1805 S Y St · Fort Smith, AR 72901

$1,025,000

None bd · None ba · 10,144 sqft · Townhouse public records · 58 Days on market

Built 1985 0.88 ac lot

---

Why this score? — see what drove the F 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 +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well maintained 14-unit apartment complex offers a rare opportunity to own a quality apartment complex in Fort Smith. It features 14 one bedroom, one bathroom, all electric units renting for $418 on average. The owner is responsibility for the water, and the residents are responsible for their electric. This property is in the heart of the Southside of Fort Smith, and within walking distance of Ramsey Junior High. Deals like this don't hit the market often, don't miss out.

Key facts

• Strong market demand
• Zoned rm-3
• Well maintained

Tags

• WELL MAINTAINED
• THOUGHTFULLY RENOVATED
• IMPRESSIVE OCCUPANCY RATE
• ZONED RM-3
• STRATEGIC LOCATION
• STRONG MARKET DEMAND

Property features AI

Finance

• Other: Listing broker: Harmon Real Estate Company

Exterior

• Parking: Concrete parking lot
• Utilities: Public water; Public sewer; Electricity available; Water available; Sewer available
• Home design: Residential apartment; Two levels (2 stories)
• Construction: Brick construction; Brick/mortar foundation; Metal roof; Built as an apartment (no year built provided)
• Exterior features: Balcony; Public-maintained road access; Located on corner of S. Y Street and Bluff Avenue (off Jenny Lind Road); Subdivision: Bailey

Interior

• Kitchen: Electric water heater
• Flooring: Vinyl
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Double pane windows; Vinyl flooring; No fireplace listed
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a townhouse listed at $1.02M.

Deal economics

• At list price, monthly cash flow is $-6k ($-68k/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (91.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $79k (92.3% below list).
• Recommended offer: $79k (92.3% below list) — sets the bar for 1% rule.
• Cap rate -0.3% vs local median 4.3% in Fort Smith — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 65/100 on livability (#151 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.
• Fort Smith School District (urban): math 35% / reading 39% proficiency, ranked #106 of 238 in AR (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 174 active listings in the ZIP; lower-income renter base — watch delinquency; 388 units permitted in Sebastian County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Sebastian 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 58 days — a 3% lower offer ($994k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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 $500k; list at $1.02M implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $78,537 (92.3% 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. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 92% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
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: 0.08% ✗
• Cap rate: -0.31%
• Cash-on-cash: -23.59%
• DSCR: -0.05
• GRM: 108.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.37% rent growth · sell at horizon

5-year hold

• IRR: -67.9%
• Equity multiple: -0.83×
• Total profit: $-524,816
• Equity at exit: $152,831

10-year hold

• IRR: —
• Equity multiple: -2.20×
• Total profit: $-917,063
• Equity at exit: $88,623

Cash invested: $287,000 (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 72901

• Rents YoY: 4.4%
• Active inventory: 174
• Price-to-rent: 108.8×

Monthly cashflow live

• Estimated rent: $785 medium
• Mortgage (P&I): −$5,375
• Tax from tax record: −$460 /mo · $5,519/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$165
• Net cashflow: $-5,642

Break-even live

Break-even rent $7,927

Max offer price $89,779

Occupancy floor —

Sensitivity live

Price	-10% $-5,062	-5% $-5,352	+0% $-5,642	+5% $-5,932	+10% $-6,222
Rent	-10% $-5,704	-5% $-5,673	+0% $-5,642	+5% $-5,611	+10% $-5,580
Rate	-1.0pp $-5,126	-0.5pp $-5,381	base $-5,642	+0.5pp $-5,907	+1.0pp $-6,178

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $1,025,000 Active 58 DOM
2. 2026-06-18
   days on market $1,025,000 Active 57 DOM
3. 2026-06-17
   days on market $1,025,000 Active 56 DOM
4. 2026-06-16
   days on market $1,025,000 Active 55 DOM
5. 2026-06-15
   days on market $1,025,000 Active 54 DOM
6. 2026-06-14
   days on market $1,025,000 Active 52 DOM
7. 2026-06-13
   days on market $1,025,000 Active 51 DOM
8. 2026-06-10
   days on market $1,025,000 Active 49 DOM
9. 2026-06-09
   days on market $1,025,000 Active 48 DOM
10. 2026-06-08
    days on market $1,025,000 Active 47 DOM
11. 2026-06-07
    days on market $1,025,000 Active 46 DOM
12. 2026-06-03
    days on market $1,025,000 Active 42 DOM
13. 2026-06-02
    days on market $1,025,000 Active 41 DOM
14. 2026-06-01
    days on market $1,025,000 Active 40 DOM
15. 2026-05-31
    days on market $1,025,000 Active 39 DOM
16. 2026-05-30
    days on market $1,025,000 Active 38 DOM
17. 2026-04-22
    listed $1,025,000 Active
18. 2024-08-31
    historical $675
19. 2024-08-18
    listed $675
20. 2024-04-28
    historical $675
21. 2024-04-16
    listed $675
22. 2023-10-30
    historical $675
23. 2023-10-16
    listed $675
24. 2023-02-28
    soldstatus $500,000
25. 2020-12-08
    soldstatus $390,000 482-char remark

    Show marketing remark (482 chars)

    This well maintained 14-unit apartment complex offers a rare opportunity to own a quality apartment complex in Fort Smith. It features 14 one bedroom, one bathroom, all electric units renting for $418 on average. The owner is responsibility for the water, and the residents are responsible for their electric. This property is in the heart of the Southside of Fort Smith, and within walking distance of Ramsey Junior High. Deals like this don't hit the market often, don't miss out.

26. 2020-07-29
    listed $435,000 482-char remark

    Show marketing remark (482 chars)

    This well maintained 14-unit apartment complex offers a rare opportunity to own a quality apartment complex in Fort Smith. It features 14 one bedroom, one bathroom, all electric units renting for $418 on average. The owner is responsibility for the water, and the residents are responsible for their electric. This property is in the heart of the Southside of Fort Smith, and within walking distance of Ramsey Junior High. Deals like this don't hit the market often, don't miss out.

27. 2019-09-27
    soldstatus $420,000 4-char remark

    Show marketing remark (4 chars)

    Sold

28. 2019-09-27
    soldstatus $420,000

    Show marketing remark (4 chars)

    Sold

29. 2019-09-23
    listed $420,000 4-char remark

    Show marketing remark (4 chars)

    Sold

30. 2016-07-28
    soldstatus $325,000

ⓘ 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: $5,519 · $460/mo
• Projected year-2 tax: $6,560 · $547/mo
• Expected delta: +$1,041/yr (+$87/mo · 18.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $9,424
• − Mortgage interest: −$57,416
• − Property taxes: −$5,519
• − Insurance: −$5,125
• − Repairs & maintenance: −$754
• − Management: −$754
• − Depreciation: −$29,818
• Taxable loss: −$89,961
• Est. tax savings @ 24.0%: +$21,591
• After-tax cash flow: $-46,110/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: Fort Smith School District
• NCES district ID: 0506330
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $36,066
• Composite: 30.66/100
• National rank: #6183
• State rank: #106 of 238 in AR

Livability — Fort Smith

• Score: 65/100
• State rank: #151
• US rank: #13185

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Smith, AR
• County: Sebastian County · 99,312 people
• City population: 94,356
• Metro: Fort Smith, AR-OK
• Population (ZIP): 19,819
• Household income: $42,851
• Rent vs Own: 56.7% rent · 43.3% own
• Severe rent burden: 1117.0

Population outlook (Sebastian County) Hauer SSP2

• Today (2025): 133,992 people
• By 2030: 136,620 · +2.0%
• By 2040: 140,832 · +5.1%
• By 2050: 143,301 · +6.9%
• By 2075: 147,964 · +10.4%
• By 2100: 145,848 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 60% Hispanic / Latino 17% Two or more races 12% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada, Vietnam, Guatemala
• Languages at home: 83% English-only · Spanish 14% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Sebastian

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.6% · Other 2.4%
• 2008→2024 swing: -2.9pp toward R · 2008: -34.6pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+35.5 2016: R+38.1 2012: R+37.1 2008: R+34.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.82%
• Current HPI: 172.3777
• Rent YoY: ▲ 4.37%
• Metro: Fort Smith, AR-OK
• 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

+215.4% since first listed

14 events — show timeline

• 2026-04-22 Listed $1,025,000 WRVBOR
• 2024-08-31 Rental Removed $675 APPFOLIO
• 2024-08-18 Listed for Rent $675 APPFOLIO
• 2024-04-28 Rental Removed $675 APPFOLIO
• 2024-04-16 Listed for Rent $675 APPFOLIO
• 2023-10-30 Rental Removed $675 APPFOLIO
• 2023-10-16 Listed for Rent $675 APPFOLIO
• 2023-02-28 Sold (Public Records) $500,000 Public Records
• 2020-12-08 Sold (MLS) $390,000 WRVBOR
• 2020-07-29 Listed $435,000 WRVBOR
• 2019-09-27 Sold (Public Records) $420,000 Public Records
• 2019-09-27 Sold (MLS) $420,000 WRVBOR
• 2019-09-23 Listed $420,000 WRVBOR
• 2016-07-28 Sold (Public Records) $325,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $5,519 · +7.6% YoY. Source: county tax records.