104 George H. Preyear Rd

Monroeville, AL 36460

$32,500B

2 bd · 1.0 ba · 1,230 sqft · Built 1948 · SingleFamily · Active · 312 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$170
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $538/mo
• Annual: $6,459/yr
• Cap rate: 26.17%
• Cash-on-cash: 70.98%
• DSCR: 4.16
• 1% rule: 2.97%
• Cash to close: $9,100

Investor read

• This is a 2-bed/1.0-bath single-family listed at $32k. Condition is rated poor.
• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($966 rent vs $32k).
• It's been on market 312 days — a 12% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $225 of loan paydown is wiped out by about $975 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#377 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A-, housing B+; Watch: schools F, amenities F, commute F.
• Monroe County (rural): math 7% / reading 27% proficiency, ranked #112 of 129 in AL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 47 units permitted in Monroe County in 2024 (45 in 5+ unit buildings).
• Monroe County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 312 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Appears old and possibly damaged
• Major: exterior siding — Overgrown vegetation and dilapidated appearance
• Major: landscaping — Overgrown vegetation