163 State St Unit B · Mobile, AL 36603

$209,900

2 bd · 2.0 ba · 1,155 sqft · Condo · 52 Days on market

Built 1830 Good condition $182/sqft · 14% below area Est $244k · 14% under $450/mo HOA · 25% of rent ↓ 5% since listing

---

Why this score? — see what drove the D- 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 +13.8/15.0
• Appreciation +5.7/10.0
• Cash flow +4.9/30.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Schools +0.8/10.0
• DSCR +0.0/10.0

Listing remarks

Back on market due to no fault of Seller. Buyer is buying another unit in the same complex! Welcome to effortless downtown living in the heart of the DeTonti Square Historic District—one of Mobile’s most charming and rapidly revitalizing areas. This beautifully remodeled historic condo seamlessly blends timeless character with modern upgrades, offering a truly unique place to call home. Located in a quaint 4-unit building, this upper-level Unit B delivers low-maintenance living in an unbeatable location. Featuring two bedrooms and two full bathrooms, the layout is both functional and inviting.

Key facts

• Hardwood flooring
• Open-concept kitchen
• $450 HOA

Tags

• REMODELED HISTORIC CONDO
• EXPOSED BRICK ACCENT WALLS
• LUXURY VINYL PLANK FLOORING
• HARDWOOD FLOORING
• OPEN-CONCEPT KITCHEN
• WASHER AND DRYER INCLUDED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-927 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $76k (63.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (15.5% below list).
• Recommended offer: $76k (63.9% below list) — sets the bar for cash-flow.
• Cap rate 3.4% vs local median 5.1% in Mobile — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 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.
• Zoned schools: Florence Howard Elementary School (math 2% / reading 22%, grade F, #536 of 627 statewide, top 88%, 488 students, 94% FRL); Calloway Smith Middle School (math 0% / reading 18%, grade F, #235 of 257 statewide, top 93%, 396 students, 96% FRL); Ben C Rain High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 589 students, 90% FRL) — zoned schools average 93% FRL vs 67% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 8% at this address vs 27% district-wide (-19 pts) — the specific schools serving this property underperform the Mobile County average; the district grade overstates school quality for this exact location.
• Market conditions: 43 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.3% local appreciation)).
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 3 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: flood insurance adds $427/mo; HOA is 25% of rent; built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,830 (63.9% 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 52 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
3. Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
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: 0.84% ✗
• Cap rate: 3.43%
• Cash-on-cash: -10.21%
• DSCR: 0.55
• GRM: 9.9

CMA / ARV

• ARV (median comp): $243,772
• List price: $209,900
• Delta: -13.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 St Louis St #116	0.18mi	1/1.0 (-1)	1,230 (+6%)	2mo	$248,000	$202	71
1053 Selma St	1.37mi	2/2.0	1,145 (-1%)	3mo	$217,350	$190	61
412 Dauphin St Unit M	0.39mi	1/1.0 (-1)	1,034 (-10%)	2mo	$239,000	$231	54
350 Charles St	1.26mi	2/2.0	1,256 (+9%)	1mo	$345,000	$275	49
204 Conti St Unit 1B	0.35mi	1/1.0 (-1)	955 (-17%)	2mo	$210,000	$220	48
12 Hallett St S	1.13mi	2/2.0	1,262 (+9%)	3mo	$218,000	$173	47
259 Warren St N	0.45mi	3/1.0 (+1)	1,360 (+18%)	1mo	$135,000	$99	44
55 N Warren St #1	0.56mi	1/1.5 (-1)	1,400 (+21%)	1mo	$226,500	$162	41
1015 Old Shell Rd	0.97mi	2/2.0	1,435 (+24%)	3mo	$250,000	$174	37
309 Chatham St	1.25mi	2/1.0	1,393 (+21%)	2mo	$260,000	$187	34
959 Elmira St	1.37mi	2/1.0	901 (-22%)	3mo	$249,900	$277	34
1005 Oak St	0.94mi	3/2.0 (+1)	1,413 (+22%)	2mo	$158,000	$112	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.13×
• Total profit: $-51,200
• Equity at exit: $75,189

10-year hold

• IRR: -9.8%
• Equity multiple: -0.27×
• Total profit: $-74,712
• Equity at exit: $102,710

Cash invested: $58,772 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 36603

• Home prices YoY: 2.8%
• Active inventory: 43
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,773 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$450
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $-927

Break-even live

Break-even rent $2,946

Max offer price $75,830

Occupancy floor —

Sensitivity live

Price	-10% $-781	-5% $-854	+0% $-927	+5% $-999	+10% $-1,072
Rent	-10% $-1,067	-5% $-997	+0% $-927	+5% $-857	+10% $-786
Rate	-1.0pp $-821	-0.5pp $-873	base $-927	+0.5pp $-981	+1.0pp $-1,036

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: $52,475
• Closing costs: $6,297
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 Saint Louis St Mobile, AL	1.0	1.0–1.5	968	$1,614	$1.67	62d	2	0.30mi
204 Conti St Unit 1A Mobile, AL	1.0	1.0	1200	$2,000	$1.67	93d	1	0.38mi
412 Dauphin St Mobile, AL	2.0	1.0–2.5	1553	$2,350	$1.51	62d	2	0.40mi
558 Saint Francis St Unit 2D Mobile, AL	1.0	1.0	1150	$1,550	$1.35	93d	1	0.48mi
1254 Old Shell Rd Mobile, AL	1.0–2.0	1.0	660	$975	$1.48	62d	4	1.18mi
957 Savannah St Mobile, AL	2.0	1.5	1054	$1,400	$1.33	70d	1	1.25mi
57 N Ann St Unit 1043453P Mobile, AL	2.0	2.0	1065	$2,015	$1.89	70d	1	1.31mi
1141 Montauk Ave Unit 1043864P Mobile, AL	3.0	2.0	1420	$2,741	$1.93	62d	1	1.38mi
1013 Elmira St Unit A Mobile, AL	2.0	1.0	1000	$995	$0.99	70d	1	1.42mi
600 S Washington Ave Mobile, AL	1.0–2.0	1.0	820	$1,058	$1.29	93d	2	1.46mi

Property features AI

Finance

• HOA & community: Monthly association fee of $450

Exterior

• Parking: Parking lot
• Utilities: Cable availableElectricity available (110V and 220V)Natural gas availablePublic sewer
• Home design: Residential condominiumViews available
• Construction: Brick construction on all sidesBuilt in 1830Slab foundationComposition roof
• Exterior features: No special exterior features listedNo fencing

Interior

• Kitchen: DishwasherDisposalGas rangeRefrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tileHardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: 10-foot (upper) high ceilingsEat-in kitchenBrick fireplace with brick surroundWindow treatments
• Laundry & utility: WasherDryer

HOA detail $450/mo · $5,400/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 45 events

1. 2026-08-08
   days on market $209,900 Active 52 DOM
2. 2026-08-07
   days on market $209,900 Active 51 DOM
3. 2026-08-06
   days on market $209,900 Active 50 DOM
4. 2026-08-05
   days on market $209,900 Active 49 DOM
5. 2026-08-04
   days on market $209,900 Active 48 DOM
6. 2026-08-03
   days on market $209,900 Active 47 DOM
7. 2026-07-31
   days on market $209,900 Active 44 DOM
8. 2026-07-30
   days on market $209,900 Active 43 DOM
9. 2026-07-29
   days on market $209,900 Active 42 DOM
10. 2026-07-27
    days on market $209,900 Active 40 DOM
11. 2026-07-25
    days on market $209,900 Active 38 DOM
12. 2026-07-24
    days on market $209,900 Active 37 DOM
13. 2026-07-23
    days on market $209,900 Active 36 DOM
14. 2026-07-22
    days on market $209,900 Active 35 DOM
15. 2026-07-21
    days on market $209,900 Active 34 DOM
16. 2026-07-18
    days on market $209,900 Active 31 DOM
17. 2026-07-16
    days on market $209,900 Active 29 DOM
18. 2026-07-16
    days on market $209,900 Active 28 DOM
19. 2026-07-14
    days on market $209,900 Active 27 DOM
20. 2026-07-13
    days on market $209,900 Active 26 DOM
21. 2026-07-12
    days on market $209,900 Active 25 DOM
22. 2026-07-11
    days on market $209,900 Active 24 DOM
23. 2026-07-10
    days on market $209,900 Active 23 DOM
24. 2026-07-09
    days on market $209,900 Active 22 DOM
25. 2026-07-08
    days on market $209,900 Active 21 DOM
26. 2026-07-07
    days on market $209,900 Active 20 DOM
27. 2026-07-06
    days on market $209,900 Active 19 DOM
28. 2026-07-05
    days on market $209,900 Active 18 DOM
29. 2026-07-04
    days on market $209,900 Active 17 DOM
30. 2026-07-03
    days on market $209,900 Active 16 DOM
31. 2026-07-02
    days on market $209,900 Active 15 DOM
32. 2026-07-01
    days on market $209,900 Active 14 DOM
33. 2026-06-30
    days on market $209,900 Active 13 DOM
34. 2026-06-29
    days on market $209,900 Active 12 DOM
35. 2026-06-28
    days on market $209,900 Active 11 DOM
36. 2026-06-28
    days on market $209,900 Active 10 DOM
37. 2026-06-27
    days on market $209,900 Active 9 DOM
38. 2026-06-25
    statusdays on market $209,900 Active 7 DOM
39. 2026-04-29
    status Pending
40. 2026-04-26
    historical $1,750
41. 2026-04-23
    listed $209,900 Active
42. 2026-03-18
    price $1,750
43. 2026-03-04
    price $1,850
44. 2026-02-28
    price $1,700
45. 2026-02-26
    listed $1,850

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 22 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: $21,275
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$6,168
• − Repairs & maintenance: −$1,702
• − Management: −$1,702
• − HOA: −$5,400
• − Depreciation: −$6,106
• Taxable loss: −$14,710
• Est. tax savings @ 24.0%: +$3,530
• After-tax cash flow: $-7,588/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

Good 80/100 Cosmetic rehab Est. rehab $5,775–$17,325 screening

This beautifully remodeled historic condo in the DeTonti Square Historic District offers low-maintenance living with modern upgrades and timeless character.

Value-add opportunities

• Both Painting exterior brick — Enhances curb appeal and can add value ↑
• Both Reorganizing furniture for better flow — Improves functionality and aesthetics ↑
• Both Upgrading light fixtures — Modernizes the space and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 8/100

Zoned Schools

Elementary Florence Howard Elementary School F AL #536/627 Nat'l #37,719/41,679 Middle Calloway Smith Middle School F AL #235/257 Nat'l #13,509/14,009 High Ben C Rain High School F AL #291/305 Nat'l #17,145/17,239

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

B Composite livability gradescore 75/100

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 · 415,303 people
• City population: 205,729
• Metro: Mobile, AL
• Population (ZIP): 7,805
• Household income: $27,083
• Rent vs Own: 67.2% rent · 32.8% own
• Severe rent burden: 15% of renters

---

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: Predominantly Black (85%)
• Race & ethnicity: Black 85% White 12% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

---

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: ▲ 1.32%
• Current HPI: 48.9551
• 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

Property features AI

Finance

• HOA & community: Monthly association fee of $450

Exterior

• Parking: Parking lot
• Utilities: Cable availableElectricity available (110V and 220V)Natural gas availablePublic sewer
• Home design: Residential condominiumViews available
• Construction: Brick construction on all sidesBuilt in 1830Slab foundationComposition roof
• Exterior features: No special exterior features listedNo fencing

Interior

• Kitchen: DishwasherDisposalGas rangeRefrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tileHardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: 10-foot (upper) high ceilingsEat-in kitchenBrick fireplace with brick surroundWindow treatments
• Laundry & utility: WasherDryer

Price history

-5.4% since first listed

8 events — show timeline

• 2026-06-23 Relisted — GCMLS AL
• 2026-04-29 Pending — GCMLS AL
• 2026-04-26 Rental Removed $1,750 APPFOLIO
• 2026-04-23 Listed $209,900 GCMLS AL
• 2026-03-18 Price Changed $1,750 APPFOLIO
• 2026-03-04 Price Changed $1,850 APPFOLIO
• 2026-02-28 Price Changed $1,700 APPFOLIO
• 2026-02-26 Listed for Rent $1,850 APPFOLIO