10549 Wales Ln · Spanish Fort, AL 36527

$279,000

3 bd · 2.0 ba · 1,605 sqft · Other public records · 296 Days on market

Built 2020 6,240 sqft lot $174/sqft · 7% below area Est $299k · 7% under $25/mo HOA · 1% of rent

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Why this score? — see what drove the D 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 +10.7/30.0
• ARV discount +10.5/15.0
• Rent growth +4.1/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in the welcoming Stone Brook subdivision, this Craftsman gem offers comfort and quality living at its finest. Built in 2020 and Gold Fortified for additional safety and efficiency, the home boasts a modern floor plan, smart upgrades like granite counters and stainless appliances, and an inviting screened porch perfect for relaxing. With a two-car garage, fenced yard, and lush landscaping, it's move-in ready and close to schools, shopping, and I-10 — a superb choice for families or commuters alike. Buyer to verify all information during due diligence.

Key facts

• Fenced yard
• Modern floor plan
• Screened porch

Tags

• STONE BROOK SUBDIVISION
• GOLD FORTIFIED
• MODERN FLOOR PLAN
• SCREENED PORCH
• FENCED YARD
• LUSH LANDSCAPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $279k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (24.9% below list).
• Recommended offer: $210k (24.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.5% in Spanish Fort — 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 (#26 in AL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• 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: Rockwell Elementary School (math 46% / reading 76%, grade B, #60 of 627 statewide, top 9%, 724 students, 25% FRL); Spanish Fort Middle School (math 38% / reading 70%, grade B-, #20 of 257 statewide, top 8%, 622 students, 28% FRL); Spanish Fort High School (math 44% / reading 44%, grade F, #25 of 305 statewide, top 8%, 1,188 students, 24% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 332 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 296 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,569 (24.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 296 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 11.1

CMA / ARV

• ARV (median comp): $298,660
• List price: $279,000
• Delta: -6.58%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.52% rent growth · sell at horizon

5-year hold

• IRR: -16.1%
• Equity multiple: 0.41×
• Total profit: $-45,918
• Equity at exit: $41,600

10-year hold

• IRR: -2.8%
• Equity multiple: 0.78×
• Total profit: $-17,043
• Equity at exit: $24,123

Cash invested: $78,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Alabama: 90 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

Right-to-evict in 7 days for non-payment; no rent control; preempted statewide; courts move quickly.

Methodology + full state rankings →

ZIP-level market 36527

• Home prices YoY: -14.4%
• Rents YoY: 6.5%
• Active inventory: 332
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,096 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$182 /mo · $2,186/yr
• Insurance: −$116
• HOA: −$25
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-131

Break-even live

Break-even rent $2,261

Max offer price $255,876

Occupancy floor —

Sensitivity live

Price	-10% $27	-5% $-52	+0% $-131	+5% $-210	+10% $-289
Rent	-10% $-296	-5% $-214	+0% $-131	+5% $-48	+10% $35
Rate	-1.0pp $10	-0.5pp $-60	base $-131	+0.5pp $-203	+1.0pp $-277

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10653 Brodick Loop Spanish Fort, AL	3.0	2.0	1710	$2,195	$1.28	22d	1	0.13mi
10699 Orkney Way Spanish Fort, AL	4.0	2.0	2000	$2,150	$1.07	22d	1	0.25mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: landscaping

Listing history 31 events

1. 2026-06-21
   days on market $279,000 Active 296 DOM
2. 2026-06-19
   days on market $279,000 Active 294 DOM
3. 2026-06-18
   days on market $279,000 Active 293 DOM
4. 2026-06-17
   days on market $279,000 Active 292 DOM
5. 2026-06-16
   days on market $279,000 Active 291 DOM
6. 2026-06-15
   days on market $279,000 Active 290 DOM
7. 2026-06-14
   days on market $279,000 Active 288 DOM
8. 2026-06-13
   days on market $279,000 Active 287 DOM
9. 2026-06-10
   pricedays on market $279,000 Active 285 DOM
10. 2026-06-09
    days on market $290,000 Active 284 DOM
11. 2026-06-08
    days on market $290,000 Active 283 DOM
12. 2026-06-07
    days on market $290,000 Active 282 DOM
13. 2026-06-03
    days on market $290,000 Active 278 DOM
14. 2026-06-02
    days on market $290,000 Active 277 DOM
15. 2026-06-01
    days on market $290,000 Active 276 DOM
16. 2026-05-31
    days on market $290,000 Active 275 DOM
17. 2026-05-30
    days on market $290,000 Active 274 DOM
18. 2025-08-29
    listed $290,000 Active 570-char remark

    Show marketing remark (570 chars)

    Nestled in the welcoming Stone Brook subdivision, this Craftsman gem offers comfort and quality living at its finest. Built in 2020 and Gold Fortified for additional safety and efficiency, the home boasts a modern floor plan, smart upgrades like granite counters and stainless appliances, and an inviting screened porch perfect for relaxing. With a two-car garage, fenced yard, and lush landscaping, it's move-in ready and close to schools, shopping, and I-10 — a superb choice for families or commuters alike. Buyer to verify all information during due diligence.

19. 2024-11-19
    soldstatus $252,900
20. 2024-11-15
    soldstatus $252,900 Closed 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

21. 2024-10-24
    historical Active Under Contract 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

22. 2024-10-21
    price $265,000 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

23. 2024-10-18
    price $247,000 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

24. 2024-10-17
    price $255,000 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

25. 2024-10-08
    price $258,899 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

26. 2024-09-27
    price $259,499 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

27. 2024-09-16
    price $267,500 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

28. 2024-09-03
    price $269,800 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

29. 2024-08-31
    price $277,799 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

30. 2024-08-24
    listed $279,899 Active 424-char remark

    Show marketing remark (424 chars)

    Move-in ready home conveniently located close to Spanish Fort schools, shopping and I10! Gold Fortified home, Open Floor Plan with split bedroom. Low-maintenance vinyl plank flooring throughout, granite countertops in the kitchen and stainless-steel appliances, screened in back porch, fresh sod in back yard. Priced to sell, don't wait, schedule your appointment today! Buyer to verify all information during due diligence.

31. 2024-04-01
    listed $275,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $2,186 · $182/mo
• Projected year-2 tax: $2,186 · $182/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 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,148
• − Mortgage interest: −$15,628
• − Property taxes: −$2,186
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − HOA: −$300
• − Depreciation: −$8,116
• Taxable loss: −$6,501
• Est. tax savings @ 24.0%: +$1,560
• After-tax cash flow: $-11/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: Baldwin County
• NCES district ID: 0100270
• Math proficiency: 33% ▼ -26.00%
• Reading proficiency: 57% ▲ 1.00%
• Median HH income: $50,677
• Composite: 38.61/100
• National rank: #4157
• State rank: #18 of 129 in AL

Livability — Spanish Fort

• Score: 73/100
• State rank: #26
• US rank: #5408

Category grades

Amenities F Commute F Cost of living B Crime A Employment A+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spanish Fort, AL
• County: Baldwin County · 181,514 people
• City population: 21,765
• Metro: Daphne-Fairhope-Foley, AL
• Population (ZIP): 21,765
• Household income: $120,189
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 378.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 248,264 people
• By 2030: 270,315 · +8.9%
• By 2040: 312,967 · +26.1%
• By 2050: 352,262 · +41.9%
• By 2075: 438,841 · +76.8%
• By 2100: 487,736 · +96.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 8% Black 6% Hispanic / Latino 5% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 4% Slovak 2% Serbian 2%
• Foreign-born: 6% · Canada, Jamaica, South Korea
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Baldwin

• 2024 margin: Solid R (+58.2) · D 20.5% · R 78.7%
• 2008→2024 swing: -6.7pp toward R · 2008: -51.5pp · 2024: -58.2pp
• All cycles: 2024: R+58.2 2020: R+53.8 2016: R+57.8 2012: R+55.8 2008: R+51.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.56%
• Current HPI: 234.5113
• Rent YoY: ▲ 6.52%
• Metro: Daphne-Fairhope-Foley, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Price history

+5.5% since first listed

14 events — show timeline

• 2025-08-29 Listed $290,000 BCAR
• 2024-11-19 Sold (Public Records) $252,900 Public Records
• 2024-11-15 Sold (MLS) $252,900 BCAR
• 2024-10-24 Contingent — BCAR
• 2024-10-21 Price Changed $265,000 BCAR
• 2024-10-18 Price Changed $247,000 BCAR
• 2024-10-17 Price Changed $255,000 BCAR
• 2024-10-08 Price Changed $258,899 BCAR
• 2024-09-27 Price Changed $259,499 BCAR
• 2024-09-16 Price Changed $267,500 BCAR
• 2024-09-03 Price Changed $269,800 BCAR
• 2024-08-31 Price Changed $277,799 BCAR
• 2024-08-24 Listed $279,899 BCAR
• 2024-04-01 Listed $275,000 BCAR

Property tax history

+76.9%/yr

Latest (2025): $2,186 · +143.2% YoY. Source: county tax records.