2202 W 10th Ave

Pine Bluff, AR 71611

$150,000D-

10 bd · None ba · 3,306 sqft · Built 1981 · MultiFamily · Active · 268 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,876/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$2,074
• Net cashflow: $6,884/mo
• Annual: $82,612/yr
• Cap rate: 61.37%
• Cash-on-cash: 196.70%
• DSCR: 9.75
• 1% rule: 6.58%
• Cash to close: $42,000

Investor read

• This is a 10-bed/?-bath multifamily listed at $150k.
• At list price, monthly cash flow is $7k ($83k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $150k).
• It's been on market 268 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 50/100 on livability (#483 in AR) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Pine Bluff School District (urban): math 6% / reading 9% proficiency, ranked #236 of 238 in AR (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 3 active listings in the ZIP; 62 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -33% 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 $42k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 61.4% vs local median 9.0% in Pine Bluff — 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.

Questions for listing agent

• It's been on market 268 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.