902 1st Cor · Lanett, AL 36863

$98,000

2 bd · 2.0 ba · 1,307 sqft · MultiFamily · 108 Days on market

Built 1940 Fair condition

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

INVESTOR'S SPECIAL!!! CHECK OUT THIS NICE DUPLEX READY TO ADD TO YOUR PORTFOLIO. IT'S LOCATED IN THE HEART OF THE CITY OF LANETT NEAR SHOPPING, RESTAURANTS, KIA MFG. AND I85. PROPERTY HAS TWO UNITS, EACH UNIT HAS 1 BEDROOM AND ONE FULL BATHROOM AND BOTH ARE CURRENTLY TENANT OCCUPIED. PROPERTY IS SOLD "AS IS". THERE IS A MINI-SPLIT WHICH PROVIDES HEATING/COOLING IN EACH UNIT. PLEASE DO NOT DISTURB THE TENANTS. CALL YOUR LOCAL EXPERT TODAY!!

Key facts

• Near shopping
• Near restaurants
• Heart of the city

Tags

• DUPLEX
• HEATING COOLING
• MINI SPLIT
• HEART OF THE CITY
• NEAR SHOPPING
• NEAR RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $98k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 5.8% in Lanett — 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 60/100 on livability (#301 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Lanett City (town): math 5% / reading 19% proficiency, ranked #117 of 129 in AL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 87% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 106 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43 units permitted in Chambers County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Chambers County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.52%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 19.1%
• Equity multiple: 1.78×
• Total profit: $21,313
• Equity at exit: $14,612

10-year hold

• IRR: 27.5%
• Equity multiple: 3.42×
• Total profit: $66,517
• Equity at exit: $8,473

Cash invested: $27,440 (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 36863

• Home prices YoY: -29.1%
• Active inventory: 106
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,596 medium
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $584

Break-even live

Break-even rent $857

Max offer price $98,000

Occupancy floor 58%

Sensitivity live

Price	-10% $651	-5% $617	+0% $584	+5% $550	+10% $516
Rent	-10% $458	-5% $521	+0% $584	+5% $647	+10% $710
Rate	-1.0pp $633	-0.5pp $609	base $584	+0.5pp $558	+1.0pp $532

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,596
Total (2 units)			$1,596

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 S 10th St Lanett, AL	3.0	2.0	1340	$1,350	$1.01	15d	1	0.53mi
813 3rd Ave Unit K West Point, GA	2.0	2.5	1100	$1,200	$1.09	22d	1	0.97mi
505 E 5th St West Point, GA	3.0	1.0	1354	$1,295	$0.96	22d	1	1.28mi
500 E 7th St West Point, GA	3.0	2.0	1308	$1,600	$1.22	22d	1	1.28mi

Listing history 19 events

1. 2026-06-21
   days on market $98,000 Active 108 DOM
2. 2026-06-19
   days on market $98,000 Active 106 DOM
3. 2026-06-18
   days on market $98,000 Active 105 DOM
4. 2026-06-17
   days on market $98,000 Active 104 DOM
5. 2026-06-16
   days on market $98,000 Active 103 DOM
6. 2026-06-15
   days on market $98,000 Active 102 DOM
7. 2026-06-14
   days on market $98,000 Active 100 DOM
8. 2026-06-12
   days on market $98,000 Active 99 DOM
9. 2026-06-09
   days on market $98,000 Active 96 DOM
10. 2026-06-08
    days on market $98,000 Active 95 DOM
11. 2026-06-07
    days on market $98,000 Active 94 DOM
12. 2026-06-07
    days on market $98,000 Active 93 DOM
13. 2026-06-04
    days on market $98,000 Active 90 DOM
14. 2026-06-02
    days on market $98,000 Active 89 DOM
15. 2026-06-01
    days on market $98,000 Active 88 DOM
16. 2026-05-31
    days on market $98,000 Active 87 DOM
17. 2026-05-31
    days on market $98,000 Active 86 DOM
18. 2026-03-06
    listed $98,000
19. 2026-03-03
    listed $98,000 Active 455-char remark

    Show marketing remark (455 chars)

    INVESTOR'S SPECIAL!!! CHECK OUT THIS NICE DUPLEX READY TO ADD TO YOUR PORTFOLIO. IT'S LOCATED IN THE HEART OF THE CITY OF LANETT NEAR SHOPPING, RESTAURANTS, KIA MFG. AND I85. PROPERTY HAS TWO UNITS, EACH UNIT HAS 1 BEDROOM AND ONE FULL BATHROOM AND BOTH ARE CURRENTLY TENANT OCCUPIED. PROPERTY IS SOLD "AS IS". THERE IS A MINI-SPLIT WHICH PROVIDES HEATING/COOLING IN EACH UNIT. PLEASE DO NOT DISTURB THE TENANTS. CALL YOUR LOCAL EXPERT TODAY!!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $19,152
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$490
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$2,851
• Taxable income: $5,787
• Est. tax owed @ 24.0%: −$1,389
• After-tax cash flow: $5,614/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 · 5 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to update kitchens and bathrooms, and improve curb appeal. The property is currently tenant-occupied and ready for investment.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen appliances — basic and outdated
• Moderate bathroom fixtures — standard and in need of updating

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing kitchen will appeal to buyers and renters
• Both update bathroom fixtures — modernizing bathroom will appeal to buyers and renters
• Both landscape and improve curb appeal — improved landscaping will enhance curb appeal and attract more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · basic and outdated	Moderate	$3,000–15,000
bathroom fixtures · standard and in need of updating	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing kitchen will appeal to buyers and renters ↑
• Both update bathroom fixtures — modernizing bathroom will appeal to buyers and renters ↑
• Both landscape and improve curb appeal — improved landscaping will enhance curb appeal and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lanett City
• NCES district ID: 0101980
• Math proficiency: 5% ▼ -19.00%
• Reading proficiency: 19% ▼ -4.00%
• Median HH income: $27,834
• Composite: 9.11/100
• National rank: #9866
• State rank: #117 of 129 in AL

Livability — Lanett

• Score: 60/100
• State rank: #301
• US rank: #19159

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lanett, AL
• Population (ZIP): 12,335

Population outlook (Chambers County) Hauer SSP2

• Today (2025): 33,868 people
• By 2030: 33,504 · -1.1%
• By 2040: 32,594 · -3.8%
• By 2050: 31,422 · -7.2%
• By 2075: 29,054 · -14.2%
• By 2100: 25,431 · -24.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 46% Black 45% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Chambers

• 2024 margin: Strong R (+23.2) · D 38.0% · R 61.2%
• 2008→2024 swing: -14.8pp toward R · 2008: -8.5pp · 2024: -23.2pp
• All cycles: 2024: R+23.2 2020: R+15.6 2016: R+14.8 2012: R+5.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.32%
• Current HPI: 154.4174
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-06 Listed for Rent $98,000 GAMLS
• 2026-03-03 Listed $98,000 LCMLS