911 W Short 32nd St · Little Rock, AR 72206

$40,000

2 bd · 1.0 ba · 1,116 sqft · SingleFamily public records · 43 Days on market

Built 1908 6,534 sqft lot $36/sqft · 44% below area Est $72k · 44% under ↓ 53% since listing

---

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
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this 3-bedroom, 1-bath home offering approximately 1,116 sq ft of living space and endless potential. Situated in an area experiencing growth and revitalization, this property is positioned next to new construction on one side and an open lot on the other, creating exciting possibilities for future value and development. Conveniently located close to downtown, this home is ideal for an investor, flipper, or buyer looking to renovate and make it their own. Whether you’re searching for your next fix-and-flip project, a rental investment, or a place to customize into a personal residence, this property offers a strong opportunity at an affordable entry point. With

Key facts

• Growth potential
• New construction
• Open lot

Tags

• NEW CONSTRUCTION
• OPEN LOT
• CLOSE TO DOWNTOWN
• AFFORDABLE ENTRY POINT
• GROWTH POTENTIAL
• DETACHED

Property features AI

Exterior

• Parking: Parking pads
• Utilities: Public sewer
• Home design: Metal/vinyl siding exterior
• Construction: Composition roof; Crawl space foundation
• Exterior features: Level lot; Paved road access; Inside city limits

Interior

• Flooring: Wood flooring
• Bathrooms: 1 full bath
• Heating & cooling: Central electric cooling
• Interior features: Wood floors; 1 full bathroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.9% 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 (+3.4%/yr); 125 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $277 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 + 3.4% rent growth), your $11k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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: 3.06% ✓
• Cap rate: 26.90%
• Cash-on-cash: 73.59%
• DSCR: 4.27
• GRM: 2.7

CMA / ARV

• ARV (median comp): $71,835
• List price: $40,000
• Delta: -44.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 W 32nd St	0.32mi	3/1.0 (+1)	1,152 (+3%)	3mo	$32,500	$28	72
3008 S State St	0.16mi	3/1.5 (+1)	1,080 (-3%)	17mo	$114,973	$106	66
1520 34th St	0.40mi	3/1.0 (+1)	1,279 (+15%)	2mo	$146,000	$114	50
2817 Center St	0.53mi	3/2.0 (+1)	1,013 (-9%)	6mo	$141,900	$140	45
3007 S Battery St	0.60mi	3/1.0 (+1)	1,244 (+12%)	10mo	$15,000	$12	39
3101 S Battery St	0.60mi	3/1.0 (+1)	1,267 (+14%)	15mo	$35,000	$28	32
2205 S Izard St	0.72mi	2/1.0	960 (-14%)	14mo	$79,000	$82	31

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 · 3.36% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 1.97×
• Total profit: $10,825
• Equity at exit: $5,964

10-year hold

• IRR: 31.8%
• Equity multiple: 4.01×
• Total profit: $33,763
• Equity at exit: $3,458

Cash invested: $11,200 (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 72206

• Rents YoY: 3.4%
• Active inventory: 125
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,224 high
• Mortgage (P&I): −$210
• Tax from tax record: −$54 /mo · $643/yr
• Insurance: −$17
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $260

Break-even live

Break-even rent $894

Max offer price $40,000

Occupancy floor 74%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
717 W 32nd St Unit A and B Little Rock, AR	3.0	2.5	1300	$1,550	$1.19	14d	1	0.08mi
926 W 29th St Little Rock, AR	3.0	1.0	1229	$1,050	$0.85	23d	1	0.27mi
3333 Broadway St Little Rock, AR	3.0	1.0	918	$925	$1.01	19d	1	0.27mi
3222 Bishop St Unit B Little Rock, AR	3.0	2.0	1200	$1,300	$1.08	23d	1	0.43mi
2610 S Izard St Little Rock, AR	3.0	2.0	1136	$1,150	$1.01	44d	1	0.43mi
2900 Center St Little Rock, AR	3.0	1.0	1456	$1,050	$0.72	44d	1	0.48mi
2323 S Spring St Little Rock, AR	3.0	2.0	1070	$1,100	$1.03	44d	1	0.72mi
313 W 23rd St Little Rock, AR	3.0	2.0	1134	$925	$0.82	23d	1	0.77mi
2318 Louisiana St Little Rock, AR	2.0	1.0	791	$1,175	$1.49	44d	1	0.79mi
2708 Rock St Little Rock, AR	3.0	1.0	1114	$875	$0.79	21d	1	0.85mi
1906 S State St Little Rock, AR	2.0	2.0	1160	$1,895	$1.63	44d	1	0.93mi
1908 S State St Little Rock, AR	2.0	2.0	1160	$1,650	$1.42	44d	1	0.93mi
1909 S State St Little Rock, AR	2.0	1.0	850	$1,200	$1.41	14d	1	0.93mi
2014 S Louisiana St Unit 3 Little Rock, AR	2.0	1.0	900	$1,350	$1.50	44d	1	0.98mi
2201 Scott St Little Rock, AR	2.0	1.5	850	$995	$1.17	44d	1	0.98mi
2318 Rock St Little Rock, AR	2.0	2.0	1358	$2,300	$1.69	44d	1	0.99mi
1903 Marshall St Little Rock, AR	3.0	2.0	1152	$1,200	$1.04	23d	1	1.04mi
1921 Wolfe St Unit A Little Rock, AR	2.0	2.0	875	$875	$1.00	23d	1	1.05mi
1724 W 19th St Apt 3 Little Rock, AR	1.0	1.0	828	$950	$1.15	44d	1	1.11mi
1724 W 19th St Unit 2 Little Rock, AR	2.0	1.0	843	$1,150	$1.36	23d	1	1.11mi
1724 W 19th St Unit 2 Little Rock, AR	2.0	1.0	843	$1,150	$1.36	44d	1	1.11mi
2200 Dennison St Little Rock, AR	3.0	1.5	1080	$1,000	$0.93	44d	1	1.21mi
201 E 17th St Little Rock, AR	2.0	1.5	1124	$1,550	$1.38	14d	1	1.25mi
1512 Center St Little Rock, AR	1.0	1.0	952	$1,595	$1.68	23d	1	1.28mi
1500 Center St Unit 5 Little Rock, AR	2.0	1.5	1100	$1,295	$1.18	44d	1	1.30mi
1515 Wolfe St Little Rock, AR	3.0	2.0	1386	$1,100	$0.79	23d	1	1.41mi
1212 Center St Little Rock, AR	2.0	2.0	1200	$1,750	$1.46	23d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $40,000 Active 43 DOM
2. 2026-06-17
   days on market $40,000 Active 42 DOM
3. 2026-06-16
   days on market $40,000 Active 41 DOM
4. 2026-06-15
   days on market $40,000 Active 40 DOM
5. 2026-06-14
   days on market $40,000 Active 38 DOM
6. 2026-06-13
   days on market $40,000 Active 37 DOM
7. 2026-06-10
   days on market $40,000 Active 35 DOM
8. 2026-06-09
   days on market $40,000 Active 34 DOM
9. 2026-06-08
   days on market $40,000 Active 33 DOM
10. 2026-06-05
    days on market $40,000 Active 29 DOM
11. 2026-06-03
    days on market $40,000 Active 28 DOM
12. 2026-06-02
    days on market $40,000 Active 27 DOM
13. 2026-06-01
    days on market $40,000 Active 26 DOM
14. 2026-05-31
    days on market $40,000 Active 25 DOM
15. 2026-05-31
    days on market $40,000 Active 24 DOM
16. 2026-05-06
    listed $40,000 New Listing 843-char remark
17. 2024-09-12
    historical
18. 2024-08-27
    listed $85,000 New Listing

ⓘ 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: $643 · $54/mo
• Projected year-2 tax: $643 · $54/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 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $14,687
• − Mortgage interest: −$2,241
• − Property taxes: −$643
• − Insurance: −$5,318
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$1,164
• Taxable income: $2,971
• Est. tax owed @ 24.0%: −$713
• After-tax cash flow: $2,411/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): 22,667
• Household income: $52,132
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 623.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 48% White 43% Two or more races 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 1% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 5%

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: ▼ -88.64%
• Current HPI: 158.3601
• Rent YoY: ▲ 3.36%
• 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

-52.9% since first listed

3 events — show timeline

• 2026-05-06 Listed $40,000 CARMLS
• 2024-09-12 Listing Removed — CARMLS
• 2024-08-27 Listed $85,000 CARMLS

Property tax history

+6.2%/yr

Latest (2025): $643 · +16.1% YoY. Source: county tax records.