432 Spring St · Hot Springs, AR 71901

$268,500

None bd · None ba · — sqft · MultiFamily · 25 Days on market

Built 1920 Average condition

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Why this score? — see what drove the C 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.2/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Tri-Plex in great downtown location near the natural Hot Springs, trail heads, convention center and everything downtown. Metered separately except water. The tri-plex has had many updates including a fire sprinkler system throughout and 3 mini-split air systems. 2 bedroom/ 1 bath units = 2 - 1 bedroom/1 bath units = 1 Yearly: Income $38,100 Taxes $1202 estimated Insurance $12,000 estimated Water/Sewer/Trash $2400 * estimates are likely high

Key facts

• Natural hot springs
• Built 1920
• Listed 24 days

Tags

• GREAT DOWNTOWN LOCATION
• NATURAL HOT SPRINGS
• FIRE SPRINKLER SYSTEM
• MINI-SPLIT AIR SYSTEMS

Property features AI

Finance

• Financial info: Annual property tax approximately $1,202

Exterior

• Home design: Residential income property configured as a triplex
• Exterior features: Located centrally near Spring Street

What this means for you Summary

Snapshot

• This is a multifamily listed at $268k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $573 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $268k).
• Recommended offer: $264k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.8% in Hot Springs — 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 65/100 on livability (#140 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D, crime F, amenities F.
• Hot Springs School District (urban): math 24% / reading 25% proficiency, ranked #195 of 238 in AR (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 363 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 117 units permitted in Garland County in 2024 (24 in 5+ unit buildings).
• At $3,074/mo this rent would consume 69% of the median local household income ($54k/yr) (locally 961% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Garland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $264,472 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.14%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

No comps found within radius.

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 Oak St	0.43mi	42/38.0	50,438	20mo	$2,300,000	$46	51
111 Pratt	0.50mi	9/—	2,948	20mo	$212,500	$72	47
110 Pratt	0.50mi	17/—	7,214	20mo	$314,250	$44	47
110 & 112 Bolton St	0.57mi	8/—	7,039	17mo	$197,500	$28	47
400 & 402 Quapaw	0.56mi	15/—	10,546	20mo	$450,000	$43	45
522 & 524 Orange St	0.59mi	—/—	2,634	20mo	$550,000	$209	44
519 Quapaw Ave	0.66mi	3/2.0	1,344	20mo	$95,000	$71	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-6,973
• Equity at exit: $40,034

10-year hold

• IRR: 7.2%
• Equity multiple: 1.55×
• Total profit: $41,103
• Equity at exit: $23,215

Cash invested: $75,180 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 92 Strongly Landlord-Friendly
• State Arkansas: 92 Strongly Landlord-Friendly · R+14
• County: — inherits STATE
• City: — inherits STATE

Only US state where non-payment is criminal. Strongly landlord-favorable; very few tenant protections.

Methodology + full state rankings →

ZIP-level market 71901

• Home prices YoY: -3.6%
• Active inventory: 363
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $3,074 high
• Mortgage (P&I): −$1,408
• Tax est. 1.5%: −$336 /mo · $4,028/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $573

Break-even live

Break-even rent $2,349

Max offer price $268,500

Occupancy floor 76%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,114
1× unit	1	1	$960
Total (3 units)			$3,074

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: $67,125
• Closing costs: $8,055
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Convention Blvd Hot Springs, AR	2.0	1.0	900	$950	$1.06	44d	4	0.02mi
405 Spring St Unit 2 Hot Springs, AR	1.0	1.0	750	$750	$1.00	44d	1	0.09mi
125 Oak St Unit 1-402 Hot Springs, AR	2.0	1.0	1150	$1,475	$1.28	44d	1	0.46mi
125 Oak St Unit 1-306 Hot Springs, AR	2.0	1.0	970	$1,200	$1.24	44d	1	0.46mi
125 Oak St Unit 1-404 Hot Springs, AR	1.0	1.0	783	$1,175	$1.50	44d	1	0.46mi
125 Oak St Unit 1-307 Hot Springs, AR	2.0	1.0	1000	$1,350	$1.35	44d	1	0.46mi
627 Quapaw Ave Unit 2 Hot Springs, AR	1.0	1.0	775	$950	$1.23	44d	1	0.75mi
319 Hazel St Hot Springs National Park, AR	3.0	2.0	1743	$1,895	$1.09	44d	1	0.80mi
132 Ramble St Unit A Hot Springs, AR	2.0	2.0	—	$1,200	—	44d	1	0.82mi
605 Hig Fry Rd Hot Springs National Park, AR	2.0	1.0–2.0	806	$1,400	$1.74	23d	1	0.83mi
314 Hagen St Hot Springs, AR	2.0	1.0	—	$795	—	44d	1	0.89mi
103 Juniper Pl Hot Springs National Park, AR	3.0	1.0	1056	$1,250	$1.18	44d	1	1.10mi
106 Breeze St Hot Springs, AR	1.0	1.0	900	$850	$0.94	23d	1	1.10mi
104 Selma St Hot Springs National Park, AR	2.0	1.0	832	$950	$1.14	44d	1	1.18mi
109 Alcorn St Unit A Hot Springs, AR	2.0	1.0	850	$1,295	$1.52	44d	1	1.19mi
1007 Park Ave Hot Springs National Park, AR	1.0	1.0	668	$952	$1.43	44d	1	1.40mi
120 Greenway St Unit 1 Hot Springs, AR	1.0	1.0	750	$775	$1.03	44d	1	1.46mi

Listing history 17 events

1. 2026-06-19
   days on market $268,500 Active 25 DOM
2. 2026-06-18
   days on market $268,500 Active 24 DOM
3. 2026-06-17
   days on market $268,500 Active 23 DOM
4. 2026-06-16
   days on market $268,500 Active 22 DOM
5. 2026-06-15
   days on market $268,500 Active 21 DOM
6. 2026-06-14
   days on market $268,500 Active 19 DOM
7. 2026-06-13
   days on market $268,500 Active 18 DOM
8. 2026-06-10
   days on market $268,500 Active 16 DOM
9. 2026-06-09
   days on market $268,500 Active 15 DOM
10. 2026-06-08
    days on market $268,500 Active 14 DOM
11. 2026-06-07
    days on market $268,500 Active 13 DOM
12. 2026-06-05
    days on market $268,500 Active 10 DOM
13. 2026-06-02
    days on market $268,500 Active 8 DOM
14. 2026-06-01
    days on market $268,500 Active 7 DOM
15. 2026-05-31
    days on market $268,500 Active 6 DOM
16. 2026-05-30
    days on market $268,500 Active 5 DOM
17. 2026-05-25
    listed $268,500 Active

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 8 d/yr ≥111°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,888
• − Mortgage interest: −$15,040
• − Property taxes: −$4,028
• − Insurance: −$1,342
• − Repairs & maintenance: −$2,951
• − Management: −$2,951
• − Depreciation: −$7,811
• Taxable income: $2,765
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $6,211/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.

Condition & rehab AI · 10 photos

Average 55/100 Moderate rehab

A moderate rehab project is needed to improve the curb appeal and resale value of this triplex in a great downtown location.

Repairs flagged

• Minor Landscaping — Overgrown grass needs trimming
• Moderate Exterior paint — Yellow siding shows wear

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and resale value
• Rental HVAC system inspection and maintenance — Ensures comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown grass needs trimming	Minor	$500–3,000
Exterior paint · Yellow siding shows wear	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Landscaping and exterior painting — Improves curb appeal and resale value ↑
• Rental HVAC system inspection and maintenance — Ensures comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hot Springs School District
• NCES district ID: 0507890
• Math proficiency: 24% ▼ -15.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $28,817
• Composite: 19.62/100
• National rank: #8746
• State rank: #195 of 238 in AR

Livability — Hot Springs

• Score: 65/100
• State rank: #140
• US rank: #12498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hot Springs, AR
• County: Garland County · 76,414 people
• City population: 76,414
• Metro: Hot Springs, AR
• Population (ZIP): 28,937
• Household income: $53,514
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 961.0

Population outlook (Garland County) Hauer SSP2

• Today (2025): 100,343 people
• By 2030: 101,880 · +1.5%
• By 2040: 104,804 · +4.4%
• By 2050: 107,292 · +6.9%
• By 2075: 113,182 · +12.8%
• By 2100: 112,247 · +11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Hispanic / Latino 10% Two or more races 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 2% Portuguese 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 7% Vietnamese 1%

Political lean MEDSL · Garland

• 2024 margin: Solid R (+36.2) · D 30.8% · R 67.0% · Other 2.2%
• 2008→2024 swing: -11.3pp toward R · 2008: -25.0pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+34.0 2016: R+34.1 2012: R+29.9 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -11.75%
• Current HPI: 317.2542
• Rent YoY: —
• Metro: Hot Springs, AR
• State GDP YoY: ▲ 3.80%
• F500 in state: 10

Industry mix (Fortune 500 HQ in AR)

Industry	F500 HQs	Revenue
▸Retail	1	$681B
▸Food / Agriculture	1	$53B
▸Retail / Energy	1	$22B
▸Transportation / Logistics	1	$12B
▸Energy	1	$4B

Price history

1 event — show timeline

• 2026-05-25 Listed $268,500 HSBOR