Industry mix (Fortune 500 HQ in AR)

Industry	F500 HQs	Revenue
▸Retail	1	$681B
▸Food / Agriculture	1	$53B
▸Retail / Energy	1	$22B
▸Transportation / Logistics	1	$12B
▸Energy	1	$4B

Price history

-65.0% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $244,750 CARMLS
• 2026-05-06 Price Changed $249,900 CARMLS
• 2026-04-21 Price Changed $259,900 CARMLS
• 2026-03-26 Price Changed $265,000 CARMLS
• 2026-03-07 Listed $299,900 CARMLS
• 2024-05-08 Sold (Public Records) $700,000 Public Records

Property tax history

-2.0%/yr

Latest (2025): $1,955 · +0.0% YoY. Source: county tax records.