200 Hawthorne St · Hot Springs, AR 71901

$550,000

None bd · None ba · 9,700 sqft · MultiFamily · 43 Days on market

Built 1945 Est $417k · 32% over

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Why this score? — see what drove the C+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 200 Hawthorne, a rare opportunity to own a beautifully maintained multi-family investment property in the heart of Hot Springs. Constructed in 1945, this solidly built six-unit apartment building offers timeless character, strong rental appeal, and dependable long-term cash flow. The property consists of four 2 bedroom, 1 bath units and two 1 bedroom, 1 bath units. All apartments are equipped with either central heating and cooling or mini-split systems for tenant comfort and efficiency. Inside, tenants enjoy classic architectural details including hardwood floors, French doors, and spacious well-designed floorplans that continue to make this a highly desirable place to live. Pos

Key facts

• Mini-split systems
• French doors
• Hardwood floors

Tags

• SIX-UNIT APARTMENT BUILDING
• CENTRAL HEATING AND COOLING
• MINI-SPLIT SYSTEMS
• HARDWOOD FLOORS
• FRENCH DOORS
• WELL-DESIGNED FLOORPLANS

Property features AI

Exterior

• Utilities: Natural gas available
• Home design: Residential income property; Multi-family (apartment); 2 stories
• Construction: Brick construction; Slab foundation; Shingle roof; Built with insulated windows
• Exterior features: Patio; Porch; Corner lot; Level lot; Sloped lot; Wooded lot

Interior

• Kitchen: Electric range; Cooktop
• Flooring: Tile; Wood
• Interior features: Insulated windows; Has basement; Has a view
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $550k).
• Recommended offer: $534k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.8% in Hot Springs — 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 65/100 on livability (#140 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D, crime F, amenities F.
• Hot Springs School District (urban): math 24% / reading 25% proficiency, ranked #195 of 238 in AR (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 363 active listings in the ZIP; 117 units permitted in Garland County in 2024 (24 in 5+ unit buildings).
• At $8,259/mo this rent would consume 185% of the median local household income ($54k/yr) (locally 961% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Garland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $154k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y 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 $315k; list at $550k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 8→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $533,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 12.24%
• Cash-on-cash: 21.22%
• DSCR: 1.94
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $417,100
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 & 402 Quapaw	0.23mi	15/—	10,546 (+9%)	20mo	$450,000	$43	58

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: 13.7%
• Equity multiple: 1.55×
• Total profit: $84,474
• Equity at exit: $82,007

10-year hold

• IRR: 22.6%
• Equity multiple: 2.93×
• Total profit: $297,439
• Equity at exit: $47,554

Cash invested: $154,000 (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 71901

• Home prices YoY: -3.6%
• Active inventory: 363
• Price-to-rent: 31.0×

Monthly cashflow live

• Estimated rent: $8,259 high
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,734
• Net cashflow: $2,724

Break-even live

Break-even rent $4,811

Max offer price $550,000

Occupancy floor 62%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,916
▸ 2× units	1	1	$2,344
Total (6 units)			$8,259

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-19
   days on market $550,000 Active 43 DOM
2. 2026-06-18
   days on market $550,000 Active 42 DOM
3. 2026-06-17
   days on market $550,000 Active 41 DOM
4. 2026-06-17
   status $550,000 Active 40 DOM
5. 2026-06-16
   days on market $550,000 Active Under Contract 40 DOM
6. 2026-06-15
   days on market $550,000 Active Under Contract 39 DOM
7. 2026-06-14
   days on market $550,000 Active Under Contract 37 DOM
8. 2026-06-13
   days on market $550,000 Active Under Contract 36 DOM
9. 2026-06-10
   days on market $550,000 Active Under Contract 34 DOM
10. 2026-06-09
    days on market $550,000 Active Under Contract 33 DOM
11. 2026-06-08
    days on market $550,000 Active Under Contract 32 DOM
12. 2026-06-07
    days on market $550,000 Active Under Contract 31 DOM
13. 2026-06-05
    days on market $550,000 Active Under Contract 28 DOM
14. 2026-06-02
    days on market $550,000 Active Under Contract 26 DOM
15. 2026-06-01
    days on market $550,000 Active Under Contract 25 DOM
16. 2026-05-31
    days on market $550,000 Active Under Contract 24 DOM
17. 2026-05-30
    days on market $550,000 Active Under Contract 23 DOM
18. 2026-05-09
    historical Active Under Contract
19. 2026-05-08
    listed $550,000 Active
20. 2025-07-08
    historical
21. 2025-05-09
    price $725,000
22. 2025-05-08
    price $725,000
23. 2025-02-21
    price $675,000
24. 2025-02-20
    price $675,000
25. 2024-12-04
    historical $1,175
26. 2024-12-04
    listed $1,175
27. 2024-07-07
    listed $617,000 New Listing
28. 2024-05-02
    historical
29. 2023-11-01
    listed $625,000 New Listing
30. 2023-06-02
    historical
31. 2022-11-30
    price $799,000
32. 2022-06-01
    listed $699,000 New Listing
33. 2019-08-12
    historical
34. 2019-02-11
    listed $575,000 New Listing
35. 2018-06-25
    soldstatus $315,000
36. 2018-05-13
    listed $315,000
37. 2016-04-29
    soldstatus $247,000 Sold
38. 2016-02-22
    historical Take Backups
39. 2016-02-08
    status Back on Market
40. 2016-01-07
    historical Take Backups
41. 2015-08-07
    listed $350,000 New Listing
42. 2012-12-07
    soldstatus $97,000
43. 2012-02-24
    listed $175,000

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 8 d/yr ≥111°F today · 22 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $99,108
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$7,929
• − Management: −$7,929
• − Depreciation: −$16,000
• Taxable income: $25,442
• Est. tax owed @ 24.0%: −$6,106
• After-tax cash flow: $26,578/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: Hot Springs School District
• NCES district ID: 0507890
• Math proficiency: 24% ▼ -15.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $28,817
• Composite: 19.62/100
• National rank: #8746
• State rank: #195 of 238 in AR

Livability — Hot Springs

• Score: 65/100
• State rank: #140
• US rank: #12498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hot Springs, AR
• County: Garland County · 76,414 people
• City population: 76,414
• Metro: Hot Springs, AR
• Population (ZIP): 28,937
• Household income: $53,514
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 961.0

Population outlook (Garland County) Hauer SSP2

• Today (2025): 100,343 people
• By 2030: 101,880 · +1.5%
• By 2040: 104,804 · +4.4%
• By 2050: 107,292 · +6.9%
• By 2075: 113,182 · +12.8%
• By 2100: 112,247 · +11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 13% Hispanic / Latino 10% Two or more races 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 2% Portuguese 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 7% Vietnamese 1%

Political lean MEDSL · Garland

• 2024 margin: Solid R (+36.2) · D 30.8% · R 67.0% · Other 2.2%
• 2008→2024 swing: -11.3pp toward R · 2008: -25.0pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+34.0 2016: R+34.1 2012: R+29.9 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -11.75%
• Current HPI: 317.2542
• Rent YoY: —
• Metro: Hot Springs, AR
• 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

Price history

+214.3% since first listed

26 events — show timeline

• 2026-05-09 Contingent — HSBOR
• 2026-05-08 Listed $550,000 HSBOR
• 2025-07-08 Listing Removed — CARMLS
• 2025-05-09 Price Changed $725,000 CARMLS
• 2025-05-08 Price Changed $725,000 HSBOR
• 2025-02-21 Price Changed $675,000 CARMLS
• 2025-02-20 Price Changed $675,000 HSBOR
• 2024-12-04 Rental Removed $1,175 LEASESTAR
• 2024-12-04 Listed for Rent $1,175 LEASESTAR
• 2024-07-07 Listed $617,000 CARMLS
• 2024-05-02 Listing Removed — CARMLS
• 2023-11-01 Listed $625,000 CARMLS
• 2023-06-02 Listing Removed — CARMLS
• 2022-11-30 Price Changed $799,000 CARMLS
• 2022-06-01 Listed $699,000 CARMLS
• 2019-08-12 Listing Removed — CARMLS
• 2019-02-11 Listed $575,000 CARMLS
• 2018-06-25 Sold (MLS) $315,000 HSBOR
• 2018-05-13 Listed $315,000 HSBOR
• 2016-04-29 Sold (MLS) $247,000 CARMLS
• 2016-02-22 Contingent — CARMLS
• 2016-02-08 Relisted — CARMLS
• 2016-01-07 Contingent — CARMLS
• 2015-08-07 Listed $350,000 CARMLS
• 2012-12-07 Sold (MLS) $97,000 CARMLS
• 2012-02-24 Listed $175,000 CARMLS