402 Mustang Dr · Dothan, AL 36301

$85,000

3 bd · 1.0 ba · 1,814 sqft · SingleFamily public records · 24 Days on market

Built 1966 0.48 ac lot $47/sqft · 34% below area Est $130k · 34% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in Ford Country is this 2 bedroom 1 bath home, some hardwood flooring , fireplace in living room and extra storage .

Key facts

• Two parcels
• Large lot
• Abundance of space

Tags

• LARGE LOT
• TWO PARCELS
• READY FOR RENOVATIONS
• ABUNDANCE OF SPACE

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Brick construction
• Exterior features: On the waterfront; Exterior storage structure

Interior

• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Interior features: Wood-frame windows; Wood flooring; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.4% in Dothan — 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 64/100 on livability (#146 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime F, amenities F.
• Dothan City (urban): math 19% / reading 39% proficiency, ranked #73 of 129 in AL (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Beverlye Intermediate School (math 6% / reading 25%, grade F, #503 of 627 statewide, top 80%, 388 students, 90% FRL); Dothan Preparatory Academy (math 12% / reading 38%, grade F, #163 of 257 statewide, top 64%, 1,133 students, 78% FRL); Dothan High School (math 16% / reading 24%, grade F, #163 of 305 statewide, top 54%, 1,454 students, 70% FRL) — zoned schools average 79% FRL vs 59% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 410 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 463 units permitted in Houston County in 2024 (96 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Houston 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 $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.47% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.80%
• DSCR: 1.97
• GRM: 5.7

CMA / ARV

• ARV (median comp): $129,646
• List price: $85,000
• Delta: -34.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Mustang Dr	0.00mi	3/2.0	1,814 (0%)	0mo	$76,400	$42	96
1437 E Selma St	0.21mi	3/2.0	1,723 (-5%)	2mo	$149,000	$86	76
1437 E Selma St	0.21mi	3/2.0	1,723 (-5%)	2mo	$149,000	$86	76
341 Darlington Cir	0.55mi	3/2.5	1,787 (-2%)	3mo	$194,000	$109	63
500 Ranchero Cir	0.12mi	4/2.0 (+1)	1,936 (+7%)	14mo	$228,900	$118	63
500 Ranchero Cir	0.12mi	4/2.0 (+1)	1,936 (+7%)	14mo	$228,900	$118	63
1006 Crestline Dr	0.15mi	3/2.0	1,625 (-10%)	16mo	$173,500	$107	59
412 Darlington Cir	0.59mi	3/2.0	1,797 (-1%)	10mo	$225,000	$125	59
1603 Squire Ct	0.21mi	4/2.0 (+1)	1,566 (-14%)	3mo	$170,000	$109	56
109 Guilford St	0.57mi	3/2.0	1,860 (+2%)	20mo	$180,000	$97	49
138 Radford Cir	0.66mi	3/2.0	1,621 (-11%)	3mo	$179,000	$110	45
1572 Third Ave	0.46mi	3/2.0	1,990 (+10%)	18mo	$105,000	$53	44

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: 14.4%
• Equity multiple: 1.58×
• Total profit: $13,758
• Equity at exit: $12,674

10-year hold

• IRR: 23.2%
• Equity multiple: 2.99×
• Total profit: $47,431
• Equity at exit: $7,349

Cash invested: $23,800 (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 36301

• Home prices YoY: -24.9%
• Active inventory: 410
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,251 high
• Mortgage (P&I): −$446
• Tax from tax record: −$75 /mo · $898/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $432

Break-even live

Break-even rent $704

Max offer price $85,000

Occupancy floor 60%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 Mustang Dr Dothan, AL	3.0	1.0	1301	$1,050	$0.81	43d	1	0.02mi
1009 Jonathan St Dothan, AL	3.0	1.5	1318	$1,300	$0.99	43d	1	0.18mi
1000 Fairlane Dr Dothan, AL	3.0	2.0	1500	$1,200	$0.80	43d	1	0.23mi
1581 E Selma St Aurora, AL	3.0	1.5	1426	$1,149	$0.81	43d	1	0.24mi
131 Hedstrom Dr Greenwood, AL	3.0	2.0	1526	$1,400	$0.92	43d	1	0.39mi
133 Princeton Dr Dothan, AL	4.0	3.0	2205	$2,100	$0.95	43d	1	1.11mi
205 Princeton Dr Dothan, AL	3.0	2.0	1992	$2,000	$1.00	43d	1	1.15mi
105 St Lawrence Dr Dothan, AL	2.0	2.0	1580	$1,500	$0.95	43d	1	1.43mi
803 E Adams St Dothan, AL	4.0	2.0	1564	$1,350	$0.86	43d	1	1.47mi

Listing history 7 events

1. 2026-05-14
   price $85,000 644-char remark
2. 2026-04-30
   listed $99,900 Active 644-char remark
3. 2017-09-25
   soldstatus $52,000
4. 2015-08-26
   soldstatus $32,000 124-char remark

   Show marketing remark (124 chars)

   Located in Ford Country is this 2 bedroom 1 bath home, some hardwood flooring , fireplace in living room and extra storage .

5. 2015-08-04
   listed $32,000 124-char remark

   Show marketing remark (124 chars)

   Located in Ford Country is this 2 bedroom 1 bath home, some hardwood flooring , fireplace in living room and extra storage .

6. 2015-03-24
   soldstatus $36,604
7. 2015-03-02
   soldstatus $36,604

ⓘ 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: $898 · $75/mo
• Projected year-2 tax: $898 · $75/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 8/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,012
• − Mortgage interest: −$4,761
• − Property taxes: −$898
• − Insurance: −$425
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$2,473
• Taxable income: $4,053
• Est. tax owed @ 24.0%: −$973
• After-tax cash flow: $4,215/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: Dothan City
• NCES district ID: 0101230
• Math proficiency: 19% ▼ -23.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $42,279
• Composite: 24.56/100
• National rank: #7640
• State rank: #73 of 129 in AL

Livability — Dothan

• Score: 64/100
• State rank: #146
• US rank: #13662

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: Dothan, AL
• City population: 47,783
• Population (ZIP): 38,627

Population outlook (Houston County) Hauer SSP2

• Today (2025): 110,280 people
• By 2030: 112,668 · +2.2%
• By 2040: 116,149 · +5.3%
• By 2050: 117,805 · +6.8%
• By 2075: 118,577 · +7.5%
• By 2100: 110,940 · +0.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Houston

• 2024 margin: Solid R (+47.8) · D 25.7% · R 73.5%
• 2008→2024 swing: -7.0pp toward R · 2008: -40.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+42.7 2016: R+47.6 2012: R+40.3 2008: R+40.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.46%
• Current HPI: 161.1212
• Rent YoY: —
• Metro: —
• 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

+108.7% since first listed

9 events — show timeline

• 2026-06-08 Sold (MLS) $76,400 SAMLS
• 2026-05-24 Pending — SAMLS
• 2026-05-14 Price Changed $85,000 SAMLS
• 2026-04-30 Listed $99,900 SAMLS
• 2017-09-25 Sold (Public Records) $52,000 Public Records
• 2015-08-26 Sold (MLS) $32,000 SAMLS
• 2015-08-04 Listed $32,000 SAMLS
• 2015-03-24 Sold (Public Records) $36,604 Public Records
• 2015-03-02 Sold (Public Records) $36,604 Public Records

Property tax history

+13.6%/yr

Latest (2025): $898 · +5.4% YoY. Source: county tax records.