104 Golf Ter Unit 1B104

Daphne, AL 36526

$149,000D-

2 bd · 2.0 ba · 900 sqft · Built 1973 · Condo · Pending · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,501/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$248
• HOA: −$280
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-124/mo
• Annual: $-1,483/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• 1% rule: 1.01%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $149k. Condition is rated fair.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (12.0% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 148 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#18 in AL, #3,949 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A; Watch: amenities F, commute 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.
• Zoned schools: Daphne Elementary School (math 37% / reading 57%, grade D-, #142 of 627 statewide, top 25%, 693 students, 53% FRL); Daphne Middle School (math 25% / reading 62%, grade D, #45 of 257 statewide, top 18%, 846 students, 45% FRL); Daphne High School (math 41% / reading 40%, grade F, #33 of 305 statewide, top 11%, 1,725 students, 40% FRL).
• Market conditions: Rents rising (+1.7%/yr); 600 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $16k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 3.9% in Daphne — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling
• Major: interior walls — Worn carpet and outdated decor
• Major: kitchen appliances — Old and outdated appliances
• Major: bathroom fixtures — Small and outdated fixtures
• Major: flooring — Worn carpet and outdated decor