4216 E 38th St

College Station, AR 72206

$59,900B-

3 bd · 2.0 ba · 1,152 sqft · Built 2009 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,250/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $631/mo
• Annual: $7,570/yr
• Cap rate: 18.93%
• Cash-on-cash: 45.13%
• DSCR: 3.01
• 1% rule: 2.09%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#389 in AR) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: employment D+, commute D, crime F.
• Pulaski County Spec. School District (rural): math 27% / reading 31% proficiency, ranked #150 of 238 in AR (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: College Station Elem. School (math 8% / reading 8%, grade F, #440 of 454 statewide, top 98%, 136 students, 96% FRL); Fuller Middle School (math 13% / reading 24%, grade F, #181 of 201 statewide, top 90%, 440 students, 100% FRL); Wilbur D. Mills High School (math 6% / reading 15%, grade F, #271 of 292 statewide, top 93%, 640 students, 99% FRL) — zoned schools average 98% FRL vs 48% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 12% at this address vs 29% district-wide (-17 pts) — the specific schools serving this property underperform the Pulaski County Spec. School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.4%/yr); 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• 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 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?
• 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.