34985b Spring Road South Rd Unit B

Stapleton, AL 36578

$198,500D-

4 bd · 2.0 ba · 2,432 sqft · Built 1999 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,522/mo
• Mortgage (P&I): −$1,041
• Tax + insurance: −$331
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-170/mo
• Annual: $-2,037/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• 1% rule: 0.77%
• Cash to close: $55,580

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $198k. Condition is rated fair.
• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (23.3% below list).
• It's been on market 56 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (23.3% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#227 in AL) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, crime A; Watch: amenities F, commute F, housing 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: Stonebridge Elementary (509 students, 18% FRL); Bay Minette Middle School (math 11% / reading 40%, grade F, #158 of 257 statewide, top 63%, 435 students, 78% FRL); Baldwin County High School (math 19% / reading 27%, grade F, #140 of 305 statewide, top 46%, 1,039 students, 66% FRL) — zoned schools average 54% FRL vs 38% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 45% district-wide (-21 pts) — the specific schools serving this property underperform the Baldwin County average; the district grade overstates school quality for this exact location.
• Market conditions: 39 active listings in the ZIP; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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 — The roof appears to be old and in poor condition.
• Moderate: exterior siding — The siding shows signs of wear and discoloration.
• Minor: HVAC/mechanicals — No specific details about HVAC/mechanicals are visible in the photos, but they may need some maintenance or replacement.
• Minor: landscaping — The landscaping and curb appeal are fair, with some overgrown areas and a lack of maintenance.