224 E Olympia Ave · Manila, AR 72442

$145,000

3 bd · 1.0 ba · 1,292 sqft · SingleFamily public records · 5 Days on market

Built 1972 0.48 ac lot $112/sqft · 23% below area Est $196k · 26% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Market 224 E Olympia Avenue of the JM Caruthers Addition in Manila Arkansas within the Manila School District. Situated on a level . 48 +/- acre fenced and level lot sprinkled w/ shade trees is a well maintained Ranchette Style home wrapped in vinyl, topped w/ a metal roof, and accented by shutters, a covered front porch, attached oversized 2 car carport w/ storage room, expansive driveway ideal for guests, and ornate front door. The interior features 1,343 sf of well laid out living space and contains: a spacious living room w/ large windows, open concept kitchen w/ stainless steel appliances and ample cabinet & countertop space, Master w/ ensuite w/ shower/tub combo, 2 sp

Key facts

• Covered front porch
• Storage room
• Expansive driveway

Tags

• FENCED LOT
• COVERED FRONT PORCH
• ATTACHED OVERSIZED CARPORT
• EXPANSIVE DRIVEWAY
• STORAGE ROOM
• OPEN CONCEPT KITCHEN

Property features AI

Finance

• Other: Approx. lot size 0.48 acre (per tax records); Approx. living area reported as 1,343 (per tax records)
• Financial info: Financing options include VA, FHA, conventional, cash, Rural Development, and in-house financing

Exterior

• Parking: Carport for 2 cars
• Utilities: Public sewer; Public water; Municipal electric (Entergy); Natural gas; Fiber internet available
• Home design: Metal/vinyl siding; Inside city limits; Level, cleared lot in a subdivision
• Construction: Metal roof; Crawl space foundation
• Exterior features: Porch; Partially fenced yard; Outside storage area; Chain link fencing; Paved road access

Interior

• Kitchen: Microwave; Electric range; Dishwasher; Ice maker connection
• Bedrooms: Laundry (separate room)
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central gas heat; Central electric cooling
• Interior features: Washer connection; Electric dryer connection; Gas water heater; Ceiling fans; Wired for high-speed internet
• Laundry & utility: Washer connection; Electric dryer connection

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (11.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (25.7% below list).
• Recommended offer: $108k (25.7% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.9% in Manila — 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 (#62 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Manila School District (rural): math 39% / reading 37% proficiency, ranked #94 of 238 in AR (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Manila Elementary School (math 41% / reading 33%, grade F, #229 of 454 statewide, top 54%, 610 students, 61% FRL); Manila High School (math 38% / reading 40%, grade F, #58 of 292 statewide, top 20%, 466 students, 57% FRL).
• Market conditions: 61 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 69 units permitted in Mississippi County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Mississippi County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y 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 $120k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,733 (25.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.74% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• GRM: 11.2

CMA / ARV

• ARV (median comp): $196,214
• List price: $145,000
• Delta: -26.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 Park	0.27mi	3/2.0	1,336 (+3%)	3mo	$270,000	$202	75
303 Dunkin Cv	0.41mi	3/2.0	1,336 (+3%)	1mo	$205,000	$153	70
211 W Dewey	0.43mi	3/2.0	1,338 (+4%)	2mo	$194,900	$146	68
209 W Dewey	0.42mi	3/2.0	1,338 (+4%)	3mo	$190,000	$142	68
310 S Dunkin St St	0.29mi	3/2.0	1,398 (+8%)	3mo	$184,900	$132	66
144 1st St	0.33mi	3/2.0	1,424 (+10%)	1mo	$184,900	$130	62
907 Alan St	0.72mi	3/2.0	1,290 (-0%)	3mo	$159,900	$124	60
301 W Olympia Ave	0.36mi	3/2.0	1,450 (+12%)	1mo	$239,900	$165	58
301 W Olympia	0.36mi	3/2.0	1,450 (+12%)	1mo	$239,900	$165	58
315 Petrel	0.40mi	4/2.0 (+1)	1,200 (-7%)	3mo	$160,000	$133	58
326 W Olympia Ave	0.41mi	3/2.0	1,428 (+10%)	2mo	$192,000	$134	58
815 Dwight St	0.68mi	4/2.0 (+1)	1,435 (+11%)	1mo	$90,000	$63	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: -20.8%
• Equity multiple: 0.28×
• Total profit: $-29,319
• Equity at exit: $21,620

10-year hold

• IRR: -14.2%
• Equity multiple: 0.19×
• Total profit: $-33,084
• Equity at exit: $12,537

Cash invested: $40,600 (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 72442

• Home prices YoY: -17.8%
• Active inventory: 61
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$121 /mo · $1,456/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $-91

Break-even live

Break-even rent $1,193

Max offer price $128,908

Occupancy floor —

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 First Unit A Manila, AR	2.0	1.0	950	$900	$0.95	16d	1	0.33mi
1057 E Olympia St Unit A Manila, AR	3.0	1.0	1100	$1,400	$1.27	23d	1	0.70mi

Listing history 16 events

1. 2026-05-11
   status Under Contract 1109-char remark
2. 2026-05-06
   listed $145,000 New Listing 1109-char remark
3. 2025-12-11
   historical
4. 2025-12-11
   status Under Contract
5. 2025-12-10
   historical
6. 2025-09-30
   price $139,900
7. 2025-09-30
   price $139,900
8. 2025-09-11
   price $149,900
9. 2025-09-11
   price $149,900
10. 2025-08-15
    listed $154,900 Active
11. 2025-08-15
    listed $154,900 New Listing
12. 2021-12-15
    soldstatus $119,900
13. 2021-12-13
    soldstatus $119,900
14. 2021-10-21
    listed $119,900
15. 2011-07-28
    soldstatus $29,000
16. 2008-05-06
    soldstatus $37,000

ⓘ 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: $1,456 · $121/mo
• Projected year-2 tax: $1,456 · $121/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥109°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: $12,928
• − Mortgage interest: −$8,122
• − Property taxes: −$1,456
• − Insurance: −$725
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$4,218
• Taxable loss: −$3,662
• Est. tax savings @ 24.0%: +$879
• After-tax cash flow: $-214/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: Manila School District
• NCES district ID: 0500046
• Math proficiency: 39% ▼ -17.00%
• Reading proficiency: 37% ▼ -15.00%
• Median HH income: $38,252
• Composite: 31.73/100
• National rank: #5906
• State rank: #94 of 238 in AR

Livability — Manila

• Score: 69/100
• State rank: #62
• US rank: #8265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manila, AR
• Population (ZIP): 4,641

Population outlook (Mississippi County) Hauer SSP2

• Today (2025): 38,959 people
• By 2030: 36,401 · -6.6%
• By 2040: 31,526 · -19.1%
• By 2050: 27,058 · -30.5%
• By 2075: 17,847 · -54.2%
• By 2100: 11,024 · -71.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Iranian 4% Slovak 3% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Other Asian/Pacific 1% German/W. Germanic 1%

Political lean MEDSL · Mississippi

• 2024 margin: Solid R (+31.6) · D 33.4% · R 65.0% · Other 1.7%
• 2008→2024 swing: -29.4pp toward R · 2008: -2.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+22.2 2016: R+10.5 2012: R+1.1 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.49%
• Current HPI: 178.1683
• Rent YoY: —
• Metro: —
• 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

+291.9% since first listed

16 events — show timeline

• 2026-05-11 Pending — CARMLS
• 2026-05-06 Listed $145,000 CARMLS
• 2025-12-11 Delisted — NEABOR MLS
• 2025-12-11 Pending — CARMLS
• 2025-12-10 Listing Removed — CARMLS
• 2025-09-30 Price Changed $139,900 CARMLS
• 2025-09-30 Price Changed $139,900 NEABOR MLS
• 2025-09-11 Price Changed $149,900 CARMLS
• 2025-09-11 Price Changed $149,900 NEABOR MLS
• 2025-08-15 Listed $154,900 CARMLS
• 2025-08-15 Listed $154,900 NEABOR MLS
• 2021-12-15 Sold (Public Records) $119,900 Public Records
• 2021-12-13 Sold (MLS) $119,900 NEABOR MLS
• 2021-10-21 Listed $119,900 NEABOR MLS
• 2011-07-28 Sold (Public Records) $29,000 Public Records
• 2008-05-06 Sold (Public Records) $37,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,456 · +0.9% YoY. Source: county tax records.