370 Saint Stephens Ave

Millry, AL 36558

$96,000C+

4 bd · 2.0 ba · 1,482 sqft · Built 1989 · Other · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,074/mo
• Mortgage (P&I): −$503
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $185/mo
• Annual: $2,217/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.25%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $26,880

Investor read

• This is a 4-bed/2.0-bath other listed at $96k. Condition is rated poor.
• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• It's been on market 16 days — a 2% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($664 loan paydown + $3k appreciation (3.5% local appreciation)).
• Location reads 62/100 on livability (#221 in AL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools F, amenities F.
• Washington County (rural): math 13% / reading 44% proficiency, ranked #76 of 129 in AL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 active listings in the ZIP.
• Washington County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.
• 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?
• 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 — Significant damage visible from aerial view
• Major: exterior siding — Weathered and in need of repair