19588 Bert Diamond Rd

Carolina, AL 36421

$69,000B

3 bd · 1.0 ba · 1,008 sqft · Built 2004 · Manufactured · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $910/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $242/mo
• Annual: $2,909/yr
• Cap rate: 10.51%
• Cash-on-cash: 15.06%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $69k. Condition is rated average.
• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($910 rent vs $69k).
• It's been on market 130 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($477 loan paydown + $3k appreciation (4.7% local appreciation)).
• Location reads 58/100 on livability (#356 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, health & safety C-, employment 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: 109 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 (4.7% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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)

• Minor: Deck railings — Slight wear on the wooden railings.
• Minor: Shed door — Door is slightly warped and may need adjustment.
• Minor: Carport roof — Roof appears intact but not inspected for damage.
• Minor: Landscaping — Minimal landscaping could be improved with some plants and mulch.