502 S 15th Ave · Lanett, AL 36863

$125,000

3 bd · 2.0 ba · 1,192 sqft · SingleFamily public records · 6 Days on market

Built 1960 0.26 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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Livability +3.0/5.0
• 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

JUST COMPLETELY RENOVATED IN QUIET NEIGHBORHOOD. NEW CERAMIC TILE IN KITCHEN AND LAUNDRY AND NEW CARPET THROUGH OUT. FRESH PAINT INSIDE AND OUT. FENCED BACK YARD WITH LARGE STORAGE BUILDING/WORKSHOP. POOL NEEDS LINER. OWNER WILL INSTALL NEW LINER AFTER CLOSING OR GIVE CREDIT FOR LINER.

Key facts

• Quarter-acre
• Huge sunroom
• Corner lot

Tags

• CORNER LOT
• QUARTER-ACRE
• HUGE SUNROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.8% vs local median 5.8% in Lanett — 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 60/100 on livability (#301 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Lanett City (town): math 5% / reading 19% proficiency, ranked #117 of 129 in AL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 87% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: W O Lance Elementary (math 6% / reading 23%, grade F, #528 of 627 statewide, top 84%, 573 students, 87% FRL) — zoned schools at 87% FRL track the district average.
• Market conditions: 95 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 43 units permitted in Chambers County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chambers County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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

• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1960 — 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: 1.05% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $50,064
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1412 S 7th St	0.12mi	3/1.0	1,144 (-4%)	12mo	$32,000	$28	74
1501 1st Street St	0.19mi	3/2.0	1,294 (+9%)	7mo	$84,900	$66	71
318 S 16th Ave	0.08mi	3/1.0	1,292 (+8%)	14mo	$166,000	$128	67
106 S 14th Ave	0.19mi	3/1.0	1,218 (+2%)	22mo	$102,000	$84	65
902 S Jennings	0.52mi	2/1.0 (-1)	1,204 (+1%)	6mo	$21,000	$17	60
503 S 6th	0.60mi	3/1.0	1,168 (-2%)	11mo	$70,000	$60	55
911 South 8th St	0.38mi	2/2.0 (-1)	1,344 (+13%)	5mo	$42,500	$32	52
1110 N 3rd St	0.45mi	2/2.0 (-1)	1,064 (-11%)	5mo	$45,000	$42	52
609 S 11th Ave	0.31mi	2/1.0 (-1)	1,352 (+13%)	6mo	$50,000	$37	49
106 N 14th Ave	0.29mi	3/2.0	1,350 (+13%)	19mo	$214,000	$159	49
307 S 11th St	0.72mi	2/1.0 (-1)	1,216 (+2%)	12mo	$31,000	$25	44

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-3,420
• Equity at exit: $18,638

10-year hold

• IRR: 7.1%
• Equity multiple: 1.53×
• Total profit: $18,603
• Equity at exit: $10,808

Cash invested: $35,000 (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 36863

• Home prices YoY: -29.1%
• Active inventory: 95
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,315 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$67 /mo · $800/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $265

Break-even live

Break-even rent $980

Max offer price $125,000

Occupancy floor 75%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 S 10th St Lanett, AL	3.0	2.0	1340	$1,350	$1.01	13d	1	0.42mi
813 3rd Ave Unit K West Point, GA	2.0	2.5	1100	$1,200	$1.09	21d	1	1.46mi

Listing history 9 events

1. 2025-03-12
   soldstatus $125,000
2. 2025-02-13
   status Pending
3. 2025-02-07
   listed $125,000 Active
4. 2018-06-19
   soldstatus $72,850
5. 2013-07-01
   soldstatus $62,600
6. 2013-06-27
   soldstatus $61,500 286-char remark

   Show marketing remark (286 chars)

   JUST COMPLETELY RENOVATED IN QUIET NEIGHBORHOOD. NEW CERAMIC TILE IN KITCHEN AND LAUNDRY AND NEW CARPET THROUGH OUT. FRESH PAINT INSIDE AND OUT. FENCED BACK YARD WITH LARGE STORAGE BUILDING/WORKSHOP. POOL NEEDS LINER. OWNER WILL INSTALL NEW LINER AFTER CLOSING OR GIVE CREDIT FOR LINER.

7. 2013-03-27
   listed $74,000 286-char remark

   Show marketing remark (286 chars)

   JUST COMPLETELY RENOVATED IN QUIET NEIGHBORHOOD. NEW CERAMIC TILE IN KITCHEN AND LAUNDRY AND NEW CARPET THROUGH OUT. FRESH PAINT INSIDE AND OUT. FENCED BACK YARD WITH LARGE STORAGE BUILDING/WORKSHOP. POOL NEEDS LINER. OWNER WILL INSTALL NEW LINER AFTER CLOSING OR GIVE CREDIT FOR LINER.

8. 2012-07-20
   soldstatus $22,250 41-char remark

   Show marketing remark (41 chars)

   BRICK HOME ON CORNER LOT. NEEDS SOME TLC-

9. 2012-06-26
   listed $28,000 41-char remark

   Show marketing remark (41 chars)

   BRICK HOME ON CORNER LOT. NEEDS SOME TLC-

ⓘ 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: $800 · $67/mo
• Projected year-2 tax: $800 · $67/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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,785
• − Mortgage interest: −$7,002
• − Property taxes: −$800
• − Insurance: −$625
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − Depreciation: −$3,636
• Taxable income: $1,196
• Est. tax owed @ 24.0%: −$287
• After-tax cash flow: $2,892/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: Lanett City
• NCES district ID: 0101980
• Math proficiency: 5% ▼ -19.00%
• Reading proficiency: 19% ▼ -4.00%
• Median HH income: $27,834
• Composite: 9.11/100
• National rank: #9866
• State rank: #117 of 129 in AL

Livability — Lanett

• Score: 60/100
• State rank: #301
• US rank: #19159

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lanett, AL
• Population (ZIP): 12,335

Population outlook (Chambers County) Hauer SSP2

• Today (2025): 33,868 people
• By 2030: 33,504 · -1.1%
• By 2040: 32,594 · -3.8%
• By 2050: 31,422 · -7.2%
• By 2075: 29,054 · -14.2%
• By 2100: 25,431 · -24.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 46% Black 45% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Chambers

• 2024 margin: Strong R (+23.2) · D 38.0% · R 61.2%
• 2008→2024 swing: -14.8pp toward R · 2008: -8.5pp · 2024: -23.2pp
• All cycles: 2024: R+23.2 2020: R+15.6 2016: R+14.8 2012: R+5.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.32%
• Current HPI: 154.4174
• 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

+346.4% since first listed

9 events — show timeline

• 2025-03-12 Sold (Public Records) $125,000 Public Records
• 2025-02-13 Pending — LCMLS
• 2025-02-07 Listed $125,000 LCMLS
• 2018-06-19 Sold (Public Records) $72,850 Public Records
• 2013-07-01 Sold (Public Records) $62,600 Public Records
• 2013-06-27 Sold (MLS) $61,500 GAMLS
• 2013-03-27 Listed $74,000 GAMLS
• 2012-07-20 Sold (MLS) $22,250 GAMLS
• 2012-06-26 Listed $28,000 GAMLS

Property tax history

+1.2%/yr

Latest (2025): $800 · -0.9% YoY. Source: county tax records.