1810 Bishop Rd

Bryant, AR 72022

$3,975,000B

2560 bd · 1600.0 ba · 30,228 sqft · Built 1985 · MultiFamily · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $59,486/mo
• Mortgage (P&I): −$20,845
• Tax + insurance: −$6,625
• HOA: −$0
• Vac / Maint / Mgmt: −$12,492
• Net cashflow: $19,524/mo
• Annual: $234,283/yr
• Cap rate: 12.19%
• Cash-on-cash: 21.05%
• DSCR: 1.94
• 1% rule: 1.50%
• Cash to close: $1,113,000

Investor read

• This is a 40 × 64-bed/1.0-bath units multifamily listed at $3.98M.
• At list price, monthly cash flow is $20k ($234k/yr) — positive. Per door: $488/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($59k rent vs $3.98M).
• It's been on market 230 days — a 12% lower offer ($3.50M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.50M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $27k of loan paydown is wiped out by about $119k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#16 in AR, #4,487 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Bryant School District (suburban): math 49% / reading 48% proficiency, ranked #16 of 238 in AR (top 7%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bryant Elementary School (math 53% / reading 42%, grade D, #116 of 454 statewide, top 26%, 771 students, 51% FRL); Bryant Middle School (math 48% / reading 42%, grade D, #58 of 201 statewide, top 30%, 786 students, 63% FRL); Bryant High School (math 32% / reading 50%, grade F, #43 of 292 statewide, top 15%, 2,199 students, 47% FRL) — zoned schools average 54% FRL vs 32% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 103 active listings in the ZIP; 446 units permitted in Saline County in 2024 (0 in 5+ unit buildings).
• Saline County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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 + 3.0% rent growth), your $1.11M cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.2% vs local median 3.9% in Bryant — 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.

Questions for listing agent

• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 B-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?
• 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.