346 Mcmillan St

Brent, AL 35034

$146,000D

4 bd · 2.0 ba · 4,769 sqft · Built 1950 · SingleFamily · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$766
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $20/mo
• Annual: $245/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.60%
• DSCR: 1.03
• 1% rule: 0.81%
• Cash to close: $40,880

Investor read

• This is a 4-bed/2.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $20 ($245/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (19.5% below list).
• It's been on market 114 days — a 9% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (19.5% below list) — sets the bar for 1% rule.
• In year one you build about $383 of equity ($1k loan paydown + $-626 appreciation (-0.4% local appreciation)).
• Location reads 52/100 on livability (#496 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: housing C-, health & safety D, schools F.
• Bibb County (rural): math 12% / reading 31% proficiency, ranked #105 of 129 in AL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 16 units permitted in Bibb County in 2024 (0 in 5+ unit buildings).
• Bibb County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $146k implies a 116% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 69% 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.

Questions for listing agent

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.