4108 W 21st · Little Rock, AR 72204

$46,000

2 bd · 1.0 ba · 924 sqft · SingleFamily public records · 5 Days on market

Built 1940 5,227 sqft lot Est $89k · 48% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

All offers must be presented with Buyer's acknowledgement that Seller has members who are AR Real Estate Brokers. No mineral, gas, or oil rights are to be conveyed. Conveyance of the property shall be made to buyer by Special Warranty Deed. No offers accepted without earnest money!! Title insurance and survey are at buyer's expense. Property sold “As Is”, No disclosure available.

Key facts

• 5,227 sq ft lot
• Built 1940
• Listed 5 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $46k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Cap rate 19.0% vs local median 4.1% in Little Rock — 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 (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 186 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 49% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $318 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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 $15k; list at $46k implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $46,000

Questions for the listing agent

1. Built in 1940 — 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. 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?
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: 2.18% ✓
• Cap rate: 18.99%
• Cash-on-cash: 45.35%
• DSCR: 3.02
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $88,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2401 S Pine St	0.25mi	2/1.0	896 (-3%)	4mo	$15,000	$17	80
2013 S Maple St	0.29mi	2/1.0	936 (+1%)	12mo	$8,000	$9	75
3407 W 12 St	0.68mi	2/1.0	922 (-0%)	5mo	$30,000	$33	64
4624 W 29th St	0.61mi	2/1.0	971 (+5%)	1mo	$100,000	$103	63
4523 W 23rd St	0.32mi	3/1.0 (+1)	1,026 (+11%)	2mo	$22,000	$21	60
2119 S Harrison St	0.72mi	3/1.0 (+1)	930 (+1%)	1mo	$125,000	$134	60
4712 W 24th St	0.43mi	2/1.0	810 (-12%)	8mo	$65,000	$80	52
1720 Green Meadow Dr	0.49mi	3/1.0 (+1)	1,020 (+10%)	4mo	$103,500	$101	52
1019 Adams St	0.72mi	2/1.0	840 (-9%)	1mo	$86,000	$102	51
4805 W 29th St	0.69mi	2/1.0	1,040 (+13%)	7mo	$100,000	$96	41
4307 W 10th St	0.67mi	2/1.0	828 (-10%)	13mo	$82,000	$99	40
4716 W 31st St	0.72mi	1/1.0 (-1)	825 (-11%)	12mo	$14,500	$18	33

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 · 4.91% rent growth · sell at horizon

5-year hold

• IRR: 44.6%
• Equity multiple: 2.98×
• Total profit: $25,514
• Equity at exit: $6,859

10-year hold

• IRR: 51.4%
• Equity multiple: 6.48×
• Total profit: $70,532
• Equity at exit: $3,977

Cash invested: $12,880 (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 72204

• Home prices YoY: -21.5%
• Rents YoY: 4.9%
• Active inventory: 186
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,002 high
• Mortgage (P&I): −$241
• Tax from tax record: −$44 /mo · $530/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $487

Break-even live

Break-even rent $386

Max offer price $46,000

Occupancy floor 46%

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: $11,500
• Closing costs: $1,380
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4304 W 22nd St Little Rock, AR	2.0	1.0	896	$895	$1.00	44d	1	0.15mi
4319 W 17th St Little Rock, AR	2.0	1.0	957	$950	$0.99	44d	1	0.22mi
4613 W 23rd St Unit B Little Rock, AR	2.0	1.0	650	$1,200	$1.85	23d	1	0.36mi
2421 S Oak St Little Rock, AR	3.0	1.0	1092	$950	$0.87	21d	1	0.36mi
2701 Abigail St Little Rock, AR	3.0	1.0	1098	$1,195	$1.09	23d	1	0.44mi
2300 S Martin St Little Rock, AR	2.0	1.0	840	$795	$0.95	23d	1	0.50mi
1320 Adams St Little Rock, AR	3.0	1.0	1026	$1,025	$1.00	44d	1	0.52mi
3705 W 12th St Unit B Little Rock, AR	1.0	1.0	598	$650	$1.09	44d	1	0.57mi
1918 Allis St Little Rock, AR	2.0	1.0	868	$895	$1.03	14d	1	0.59mi
1205 Valmar St Little Rock, AR	2.0	1.0	1100	$1,199	$1.09	44d	1	0.63mi
1822 Booker St Little Rock, AR	3.0	2.0	1076	$1,195	$1.11	23d	1	0.72mi
3109 W 11th St Little Rock, AR	3.0	2.0	1055	$1,295	$1.23	44d	1	0.85mi
3204 Maryland Ave Little Rock, AR	3.0	1.0	921	$1,095	$1.19	44d	1	0.92mi
610 S Maple St Unit A Little Rock, AR	2.0	1.0	850	$825	$0.97	23d	1	0.95mi
901 Johnson St Unit B Little Rock, AR	1.0	1.0	800	$695	$0.87	44d	1	0.96mi
901 S Harrison St Little Rock, AR	2.0	1.0	1000	$980	$0.98	19d	1	1.00mi
1100 Fair Park Blvd Apt 7 Little Rock, AR	1.0	1.0	636	$550	$0.86	21d	1	1.05mi
1100 Fair Park Blvd Little Rock, AR	1.0	1.0	636	$550	$0.86	23d	2	1.05mi
1809 S Buchanan St Little Rock, AR	2.0	1.0	974	$850	$0.87	21d	1	1.10mi
422 S Brown St Little Rock, AR	1.0	1.0	550	$725	$1.32	23d	1	1.15mi
2200 Dennison St Little Rock, AR	3.0	1.5	1080	$1,000	$0.93	44d	1	1.18mi
2324 W Daisy L Gatson Bates Dr Unit 1 Little Rock, AR	2.0	1.0	881	$1,095	$1.24	44d	1	1.19mi
2324 W Daisy L Gatson Bates Dr Unit 2 Little Rock, AR	2.0	1.0	881	$1,050	$1.19	23d	1	1.19mi
306 S Valentine St Little Rock, AR	1.0	1.0	650	$825	$1.27	44d	1	1.21mi
300 S Valentine St Ste 3 Little Rock, AR	1.0	1.0	605	$1,095	$1.81	44d	1	1.22mi
408 Booker St Little Rock, AR	2.0	2.0	936	$1,350	$1.44	44d	1	1.27mi
408 S Booker St Unit B Little Rock, AR	1.0	1.0	675	$850	$1.26	44d	1	1.27mi
3825 W Markham St Little Rock, AR	2.0	1.0	950	$1,095	$1.15	44d	1	1.27mi
3409 W Markham St Little Rock, AR	1.0	1.0	950	$995	$1.05	23d	1	1.34mi
128 S Woodrow St Unit N Little Rock, AR	1.0	1.0	765	$895	$1.17	44d	1	1.40mi
1318 S Summit St Little Rock, AR	2.0	1.0	864	$1,050	$1.22	21d	1	1.43mi
1320 S Summit St Little Rock, AR	2.0	1.0	864	$1,050	$1.22	21d	1	1.43mi
907 S Park St Little Rock, AR	2.0	2.0	950	$2,100	$2.21	23d	1	1.45mi
121 N Jackson St Little Rock, AR	1.0	1.0	700	$950	$1.36	44d	1	1.45mi
502 Rice St Little Rock, AR	2.0	1.0	648	$925	$1.43	23d	1	1.47mi
1008 Kavanaugh Blvd Unit 3 Little Rock, AR	1.0	1.0	738	$795	$1.08	44d	1	1.47mi
1008 Kavanaugh Blvd Little Rock, AR	1.0	1.0	738	$795	$1.08	21d	1	1.48mi

Listing history 9 events

1. 2026-04-20
   status Under Contract
2. 2026-04-15
   listed $46,000 New Listing
3. 2015-08-28
   soldstatus $15,000 Sold 394-char remark

   Show marketing remark (394 chars)

   All offers must be presented with Buyer's acknowledgement that Seller has members who are AR Real Estate Brokers. No mineral, gas, or oil rights are to be conveyed. Conveyance of the property shall be made to buyer by Special Warranty Deed. No offers accepted without earnest money!! Title insurance and survey are at buyer's expense. Property sold “As Is”, No disclosure available.

4. 2015-08-21
   listed $16,000 New Listing 394-char remark

   Show marketing remark (394 chars)

   All offers must be presented with Buyer's acknowledgement that Seller has members who are AR Real Estate Brokers. No mineral, gas, or oil rights are to be conveyed. Conveyance of the property shall be made to buyer by Special Warranty Deed. No offers accepted without earnest money!! Title insurance and survey are at buyer's expense. Property sold “As Is”, No disclosure available.

5. 2015-05-28
   historical
6. 2014-03-31
   listed $15,000
7. 2010-06-25
   soldstatus $8,000
8. 2010-06-09
   historical
9. 2010-05-28
   listed $7,900

ⓘ 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: $530 · $44/mo
• Projected year-2 tax: $530 · $44/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 7/10 Severe 7 d/yr ≥110°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,019
• − Mortgage interest: −$2,577
• − Property taxes: −$530
• − Insurance: −$230
• − Repairs & maintenance: −$962
• − Management: −$962
• − Depreciation: −$1,338
• Taxable income: $5,422
• Est. tax owed @ 24.0%: −$1,301
• After-tax cash flow: $4,540/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: Little Rock School District
• NCES district ID: 0509000
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $43,346
• Composite: 21.0/100
• National rank: #8457
• State rank: #183 of 238 in AR

Livability — Little Rock

• Score: 73/100
• State rank: #22
• US rank: #5295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Rock, AR
• County: Pulaski County · 372,764 people
• City population: 218,896
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 30,525
• Household income: $40,882
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1553.0

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 415,378 people
• By 2030: 423,720 · +2.0%
• By 2040: 435,182 · +4.8%
• By 2050: 440,904 · +6.1%
• By 2075: 445,521 · +7.3%
• By 2100: 419,173 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 18% Hispanic / Latino 12% Two or more races 6%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 1%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Pulaski

• 2024 margin: Strong D (+22.1) · D 59.8% · R 37.7% · Other 2.5%
• 2008→2024 swing: +10.6pp toward D · 2008: 11.6pp · 2024: 22.1pp
• All cycles: 2024: D+22.1 2020: D+22.5 2016: D+17.9 2012: D+11.4 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.17%
• Current HPI: 172.3977
• Rent YoY: ▲ 4.91%
• Metro: Little Rock-North Little Rock-Conway, AR
• 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

+482.3% since first listed

9 events — show timeline

• 2026-04-20 Pending — CARMLS
• 2026-04-15 Listed $46,000 CARMLS
• 2015-08-28 Sold (MLS) $15,000 CARMLS
• 2015-08-21 Listed $16,000 CARMLS
• 2015-05-28 Listing Removed — CARMLS
• 2014-03-31 Listed $15,000 CARMLS
• 2010-06-25 Sold (MLS) $8,000 CARMLS
• 2010-06-09 Listing Removed — CARMLS
• 2010-05-28 Listed $7,900 CARMLS

Property tax history

+3.4%/yr

Latest (2025): $530 · +7.7% YoY. Source: county tax records.