4319 W 23rd · Little Rock, AR 72204

$59,900

3 bd · 1.0 ba · 1,592 sqft · SingleFamily public records · 64 Days on market

Built 1940 6,969 sqft lot $38/sqft · 46% below area Est $111k · 46% under

---

Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTMENT OPPORTUNITY!! Great portfolio add or flip. .. Property is Tenant Occupied; Lease is MONTH TO MONTH, $850.00 MONTHLY, 24 HR NOTICE TO SHOW. .. SOLD AS-IS Part of a package, could be purchased in individually or all together. * * * * AGENTS SEE REMARKS

Key facts

• 6,969 sq ft lot
• Built 1940
• Listed 64 days

🏷️ Possibly a rental listed for sale. The $59,900 price doesn't fit this home's estimated sale value (~$110,629) 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/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 4.1% in Little Rock — 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.

Location & tenants

• Location reads 73/100 on livability (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.9%/yr); 186 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($41k/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 $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago 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.
• Current owner paid $20k; list at $60k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.11% ✓
• Cap rate: 18.73%
• Cash-on-cash: 44.42%
• DSCR: 2.98
• GRM: 3.9

CMA / ARV

• ARV (median comp): $110,629
• List price: $59,900
• Delta: -45.85%
• 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
2521 S Maple St	0.47mi	4/2.0 (+1)	1,600 (+0%)	1mo	$50,000	$31	68
4613 W 16th St	0.46mi	3/1.0	1,540 (-3%)	7mo	$25,000	$16	67
4300 W 17th St	0.39mi	3/1.5	1,649 (+4%)	10mo	$50,000	$30	66
1805 Princeton Dr	0.32mi	3/2.0	1,444 (-9%)	4mo	$100,000	$69	62
4300 W 16th St	0.45mi	3/2.0	1,683 (+6%)	9mo	$150,000	$89	58
1706 S Cedar St	0.43mi	3/1.5	1,404 (-12%)	9mo	$60,000	$43	51
4207 W 15th St	0.50mi	3/3.0	1,751 (+10%)	4mo	$30,000	$17	49
1608 Green Meadow Dr	0.51mi	2/2.0 (-1)	1,390 (-13%)	2mo	$85,000	$61	44
1500 Valmar St	0.71mi	3/2.0	1,431 (-10%)	10mo	$175,000	$122	38
3403 W 17th St	0.69mi	3/2.0	1,370 (-14%)	7mo	$167,500	$122	35
3401 W 17th St	0.69mi	3/2.0	1,370 (-14%)	7mo	$167,500	$122	34
2506 S Tyler St	0.67mi	3/2.0	1,360 (-15%)	10mo	$160,000	$118	32

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

Projected returns pro-forma

-3.0% appreciation · 4.91% rent growth · sell at horizon

5-year hold

• IRR: 43.5%
• Equity multiple: 2.93×
• Total profit: $32,306
• Equity at exit: $8,931

10-year hold

• IRR: 50.3%
• Equity multiple: 6.34×
• Total profit: $89,593
• Equity at exit: $5,179

Cash invested: $16,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 92 Strongly Landlord-Friendly
• State Arkansas: 92 Strongly Landlord-Friendly · R+14
• County: — inherits STATE
• City: — inherits STATE

Only US state where non-payment is criminal. Strongly landlord-favorable; very few tenant protections.

Methodology + full state rankings →

ZIP-level market 72204

• Home prices YoY: -21.5%
• Rents YoY: 4.9%
• Active inventory: 186
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$314
• Tax from tax record: −$38 /mo · $461/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $621

Break-even live

Break-even rent $478

Max offer price $59,900

Occupancy floor 46%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4022 W 25th St Little Rock, AR	3.0	1.0	1674	$1,025	$0.61	43d	1	0.23mi
2701 Abigail St Little Rock, AR	3.0	1.0	1098	$1,195	$1.09	23d	1	0.24mi
2305 S Oak St Little Rock, AR	4.0	2.0	1223	$1,525	$1.25	43d	1	0.40mi
2421 S Oak St Little Rock, AR	3.0	1.0	1092	$950	$0.87	21d	1	0.40mi
1720 Pinewood Dr Little Rock, AR	3.0	2.0	1382	$1,180	$0.85	43d	1	0.43mi
4816 W 30th St Little Rock, AR	2.0	1.0	1217	$1,150	$0.94	19d	1	0.47mi
4721 W 16th St Little Rock, AR	4.0	1.0	1100	$1,195	$1.09	23d	1	0.52mi
2105 S Valentine St Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	14d	1	0.55mi
1914 S Van Buren St Little Rock, AR	3.0	1.5	1318	$995	$0.75	23d	1	0.58mi
2100 Valmar St Little Rock, AR	2.0	1.0	1219	$1,200	$0.98	23d	1	0.59mi
4104 W 15th St Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	43d	1	0.59mi
5005 W 31st St Little Rock, AR	3.0	2.0	1240	$1,215	$0.98	43d	1	0.60mi
4314 W 14th St Little Rock, AR	4.0	2.0	1223	$1,495	$1.22	23d	1	0.62mi
2220 S Martin St Little Rock, AR	2.0	1.0	1143	$900	$0.79	23d	1	0.63mi
2609 S Tyler St Little Rock, AR	3.0	2.0	1200	$1,040	$0.87	43d	1	0.64mi
3401 W 17th St Little Rock, AR	3.0	2.0	1370	$1,400	$1.02	43d	1	0.73mi
3000 S Tyler St Little Rock, AR	3.0	1.5	1258	$1,250	$0.99	23d	1	0.74mi
3715 W 13th St Little Rock, AR	2.0	1.0	1176	$900	$0.77	43d	1	0.77mi
1701 Fair Park Blvd Little Rock, AR	2.0	1.0	1170	$1,050	$0.90	43d	1	0.79mi
1626 S Brown St Little Rock, AR	3.0	2.0	1386	$995	$0.72	43d	1	0.80mi
1820 Johnson St Little Rock, AR	4.0	2.0	1223	$1,550	$1.27	19d	1	0.87mi
1205 Valmar St Little Rock, AR	2.0	1.0	1100	$1,199	$1.09	43d	1	0.90mi
1822 Booker St Little Rock, AR	3.0	2.0	1076	$1,195	$1.11	23d	1	0.92mi
3214 W 13th St Little Rock, AR	3.0	2.0	1264	$1,095	$0.87	43d	1	0.98mi
3423 Maryland Ave Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	43d	1	1.08mi
2900 W 15th St Little Rock, AR	3.0	1.0	1337	$950	$0.71	43d	1	1.10mi
3109 W 11th St Little Rock, AR	3.0	2.0	1055	$1,295	$1.23	43d	1	1.11mi
2803 W Daisy L Gatson Bates Dr Little Rock, AR	4.0	2.0	1138	$1,495	$1.31	43d	1	1.16mi
58 Berkshire Dr Little Rock, AR	3.0	1.5	1304	$1,250	$0.96	23d	1	1.18mi
3615 W Capitol Ave Little Rock, AR	4.0	2.0	1410	$1,550	$1.10	23d	1	1.31mi
2200 Dennison St Little Rock, AR	3.0	1.5	1080	$1,000	$0.93	43d	1	1.32mi
1511 S Cleveland St Little Rock, AR	3.0	2.0	1200	$1,295	$1.08	23d	1	1.36mi
32 Barbara Dr Little Rock, AR	3.0	2.0	1201	$1,195	$1.00	23d	1	1.36mi
107 Broadmoor Dr Little Rock, AR	3.0	1.0	1202	$1,025	$0.85	43d	1	1.42mi
1123 Thayer St Little Rock, AR	4.0	2.0	1223	$1,595	$1.30	23d	1	1.44mi
99 Broadmoor Dr Little Rock, AR	3.0	1.5	1224	$1,195	$0.98	43d	1	1.44mi
46 Glenmere Dr Little Rock, AR	3.0	1.0	1080	$1,150	$1.06	43d	1	1.46mi
2113 W 19th St Little Rock, AR	2.0	1.0	1703	$1,300	$0.76	43d	1	1.49mi

Listing history 21 events

1. 2026-06-18
   days on market $59,900 Active 64 DOM
2. 2026-06-17
   days on market $59,900 Active 63 DOM
3. 2026-06-16
   days on market $59,900 Active 62 DOM
4. 2026-06-15
   days on market $59,900 Active 61 DOM
5. 2026-06-14
   days on market $59,900 Active 59 DOM
6. 2026-06-13
   days on market $59,900 Active 58 DOM
7. 2026-06-10
   days on market $59,900 Active 56 DOM
8. 2026-06-09
   days on market $59,900 Active 55 DOM
9. 2026-06-08
   days on market $59,900 Active 54 DOM
10. 2026-06-05
    days on market $59,900 Active 50 DOM
11. 2026-06-03
    days on market $59,900 Active 49 DOM
12. 2026-06-02
    days on market $59,900 Active 48 DOM
13. 2026-06-01
    days on market $59,900 Active 47 DOM
14. 2026-05-31
    days on market $59,900 Active 46 DOM
15. 2026-05-31
    days on market $59,900 Active 45 DOM
16. 2026-04-15
    listed $59,900 New Listing 264-char remark

    Show marketing remark (264 chars)

    INVESTMENT OPPORTUNITY!! Great portfolio add or flip. .. Property is Tenant Occupied; Lease is MONTH TO MONTH, $850.00 MONTHLY, 24 HR NOTICE TO SHOW. .. SOLD AS-IS Part of a package, could be purchased in individually or all together. * * * * AGENTS SEE REMARKS

17. 2014-05-12
    soldstatus $20,000
18. 2012-09-26
    soldstatus $5,000
19. 2008-08-18
    soldstatus $13,500 212-char remark

    Show marketing remark (212 chars)

    This 1504 Sq. ft. home needs a little work but is priced to reflect that. The property has 3 bedrooms and 2 baths. Exterior is frame with a fenced front and back yard. Buyer is resposible for turning on utilites.

20. 2008-08-04
    historical 212-char remark

    Show marketing remark (212 chars)

    This 1504 Sq. ft. home needs a little work but is priced to reflect that. The property has 3 bedrooms and 2 baths. Exterior is frame with a fenced front and back yard. Buyer is resposible for turning on utilites.

21. 2008-07-15
    listed $19,900 212-char remark

    Show marketing remark (212 chars)

    This 1504 Sq. ft. home needs a little work but is priced to reflect that. The property has 3 bedrooms and 2 baths. Exterior is frame with a fenced front and back yard. Buyer is resposible for turning on utilites.

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

Tax reassessment forecast AR · Resets to sale price

• Current annual tax: $461 · $38/mo
• Projected year-2 tax: $461 · $38/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $15,165
• − Mortgage interest: −$3,355
• − Property taxes: −$461
• − Insurance: −$300
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$1,743
• Taxable income: $6,880
• Est. tax owed @ 24.0%: −$1,651
• After-tax cash flow: $5,799/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.

Schools (NCES district)

• District: Little Rock School District
• NCES district ID: 0509000
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $43,346
• Composite: 21.0/100
• National rank: #8457
• State rank: #183 of 238 in AR

Livability — Little Rock

• Score: 73/100
• State rank: #22
• US rank: #5295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Rock, AR
• County: Pulaski County · 372,764 people
• City population: 218,896
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 30,525
• Household income: $40,882
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 1553.0

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 415,378 people
• By 2030: 423,720 · +2.0%
• By 2040: 435,182 · +4.8%
• By 2050: 440,904 · +6.1%
• By 2075: 445,521 · +7.3%
• By 2100: 419,173 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 18% Hispanic / Latino 12% Two or more races 6%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 1%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 9% Vietnamese 1%

Political lean MEDSL · Pulaski

• 2024 margin: Strong D (+22.1) · D 59.8% · R 37.7% · Other 2.5%
• 2008→2024 swing: +10.6pp toward D · 2008: 11.6pp · 2024: 22.1pp
• All cycles: 2024: D+22.1 2020: D+22.5 2016: D+17.9 2012: D+11.4 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.17%
• Current HPI: 172.3977
• Rent YoY: ▲ 4.91%
• Metro: Little Rock-North Little Rock-Conway, AR
• State GDP YoY: ▲ 3.80%
• F500 in state: 10

Industry mix (Fortune 500 HQ in AR)

Industry	F500 HQs	Revenue
▸Retail	1	$681B
▸Food / Agriculture	1	$53B
▸Retail / Energy	1	$22B
▸Transportation / Logistics	1	$12B
▸Energy	1	$4B

Price history

+201.0% since first listed

6 events — show timeline

• 2026-04-15 Listed $59,900 CARMLS
• 2014-05-12 Sold (Public Records) $20,000 Public Records
• 2012-09-26 Sold (Public Records) $5,000 Public Records
• 2008-08-18 Sold (MLS) $13,500 CARMLS
• 2008-08-04 Listing Removed — CARMLS
• 2008-07-15 Listed $19,900 CARMLS

Property tax history

-4.6%/yr

Latest (2025): $461 · +7.7% YoY. Source: county tax records.