23888 US Highway 98 · Elberta, AL 36530-2416

$429,000

6 bd · 2.0 ba · 2,710 sqft · MultiFamily public records · 138 Days on market

Built 2004 0.40 ac lot

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Why this score? — see what drove the C- 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 +17.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Appreciation +5.0/10.0
• Schools +3.9/10.0
• 1% rule +3.6/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Prime duplex investment opportunity in one of Baldwin County’s fastest-growing corridors. This well-maintained property offers strong rental stability with long-term occupants and a consistent tenancy history. Situated on an oversized 0.37± acre parcel just off U. S. Highway 98, the property provides excellent accessibility, ample parking, and a private setting within the Elberta/Foley market. Recent improvements include a metal roof (2020), updated HVAC (2018), and full PEX plumbing replacement (2022), helping reduce future maintenance and support long-term performance. Month-to-month occupancy provides flexibility for investors to transition into new leases, with strong rental demand in the area. Operating expenses remain efficient relative to market standards, offering both immediate income potential and long-term appreciation. Buyer to verify all information during due diligence.

Key facts

• Metal roof
• Ample parking
• Oversized parcel

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• OVERSIZED PARCEL
• AMPLE PARKING
• PRIVATE SETTING
• METAL ROOF
• UPDATED HVAC

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive. Per door: $150/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $368k (14.3% below list).
• Recommended offer: $368k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.2% in Elberta — 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 55/100 on livability (#433 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, schools B; Watch: employment C-, crime F, amenities 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.
• Market conditions: 1 active listings in the ZIP; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($3k loan paydown + $13k appreciation (3.0% local appreciation)).
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y 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 $115k; list at $429k implies a 273% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $367,600 (14.3% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 14% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 0.86% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.99%
• DSCR: 1.13
• GRM: 9.7

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: 10.3%
• Equity multiple: 1.59×
• Total profit: $70,606
• Equity at exit: $192,897

10-year hold

• IRR: 12.6%
• Equity multiple: 2.87×
• Total profit: $224,432
• Equity at exit: $297,277

Cash invested: $120,120 (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 36530-2416

• Active inventory: 1
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,676 medium
• Mortgage (P&I): −$2,250
• Tax from tax record: −$176 /mo · $2,110/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $300

Break-even live

Break-even rent $3,297

Max offer price $429,000

Occupancy floor 87%

Sensitivity live

Price	-10% $543	-5% $421	+0% $300	+5% $178	+10% $57
Rent	-10% $9	-5% $155	+0% $300	+5% $445	+10% $590
Rate	-1.0pp $516	-0.5pp $409	base $300	+0.5pp $189	+1.0pp $76

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,676
Total (2 units)			$3,676

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $429,000 Active 138 DOM
2. 2026-06-18
   days on market $429,000 Active 137 DOM
3. 2026-06-17
   days on market $429,000 Active 136 DOM
4. 2026-06-16
   days on market $429,000 Active 135 DOM
5. 2026-06-15
   days on market $429,000 Active 134 DOM
6. 2026-06-14
   days on market $429,000 Active 132 DOM
7. 2026-06-13
   days on market $429,000 Active 131 DOM
8. 2026-06-10
   days on market $429,000 Active 129 DOM
9. 2026-06-09
   days on market $429,000 Active 128 DOM
10. 2026-06-08
    days on market $429,000 Active 127 DOM
11. 2026-06-07
    days on market $429,000 Active 126 DOM
12. 2026-06-05
    days on market $429,000 Active 123 DOM
13. 2026-06-03
    days on market $429,000 Active 122 DOM
14. 2026-06-02
    days on market $429,000 Active 121 DOM
15. 2026-06-01
    days on market $429,000 Active 120 DOM
16. 2026-05-31
    days on market $429,000 Active 119 DOM
17. 2026-05-30
    days on market $429,000 Active 118 DOM
18. 2026-05-04
    price $429,000 909-char remark

    Show marketing remark (909 chars)

    Prime duplex investment opportunity in one of Baldwin County’s fastest-growing corridors. This well-maintained property offers strong rental stability with long-term occupants and a consistent tenancy history. Situated on an oversized 0.37± acre parcel just off U. S. Highway 98, the property provides excellent accessibility, ample parking, and a private setting within the Elberta/Foley market. Recent improvements include a metal roof (2020), updated HVAC (2018), and full PEX plumbing replacement (2022), helping reduce future maintenance and support long-term performance. Month-to-month occupancy provides flexibility for investors to transition into new leases, with strong rental demand in the area. Operating expenses remain efficient relative to market standards, offering both immediate income potential and long-term appreciation. Buyer to verify all information during due diligence.

19. 2026-05-04
    price $429,000 909-char remark

    Show marketing remark (909 chars)

    Prime duplex investment opportunity in one of Baldwin County’s fastest-growing corridors. This well-maintained property offers strong rental stability with long-term occupants and a consistent tenancy history. Situated on an oversized 0.37± acre parcel just off U. S. Highway 98, the property provides excellent accessibility, ample parking, and a private setting within the Elberta/Foley market. Recent improvements include a metal roof (2020), updated HVAC (2018), and full PEX plumbing replacement (2022), helping reduce future maintenance and support long-term performance. Month-to-month occupancy provides flexibility for investors to transition into new leases, with strong rental demand in the area. Operating expenses remain efficient relative to market standards, offering both immediate income potential and long-term appreciation. Buyer to verify all information during due diligence.

20. 2026-02-01
    listed $439,000 Active 909-char remark

    Show marketing remark (909 chars)

    Prime duplex investment opportunity in one of Baldwin County’s fastest-growing corridors. This well-maintained property offers strong rental stability with long-term occupants and a consistent tenancy history. Situated on an oversized 0.37± acre parcel just off U. S. Highway 98, the property provides excellent accessibility, ample parking, and a private setting within the Elberta/Foley market. Recent improvements include a metal roof (2020), updated HVAC (2018), and full PEX plumbing replacement (2022), helping reduce future maintenance and support long-term performance. Month-to-month occupancy provides flexibility for investors to transition into new leases, with strong rental demand in the area. Operating expenses remain efficient relative to market standards, offering both immediate income potential and long-term appreciation. Buyer to verify all information during due diligence.

21. 2026-02-01
    listed $439,000 Active 909-char remark

    Show marketing remark (909 chars)

    Prime duplex investment opportunity in one of Baldwin County’s fastest-growing corridors. This well-maintained property offers strong rental stability with long-term occupants and a consistent tenancy history. Situated on an oversized 0.37± acre parcel just off U. S. Highway 98, the property provides excellent accessibility, ample parking, and a private setting within the Elberta/Foley market. Recent improvements include a metal roof (2020), updated HVAC (2018), and full PEX plumbing replacement (2022), helping reduce future maintenance and support long-term performance. Month-to-month occupancy provides flexibility for investors to transition into new leases, with strong rental demand in the area. Operating expenses remain efficient relative to market standards, offering both immediate income potential and long-term appreciation. Buyer to verify all information during due diligence.

22. 2024-04-04
    price $379,000
23. 2024-02-19
    listed $399,000 Active
24. 2011-08-01
    soldstatus $115,000
25. 2011-01-04
    listed $124,900
26. 1997-09-26
    soldstatus $75,000

ⓘ 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: $2,110 · $176/mo
• Projected year-2 tax: $2,110 · $176/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 10/10 Extreme 7 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $44,112
• − Mortgage interest: −$24,031
• − Property taxes: −$2,110
• − Insurance: −$2,145
• − Repairs & maintenance: −$3,529
• − Management: −$3,529
• − Depreciation: −$12,480
• Taxable loss: −$3,711
• Est. tax savings @ 24.0%: +$891
• After-tax cash flow: $4,488/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 — Elberta

• Score: 55/100
• State rank: #433
• US rank: #23280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+472.0% since first listed

9 events — show timeline

• 2026-05-04 Price Changed $429,000 BCAR
• 2026-05-04 Price Changed $429,000 BCAR
• 2026-02-01 Listed $439,000 BCAR
• 2026-02-01 Listed $439,000 BCAR
• 2024-04-04 Price Changed $379,000 BCAR
• 2024-02-19 Listed $399,000 BCAR
• 2011-08-01 Sold (MLS) $115,000 BCAR
• 2011-01-04 Listed $124,900 BCAR
• 1997-09-26 Sold (Public Records) $75,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $2,110 · +23.8% YoY. Source: county tax records.