1936-1940 College Ave · Conway, AR 72034

$230,000

4 bd · 3.0 ba · 2,120 sqft · Townhouse public records · 82 Days on market

Built 1937 0.31 ac lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location and income source. Quaint charm, with tall ceilings, original built-ins, some with glass fronts. All appliances in units will convey. Property sold "as is".

Key facts

• Rental property
• Investment property
• Triplex

Tags

• TRIPLEX
• THREE FUNCTIONING APARTMENTS
• INVESTMENT PROPERTY
• RENTAL PROPERTY

Property features AI

Finance

• Financial info: Financing available: FHA, Conventional, or Cash

Exterior

• Parking: Parking pads for 3 cars
• Utilities: Public sewer; Public water; Municipal electric (Entergy); Natural gas
• Home design: Frame construction
• Construction: Frame exterior; Piers foundation; Pitch roof
• Exterior features: Front porch; Partially fenced yard; Paved road access; Level lot in a subdivision; Inside city limits

Interior

• Kitchen: Free-standing stove; Gas range; Electric range
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Window units; Gas space heater
• Interior features: Washer connection; Electric dryer connection; Den/Family room
• Laundry & utility: Washer connection; Electric dryer connection

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $230k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.9% in Conway — 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 69/100 on livability (#71 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: employment C-, crime F, amenities F.
• Conway School District (urban): math 43% / reading 47% proficiency, ranked #36 of 238 in AR (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.3%/yr); 262 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 865 units permitted in Faulkner County in 2024 (451 in 5+ unit buildings).
• At $2,482/mo this rent would consume 45% of the median local household income ($66k/yr) (locally 2282% 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 $7k of value loss. Plan a longer hold.
• Faulkner County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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.
• Current owner paid $61k; list at $230k implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.87×
• Total profit: $-8,589
• Equity at exit: $34,294

10-year hold

• IRR: 2.6%
• Equity multiple: 1.16×
• Total profit: $10,483
• Equity at exit: $19,886

Cash invested: $64,400 (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 72034

• Rents YoY: -0.3%
• Active inventory: 262
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,482 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$93 /mo · $1,113/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $566

Break-even live

Break-even rent $1,766

Max offer price $230,000

Occupancy floor 72%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1930 College Ave Conway, AR	3.0	2.0	1926	$3,100	$1.61	23d	1	0.03mi
22 Timothy Ln Conway, AR	4.0	2.0	1901	$2,000	$1.05	23d	1	0.47mi
235 Oliver St Conway, AR	3.0	2.0	1414	$1,450	$1.03	23d	1	0.64mi
2004 Hairston St Conway, AR	3.0	2.0	1703	$2,650	$1.56	23d	1	1.00mi
513 3rd St Conway, AR	3.0	2.0	1428	$1,250	$0.88	23d	1	1.10mi
2730 Dave Ward Dr Conway, AR	2.0–4.0	2.0–4.0	1302	$1,450	$1.11	14d	3	1.25mi

Listing history 14 events

1. 2026-06-10
   days on market $230,000 Active 82 DOM
2. 2026-06-09
   days on market $230,000 Active 81 DOM
3. 2026-06-08
   days on market $230,000 Active 80 DOM
4. 2026-06-07
   days on market $230,000 Active 79 DOM
5. 2026-06-03
   days on market $230,000 Active 75 DOM
6. 2026-06-02
   days on market $230,000 Active 74 DOM
7. 2026-06-01
   days on market $230,000 Active 73 DOM
8. 2026-05-31
   days on market $230,000 Active 72 DOM
9. 2026-05-31
   days on market $230,000 Active 71 DOM
10. 2026-03-20
    listed $230,000 New Listing
11. 2012-12-14
    soldstatus $61,000 181-char remark

    Show marketing remark (181 chars)

    Great location and income source. Quaint charm, with tall ceilings, original built-ins, some with glass fronts. All appliances in units will convey. Property sold "as is".

12. 2012-12-11
    historical 181-char remark

    Show marketing remark (181 chars)

    Great location and income source. Quaint charm, with tall ceilings, original built-ins, some with glass fronts. All appliances in units will convey. Property sold "as is".

13. 2012-12-03
    listed $61,000 181-char remark

    Show marketing remark (181 chars)

    Great location and income source. Quaint charm, with tall ceilings, original built-ins, some with glass fronts. All appliances in units will convey. Property sold "as is".

14. 1978-07-18
    soldstatus $30,000

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

Tax reassessment forecast AR · Resets to sale price

• Current annual tax: $1,113 · $93/mo
• Projected year-2 tax: $1,472 · $123/mo
• Expected delta: +$359/yr (+$30/mo · 32.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (shaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,781
• − Mortgage interest: −$12,884
• − Property taxes: −$1,113
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,382
• − Management: −$2,382
• − Depreciation: −$6,691
• Taxable income: $3,178
• Est. tax owed @ 24.0%: −$763
• After-tax cash flow: $6,027/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: Conway School District
• NCES district ID: 0504590
• Math proficiency: 43% ▼ -17.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $46,270
• Composite: 38.27/100
• National rank: #4236
• State rank: #36 of 238 in AR

Livability — Conway

• Score: 69/100
• State rank: #71
• US rank: #8673

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Conway, AR
• County: Faulkner County · 103,634 people
• City population: 84,754
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 50,285
• Household income: $65,635
• Rent vs Own: 52.4% rent · 47.6% own
• Severe rent burden: 2282.0

Population outlook (Faulkner County) Hauer SSP2

• Today (2025): 138,985 people
• By 2030: 148,264 · +6.7%
• By 2040: 166,010 · +19.4%
• By 2050: 183,362 · +31.9%
• By 2075: 224,593 · +61.6%
• By 2100: 250,603 · +80.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 17% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 3% Korean 1%

Political lean MEDSL · Faulkner

• 2024 margin: Solid R (+32.3) · D 32.6% · R 64.9% · Other 2.5%
• 2008→2024 swing: -7.1pp toward R · 2008: -25.3pp · 2024: -32.3pp
• All cycles: 2024: R+32.3 2020: R+29.5 2016: R+31.6 2012: R+31.7 2008: R+25.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.99%
• Current HPI: 225.7805
• Rent YoY: ▼ -0.28%
• Metro: Little Rock-North Little Rock-Conway, 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

+666.7% since first listed

5 events — show timeline

• 2026-03-20 Listed $230,000 CARMLS
• 2012-12-14 Sold (MLS) $61,000 CARMLS
• 2012-12-11 Listing Removed — CARMLS
• 2012-12-03 Listed $61,000 CARMLS
• 1978-07-18 Sold (Public Records) $30,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,113 · +9.1% YoY. Source: county tax records.