2823 Independence St · Fort Smith, AR 72901

$1

3 bd · 2.0 ba · 1,450 sqft · SingleFamily public records · 22 Days on market

10,799 sqft lot

---

Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.2/30.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Auction 05/26/2026 at 10:00 AM Well-maintained 3-bedroom, 1.5-bath home offering approximately 1,450 square feet of living space. Situated on a corner lot, this property features durable vinyl siding, a newer roof, and an updated HVAC system, providing added peace of mind for years to come. Functional layout with solid bones makes this an excellent opportunity for investors or homeowners alike. Selling regardless of price—don’t miss your chance to capitalize on this value-add opportunity.

Key facts

• Solid bones
• Durable vinyl siding
• Updated hvac system

Tags

• CORNER LOT
• DURABLE VINYL SIDING
• NEWER ROOF
• UPDATED HVAC SYSTEM
• FUNCTIONAL LAYOUT
• SOLID BONES

Property features AI

Finance

• Other: Residential single-family property; Subdivision: Vantage View

Exterior

• Parking: Attached carport; 2 covered parking spaces; Gravel and concrete surfaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Sewer available; Water available
• Home design: Single-family house; One story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Covered patio/porch; Deck; Porch; Chain link fencing; Outbuilding; Corner lot; City lot; Paved road; Publicly maintained road

Interior

• Kitchen: Dishwasher; Microwave; Range
• Flooring: Carpet; Laminate; Wood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (natural gas); Central air; Electric cooling; Ceiling fans
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; Pantry; Walk-in closet(s); Blinds
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas water heater

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $159,500 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $-223 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).

Location & tenants

• Location reads 65/100 on livability (#151 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Fort Smith School District (urban): math 35% / reading 39% proficiency, ranked #106 of 238 in AR (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fairview Elementary School (math 50% / reading 38%, grade F, #164 of 454 statewide, top 37%, 458 students, 77% FRL); Ramsey Junior High School (math 37% / reading 47%, grade D-, #78 of 201 statewide, top 40%, 832 students, 67% FRL); Southside High School (math 36% / reading 53%, grade F, #31 of 292 statewide, top 12%, 1,956 students, 47% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 174 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 388 units permitted in Sebastian County in 2024 (16 in 5+ unit buildings).
• This rent runs 31% of the median local income ($43k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sebastian County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 239250.0% of price.
• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1

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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.70% ✗
• Cap rate: 4.62%
• Cash-on-cash: -5.98%
• DSCR: 0.73
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $159,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2828 Independence St	0.03mi	4/2.0 (+1)	1,368 (-6%)	10mo	$156,000	$114	76
2601 Independence St	0.19mi	4/2.0 (+1)	1,423 (-2%)	10mo	$125,000	$88	75
2518 Independence St	0.19mi	3/2.0	1,586 (+9%)	11mo	$170,000	$107	66
3018 Independence St	0.12mi	4/2.0 (+1)	1,610 (+11%)	12mo	$188,000	$117	61
4712 S 31st St	0.69mi	3/1.0	1,441 (-1%)	2mo	$69,973	$49	61
2906 S Carthage St	0.42mi	4/3.0 (+1)	1,497 (+3%)	7mo	$59,400	$40	60
2914 Memphis St	0.48mi	3/2.5	1,596 (+10%)	1mo	$185,000	$116	58
3700 Dallas St	0.63mi	3/2.0	1,544 (+6%)	2mo	$215,000	$139	58
3315 Independence St	0.30mi	3/2.0	1,252 (-14%)	7mo	$155,000	$124	57
4407 S 27th St	0.50mi	3/1.0	1,320 (-9%)	2mo	$145,000	$110	56
2919 Osage St	0.55mi	2/1.5 (-1)	1,399 (-4%)	12mo	$140,000	$100	52
2924 Phoenix Ave	0.66mi	4/1.0 (+1)	1,450 (0%)	12mo	$67,100	$46	50

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 · 4.37% rent growth · sell at horizon

5-year hold

• IRR: -25.0%
• Equity multiple: 0.14×
• Total profit: $-38,446
• Equity at exit: $23,782

10-year hold

• IRR: -17.4%
• Equity multiple: -0.01×
• Total profit: $-45,094
• Equity at exit: $13,791

Cash invested: $44,660 (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 72901

• Rents YoY: 4.4%
• Active inventory: 174

Monthly cashflow live

• Estimated rent: $1,114 high
• Mortgage (P&I): −$836
• Tax est. 1.5%: −$199 /mo · $2,392/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $-223

Break-even live

Break-even rent $1,395

Max offer price $127,300

Occupancy floor —

Sensitivity live

Price	-10% $-112	-5% $-167	+0% $-223	+5% $-278	+10% $-333
Rent	-10% $-310	-5% $-267	+0% $-223	+5% $-179	+10% $-135
Rate	-1.0pp $-142	-0.5pp $-182	base $-223	+0.5pp $-264	+1.0pp $-306

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3700 Dallas St Fort Smith, AR	3.0	2.0	1544	$1,795	$1.16	21d	1	0.62mi
2800 Wharton Cir Unit 2323 Fort Smith, AR	2.0	2.0	1240	$925	$0.75	14d	1	0.78mi
1624 Fresno St Fort Smith, AR	1.0–2.0	1.0	785	$895	$1.14	14d	3	0.83mi
1813 Osage St Unit A Fort Smith, AR	2.0	2.0	978	$975	$1.00	21d	1	0.89mi
5019 S 28th St Fort Smith, AR	2.0	1.0	1020	$2,175	$2.13	21d	1	0.97mi
2307 S 23rd St Fort Smith, AR	3.0	2.5	1356	$1,595	$1.18	21d	1	0.98mi
2212 Savannah St Fort Smith, AR	2.0	1.5	916	$1,095	$1.20	21d	1	0.99mi
5024 S 34th St Unit 5024A Fort Smith, AR	2.0	2.0	986	$925	$0.94	14d	1	1.01mi
5024 S 34th St Unit 5028A Fort Smith, AR	2.0	2.0	986	$925	$0.94	21d	1	1.01mi
5124 S 29th St Unit B Fort Smith, AR	2.0	2.0	900	$895	$0.99	21d	1	1.06mi
2851 Xavier St Fort Smith, AR	2.0	2.0	986	$925	$0.94	14d	2	1.20mi
1915 S U St Unit A Fort Smith, AR	2.0	2.0	900	$975	$1.08	21d	1	1.22mi
2200 S 17th St Unit D Fort Smith, AR	3.0	2.0	1123	$975	$0.87	21d	1	1.28mi
2820 S O St Fort Smith, AR	2.0	1.5	1024	$875	$0.85	21d	1	1.35mi

Listing history 1 events

1. 2026-05-04
   listed $1 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥111°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,363
• − Mortgage interest: −$8,934
• − Property taxes: −$2,392
• − Insurance: −$798
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$4,640
• Taxable loss: −$5,539
• Est. tax savings @ 24.0%: +$1,329
• After-tax cash flow: $-1,341/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: Fort Smith School District
• NCES district ID: 0506330
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $36,066
• Composite: 30.66/100
• National rank: #6183
• State rank: #106 of 238 in AR

Livability — Fort Smith

• Score: 65/100
• State rank: #151
• US rank: #13185

Category grades

Amenities F Commute F 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: Fort Smith, AR
• County: Sebastian County · 99,312 people
• City population: 94,356
• Metro: Fort Smith, AR-OK
• Population (ZIP): 19,819
• Household income: $42,851
• Rent vs Own: 56.7% rent · 43.3% own
• Severe rent burden: 1117.0

Population outlook (Sebastian County) Hauer SSP2

• Today (2025): 133,992 people
• By 2030: 136,620 · +2.0%
• By 2040: 140,832 · +5.1%
• By 2050: 143,301 · +6.9%
• By 2075: 147,964 · +10.4%
• By 2100: 145,848 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 60% Hispanic / Latino 17% Two or more races 12% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada, Vietnam, Guatemala
• Languages at home: 83% English-only · Spanish 14% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Sebastian

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.6% · Other 2.4%
• 2008→2024 swing: -2.9pp toward R · 2008: -34.6pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+35.5 2016: R+38.1 2012: R+37.1 2008: R+34.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -173.82%
• Current HPI: 172.3777
• Rent YoY: ▲ 4.37%
• Metro: Fort Smith, AR-OK
• 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

Property tax history

+2.4%/yr

Latest (2025): $665 · +8.9% YoY. Source: county tax records.