118 Spanish Main · Spanish Fort, AL 36527

$212,000

3 bd · 2.0 ba · 2,552 sqft · SingleFamily public records · 9 Days on market

Built 1959 0.70 ac lot

---

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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.3/10.0
• Rent growth +4.1/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 118 Spanish Main in the sought after Spanish fort area. This large Home offers over 2600 square feet with 3 beds and 2 1/2 baths. The Home is a tri level plan with plenty of space for a growing family. The master bedroom has recently been updated and a very nice master suite bathroom added. The master bath has double sinks, separate tile shower, and large tub. The Home sits on a very spacious lot with gorgeous oak trees and even has a pool with pool house. The pool house needs renovation but couple be the ultimate man cover, inlaws suite or store building. Call today to come view.

Key facts

• Countertop space
• Large kitchen
• Eat-at bar

Tags

• LARGE KITCHEN
• EAT-AT BAR
• ABUNDANT CABINET STORAGE
• COUNTERTOP SPACE
• GENEROUS FLOOR PLAN

Property features AI

Finance

• Other: Tax annual amount available
• HOA & community: No transfer fees; Community features listed as 'Other'

Exterior

• Parking: Double carport (2 covered/carport spaces)
• Utilities: Utilities: see remarks
• Home design: Two levels; Resale property
• Construction: Brick and other construction materials; Foundation: Other; Roof: see remarks; Building area: 2724 (source: assessor)
• Exterior features: Lot features: see remarks; No waterfront; Whole/full ownership

Interior

• Flooring: Other flooring (see remarks)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating present (type listed as Other); Utilities: see remarks
• Interior features: No fireplace; Appliances listed as 'Other'; Other flooring (see remarks)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $212k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (6.7% below list).
• Recommended offer: $198k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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: Spanish Fort Elementary School (math 61% / reading 79%, grade A-, #26 of 627 statewide, top 4%, 763 students, 31% 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); 331 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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.

Recommended offer $197,845 (6.7% below list)

Questions for the listing agent

1. Built in 1959 — 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 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?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.61%
• DSCR: 1.21
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $441,496
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Caisson Trce	0.26mi	3/2.5	2,690 (+5%)	4mo	$365,000	$136	74
201 Confederate Dr	0.16mi	3/2.0	2,185 (-14%)	5mo	$377,000	$173	64
18 Lee Cir	0.20mi	3/2.0	2,169 (-15%)	3mo	$265,500	$122	63
30982 Parapet Ct	0.63mi	4/2.5 (+1)	2,477 (-3%)	2mo	$665,000	$268	56
204 Patrician Dr	0.47mi	3/2.0	2,464 (-3%)	23mo	$375,000	$152	53
312 Patrician Dr	0.69mi	3/2.5	2,665 (+4%)	17mo	$937,500	$352	44
40 Caisson Trce	0.47mi	3/2.0	2,200 (-14%)	21mo	$350,000	$159	37
29 Signal Hill Rd	0.56mi	4/3.0 (+1)	2,305 (-10%)	20mo	$524,900	$228	32

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 · 6.52% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.79×
• Total profit: $-12,625
• Equity at exit: $31,610

10-year hold

• IRR: 7.7%
• Equity multiple: 1.67×
• Total profit: $39,511
• Equity at exit: $18,330

Cash invested: $59,360 (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: 331
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,978 medium
• Mortgage (P&I): −$1,112
• Tax from tax record: −$135 /mo · $1,618/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $228

Break-even live

Break-even rent $1,690

Max offer price $212,000

Occupancy floor 83%

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: $53,000
• Closing costs: $6,360
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-14
   statusdays on market $212,000 Pending 9 DOM
2. 2026-06-13
   days on market $212,000 Active 8 DOM
3. 2026-06-10
   days on market $212,000 Active 6 DOM
4. 2026-06-09
   days on market $212,000 Active 5 DOM
5. 2026-06-08
   days on market $212,000 Active 4 DOM
6. 2026-06-07
   pricedays on market $212,000 Active 3 DOM
7. 2026-06-05
   remarks 681-char remark
8. 2026-06-05
   listed $199,900 Active 1 DOM

ⓘ 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: $1,618 · $135/mo
• Projected year-2 tax: $1,618 · $135/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,741
• − Mortgage interest: −$11,875
• − Property taxes: −$1,618
• − Insurance: −$1,060
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$6,167
• Taxable loss: −$778
• Est. tax savings @ 24.0%: +$187
• After-tax cash flow: $2,923/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

+19.5% since first listed

6 events — show timeline

• 2026-06-04 Listed $199,900 BCAR
• 2020-11-11 Listed $250,000 BCAR
• 2017-11-06 Sold (MLS) $194,000 BCAR
• 2017-09-13 Listed $199,900 BCAR
• 2017-01-14 Listed $199,900 BCAR
• 2009-10-26 Sold (Public Records) $167,278 Public Records

Property tax history

+11.1%/yr

Latest (2025): $1,618 · +20.0% YoY. Source: county tax records.