32491 E Waterview Dr Unit 8-C · Loxley, AL 36551

$450,000

3 bd · 3.0 ba · 2,063 sqft · Condo public records · 38 Days on market

Built 2009 $218/sqft · at area comps Est $464k · at est. $600/mo HOA · 13% of rent

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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).

• Cash flow +16.7/30.0
• ARV discount +8.9/15.0
• DSCR +5.2/10.0
• 1% rule +5.0/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This breathtaking, fully furnished, condo is located in Steelwood, a private 1400+ acre gated development offering one of the most recognized golf courses in the state, a 200+ acre lake stocked full with bass and bream, quail hunting, fine dining and more. Condo offers quality amenities throughout. .. heart pine flooring, tumbled granite counters, 8ft solid wood interior doors, Pella exterior doors, heavy moldings and 9 ft ceilings. Other notable features include an open living floor plan, three large bedrooms with adjoining elegant baths, wet bar with ice maker and wine cooler, screened and spacious balcony with beautiful views of the golf course and lake, two separate fireplaces, covered parking for owner and a golf cart garage. Included furnishings are high quality, neutral and appealing. This is truly an elegant property. Steelwood Subdivision POA dues are $2200 annually and The Lodges COA dues are $500 monthly and cover grounds and lawn maintenance, building maintenance and exterior insurance, sewer and pest control. The Lodge owners are responsible for both. Information regarding Steelwood Country Club can be found at steelwoodcountryclub.com.

Key facts

• Gated community
• Breathtaking views
• Screened porch

Tags

• BREATHTAKING VIEWS
• GATED COMMUNITY
• SCREENED PORCH
• PELLA WINDOWS
• CHEF'S KITCHEN
• GRANITE COUNTERTOPS

Property features AI

Finance

• Other: Property listed as resale; Zoning: 2+ family residence; Ownership: Condominium; Community directions available
• HOA & community: Monthly association fee ($600) covering management, common area insurance, grounds maintenance, pest control, reserves, security, common area taxes, and water/sewer; Community clubhouse; Satellite TV available

Exterior

• Parking: Assigned covered parking; Golf cart garage
• Security: Gated community; Community security services included in association
• Utilities: Public water; Baldwin County sewer service with grinder pump; Propane gas; Total Electric (Baldwin EMC)
• Home design: Attached condominium; One story
• Construction: Built with concrete board and block; Metal roof
• Exterior features: Condo balcony (grill allowed); Community pool (outdoor) with kiddie pool; Covered, screened and side porches; Boat dock; Termite contract; Lakefront on Steelwood Lake; Has view; Less than 1 acre

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Disposal; Refrigerator with ice maker; Ice maker; Wine cooler; Open living/dining/kitchen layout
• Bedrooms: Primary bedroom on main level with walk-in closet (approx. 16 x 13); Second bedroom (approx. 12 x 13); Third bedroom (approx. 12 x 13)
• Flooring: Carpet; Natural stone; Wood
• Bathrooms: Three full bathrooms; Primary bathroom with double vanity, jetted tub and separate shower
• Heating & cooling: Central heating; Central electric cooling; Ceiling fans
• Interior features: Ceiling fans; High ceilings; Storage space; Wet bar; Two fireplaces (gas log; one in den and one outside)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.1% 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: Loxley Elementary School (math 22% / reading 49%, grade F, #288 of 627 statewide, top 46%, 482 students, 65% FRL); Central Baldwin Middle School (math 17% / reading 49%, grade F, #101 of 257 statewide, top 40%, 757 students, 74% FRL); Robertsdale High School (math 34% / reading 34%, grade F, #53 of 305 statewide, top 18%, 1,450 students, 64% FRL) — zoned schools average 67% FRL vs 38% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 166 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $14k 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 38 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask is 16567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $300k; list at $450k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.00% ✓
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 8.3

CMA / ARV

• ARV (median comp): $464,243
• List price: $450,000
• Delta: -3.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.0%
• Equity multiple: 0.57×
• Total profit: $-54,752
• Equity at exit: $67,096

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-23,818
• Equity at exit: $38,908

Cash invested: $126,000 (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 36551

• Home prices YoY: -19.6%
• Active inventory: 166
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,500 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$125 /mo · $1,500/yr
• Insurance: −$188
• HOA: −$600
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $283

Break-even live

Break-even rent $4,142

Max offer price $450,000

Occupancy floor 89%

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32511 Water View Dr E Loxley, AL	3.0	3.0	2063	$4,500	$2.18	13d	1	0.05mi

HOA detail condo

• Monthly dues: $600 · $7,200/yr
• Likely covers: sewerlandscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $450,000 Active 38 DOM
2. 2026-06-18
   days on market $450,000 Active 37 DOM
3. 2026-06-17
   days on market $450,000 Active 36 DOM
4. 2026-06-16
   days on market $450,000 Active 35 DOM
5. 2026-06-15
   days on market $450,000 Active 34 DOM
6. 2026-06-14
   days on market $450,000 Active 32 DOM
7. 2026-06-13
   days on market $450,000 Active 31 DOM
8. 2026-06-10
   days on market $450,000 Active 29 DOM
9. 2026-06-09
   days on market $450,000 Active 28 DOM
10. 2026-06-08
    days on market $450,000 Active 27 DOM
11. 2026-06-07
    days on market $450,000 Active 26 DOM
12. 2026-06-05
    days on market $450,000 Active 23 DOM
13. 2026-06-03
    days on market $450,000 Active 22 DOM
14. 2026-06-02
    days on market $450,000 Active 21 DOM
15. 2026-06-01
    days on market $450,000 Active 20 DOM
16. 2026-05-31
    days on market $450,000 Active 19 DOM
17. 2026-05-30
    days on market $450,000 Active 18 DOM
18. 2026-05-12
    listed $450,000 Active 1883-char remark
19. 2025-02-17
    listed $450,000 Active
20. 2020-04-07
    soldstatus $299,900
21. 2020-04-03
    soldstatus $299,900

    Show marketing remark (1167 chars)

    This breathtaking, fully furnished, condo is located in Steelwood, a private 1400+ acre gated development offering one of the most recognized golf courses in the state, a 200+ acre lake stocked full with bass and bream, quail hunting, fine dining and more. Condo offers quality amenities throughout. .. heart pine flooring, tumbled granite counters, 8ft solid wood interior doors, Pella exterior doors, heavy moldings and 9 ft ceilings. Other notable features include an open living floor plan, three large bedrooms with adjoining elegant baths, wet bar with ice maker and wine cooler, screened and spacious balcony with beautiful views of the golf course and lake, two separate fireplaces, covered parking for owner and a golf cart garage. Included furnishings are high quality, neutral and appealing. This is truly an elegant property. Steelwood Subdivision POA dues are $2200 annually and The Lodges COA dues are $500 monthly and cover grounds and lawn maintenance, building maintenance and exterior insurance, sewer and pest control. The Lodge owners are responsible for both. Information regarding Steelwood Country Club can be found at steelwoodcountryclub.com.

22. 2020-04-03
    soldstatus $299,900

    Show marketing remark (1167 chars)

    This breathtaking, fully furnished, condo is located in Steelwood, a private 1400+ acre gated development offering one of the most recognized golf courses in the state, a 200+ acre lake stocked full with bass and bream, quail hunting, fine dining and more. Condo offers quality amenities throughout. .. heart pine flooring, tumbled granite counters, 8ft solid wood interior doors, Pella exterior doors, heavy moldings and 9 ft ceilings. Other notable features include an open living floor plan, three large bedrooms with adjoining elegant baths, wet bar with ice maker and wine cooler, screened and spacious balcony with beautiful views of the golf course and lake, two separate fireplaces, covered parking for owner and a golf cart garage. Included furnishings are high quality, neutral and appealing. This is truly an elegant property. Steelwood Subdivision POA dues are $2200 annually and The Lodges COA dues are $500 monthly and cover grounds and lawn maintenance, building maintenance and exterior insurance, sewer and pest control. The Lodge owners are responsible for both. Information regarding Steelwood Country Club can be found at steelwoodcountryclub.com.

23. 2019-12-13
    listed $299,900

    Show marketing remark (1167 chars)

    This breathtaking, fully furnished, condo is located in Steelwood, a private 1400+ acre gated development offering one of the most recognized golf courses in the state, a 200+ acre lake stocked full with bass and bream, quail hunting, fine dining and more. Condo offers quality amenities throughout. .. heart pine flooring, tumbled granite counters, 8ft solid wood interior doors, Pella exterior doors, heavy moldings and 9 ft ceilings. Other notable features include an open living floor plan, three large bedrooms with adjoining elegant baths, wet bar with ice maker and wine cooler, screened and spacious balcony with beautiful views of the golf course and lake, two separate fireplaces, covered parking for owner and a golf cart garage. Included furnishings are high quality, neutral and appealing. This is truly an elegant property. Steelwood Subdivision POA dues are $2200 annually and The Lodges COA dues are $500 monthly and cover grounds and lawn maintenance, building maintenance and exterior insurance, sewer and pest control. The Lodge owners are responsible for both. Information regarding Steelwood Country Club can be found at steelwoodcountryclub.com.

24. 2011-03-11
    soldstatus $370,000

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

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $1,500 · $125/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$345/yr (+$29/mo · 23.0%)

ⓘ 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 9/10 Extreme 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $54,000
• − Mortgage interest: −$25,207
• − Property taxes: −$1,500
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,320
• − Management: −$4,320
• − HOA: −$7,200
• − Depreciation: −$13,091
• Taxable loss: −$3,888
• Est. tax savings @ 24.0%: +$933
• After-tax cash flow: $4,325/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: 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

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
• Population (ZIP): 12,915

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 6% Two or more races 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Italian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

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: ▼ -71.18%
• Current HPI: 291.8584
• 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

-99.3% since first listed

8 events — show timeline

• 2026-06-13 Listed for Rent $2,700 BCAR
• 2026-05-12 Listed $450,000 BCAR
• 2025-02-17 Listed $450,000 BCAR
• 2020-04-07 Sold (Public Records) $299,900 Public Records
• 2020-04-03 Sold (MLS) $299,900 GCMLS AL
• 2020-04-03 Sold (MLS) $299,900 BCAR
• 2019-12-13 Listed $299,900 BCAR
• 2011-03-11 Sold (Public Records) $370,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,500 · -40.6% YoY. Source: county tax records.