3634 Walther Dr · Gulf Shores, AL 36542

$359,900

3 bd · 2.0 ba · 1,778 sqft · SingleFamily public records · 13 Days on market

Built 2005 9,713 sqft lot Est $332k · 8% over $21/mo HOA · 1% of rent

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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 +18.9/30.0
• DSCR +5.9/10.0
• Schools +5.0/10.0
• 1% rule +4.1/10.0
• ARV discount +3.8/15.0
• Livability +3.5/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a great home in a prime location, look no further! This 3 bedroom, 2 bathroom brick home has been very well maintained, and recently had a total yard refresh! Home features a great layout including both a breakfast nook, and a separate dining space. Located right down the street from shopping, grocery, and restaurants while both the beach and the wharf are also just a short drive away. This home is also located within the Gulf Shores city school district. Don't miss out on this opportunity for a great home with a fabulous location central to everything our area has to offer! Buyer to verify all information during due diligence.

Key facts

• Breakfast nook
• Total yard refresh
• Prime location

Tags

• PRIME LOCATION
• TOTAL YARD REFRESH
• BREAKFAST NOOK
• SEPARATE DINING SPACE

Property features AI

Finance

• Other: Ownership: Whole/Full; Zoning: Single Family Residence
• HOA & community: Annual association fee of $250 (includes grounds maintenance); No community features listed

Exterior

• Parking: Attached single-car garage with automatic door (garage approx. 21 x 19.6)
• Utilities: Public water; Public sewer with grinder pump; Electric service by Baldwin EMC; Gulf Shores Utilities
• Home design: One-story single family residence; Resale property
• Construction: Built with brick and vinyl siding; Slab foundation; Metal roof
• Exterior features: Covered rear patio and porch; Patio; Less than 1 acre lot; No waterfront

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator with ice maker
• Bedrooms: Primary bedroom on the main level with walk-in closet; Bedroom 2 (approx. 10 x 12.1); Bedroom 3 (approx. 9.1 x 12.1)
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms; Primary bathroom with double vanity, soaking tub and separate shower
• Heating & cooling: Central electric heating; Central electric cooling; Ceiling fans
• Interior features: Ceiling fans; En-suite primary bathroom; High ceilings; Electric fireplace
• Laundry & utility: Breakfast area on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/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 $327k (9.2% below list).
• Recommended offer: $327k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 0.2% in Gulf Shores — 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 69/100 on livability (#61 in AL) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: amenities F, commute F.
• Zoned schools: Gulf Shores Elementary School (math 47% / reading 72%, grade B-, #63 of 627 statewide, top 10%, 1,062 students, 44% FRL); Gulf Shores Middle School (math 34% / reading 62%, grade C-, #29 of 257 statewide, top 12%, 589 students, 48% FRL); Gulf Shores High School (math 42% / reading 47%, grade F, #22 of 305 statewide, top 8%, 799 students, 37% FRL).
• Market conditions: Rents rising (+3.7%/yr); 1215 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• At $3,269/mo this rent would consume 49% of the median local household income ($80k/yr) (locally 522% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $326,908 (9.2% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 7.52%
• Cash-on-cash: 4.37%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $332,486
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
630 Pinehurst Dr	0.40mi	3/2.0	1,774 (-0%)	2mo	$385,000	$217	79
618 Pinehurst Pt	0.38mi	3/2.0	1,741 (-2%)	1mo	$424,500	$244	78
3663 Stonegate Cir	0.08mi	3/2.0	1,973 (+11%)	8mo	$358,000	$181	71
614 Saint Andrews Dr	0.51mi	3/2.0	1,762 (-1%)	13mo	$405,000	$230	64
373 Cotton Bay Ct	0.45mi	3/2.0	1,590 (-11%)	2mo	$340,000	$214	60
3660 Ancient Oaks Cir	0.46mi	3/2.0	1,974 (+11%)	4mo	$370,000	$187	57
3606 Ancient Oaks Cir	0.38mi	3/2.0	2,028 (+14%)	3mo	$360,000	$178	56
3640 Ancient Oaks Cir	0.47mi	3/2.0	1,967 (+11%)	8mo	$340,000	$173	54
619 Saint Andrews Dr	0.48mi	3/3.0	1,987 (+12%)	2mo	$410,000	$206	52
3624 Ancient Oaks Cir	0.41mi	3/2.0	1,982 (+12%)	12mo	$351,000	$177	52
3638 Ancient Oaks Cir	0.47mi	3/2.0	1,965 (+10%)	11mo	$319,000	$162	51
3604 Ancient Oak Cir	0.39mi	3/2.5	2,043 (+15%)	9mo	$325,000	$159	47

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: -8.8%
• Equity multiple: 0.68×
• Total profit: $-32,699
• Equity at exit: $53,662

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $10,952
• Equity at exit: $31,118

Cash invested: $100,772 (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 36542

• Rents YoY: 3.7%
• Active inventory: 1215
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,269 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$157 /mo · $1,885/yr
• Insurance: −$150
• HOA: −$21
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $367

Break-even live

Break-even rent $2,804

Max offer price $359,900

Occupancy floor 84%

Sensitivity live

Price	-10% $571	-5% $469	+0% $367	+5% $265	+10% $163
Rent	-10% $109	-5% $238	+0% $367	+5% $496	+10% $625
Rate	-1.0pp $548	-0.5pp $459	base $367	+0.5pp $274	+1.0pp $179

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
609 Saint Andrews Dr Gulf Shores, AL	3.0	3.0	2064	$5,500	$2.66	22d	1	0.55mi
5652 Dee St Unit A Gulf Shores, AL	2.0	2.0	2240	$1,500	$0.67	22d	1	1.12mi
4500 Gulf Shores Pkwy Gulf Shores, AL	1.0–3.0	1.0–3.0	1032	$1,983	$1.92	15d	10	1.36mi

HOA detail

• Monthly dues: $21 · $252/yr

Listing history 11 events

1. 2026-06-21
   days on market $359,900 Active 13 DOM
2. 2026-06-19
   days on market $359,900 Active 11 DOM
3. 2026-06-18
   days on market $359,900 Active 10 DOM
4. 2026-06-17
   days on market $359,900 Active 9 DOM
5. 2026-06-16
   days on market $359,900 Active 8 DOM
6. 2026-06-15
   days on market $359,900 Active 7 DOM
7. 2026-06-14
   days on market $359,900 Active 5 DOM
8. 2026-06-13
   days on market $359,900 Active 4 DOM
9. 2026-06-10
   days on market $359,900 Active 2 DOM
10. 2026-06-09
    remarks 647-char remark
11. 2026-06-09
    listed $359,900 Active 1 DOM

ⓘ 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: $1,885 · $157/mo
• Projected year-2 tax: $1,885 · $157/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 10/10 Extreme 7 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% 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: $39,229
• − Mortgage interest: −$20,160
• − Property taxes: −$1,885
• − Insurance: −$1,800
• − Repairs & maintenance: −$3,138
• − Management: −$3,138
• − HOA: −$252
• − Depreciation: −$10,470
• Taxable loss: −$1,614
• Est. tax savings @ 24.0%: +$387
• After-tax cash flow: $4,794/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)

No district data.

Livability — Gulf Shores

• Score: 69/100
• State rank: #61
• US rank: #8945

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gulf Shores, AL
• County: Baldwin County · 181,514 people
• City population: 18,906
• Metro: Daphne-Fairhope-Foley, AL
• Population (ZIP): 18,906
• Household income: $79,639
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 522.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 248,264 people
• By 2030: 270,315 · +8.9%
• By 2040: 312,967 · +26.1%
• By 2050: 352,262 · +41.9%
• By 2075: 438,841 · +76.8%
• By 2100: 487,736 · +96.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 3% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Baldwin

• 2024 margin: Solid R (+58.2) · D 20.5% · R 78.7%
• 2008→2024 swing: -6.7pp toward R · 2008: -51.5pp · 2024: -58.2pp
• All cycles: 2024: R+58.2 2020: R+53.8 2016: R+57.8 2012: R+55.8 2008: R+51.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -153.95%
• Current HPI: 257.6494
• Rent YoY: ▲ 3.71%
• Metro: Daphne-Fairhope-Foley, AL
• 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

+20.0% since first listed

5 events — show timeline

• 2026-06-08 Price Changed $359,900 BCAR
• 2026-06-08 Listed $359,000 BCAR
• 2023-05-24 Rental Removed — RENT.
• 2022-01-25 Delisted — BCAR
• 2022-01-17 Listed $299,900 BCAR