302 N 6th Ave · Lanett, AL 36863

$140,000

3 bd · 1.0 ba · 1,078 sqft · SingleFamily public records · 123 Days on market

Built 2007 7,414 sqft lot

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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).

• Cash flow +20.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This remodeled cottage in Lanett is move in ready ... perfect for the young family just starting out or for the couple that's ready to downsize and slow down for their golden years. So cute & probably won't last ... Hurry and don't miss it!

Key facts

• Quiet street
• Access to schools
• Level backyard

Tags

• QUIET STREET
• LEVEL BACKYARD
• PLENTY OF CABINET SPACE
• UPDATED BATHROOM
• QUICK ACCESS TO SHOPPING
• ACCESS TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/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 $134k (4.6% below list).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 5.8% in Lanett — 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 60/100 on livability (#301 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Lanett City (town): math 5% / reading 19% proficiency, ranked #117 of 129 in AL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 87% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 95 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43 units permitted in Chambers County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chambers County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $105k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $64,680
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
811 Cherry Dr	0.18mi	3/2.0	1,144 (+6%)	1mo	$208,000	$182	77
909 N 13th St	0.49mi	3/1.0	1,075 (-0%)	4mo	$167,000	$155	73
403 N 15th St	0.54mi	3/1.0	1,084 (+1%)	2mo	$32,500	$30	72
1110 N 3rd St	0.40mi	2/2.0 (-1)	1,064 (-1%)	5mo	$45,000	$42	66
511 N 5th St	0.10mi	2/1.0 (-1)	1,156 (+7%)	24mo	$25,500	$22	58
1006 South 5th St	0.53mi	3/2.0	1,000 (-7%)	4mo	$185,000	$185	56
503 S 6th	0.47mi	3/1.0	1,168 (+8%)	11mo	$70,000	$60	55
204 S 2nd Ave	0.29mi	3/1.5	957 (-11%)	15mo	$52,500	$55	53
502 N 15th St	0.56mi	3/1.5	1,046 (-3%)	19mo	$153,750	$147	51
902 S Jennings	0.70mi	2/1.0 (-1)	1,204 (+12%)	6mo	$21,000	$17	38
106 S 14th Ave	0.66mi	3/1.0	1,218 (+13%)	22mo	$102,000	$84	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-10,521
• Equity at exit: $20,874

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $6,380
• Equity at exit: $12,105

Cash invested: $39,200 (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 36863

• Home prices YoY: -29.1%
• Active inventory: 95
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,335 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$71 /mo · $848/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $192

Break-even live

Break-even rent $1,093

Max offer price $140,000

Occupancy floor 81%

Sensitivity live

Price	-10% $271	-5% $231	+0% $192	+5% $152	+10% $112
Rent	-10% $86	-5% $139	+0% $192	+5% $244	+10% $297
Rate	-1.0pp $262	-0.5pp $227	base $192	+0.5pp $155	+1.0pp $119

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
813 3rd Ave Unit K West Point, GA	2.0	2.5	1100	$1,200	$1.09	22d	1	0.66mi
808 S 10th St Lanett, AL	3.0	2.0	1340	$1,350	$1.01	14d	1	0.81mi
500 E 7th St West Point, GA	3.0	2.0	1308	$1,600	$1.22	22d	1	1.01mi
505 E 5th St West Point, GA	3.0	1.0	1354	$1,295	$0.96	22d	1	1.02mi

Listing history 7 events

1. 2026-04-14
   status Pending
2. 2026-03-11
   price $140,000
3. 2025-12-11
   listed $145,000 Active
4. 2023-10-03
   soldstatus $105,000
5. 2023-08-30
   soldstatus $105,000 Sold 245-char remark

   Show marketing remark (245 chars)

   This remodeled cottage in Lanett is move in ready ... perfect for the young family just starting out or for the couple that's ready to downsize and slow down for their golden years. So cute & probably won't last ... Hurry and don't miss it!

6. 2023-06-08
   status Under Contract 245-char remark

   Show marketing remark (245 chars)

   This remodeled cottage in Lanett is move in ready ... perfect for the young family just starting out or for the couple that's ready to downsize and slow down for their golden years. So cute & probably won't last ... Hurry and don't miss it!

7. 2023-05-29
   listed $98,600 New 245-char remark

   Show marketing remark (245 chars)

   This remodeled cottage in Lanett is move in ready ... perfect for the young family just starting out or for the couple that's ready to downsize and slow down for their golden years. So cute & probably won't last ... Hurry and don't miss it!

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

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $848 · $71/mo
• Projected year-2 tax: $848 · $71/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 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,024
• − Mortgage interest: −$7,842
• − Property taxes: −$848
• − Insurance: −$700
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$4,073
• Taxable loss: −$3
• Est. tax savings @ 24.0%: +$1
• After-tax cash flow: $2,301/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: Lanett City
• NCES district ID: 0101980
• Math proficiency: 5% ▼ -19.00%
• Reading proficiency: 19% ▼ -4.00%
• Median HH income: $27,834
• Composite: 9.11/100
• National rank: #9866
• State rank: #117 of 129 in AL

Livability — Lanett

• Score: 60/100
• State rank: #301
• US rank: #19159

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lanett, AL
• Population (ZIP): 12,335

Population outlook (Chambers County) Hauer SSP2

• Today (2025): 33,868 people
• By 2030: 33,504 · -1.1%
• By 2040: 32,594 · -3.8%
• By 2050: 31,422 · -7.2%
• By 2075: 29,054 · -14.2%
• By 2100: 25,431 · -24.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 46% Black 45% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Serbian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Chambers

• 2024 margin: Strong R (+23.2) · D 38.0% · R 61.2%
• 2008→2024 swing: -14.8pp toward R · 2008: -8.5pp · 2024: -23.2pp
• All cycles: 2024: R+23.2 2020: R+15.6 2016: R+14.8 2012: R+5.1 2008: R+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.32%
• Current HPI: 154.4174
• 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

Price history

+42.0% since first listed

7 events — show timeline

• 2026-04-14 Pending — EABOR
• 2026-03-11 Price Changed $140,000 EABOR
• 2025-12-11 Listed $145,000 EABOR
• 2023-10-03 Sold (Public Records) $105,000 Public Records
• 2023-08-30 Sold (MLS) $105,000 GAMLS
• 2023-06-08 Pending — GAMLS
• 2023-05-29 Listed $98,600 GAMLS

Property tax history

-0.3%/yr

Latest (2025): $848 · -9.7% YoY. Source: county tax records.