10351 Brodick Loop

Spanish Fort, AL 36527

$310,000D-

4 bd · 2.0 ba · 1,752 sqft · Built 2021 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,283/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$221
• HOA: −$25
• Vac / Maint / Mgmt: −$479
• Net cashflow: $-68/mo
• Annual: $-815/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• 1% rule: 0.74%
• Cash to close: $86,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $310k.
• At list price, monthly cash flow is $-68 ($-815/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (26.4% below list).
• It's been on market 26 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (26.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#26 in AL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Baldwin County (rural): math 33% / reading 57% proficiency, ranked #18 of 129 in AL (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rockwell Elementary School (math 46% / reading 76%, grade B, #60 of 627 statewide, top 9%, 724 students, 25% FRL); Spanish Fort Middle School (math 38% / reading 70%, grade B-, #20 of 257 statewide, top 8%, 622 students, 28% FRL); Spanish Fort High School (math 44% / reading 44%, grade F, #25 of 305 statewide, top 8%, 1,188 students, 24% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 332 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y 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.
• Cap rate 6.0% vs local median 3.5% in Spanish Fort — 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.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.