823 North St · Little Rock, AR 72201

$725,000

84 bd · None ba · 6,092 sqft · MultiFamily · 162 Days on market

Built 1918 Good condition 3,920 sqft lot $119/sqft · 30% above area Est $558k · 30% 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 +24.3/30.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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 MLS

Presenting a rare investment opportunity in the heart of downtown Little Rock! This beautifully renovated 7-unit apartment complex combines historic charm with modern updates, offering both style and functionality for tenants. Once a landmark residence in the area, the property has been completely transformed with extensive renovations in 2022–2023. Updates include a new roof, all 7 units fully remodeled with new flooring, kitchens, bathrooms, cabinets, and fresh paint, plus brand-new HVAC systems. Ideally located near the Arkansas River, shopping, dining, and entertainment, this property provides tenants with an exceptional urban lifestyle and offers investors a truly turnkey asset. See agent remarks.

Key facts

• Modern updates
• Historic charm
• New roof

Tags

• INVESTMENT OPPORTUNITY
• RENOVATED APARTMENT COMPLEX
• HISTORIC CHARM
• MODERN UPDATES
• EXTENSIVE RENOVATIONS
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 7 × 1-bed/1-bath units multifamily listed at $725k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $725k).
• Recommended offer: $638k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.1% in Little Rock — 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 73/100 on livability (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 22 active listings in the ZIP; high-income renter base; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• At $8,195/mo this rent would consume 85% of the median local household income ($115k/yr) (locally 42% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($638k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y 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 $425k; list at $725k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $638,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.65%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $557,716
• List price: $725,000
• Delta: 29.99%
• Verdict: OVERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-24,131
• Equity at exit: $108,100

10-year hold

• IRR: 6.5%
• Equity multiple: 1.49×
• Total profit: $99,533
• Equity at exit: $62,685

Cash invested: $203,000 (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 72201

• Home prices YoY: -2.9%
• Active inventory: 22
• Price-to-rent: 51.6×

Monthly cashflow live

• Estimated rent: $8,195 high
• Mortgage (P&I): −$3,802
• Tax est. 1.5%: −$906 /mo · $10,875/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,721
• Net cashflow: $1,464

Break-even live

Break-even rent $6,342

Max offer price $725,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,965	-5% $1,714	+0% $1,464	+5% $1,213	+10% $963
Rent	-10% $816	-5% $1,140	+0% $1,464	+5% $1,787	+10% $2,111
Rate	-1.0pp $1,829	-0.5pp $1,648	base $1,464	+0.5pp $1,276	+1.0pp $1,085

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

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$8,197
Total (7 units)			$8,195

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $725,000 Active 162 DOM
2. 2026-06-17
   days on market $725,000 Active 161 DOM
3. 2026-06-16
   days on market $725,000 Active 160 DOM
4. 2026-06-15
   days on market $725,000 Active 159 DOM
5. 2026-06-14
   days on market $725,000 Active 157 DOM
6. 2026-06-13
   days on market $725,000 Active 156 DOM
7. 2026-06-10
   days on market $725,000 Active 154 DOM
8. 2026-06-09
   days on market $725,000 Active 153 DOM
9. 2026-06-08
   days on market $725,000 Active 152 DOM
10. 2026-06-05
    days on market $725,000 Active 148 DOM
11. 2026-06-03
    days on market $725,000 Active 147 DOM
12. 2026-06-02
    days on market $725,000 Active 146 DOM
13. 2026-06-01
    days on market $725,000 Active 145 DOM
14. 2026-05-31
    days on market $725,000 Active 144 DOM
15. 2026-05-31
    days on market $725,000 Active 143 DOM
16. 2026-01-06
    listed $725,000 New Listing 717-char remark

    Show marketing remark (717 chars)

    Presenting a rare investment opportunity in the heart of downtown Little Rock! This beautifully renovated 7-unit apartment complex combines historic charm with modern updates, offering both style and functionality for tenants. Once a landmark residence in the area, the property has been completely transformed with extensive renovations in 2022–2023. Updates include a new roof, all 7 units fully remodeled with new flooring, kitchens, bathrooms, cabinets, and fresh paint, plus brand-new HVAC systems. Ideally located near the Arkansas River, shopping, dining, and entertainment, this property provides tenants with an exceptional urban lifestyle and offers investors a truly turnkey asset. See agent remarks.

17. 2026-01-01
    historical
18. 2025-08-23
    listed $725,000 New Listing
19. 2025-03-11
    historical
20. 2024-11-07
    listed $840,000 New Listing
21. 2024-04-25
    historical
22. 2024-03-28
    historical $1,400
23. 2024-03-28
    historical $1,400
24. 2024-03-27
    listed $1,400
25. 2024-03-27
    listed $1,200
26. 2024-01-26
    historical $1,600
27. 2024-01-26
    historical $1,600
28. 2024-01-26
    listed $1,600
29. 2023-12-02
    listed $850
30. 2023-10-18
    listed $900,000 New Listing
31. 2021-03-25
    soldstatus $425,000
32. 2020-12-30
    listed $425,000

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $98,340
• − Mortgage interest: −$40,611
• − Property taxes: −$10,875
• − Insurance: −$3,625
• − Repairs & maintenance: −$7,867
• − Management: −$7,867
• − Depreciation: −$21,091
• Taxable income: $6,403
• Est. tax owed @ 24.0%: −$1,537
• After-tax cash flow: $16,028/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 7-unit apartment complex in Little Rock has been beautifully renovated with new kitchens, bathrooms, and HVAC systems, making it a turnkey investment opportunity.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Painting exterior trim — Improves curb appeal and adds value for both resale and rental.
• Both Upgrading window treatments — Enhances curb appeal and adds value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Painting exterior trim — Improves curb appeal and adds value for both resale and rental. ↑
• Both Upgrading window treatments — Enhances curb appeal and adds value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Little Rock School District
• NCES district ID: 0509000
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $43,346
• Composite: 21.0/100
• National rank: #8457
• State rank: #183 of 238 in AR

Livability — Little Rock

• Score: 73/100
• State rank: #22
• US rank: #5295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Rock, AR
• County: Pulaski County · 372,764 people
• City population: 218,896
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 795
• Household income: $115,174
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 42.0

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 415,378 people
• By 2030: 423,720 · +2.0%
• By 2040: 435,182 · +4.8%
• By 2050: 440,904 · +6.1%
• By 2075: 445,521 · +7.3%
• By 2100: 419,173 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 7% Asian 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 1%
• Foreign-born: 38%
• Languages at home: 62% English-only · Other Indo-European 35% Tagalog/Filipino 3%

Political lean MEDSL · Pulaski

• 2024 margin: Strong D (+22.1) · D 59.8% · R 37.7% · Other 2.5%
• 2008→2024 swing: +10.6pp toward D · 2008: 11.6pp · 2024: 22.1pp
• All cycles: 2024: D+22.1 2020: D+22.5 2016: D+17.9 2012: D+11.4 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.03%
• Current HPI: 168.1552
• Rent YoY: —
• Metro: Little Rock-North Little Rock-Conway, 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

+70.6% since first listed

17 events — show timeline

• 2026-01-06 Listed $725,000 CARMLS
• 2026-01-01 Listing Removed — CARMLS
• 2025-08-23 Listed $725,000 CARMLS
• 2025-03-11 Listing Removed — CARMLS
• 2024-11-07 Listed $840,000 CARMLS
• 2024-04-25 Listing Removed — CARMLS
• 2024-03-28 Rental Removed $1,400 APPFOLIO
• 2024-03-28 Rental Removed $1,400 APPFOLIO
• 2024-03-27 Listed for Rent $1,400 APPFOLIO
• 2024-03-27 Listed for Rent $1,200 APPFOLIO
• 2024-01-26 Rental Removed $1,600 APPFOLIO
• 2024-01-26 Rental Removed $1,600 APPFOLIO
• 2024-01-26 Listed for Rent $1,600 APPFOLIO
• 2023-12-02 Listed for Rent $850 APPFOLIO
• 2023-10-18 Listed $900,000 CARMLS
• 2021-03-25 Sold (MLS) $425,000 CARMLS
• 2020-12-30 Listed $425,000 CARMLS