10209 Milkyway Dr · Little Rock, AR 72209

$119,900

3 bd · 1.0 ba · 1,130 sqft · SingleFamily public records · 50 Days on market

Built 1969 9,583 sqft lot $106/sqft · at area comps Est $126k · at est.

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Why this score? — see what drove the C 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).

• Cash flow +21.6/30.0
• ARV discount +9.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.1/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 3-bedroom, 2 baths home located in Southwest Little Rock. This property offers a functional floor plan with comfortable living spaces and plenty of natural light. The spacious yard provides room for outdoor activities, entertaining, or future improvements. Conveniently located near shopping, dining, and major roadways for easy access throughout the city. Ideal opportunity for first-time homebuyers or investors. Schedule your showing today!

Key facts

• Spacious yard
• 9,583 sq ft lot
• Built 1969

Tags

• FUNCTIONAL FLOOR PLAN
• SPACIOUS YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 fast (+4.8%/yr); 81 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($40k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k 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 50 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $89k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 8.3

CMA / ARV

• ARV (median comp): $125,545
• List price: $119,900
• Delta: -4.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9520 Crofton Dr	0.57mi	3/1.0	1,152 (+2%)	1mo	$145,000	$126	70
10223 Jana Dr	0.23mi	3/2.0	1,225 (+8%)	2mo	$147,900	$121	69
10021 Carrie Ln	0.39mi	3/1.5	1,200 (+6%)	4mo	$90,000	$75	66
7711 Woodhaven Dr	0.42mi	3/1.0	1,204 (+6%)	7mo	$80,500	$67	64
8517 Fairwood Rd	0.36mi	3/1.0	1,258 (+11%)	3mo	$122,000	$97	62
7216 Mabelvale Cut	0.62mi	3/1.0	1,103 (-2%)	7mo	$100,000	$91	61
23 Big Bend Dr	0.41mi	3/2.0	1,232 (+9%)	9mo	$203,000	$165	54
9715 Southwest Dr	0.32mi	2/1.0 (-1)	988 (-13%)	8mo	$50,000	$51	53
7313 Stevenson Dr	0.71mi	3/2.0	1,204 (+6%)	3mo	$130,900	$109	50
7920 Burnelle Dr	0.32mi	4/2.5 (+1)	1,297 (+15%)	4mo	$170,000	$131	46
9308 Westward Rd	0.61mi	3/1.0	1,012 (-10%)	11mo	$85,500	$84	45
7400 Vega Dr	0.55mi	3/2.0	1,268 (+12%)	9mo	$195,000	$154	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 · 4.78% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.83×
• Total profit: $-5,654
• Equity at exit: $17,877

10-year hold

• IRR: 7.1%
• Equity multiple: 1.57×
• Total profit: $19,286
• Equity at exit: $10,367

Cash invested: $33,572 (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 72209

• Rents YoY: 4.8%
• Active inventory: 81
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,206 high
• Mortgage (P&I): −$629
• Tax from tax record: −$92 /mo · $1,099/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $182

Break-even live

Break-even rent $975

Max offer price $119,900

Occupancy floor 80%

Sensitivity live

Price	-10% $250	-5% $216	+0% $182	+5% $148	+10% $114
Rent	-10% $87	-5% $134	+0% $182	+5% $230	+10% $277
Rate	-1.0pp $242	-0.5pp $213	base $182	+0.5pp $151	+1.0pp $119

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10224 Jana Dr Little Rock, AR	3.0	1.0	1000	$1,100	$1.10	15d	1	0.21mi
9920 Stardust Trl Little Rock, AR	3.0	2.0	1376	$1,400	$1.02	44d	1	0.22mi
7720 Bradley Dr Little Rock, AR	4.0	1.5	1178	$1,250	$1.06	44d	1	0.36mi
9615 Comstock Rd Little Rock, AR	3.0	1.5	1084	$1,195	$1.10	24d	1	0.43mi
7711 Woodhaven Dr Little Rock, AR	3.0	1.0	1204	$1,000	$0.83	24d	1	0.44mi
7326 Milford Dr Little Rock, AR	3.0	1.5	989	$1,100	$1.11	15d	1	0.51mi
9500 Wilderness Rd Little Rock, AR	3.0	1.5	988	$1,100	$1.11	44d	1	0.52mi
15 Westward Rd Little Rock, AR	3.0	1.5	1231	$1,225	$1.00	44d	1	0.56mi
9404 Westward Rd Little Rock, AR	3.0	1.5	1052	$1,050	$1.00	15d	1	0.60mi
9110 Woodford Dr Little Rock, AR	3.0	1.0	942	$995	$1.06	24d	1	0.73mi
7124 Twin Oaks Rd Little Rock, AR	3.0	1.0	912	$975	$1.07	24d	1	0.80mi
8419 Baseline Rd Little Rock, AR	2.0	1.0–1.5	782	$912	$1.17	44d	9	0.83mi
6921 Knollwood Rd Little Rock, AR	3.0	2.0	1196	$1,195	$1.00	15d	1	0.95mi
11603 Warren Rd Little Rock, AR	2.0	1.0	724	$1,050	$1.45	44d	1	1.18mi
7 Austin Ct Little Rock, AR	3.0	2.0	1300	$1,595	$1.23	44d	1	1.25mi
10112 Palo Alto Dr Little Rock, AR	3.0	2.0	1062	$1,095	$1.03	44d	1	1.27mi
6111 Queensboro Dr Unit D Little Rock, AR	3.0	1.5	1100	$825	$0.75	24d	1	1.45mi

Listing history 21 events

1. 2026-06-08
   statusdays on market $119,900 Under Contract 50 DOM
2. 2026-06-05
   days on market $119,900 Active 48 DOM
3. 2026-06-03
   days on market $119,900 Active 47 DOM
4. 2026-06-02
   days on market $119,900 Active 46 DOM
5. 2026-06-01
   days on market $119,900 Active 45 DOM
6. 2026-05-31
   days on market $119,900 Active 44 DOM
7. 2026-05-31
   days on market $119,900 Active 43 DOM
8. 2026-05-18
   price $119,900 459-char remark

   Show marketing remark (459 chars)

   Well-maintained 3-bedroom, 2 baths home located in Southwest Little Rock. This property offers a functional floor plan with comfortable living spaces and plenty of natural light. The spacious yard provides room for outdoor activities, entertaining, or future improvements. Conveniently located near shopping, dining, and major roadways for easy access throughout the city. Ideal opportunity for first-time homebuyers or investors. Schedule your showing today!

9. 2026-04-17
   listed $129,900 New Listing 459-char remark

   Show marketing remark (459 chars)

   Well-maintained 3-bedroom, 2 baths home located in Southwest Little Rock. This property offers a functional floor plan with comfortable living spaces and plenty of natural light. The spacious yard provides room for outdoor activities, entertaining, or future improvements. Conveniently located near shopping, dining, and major roadways for easy access throughout the city. Ideal opportunity for first-time homebuyers or investors. Schedule your showing today!

10. 2021-11-09
    soldstatus $89,000
11. 2021-11-02
    soldstatus $89,000 Sold 199-char remark

    Show marketing remark (199 chars)

    This home is tucked away in a quiet neighborhood! Its close to everything. .. Interstate, shopping center, schools & churches, great buy for first time home buyers, must see. See Agent Remarks.

12. 2021-08-13
    status Under Contract 199-char remark

    Show marketing remark (199 chars)

    This home is tucked away in a quiet neighborhood! Its close to everything. .. Interstate, shopping center, schools & churches, great buy for first time home buyers, must see. See Agent Remarks.

13. 2021-08-02
    price $100,000 199-char remark

    Show marketing remark (199 chars)

    This home is tucked away in a quiet neighborhood! Its close to everything. .. Interstate, shopping center, schools & churches, great buy for first time home buyers, must see. See Agent Remarks.

14. 2021-06-11
    listed $125,000 New Listing 199-char remark

    Show marketing remark (199 chars)

    This home is tucked away in a quiet neighborhood! Its close to everything. .. Interstate, shopping center, schools & churches, great buy for first time home buyers, must see. See Agent Remarks.

15. 2013-06-13
    soldstatus $79,000
16. 2013-06-07
    soldstatus $78,700
17. 2013-05-20
    historical
18. 2013-01-23
    listed $78,900
19. 2012-09-25
    soldstatus $17,000
20. 2012-08-30
    historical
21. 2012-08-28
    listed $22,500

ⓘ 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: $1,099 · $92/mo
• Projected year-2 tax: $1,099 · $92/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,466
• − Mortgage interest: −$6,716
• − Property taxes: −$1,099
• − Insurance: −$600
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$3,488
• Taxable income: $249
• Est. tax owed @ 24.0%: −$60
• After-tax cash flow: $2,125/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): 31,607
• Household income: $40,231
• Rent vs Own: 61.5% rent · 38.5% own
• Severe rent burden: 1510.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 57% Hispanic / Latino 33% Two or more races 15% White 8%
• Hispanic origin (detail): Mexican 21%
• Foreign-born: 14% · Canada
• Languages at home: 70% English-only · Spanish 29%

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: ▼ -151.75%
• Current HPI: 176.4492
• Rent YoY: ▲ 4.78%
• 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

+432.9% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $119,900 CARMLS
• 2026-04-17 Listed $129,900 CARMLS
• 2021-11-09 Sold (Public Records) $89,000 Public Records
• 2021-11-02 Sold (MLS) $89,000 CARMLS
• 2021-08-13 Pending — CARMLS
• 2021-08-02 Price Changed $100,000 CARMLS
• 2021-06-11 Listed $125,000 CARMLS
• 2013-06-13 Sold (Public Records) $79,000 Public Records
• 2013-06-07 Sold (MLS) $78,700 CARMLS
• 2013-05-20 Listing Removed — CARMLS
• 2013-01-23 Listed $78,900 CARMLS
• 2012-09-25 Sold (MLS) $17,000 CARMLS
• 2012-08-30 Listing Removed — CARMLS
• 2012-08-28 Listed $22,500 CARMLS

Property tax history

+0.1%/yr

Latest (2025): $1,099 · +0.0% YoY. Source: county tax records.