29559 Easter Ferry Rd

Lester, AL 35647

$129,000D+

3 bd · 2.0 ba · 1,582 sqft · Built 1996 · Manufactured · Pending · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,212/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $66/mo
• Annual: $795/yr
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $36,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $129k.
• At list price, monthly cash flow is $66 ($795/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (6.0% below list).
• It's been on market 104 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (9.0% below list) — sets the bar for market timing.
• In year one you build about $847 of equity ($892 loan paydown + $-45 appreciation (-0.0% local appreciation)).
• Location reads 60/100 on livability (#307 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, crime D.
• Limestone County (rural): math 21% / reading 44% proficiency, ranked #52 of 129 in AL (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 494 units permitted in Limestone County in 2024 (0 in 5+ unit buildings).
• Limestone County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y 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.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
• Crime grade is D 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.