32240 Emancipation Circle Cir · Loxley, AL 36527

$241,400

3 bd · 2.5 ba · 1,437 sqft · SingleFamily · 172 Days on market

Built 2026 Good condition $168/sqft · 17% below area Est $292k · 17% 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 +9.4/30.0
• Schools +5.3/10.0
• Rent growth +4.1/5.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Palm, our brand-new townhome in Franklin Place at Independence in Spanish Fort, Alabama. This gorgeous townhome has so much to offer featuring open spaces and a wonderful layout. This home is a 2 stories with 1,437 square feet, 3 bedrooms, 2.5 bathrooms and a 1-car garage. Step into the Palm where you will be greeted with an entryway into the modern, open concept with gorgeous features. The stairway will be to one side opposite of the garage. You will then pass the convenient hallway bathroom across from the beautiful kitchen which seamlessly blends into the dining and living room. The living room also flows into the back patio, making an ideal place for entertaining or unwinding. The bedrooms are located upstairs with the primary first and the additional two bedrooms in the back of the home. The beautiful primary bedroom with large windows and a walk-in closet boasts an ensuite with a double-bowl vanity, bathtub and walk in shower and even includes extra space with shelving. The laundry room is also upstairs offering great convenience. All of the rooms include windows and closet space as well. This Palm townhome is a part of the wonderful new home community in Spanish Fort, Alabama, Franklin Place at Independence. Here you will enjoy peace and quiet along with the convenience of being just minutes to local schools and an abundance of shopping and dining and the interstate offering a quick commute. In addition to beautiful homes and an amazing location, you will also enjoy the community pools and multiple lakes. These will be great areas to relax or meet up with neighbors. Schedule your tour to find your new home at Franklin Place at Independence today! Pictures are of similar home and not necessarily of subject property, including interior and exterior colors, options, and finishes. Buyer to verify all information during due diligence. Estimated completion of May 2026!

Key facts

• Open concept
• Multiple lakes
• Community pools

Tags

• OPEN CONCEPT
• BACK PATIO
• LAUNDRY ROOM UPSTAIRS
• COMMUNITY POOLS
• MULTIPLE LAKES

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $241k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-173 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (21.6% below list).
• Recommended offer: $189k (21.6% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.9% in Loxley — 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 66/100 on livability (#95 in AL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment B; Watch: crime D, amenities F, commute F.
• 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: Rockwell Elementary School (math 46% / reading 76%, grade B, #60 of 627 statewide, top 9%, 724 students, 25% 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); 549 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 172 days — a 12% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Recommended offer $189,250 (21.6% 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 172 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
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 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?
6. Crime grade is D 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. 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?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• GRM: 10.6

CMA / ARV

• ARV (median comp): $291,611
• List price: $241,400
• Delta: -17.22%
• 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
32240 Emancipation Circle Cir	0.00mi	3/2.5	1,437 (0%)	2mo	$240,000	$167	98
32232 Emancipation Circle Cir	0.01mi	3/2.5	1,437 (0%)	2mo	$233,500	$162	98
32378 Revere Drive Dr	0.10mi	4/2.0 (+1)	1,504 (+5%)	2mo	$302,080	$201	79
32392 Revere Drive Dr	0.12mi	4/2.0 (+1)	1,504 (+5%)	2mo	$296,580	$197	78
32250 Revere Drive Dr	0.15mi	4/2.0 (+1)	1,504 (+5%)	2mo	$293,080	$195	77
32407 Revere Dr	0.14mi	4/2.0 (+1)	1,504 (+5%)	3mo	$298,580	$199	76
32445 Revere Dr	0.17mi	4/2.0 (+1)	1,504 (+5%)	3mo	$298,580	$199	74
32478 Revere Dr	0.21mi	4/2.0 (+1)	1,504 (+5%)	2mo	$294,480	$196	74
32484 Revere Dr	0.22mi	4/2.0 (+1)	1,504 (+5%)	3mo	$291,900	$194	72
32408 Revere Drive Dr	0.13mi	3/2.0	1,281 (-11%)	2mo	$287,388	$224	72
12836 Patriot Way	0.21mi	3/2.0	1,281 (-11%)	3mo	$268,500	$210	68
32208 Lyon Rd	0.71mi	3/2.0	1,510 (+5%)	3mo	$330,000	$219	54

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: -17.6%
• Equity multiple: 0.36×
• Total profit: $-43,180
• Equity at exit: $35,994

10-year hold

• IRR: -4.1%
• Equity multiple: 0.69×
• Total profit: $-21,072
• Equity at exit: $20,872

Cash invested: $67,592 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 51 active · 31 under contract
• Months of supply: 9.3 mo (11%/mo absorbed)
• Median asking: $288,400 ($196/sqft)
• Median days on market: 52 d
• This list price: 2% of active listings are priced below it
• ARV vs active asking: +3.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 36527

• Home prices YoY: -14.4%
• Rents YoY: 6.5%
• Active inventory: 549
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,892 high
• Mortgage (P&I): −$1,266
• Tax est. 1.5%: −$302 /mo · $3,621/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-173

Break-even live

Break-even rent $2,112

Max offer price $216,340

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-90	+0% $-173	+5% $-257	+10% $-340
Rent	-10% $-323	-5% $-248	+0% $-173	+5% $-98	+10% $-24
Rate	-1.0pp $-52	-0.5pp $-112	base $-173	+0.5pp $-236	+1.0pp $-299

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: $60,350
• Closing costs: $7,242
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32231 Emancipation Cir Spanish Fort, AL	3.0	2.5	1492	$1,850	$1.24	139d	1	0.04mi
32223 Emanicipation Cir Daphne, AL	3.0	2.5	1437	$1,850	$1.29	0d	1	0.05mi
12807 Philadelphia Blvd Spanish Fort, AL	3.0	2.5	1437	$1,750	$1.22	5d	1	0.17mi
32667 Revere Dr Spanish Fort, AL	4.0	2.0	1504	$1,850	$1.23	6d	1	0.32mi
31697 Lyon Rd Spanish Fort, AL	4.0	2.0	1787	$2,500	$1.40	116d	1	0.52mi
31573 Shearwater Dr Daphne, AL	4.0	2.0	1830	$1,995	$1.09	116d	1	0.63mi
31468 Memphis Loop Spanish Fort, AL	4.0	2.0	1846	$2,250	$1.22	6d	1	0.66mi
31100 Falling Waters Loop Spanish Fort, AL	2.0–4.0	1.0–2.0	1158	$1,974	$1.70	6d	1	0.98mi
33064 Stables Dr Unit B Spanish Fort, AL	2.0	2.0	1185	$1,600	$1.35	109d	1	1.13mi
33101 Stables Dr Unit A Spanish Fort, AL	2.0	2.0	1338	$1,550	$1.16	6d	1	1.17mi
12914 Churchill Dr Unit B Spanish Fort, AL	3.0	2.0	1600	$1,680	$1.05	116d	1	1.20mi
12862 Churchill Dr Unit A Spanish Fort, AL	3.0	2.0	1520	$1,675	$1.10	6d	1	1.20mi

Listing history 50 events

1. 2026-07-31
   days on market $241,400 Active 172 DOM
2. 2026-07-30
   statusdays on market $241,400 Active 171 DOM
3. 2026-07-29
   days on market $241,400 Active New Construction 170 DOM
4. 2026-07-27
   days on market $241,400 Active New Construction 168 DOM
5. 2026-07-25
   days on market $241,400 Active New Construction 166 DOM
6. 2026-07-24
   days on market $241,400 Active New Construction 165 DOM
7. 2026-07-23
   days on market $241,400 Active New Construction 164 DOM
8. 2026-07-22
   days on market $241,400 Active New Construction 163 DOM
9. 2026-07-21
   days on market $241,400 Active New Construction 162 DOM
10. 2026-07-18
    days on market $241,400 Active New Construction 159 DOM
11. 2026-07-16
    days on market $241,400 Active New Construction 157 DOM
12. 2026-07-16
    days on market $241,400 Active New Construction 156 DOM
13. 2026-07-14
    days on market $241,400 Active New Construction 155 DOM
14. 2026-07-13
    days on market $241,400 Active New Construction 154 DOM
15. 2026-07-12
    days on market $241,400 Active New Construction 153 DOM
16. 2026-07-11
    days on market $241,400 Active New Construction 152 DOM
17. 2026-07-10
    days on market $241,400 Active New Construction 151 DOM
18. 2026-07-09
    days on market $241,400 Active New Construction 150 DOM
19. 2026-07-08
    days on market $241,400 Active New Construction 149 DOM
20. 2026-07-07
    days on market $241,400 Active New Construction 148 DOM
21. 2026-07-06
    days on market $241,400 Active New Construction 147 DOM
22. 2026-07-05
    days on market $241,400 Active New Construction 146 DOM
23. 2026-07-04
    days on market $241,400 Active New Construction 145 DOM
24. 2026-07-03
    days on market $241,400 Active New Construction 144 DOM
25. 2026-07-02
    days on market $241,400 Active New Construction 143 DOM
26. 2026-07-01
    days on market $241,400 Active New Construction 142 DOM
27. 2026-06-30
    days on market $241,400 Active New Construction 141 DOM
28. 2026-06-29
    days on market $241,400 Active New Construction 140 DOM
29. 2026-06-28
    days on market $241,400 Active New Construction 139 DOM
30. 2026-06-28
    days on market $241,400 Active New Construction 138 DOM
31. 2026-06-27
    days on market $241,400 Active New Construction 137 DOM
32. 2026-06-25
    days on market $241,400 Active New Construction 135 DOM
33. 2026-06-23
    days on market $241,400 Active New Construction 133 DOM
34. 2026-06-21
    days on market $241,400 Active New Construction 132 DOM
35. 2026-06-19
    days on market $241,400 Active New Construction 130 DOM
36. 2026-06-18
    days on market $241,400 Active New Construction 129 DOM
37. 2026-06-17
    days on market $241,400 Active New Construction 128 DOM
38. 2026-06-16
    days on market $241,400 Active New Construction 127 DOM
39. 2026-06-15
    days on market $241,400 Active New Construction 126 DOM
40. 2026-06-14
    days on market $241,400 Active New Construction 124 DOM
41. 2026-06-13
    days on market $241,400 Active New Construction 123 DOM
42. 2026-06-10
    days on market $241,400 Active New Construction 121 DOM
43. 2026-06-09
    days on market $241,400 Active New Construction 120 DOM
44. 2026-06-08
    days on market $241,400 Active New Construction 119 DOM
45. 2026-06-07
    days on market $241,400 Active New Construction 118 DOM
46. 2026-06-05
    days on market $241,400 Active New Construction 115 DOM
47. 2026-06-03
    days on market $241,400 Active New Construction 114 DOM
48. 2026-06-02
    days on market $241,400 Active New Construction 113 DOM
49. 2026-06-01
    days on market $241,400 Active New Construction 112 DOM
50. 2026-05-31
    days on market $241,400 Active New Construction 111 DOM

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

Taxation est. · year 1

• Rental income: $22,710
• − Mortgage interest: −$13,522
• − Property taxes: −$3,621
• − Insurance: −$1,207
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − Depreciation: −$7,023
• Taxable loss: −$6,296
• Est. tax savings @ 24.0%: +$1,511
• After-tax cash flow: $-567/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 · 12 photos

Good 80/100 None rehab

This modern townhome in Franklin Place at Independence in Spanish Fort, Alabama, is in excellent condition with a good condition score of 80. It offers a spacious and open layout with modern features and is move-in ready.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace ceiling fans with energy-efficient models — Improves energy efficiency and aesthetics ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

D Composite school gradezoned avg 53/100

Zoned Schools

Elementary Rockwell Elementary School B AL #60/627 Nat'l #6,943/41,679 Middle Spanish Fort Middle School B- AL #20/257 Nat'l #2,699/14,009 High Spanish Fort High School F AL #25/305 Nat'l #7,320/17,239

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

C Composite livability gradescore 66/100

Livability — Loxley

• Score: 66/100
• State rank: #95
• US rank: #11346

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Loxley, AL
• County: Baldwin County · 248,264 people
• 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: 20% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Price history

+0.2% since first listed

2 events — show timeline

• 2026-03-11 Price Changed $241,400 BCAR
• 2026-02-09 Listed $240,900 BCAR