5703 Central Ave · Lake Hamilton, AR 71913

$994,400

21 bd · 18.9 ba · 13,846 sqft · MultiFamily · 20 Days on market

Poor condition 0.59 ac lot ↓ 38% since listing

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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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Rent growth +4.1/5.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

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

The first 18 pictures are renderings of the potential for this Property. "Great investment opportunity, with 19 units in prized Lakeside School District and a quarter miles access to Lake Hamilton. Renovate the units or use our architectural blue prints to increase unit sq ft and overall value. Total units 19: total built out units 18 with 8 units via 4 duplexes in the back of the property and 10 finished units and 1 unfinished unit in the front building. Recently converted to condos giving investor opportunity to sell for higher LTV down the road. Renovate then lease all yearly or even all Airbnb (no permit req'd as located in Garland County, outside of city of Hot Springs limits) and/or sell all units. The investor would own the entire condo association and all units in it. Serious investors only, call regarding financing. " If renovated into the plans, the investor would have: 8 3 bed/2.5 baths, 8 2 bed/2 baths, and 3 1 bed/1.5 baths. We envisioned having the main building be accessible on Central with a slider gate at the front and fencing around, then adding either carports or garages (11) parallel to the 11 unit main building. Then in for the back 8 units, have another gate entering from Long Beach with 8 covered parking or garages. There'd be a green area between the buildings. They'd be fully enclosed, gated, lit, with carports/garages, and fully renovated located in LSSD. We have tried to get a renovation loan on it and due to the fact that we are no longer local, it has proven difficult. We had most units vacated to begin renovating with 4 total occupancies in the back duplexes. Owner added $48k in CAPEX by replacing all of the gas lines to every unit.

Key facts

• Condo association
• Covered parking
• 0.59 acre lot

Tags

• LAKESIDE SCHOOL DISTRICT
• ACCESS TO LAKE HAMILTON
• ARCHITECTURAL BLUE PRINTS
• CONDO ASSOCIATION
• COVERED PARKING

Property features AI

Finance

• Other: Will not subdivide; Sq. ft. and acreage sourced from courthouse
• Financial info: Potential financing: cash or conventional loan; Rent range for one-bedroom units: $575 to $750; Rent range for two-bedroom units: $575 to $850; Lease type: monthly

Exterior

• Parking: Garage described as "Other (See Remarks)"
• Utilities: Municipal electric; Public water; Public sewer
• Home design: Commercial/institutional zoning (COMM. INPR); Property is a multi-unit building (19 units)
• Construction: Metal roof; Metal or vinyl siding exterior; Slab foundation; Approximately 13,846 building square feet; Approximately 0.59 acre lot (153 x 173)
• Exterior features: Dumpster on site; Paved road access; Level lot

Interior

• Kitchen: Kitchen equipment noted as other (see remarks)
• Bedrooms: 19 units total; 11 one-bedroom units and 5 two-bedroom units
• Flooring: Flooring noted as other (see remarks)
• Bathrooms: All 19 units are one-bath
• Heating & cooling: Electric central heat; Electric central cooling
• Interior features: Ceilings noted as other (see remarks); Walls noted as other (see remarks)
• Laundry & utility: Tenant expenses listed as other (see remarks); Expenses included listed as other (see remarks)

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/?-bath units multifamily listed at $994k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $994k).
• Recommended offer: $979k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 1.1% in Lake Hamilton — 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 59/100 on livability (#296 in AR) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living B; Watch: employment C-, amenities F, commute F.
• Lakeside School District (urban): math 47% / reading 45% proficiency, ranked #28 of 238 in AR (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeside Primary School (524 students, 50% FRL) — zoned schools average 50% FRL vs 34% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.4%/yr); 986 active listings in the ZIP; 117 units permitted in Garland County in 2024 (24 in 5+ unit buildings).
• At $11,990/mo this rent would consume 257% of the median local household income ($56k/yr) (locally 1442% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Garland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $278k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($979k) is reasonable based on typical stale-listing flexibility.
• 8 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $979,484 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.21%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $47,444
• Equity at exit: $148,268

10-year hold

• IRR: 16.7%
• Equity multiple: 2.59×
• Total profit: $443,765
• Equity at exit: $85,978

Cash invested: $278,432 (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 71913

• Home prices YoY: -33.9%
• Rents YoY: 6.4%
• Active inventory: 986
• Price-to-rent: 48.4×

Monthly cashflow live

• Estimated rent: $11,990 medium
• Mortgage (P&I): −$5,215
• Tax est. 1.5%: −$1,243 /mo · $14,916/yr
• Insurance: −$414
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,518
• Net cashflow: $2,600

Break-even live

Break-even rent $8,699

Max offer price $994,400

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 7× units	3	—	$11,991
Total (7 units)			$11,990

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: $248,600
• Closing costs: $29,832
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-10
   days on market $994,400 Active 20 DOM
2. 2026-06-09
   days on market $994,400 Active 19 DOM
3. 2026-06-08
   days on market $994,400 Active 18 DOM
4. 2026-06-07
   days on market $994,400 Active 17 DOM
5. 2026-06-05
   days on market $994,400 Active 14 DOM
6. 2026-06-03
   days on market $994,400 Active 13 DOM
7. 2026-06-02
   days on market $994,400 Active 12 DOM
8. 2026-06-01
   days on market $994,400 Active 11 DOM
9. 2026-05-31
   days on market $994,400 Active 10 DOM
10. 2026-05-30
    days on market $994,400 Active 9 DOM
11. 2026-05-21
    listed $994,400 New Listing

    Show marketing remark (1702 chars)

    The first 18 pictures are renderings of the potential for this Property. "Great investment opportunity, with 19 units in prized Lakeside School District and a quarter miles access to Lake Hamilton. Renovate the units or use our architectural blue prints to increase unit sq ft and overall value. Total units 19: total built out units 18 with 8 units via 4 duplexes in the back of the property and 10 finished units and 1 unfinished unit in the front building. Recently converted to condos giving investor opportunity to sell for higher LTV down the road. Renovate then lease all yearly or even all Airbnb (no permit req'd as located in Garland County, outside of city of Hot Springs limits) and/or sell all units. The investor would own the entire condo association and all units in it. Serious investors only, call regarding financing. " If renovated into the plans, the investor would have: 8 3 bed/2.5 baths, 8 2 bed/2 baths, and 3 1 bed/1.5 baths. We envisioned having the main building be accessible on Central with a slider gate at the front and fencing around, then adding either carports or garages (11) parallel to the 11 unit main building. Then in for the back 8 units, have another gate entering from Long Beach with 8 covered parking or garages. There'd be a green area between the buildings. They'd be fully enclosed, gated, lit, with carports/garages, and fully renovated located in LSSD. We have tried to get a renovation loan on it and due to the fact that we are no longer local, it has proven difficult. We had most units vacated to begin renovating with 4 total occupancies in the back duplexes. Owner added $48k in CAPEX by replacing all of the gas lines to every unit.

12. 2026-05-21
    listed $994,400 Active 1702-char remark

    Show marketing remark (1702 chars)

    The first 18 pictures are renderings of the potential for this Property. "Great investment opportunity, with 19 units in prized Lakeside School District and a quarter miles access to Lake Hamilton. Renovate the units or use our architectural blue prints to increase unit sq ft and overall value. Total units 19: total built out units 18 with 8 units via 4 duplexes in the back of the property and 10 finished units and 1 unfinished unit in the front building. Recently converted to condos giving investor opportunity to sell for higher LTV down the road. Renovate then lease all yearly or even all Airbnb (no permit req'd as located in Garland County, outside of city of Hot Springs limits) and/or sell all units. The investor would own the entire condo association and all units in it. Serious investors only, call regarding financing. " If renovated into the plans, the investor would have: 8 3 bed/2.5 baths, 8 2 bed/2 baths, and 3 1 bed/1.5 baths. We envisioned having the main building be accessible on Central with a slider gate at the front and fencing around, then adding either carports or garages (11) parallel to the 11 unit main building. Then in for the back 8 units, have another gate entering from Long Beach with 8 covered parking or garages. There'd be a green area between the buildings. They'd be fully enclosed, gated, lit, with carports/garages, and fully renovated located in LSSD. We have tried to get a renovation loan on it and due to the fact that we are no longer local, it has proven difficult. We had most units vacated to begin renovating with 4 total occupancies in the back duplexes. Owner added $48k in CAPEX by replacing all of the gas lines to every unit.

13. 2025-10-21
    historical
14. 2025-09-02
    price $1,400,000
15. 2025-09-02
    price $1,400,000
16. 2025-07-14
    listed $1,597,000 New Listing
17. 2025-07-14
    historical
18. 2025-06-20
    price $999,000
19. 2025-06-19
    price $999,000
20. 2025-06-02
    status Back on Market
21. 2025-03-13
    status Under Contract
22. 2025-01-22
    listed $1,130,512 New Listing
23. 2023-09-04
    historical
24. 2022-12-09
    historical
25. 2022-10-12
    price $1,245,000
26. 2022-10-12
    price $1,444,000
27. 2022-09-03
    listed $1,297,000 New Listing
28. 2022-09-03
    listed $1,500,000 New Listing
29. 2022-08-31
    historical
30. 2022-07-05
    listed $1,595,000 New Listing

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $143,880
• − Mortgage interest: −$55,702
• − Property taxes: −$14,916
• − Insurance: −$4,972
• − Repairs & maintenance: −$11,510
• − Management: −$11,510
• − Depreciation: −$28,928
• Taxable income: $16,341
• Est. tax owed @ 24.0%: −$3,922
• After-tax cash flow: $27,278/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 · 13 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and renovations to bring it up to code and improve its value. Immediate focus should be on the roof and exterior to ensure safety and aesthetic appeal.

Repairs flagged

• Major roof — Severe damage
• Major exterior siding — Exposed insulation
• Major flooring — Worn and uneven
• Major interior walls/paint — Paint peeling and chipping

Value-add opportunities

• Both New roof — Critical safety and aesthetic improvement
• Both New siding — Enhances curb appeal and durability
• Both New flooring — Improves living experience and resale value
• Both Interior paint — Freshens up the interior and enhances curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe damage	Major	$15,000–50,000
exterior siding · Exposed insulation	Major	$15,000–50,000
flooring · Worn and uneven	Major	$15,000–50,000
interior walls/paint · Paint peeling and chipping	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both New roof — Critical safety and aesthetic improvement ↑
• Both New siding — Enhances curb appeal and durability ↑
• Both New flooring — Improves living experience and resale value ↑
• Both Interior paint — Freshens up the interior and enhances curb appeal ↑

ⓘ 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: Lakeside School District
• NCES district ID: 0508670
• Math proficiency: 47% ▼ -16.00%
• Reading proficiency: 45% ▼ -9.00%
• Median HH income: $52,849
• Composite: 39.76/100
• National rank: #3884
• State rank: #28 of 238 in AR

Livability — Lake Hamilton

• Score: 59/100
• State rank: #296
• US rank: #20336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Hamilton, AR
• County: Garland County · 76,414 people
• Metro: Hot Springs, AR
• Population (ZIP): 47,477
• Household income: $56,010
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1442.0

Population outlook (Garland County) Hauer SSP2

• Today (2025): 100,343 people
• By 2030: 101,880 · +1.5%
• By 2040: 104,804 · +4.4%
• By 2050: 107,292 · +6.9%
• By 2075: 113,182 · +12.8%
• By 2100: 112,247 · +11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 8% Black 8% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · Garland

• 2024 margin: Solid R (+36.2) · D 30.8% · R 67.0% · Other 2.2%
• 2008→2024 swing: -11.3pp toward R · 2008: -25.0pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+34.0 2016: R+34.1 2012: R+29.9 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.67%
• Current HPI: 268.5228
• Rent YoY: ▲ 6.43%
• Metro: Hot Springs, 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

-37.7% since first listed

20 events — show timeline

• 2026-05-21 Listed $994,400 HSBOR
• 2026-05-21 Listed $994,400 CARMLS
• 2025-10-21 Listing Removed — CARMLS
• 2025-09-02 Price Changed $1,400,000 CARMLS
• 2025-09-02 Price Changed $1,400,000 HSBOR
• 2025-07-14 Listing Removed — CARMLS
• 2025-07-14 Listed $1,597,000 CARMLS
• 2025-06-20 Price Changed $999,000 CARMLS
• 2025-06-19 Price Changed $999,000 HSBOR
• 2025-06-02 Relisted — CARMLS
• 2025-03-13 Pending — CARMLS
• 2025-01-22 Listed $1,130,512 CARMLS
• 2023-09-04 Listing Removed — CARMLS
• 2022-12-09 Listing Removed — CARMLS
• 2022-10-12 Price Changed $1,245,000 CARMLS
• 2022-10-12 Price Changed $1,444,000 CARMLS
• 2022-09-03 Listed $1,500,000 CARMLS
• 2022-09-03 Listed $1,297,000 CARMLS
• 2022-08-31 Listing Removed — CARMLS
• 2022-07-05 Listed $1,595,000 CARMLS