2901 Grant St #903 · Mobile, AL 36606

$134,000

3 bd · 2.5 ba · 1,582 sqft · Condo · 229 Days on market

Built 1974 Fair condition $85/sqft · 30% below area Est $191k · 30% under $380/mo HOA · 23% of rent ↓ 4% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• 1% rule +7.2/10.0
• DSCR +3.8/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Stoneridge Condominiums! This hidden community is in the perfect location for shopping and dining out. Close to I65 and Airport Blvd intersection but tucked quietly away for your privacy. This unit is in the back of the complex close to the community pool and clubhouse. The property is easy to maintain since the front yard care is included in the monthly HOA fees. Your small courtyard entry is an oasis to plant and maintain. 3 generously sized bedrooms are upstairs with 2 baths. Downstairs is a half bath just off the living room. This townhome needs some updates but is priced with those renovations in mind. The HOA is $380/month which includes termite, exterior insurance, yard care, pool and clubhouse maintenance, water, roof and trash service. Please call your favorite agent to schedule a tour appointment.

Key facts

• Hidden community
• Close to i65
• Courtyard entry

Tags

• HIDDEN COMMUNITY
• CLOSE TO I65
• CLOSE TO COMMUNITY POOL
• COURTYARD ENTRY

🏷️ Possibly a rental listed for sale. The $134,000 price doesn't fit this home's estimated sale value (~$191,326) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $134k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-14 ($-167/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (1.5% below list).
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 4.9% in Mobile — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#20 in AL, #4,262 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, crime F, employment D-.
• Mobile County (urban): math 15% / reading 39% proficiency, ranked #81 of 129 in AL (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 175 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).
• This rent runs 38% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 229 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Watch-outs: HOA is 23% of rent.
• 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.

Recommended offer $117,920 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
10. 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?
11. 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.
12. 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.
13. 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: 1.22% ✓
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• GRM: 6.8

CMA / ARV

• ARV (median comp): $191,326
• List price: $134,000
• Delta: -29.96%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.06% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.50×
• Total profit: $-18,882
• Equity at exit: $19,980

10-year hold

• IRR: -0.6%
• Equity multiple: 0.95×
• Total profit: $-1,727
• Equity at exit: $11,586

Cash invested: $37,520 (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 36606

• Rents YoY: 5.1%
• Active inventory: 175
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$703
• Tax est. 1.5%: −$168 /mo · $2,010/yr
• Insurance: −$56
• HOA: −$380
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $-14

Break-even live

Break-even rent $1,653

Max offer price $131,986

Occupancy floor 96%

Sensitivity live

Price	-10% $79	-5% $32	+0% $-14	+5% $-60	+10% $-107
Rent	-10% $-143	-5% $-79	+0% $-14	+5% $51	+10% $115
Rate	-1.0pp $54	-0.5pp $20	base $-14	+0.5pp $-49	+1.0pp $-84

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Hadrian St Mobile, AL	3.0	2.0	1843	$1,800	$0.98	45d	1	0.14mi
2859 Brierwood Dr Mobile, AL	3.0	1.0	1057	$1,500	$1.42	14d	1	0.28mi
418 Durande Dr Mobile, AL	3.0	2.0	1456	$1,350	$0.93	14d	1	0.38mi
505 Bel Air Blvd Mobile, AL	1.0–2.0	1.0–2.0	976	$1,274	$1.30	14d	16	0.42mi
2861 Ralston Rd Mobile, AL	3.0	2.0	1617	$1,650	$1.02	45d	1	0.42mi
2855 Potter Dr Mobile, AL	2.0	1.0	1127	$1,050	$0.93	45d	1	0.48mi
2861 Potter Dr Unit 1043844P Mobile, AL	3.0	2.0	1496	$2,492	$1.67	22d	1	0.48mi
2863 Potter Dr Unit 1043693P Mobile, AL	4.0	2.0	1496	$3,049	$2.04	14d	1	0.48mi
150 Dunn Ave Mobile, AL	3.0	2.0	1455	$1,250	$0.86	22d	1	0.63mi
751 Farnell Ln Mobile, AL	2.0	1.0	1100	$1,400	$1.27	45d	1	0.70mi
3060 Emogene St Mobile, AL	3.0	1.0	1200	$1,400	$1.17	14d	1	0.70mi
200 S Florida St Unit 101 Mobile, AL	2.0	2.0	1150	$1,375	$1.20	22d	1	0.76mi
412 Pinehill Dr Mobile, AL	2.0	2.0	2000	$2,450	$1.23	14d	1	0.88mi
713 Iris Ave Mobile, AL	3.0	1.0	1617	$1,300	$0.80	22d	1	0.89mi
120 Paris Ave Mobile, AL	2.0	1.0	1054	$1,150	$1.09	22d	1	0.90mi
2507 Taylor Ave Mobile, AL	3.0	1.0	1230	$1,495	$1.22	14d	1	0.92mi
2500 Dauphinwood Dr Mobile, AL	2.0–3.0	1.0–2.0	1250	$1,395	$1.12	14d	19	1.04mi
955 Cloverdale Dr Mobile, AL	3.0	1.5	1128	$1,125	$1.00	45d	1	1.08mi
916 Delmar Dr Mobile, AL	3.0	1.0	1100	$1,400	$1.27	14d	1	1.08mi
615 Mohawk St Mobile, AL	3.0	1.0	1172	$1,500	$1.28	45d	1	1.17mi
3661 Airport Blvd Mobile, AL	1.0–3.0	1.0–2.5	1187	$1,621	$1.37	14d	24	1.17mi
618 Clarke St Mobile, AL	3.0	1.0	1427	$1,200	$0.84	45d	1	1.19mi
817 Hawkins St Mobile, AL	3.0	1.0	1217	$1,200	$0.99	45d	1	1.22mi
562 Clarke St Mobile, AL	2.0	1.0	1061	$1,025	$0.97	45d	1	1.24mi
209 S Fulton St Mobile, AL	2.0	1.5	1255	$1,750	$1.39	22d	1	1.40mi
107 Grand Blvd Mobile, AL	2.0	2.0	1200	$1,295	$1.08	22d	1	1.41mi
1030 Montlimar Dr Mobile, AL	1.0–3.0	1.0–2.0	997	$1,509	$1.51	14d	17	1.43mi
182 Williams St Unit 1043570P Mobile, AL	3.0	1.0	1399	$2,476	$1.77	14d	1	1.44mi
146 Yester Oaks Dr Mobile, AL	1.0–3.0	1.0–2.5	1203	$1,596	$1.33	14d	12	1.44mi

HOA detail condo

• Monthly dues: $380 · $4,560/yr
• Likely covers: watertrashpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $134,000 Active 229 DOM
2. 2026-06-17
   days on market $134,000 Active 228 DOM
3. 2026-06-16
   days on market $134,000 Active 227 DOM
4. 2026-06-15
   days on market $134,000 Active 226 DOM
5. 2026-06-14
   days on market $134,000 Active 224 DOM
6. 2026-06-13
   days on market $134,000 Active 223 DOM
7. 2026-06-10
   days on market $134,000 Active 221 DOM
8. 2026-06-09
   days on market $134,000 Active 220 DOM
9. 2026-06-08
   days on market $134,000 Active 219 DOM
10. 2026-06-07
    days on market $134,000 Active 218 DOM
11. 2026-06-05
    days on market $134,000 Active 215 DOM
12. 2026-06-03
    days on market $134,000 Active 214 DOM
13. 2026-06-02
    days on market $134,000 Active 213 DOM
14. 2026-06-01
    days on market $134,000 Active 212 DOM
15. 2026-05-31
    days on market $134,000 Active 211 DOM
16. 2026-05-30
    days on market $134,000 Active 210 DOM
17. 2026-04-02
    status Active 830-char remark

    Show marketing remark (830 chars)

    Welcome to Stoneridge Condominiums! This hidden community is in the perfect location for shopping and dining out. Close to I65 and Airport Blvd intersection but tucked quietly away for your privacy. This unit is in the back of the complex close to the community pool and clubhouse. The property is easy to maintain since the front yard care is included in the monthly HOA fees. Your small courtyard entry is an oasis to plant and maintain. 3 generously sized bedrooms are upstairs with 2 baths. Downstairs is a half bath just off the living room. This townhome needs some updates but is priced with those renovations in mind. The HOA is $380/month which includes termite, exterior insurance, yard care, pool and clubhouse maintenance, water, roof and trash service. Please call your favorite agent to schedule a tour appointment.

18. 2026-04-01
    historical 830-char remark

    Show marketing remark (830 chars)

    Welcome to Stoneridge Condominiums! This hidden community is in the perfect location for shopping and dining out. Close to I65 and Airport Blvd intersection but tucked quietly away for your privacy. This unit is in the back of the complex close to the community pool and clubhouse. The property is easy to maintain since the front yard care is included in the monthly HOA fees. Your small courtyard entry is an oasis to plant and maintain. 3 generously sized bedrooms are upstairs with 2 baths. Downstairs is a half bath just off the living room. This townhome needs some updates but is priced with those renovations in mind. The HOA is $380/month which includes termite, exterior insurance, yard care, pool and clubhouse maintenance, water, roof and trash service. Please call your favorite agent to schedule a tour appointment.

19. 2026-02-18
    price $134,000 830-char remark

    Show marketing remark (830 chars)

    Welcome to Stoneridge Condominiums! This hidden community is in the perfect location for shopping and dining out. Close to I65 and Airport Blvd intersection but tucked quietly away for your privacy. This unit is in the back of the complex close to the community pool and clubhouse. The property is easy to maintain since the front yard care is included in the monthly HOA fees. Your small courtyard entry is an oasis to plant and maintain. 3 generously sized bedrooms are upstairs with 2 baths. Downstairs is a half bath just off the living room. This townhome needs some updates but is priced with those renovations in mind. The HOA is $380/month which includes termite, exterior insurance, yard care, pool and clubhouse maintenance, water, roof and trash service. Please call your favorite agent to schedule a tour appointment.

20. 2025-10-31
    listed $139,000 Active 830-char remark

    Show marketing remark (830 chars)

    Welcome to Stoneridge Condominiums! This hidden community is in the perfect location for shopping and dining out. Close to I65 and Airport Blvd intersection but tucked quietly away for your privacy. This unit is in the back of the complex close to the community pool and clubhouse. The property is easy to maintain since the front yard care is included in the monthly HOA fees. Your small courtyard entry is an oasis to plant and maintain. 3 generously sized bedrooms are upstairs with 2 baths. Downstairs is a half bath just off the living room. This townhome needs some updates but is priced with those renovations in mind. The HOA is $380/month which includes termite, exterior insurance, yard care, pool and clubhouse maintenance, water, roof and trash service. Please call your favorite agent to schedule a tour appointment.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 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: $19,627
• − Mortgage interest: −$7,506
• − Property taxes: −$2,010
• − Insurance: −$670
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − HOA: −$4,560
• − Depreciation: −$3,898
• Taxable loss: −$2,157
• Est. tax savings @ 24.0%: +$518
• After-tax cash flow: $351/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This condo requires moderate renovations to improve its condition and increase its value. Key areas for improvement include exterior siding, flooring, and interior walls.

Repairs flagged

• Major exterior siding — Weathered brick siding
• Major flooring — Worn carpet
• Major interior walls — Dull and chipped paint
• Major kitchen cabinets — Dated cabinetry
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpet — Improves comfort and reduces maintenance
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered brick siding	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
interior walls · Dull and chipped paint	Major	$15,000–50,000
kitchen cabinets · Dated cabinetry	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet — Improves comfort and reduces maintenance ↑
• Both Landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mobile County
• NCES district ID: 0102370
• Math proficiency: 15% ▼ -28.00%
• Reading proficiency: 39% ▬ 0.00%
• Median HH income: $42,455
• Composite: 22.9/100
• National rank: #8002
• State rank: #81 of 129 in AL

Livability — Mobile

• Score: 75/100
• State rank: #20
• US rank: #4262

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mobile, AL
• County: Mobile County · 246,577 people
• City population: 205,729
• Metro: Mobile, AL
• Population (ZIP): 18,728
• Household income: $51,303
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 999.0

Population outlook (Mobile County) Hauer SSP2

• Today (2025): 415,303 people
• By 2030: 411,755 · -0.9%
• By 2040: 399,670 · -3.8%
• By 2050: 382,616 · -7.9%
• By 2075: 337,353 · -18.8%
• By 2100: 283,391 · -31.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (56%)
• Race & ethnicity: Black 56% White 37% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Scottish 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Mobile

• 2024 margin: R (+16.4) · D 41.3% · R 57.7%
• 2008→2024 swing: -7.7pp toward R · 2008: -8.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+11.9 2016: R+13.9 2012: R+9.3 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.19%
• Current HPI: 145.9025
• Rent YoY: ▲ 5.06%
• Metro: Mobile, AL
• 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

-3.6% since first listed

4 events — show timeline

• 2026-04-02 Relisted — GCMLS AL
• 2026-04-01 Delisted — GCMLS AL
• 2026-02-18 Price Changed $134,000 GCMLS AL
• 2025-10-31 Listed $139,000 GCMLS AL