176 Co Rd 531

Garden City, AL 35077

$110,000C-

3 bd · 2.0 ba · 720 sqft · Built 1992 · Manufactured · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,070/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $85/mo
• Annual: $1,026/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• 1% rule: 0.97%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $85 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (2.7% below list).
• It's been on market 35 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#476 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Cullman County (rural): math 19% / reading 49% proficiency, ranked #49 of 129 in AL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hanceville Elementary School (math 14% / reading 46%, grade F, #364 of 627 statewide, top 58%, 624 students, 78% FRL); Hanceville Middle School (math 12% / reading 51%, grade F, #114 of 257 statewide, top 45%, 304 students, 77% FRL); Hanceville High School (math 17% / reading 17%, grade F, #195 of 305 statewide, top 68%, 366 students, 66% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 133 active listings in the ZIP; 180 units permitted in Cullman County in 2024 (0 in 5+ unit buildings).
• Current owner paid $34k; list at $110k implies a 224% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/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 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.