512 Lapsley St · Selma, AL 36701

$44,000

3 bd · 1.0 ba · 2,071 sqft · SingleFamily public records · 28 Days on market

Built 1900 10,018 sqft lot Est $43k · at est.

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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 +7.0/15.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is an AS IS PROPERTY, NEEDS UPDATING AND RESTORING. Located in Historic Downtown Selma. This is a Historic Three bedroom home, two bath with large formal living and dinning rooms. Fenced back yard, Large front porch with new tin roof. This located in the Historic District of downtown Selma. Great investment property. ,Tin, None, None, Other-See Remarks, Other-See Remarks

Key facts

• 0.23 acre lot
• Built 1900
• Listed 27 days

Property features AI

Exterior

• Parking: Driveway parking; On-street parking
• Utilities: Public water; Connected sewer; Internet service availability unknown
• Home design: Existing property; Siding (wood) exterior
• Construction: Wood siding construction; Crawl space foundation
• Exterior features: No pool, patio, deck, or garden/patio; Not waterfront; Lot approximately 0.23 acres; Not in a flood plain; No lot view

Interior

• Kitchen: Double oven; Refrigerator; Laminate countertops
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood
• Bathrooms: One full bathroom with tub/shower combo
• Heating & cooling: No heat; No air conditioning
• Interior features: Hardwood floors; Two wood-burning fireplaces with tile surrounds; Laminate kitchen countertops; Ceilings: see remarks
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located on the main level (other — see remarks)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $44k.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Recommended offer: $43k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 7.5% in Selma — 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 56/100 on livability (#407 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: crime F, amenities F, commute F.
• Selma City (town): math 2% / reading 23% proficiency, ranked #118 of 129 in AL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Clark Elementary School (math 2% / reading 12%, grade F, #601 of 627 statewide, top 98%, 137 students, 92% FRL); Selma High School (math 2% / reading 12%, grade F, #265 of 305 statewide, top 89%, 719 students, 85% FRL) — zoned schools at 89% FRL track the district average.
• Market conditions: 104 active listings in the ZIP; 7 units permitted in Dallas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dallas County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $43,340 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.46% ✓
• Cap rate: 21.70%
• Cash-on-cash: 55.03%
• DSCR: 3.45
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $43,491
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
702 Pettus St	0.15mi	3/3.0	2,186 (+6%)	19mo	$33,000	$15	60
128 Alabama Ave	0.52mi	3/2.0	2,054 (-1%)	14mo	$15,000	$7	59
712 Young St	0.25mi	3/1.0	1,920 (-7%)	22mo	$40,000	$21	58
715 Arsenal Pl	0.50mi	3/2.0	1,832 (-12%)	2mo	$55,000	$30	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.3%
• Equity multiple: 3.34×
• Total profit: $28,865
• Equity at exit: $6,561

10-year hold

• IRR: 58.5%
• Equity multiple: 6.80×
• Total profit: $71,507
• Equity at exit: $3,804

Cash invested: $12,320 (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 36701

• Home prices YoY: -6.3%
• Active inventory: 104
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,083 medium
• Mortgage (P&I): −$231
• Tax from tax record: −$42 /mo · $502/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $565

Break-even live

Break-even rent $368

Max offer price $44,000

Occupancy floor 43%

Sensitivity live

Price	-10% $590	-5% $577	+0% $565	+5% $553	+10% $540
Rent	-10% $479	-5% $522	+0% $565	+5% $608	+10% $651
Rate	-1.0pp $587	-0.5pp $576	base $565	+0.5pp $554	+1.0pp $542

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: $11,000
• Closing costs: $1,320
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $44,000 Active 28 DOM
2. 2026-06-18
   days on market $44,000 Active 27 DOM
3. 2026-06-17
   days on market $44,000 Active 26 DOM
4. 2026-06-16
   days on market $44,000 Active 25 DOM
5. 2026-06-15
   days on market $44,000 Active 24 DOM
6. 2026-06-14
   days on market $44,000 Active 22 DOM
7. 2026-06-12
   days on market $44,000 Active 21 DOM
8. 2026-06-09
   days on market $44,000 Active 18 DOM
9. 2026-06-08
   days on market $44,000 Active 17 DOM
10. 2026-06-07
    days on market $44,000 Active 16 DOM
11. 2026-06-07
    days on market $44,000 Active 15 DOM
12. 2026-06-04
    days on market $44,000 Active 12 DOM
13. 2026-06-02
    days on market $44,000 Active 11 DOM
14. 2026-06-01
    days on market $44,000 Active 10 DOM
15. 2026-05-31
    days on market $44,000 Active 9 DOM
16. 2026-05-31
    days on market $44,000 Active 8 DOM
17. 2026-05-22
    listed $44,000 Active
18. 2021-04-23
    soldstatus $117,900
19. 2021-03-08
    soldstatus $25,000 379-char remark

    Show marketing remark (379 chars)

    This is an AS IS PROPERTY, NEEDS UPDATING AND RESTORING. Located in Historic Downtown Selma. This is a Historic Three bedroom home, two bath with large formal living and dinning rooms. Fenced back yard, Large front porch with new tin roof. This located in the Historic District of downtown Selma. Great investment property. ,Tin, None, None, Other-See Remarks, Other-See Remarks

20. 2017-12-19
    listed $35,000 379-char remark

    Show marketing remark (379 chars)

    This is an AS IS PROPERTY, NEEDS UPDATING AND RESTORING. Located in Historic Downtown Selma. This is a Historic Three bedroom home, two bath with large formal living and dinning rooms. Fenced back yard, Large front porch with new tin roof. This located in the Historic District of downtown Selma. Great investment property. ,Tin, None, None, Other-See Remarks, Other-See Remarks

ⓘ 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: $502 · $42/mo
• Projected year-2 tax: $502 · $42/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 ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,002
• − Mortgage interest: −$2,465
• − Property taxes: −$502
• − Insurance: −$220
• − Repairs & maintenance: −$1,040
• − Management: −$1,040
• − Depreciation: −$1,280
• Taxable income: $6,455
• Est. tax owed @ 24.0%: −$1,549
• After-tax cash flow: $5,231/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: Selma City
• NCES district ID: 0102970
• Math proficiency: 2% ▼ -24.00%
• Reading proficiency: 23% ▼ -2.00%
• Median HH income: $23,380
• Composite: 9.07/100
• National rank: #9870
• State rank: #118 of 129 in AL

Livability — Selma

• Score: 56/100
• State rank: #407
• US rank: #22550

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Selma, AL
• Population (ZIP): 22,358

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 35,464 people
• By 2030: 32,631 · -8.0%
• By 2040: 27,246 · -23.2%
• By 2050: 22,691 · -36.0%
• By 2075: 14,867 · -58.1%
• By 2100: 10,285 · -71.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 28% Hispanic / Latino 2%
• Common ancestry: Serbian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Dallas

• 2024 margin: Solid D (+32.5) · D 65.9% · R 33.4%
• 2008→2024 swing: -2.0pp toward R · 2008: 34.5pp · 2024: 32.5pp
• All cycles: 2024: D+32.5 2020: D+37.5 2016: D+37.6 2012: D+39.7 2008: D+34.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -11.98%
• Current HPI: 176.6034
• 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

+25.7% since first listed

4 events — show timeline

• 2026-05-22 Listed $44,000 Greater Alabama MLS
• 2021-04-23 Sold (Public Records) $117,900 Public Records
• 2021-03-08 Sold (MLS) $25,000 MAAR
• 2017-12-19 Listed $35,000 MAAR

Property tax history

+0.9%/yr

Latest (2023): $502 · +4.5% YoY. Source: county tax records.