310 Claiborne St N

Mobile, AL 36603

$210,000D+

6 bd · 3.0 ba · 1,729 sqft · Built 1899 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,582/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$319
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-171/mo
• Annual: $-2,049/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.13%
• DSCR: 0.91
• 1% rule: 0.75%
• Cash to close: $58,800

Investor read

• This is a 6-bed/3.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $-171 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (24.7% below list).
• It's been on market 36 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (24.7% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.3% local appreciation)).
• Location reads 75/100 on livability (#20 in AL, #4,262 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Mobile County (urban): math 15% / reading 39% proficiency, ranked #81 of 129 in AL (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Florence Howard Elementary School (math 2% / reading 22%, grade F, #536 of 627 statewide, top 88%, 488 students, 94% FRL); Ben C Rain High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 589 students, 90% FRL) — zoned schools average 92% FRL vs 67% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 7% at this address vs 27% district-wide (-20 pts) — the specific schools serving this property underperform the Mobile County average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 36 active listings in the ZIP; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?