6691 Cox Gap Rd

Carlisle-Rockledge, AL 35956

$198,900F

3 bd · 2.0 ba · 1,568 sqft · Built 1997 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$1,043
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $-602/mo
• Annual: $-7,224/yr
• Cap rate: 2.66%
• Cash-on-cash: -12.97%
• DSCR: 0.42
• 1% rule: 0.49%
• Cash to close: $55,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $-602 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (43.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (50.8% below list).
• It's been on market 57 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (50.8% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Etowah County (suburban): math 21% / reading 52% proficiency, ranked #36 of 129 in AL (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carlisle Elementary School (math 17% / reading 52%, grade F, #296 of 627 statewide, top 49%, 354 students, 77% FRL); Sardis Middle School (math 11% / reading 41%, grade F, #155 of 257 statewide, top 61%, 398 students, 70% FRL); Sardis High School (math 12% / reading 12%, grade F, #242 of 305 statewide, top 80%, 584 students, 63% FRL) — zoned schools average 70% FRL vs 41% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 36% district-wide (-12 pts) — the specific schools serving this property underperform the Etowah County average; the district grade overstates school quality for this exact location.
• Market conditions: 73 active listings in the ZIP; 119 units permitted in Etowah County in 2024 (0 in 5+ unit buildings).
• Etowah County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wind risk, 23% chance of damaging wind over 30y; extreme-heat days projected 7→20/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 57 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.