207 Michigan Avenue Ave · Mobile, AL 36604

$435,000

36 bd · 1.0 ba · 2,960 sqft · MultiFamily public records · 129 Days on market

Built 1977 Good condition 5,663 sqft lot $147/sqft · 31% above area Est $666k · 35% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Six unit apartment building currently generating over $5,500 per month in gross rent. This building is composed of five long term rental units, and one short term rental unit. Building has been partially renovated with room to update some units and increase rents. This building is located on Michigan Avenue, which will be the corridor to both the interstate for Midtown and the route to the new Mobile International Airport. Currently under professional management so perfect for out of town buyers. This building will generate income from closing day forward. Just a few of the updates done over the last few years include three updated mini split air conditioners, main panel upgrade in 2022, and a partial replumb including sewer lines. This included the majority of plumbing fixtures as well. An exterior paint job and landscaping was also done approx 2023. Building is comprised of four, one bed, one bath units, and two studios. Call for more information today.

Key facts

• Landscaping
• Main panel upgrade
• Partial replumb

Tags

• PARTIALLY RENOVATED
• MAIN PANEL UPGRADE
• PARTIAL REPLUMB
• EXTERIOR PAINT JOB
• LANDSCAPING

🏷️ Possibly a rental listed for sale. The $435,000 price doesn't fit this home's estimated sale value (~$665,584) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/3.0-bath units multifamily listed at $435k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $608/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $435k).
• Recommended offer: $383k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 5.1% in Mobile — 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 75/100 on livability (#20 in AL, #4,262 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Mobile County (urban): math 15% / reading 39% proficiency, ranked #81 of 129 in AL (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Leinkauf Elementary School (math 8% / reading 26%, grade F, #499 of 627 statewide, top 80%, 538 students, 91% FRL); Calloway Smith Middle School (math 0% / reading 18%, grade F, #235 of 257 statewide, top 93%, 396 students, 96% FRL); Murphy High School (math 10% / reading 19%, grade F, #220 of 305 statewide, top 77%, 1,254 students, 66% FRL) — zoned schools average 84% FRL vs 67% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 27% district-wide (-13 pts) — the specific schools serving this property underperform the Mobile County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.8%/yr); 125 active listings in the ZIP; 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $122k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 2y ago; this cycle's ask has dropped $40k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $168k; list at $435k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $382,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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 1977 — 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.85% ✓
• Cap rate: 16.35%
• Cash-on-cash: 35.91%
• DSCR: 2.60
• GRM: 4.5

CMA / ARV

• ARV (median comp): $665,584
• List price: $435,000
• Delta: -34.64%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 Semmes Ave	0.88mi	37/3.0 (+1)	3,153 (+6%)	46mo	$390,000	$124	21

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: 32.4%
• Equity multiple: 2.38×
• Total profit: $167,976
• Equity at exit: $64,860

10-year hold

• IRR: 39.9%
• Equity multiple: 4.87×
• Total profit: $471,528
• Equity at exit: $37,611

Cash invested: $121,800 (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 36604

• Rents YoY: 3.8%
• Active inventory: 125
• Price-to-rent: 27.0×

Monthly cashflow live

• Estimated rent: $8,053 medium
• Mortgage (P&I): −$2,281
• Tax from tax record: −$254 /mo · $3,053/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,691
• Net cashflow: $3,645

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	3	$8,052
Total (6 units)			$8,053

Break-even live

Break-even rent $3,439

Max offer price $435,000

Occupancy floor 50%

Sensitivity live

Price	-10% $3,891	-5% $3,768	+0% $3,645	+5% $3,522	+10% $3,399
Rent	-10% $3,009	-5% $3,327	+0% $3,645	+5% $3,963	+10% $4,281
Rate	-1.0pp $3,864	-0.5pp $3,756	base $3,645	+0.5pp $3,532	+1.0pp $3,418

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: $108,750
• Closing costs: $13,050
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1112 Dauphin St Mobile, AL	6.0	4.0	3231	$3,500	$1.08	93d	1	0.63mi
152 Hannon Ave Unit 1043572P Mobile, AL	6.0	2.0	2066	$5,444	$2.64	93d	1	0.82mi

Property features AI

Finance

• HOA & community: No transfer feesNo community features

Exterior

• Parking: See remarks for parking details
• Utilities: Public waterPublic sewerElectric service by Alabama Power
• Home design: Multi-story structureTwo levelsResale conditionZoned for 2+ family residenceOwnership: whole/full
• Construction: Pillar/post/pier foundationConstruction materials: other (see remarks)Roof: see remarksBuilding area source: assessorBuilding area total: 5911 sq ft
• Exterior features: Fenced

Interior

• Kitchen: Appliances: other (see remarks)
• Bedrooms: Primary bedroom with combined bathMaster bedroom features: other (see remarks)
• Flooring: Tile flooringWood flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Window air conditioning unitsCooling present
• Interior features: Eat-in kitchenAdditional rooms (see remarks)

Listing history 50 events

1. 2026-08-08
   days on market $435,000 Active 129 DOM
2. 2026-08-07
   days on market $435,000 Active 128 DOM
3. 2026-08-06
   days on market $435,000 Active 127 DOM
4. 2026-08-05
   days on market $435,000 Active 126 DOM
5. 2026-08-04
   days on market $435,000 Active 125 DOM
6. 2026-08-03
   days on market $435,000 Active 124 DOM
7. 2026-07-31
   days on market $435,000 Active 121 DOM
8. 2026-07-30
   days on market $435,000 Active 120 DOM
9. 2026-07-29
   days on market $435,000 Active 119 DOM
10. 2026-07-27
    pricedays on market $435,000 Active 117 DOM
11. 2026-07-25
    days on market $445,000 Active 115 DOM
12. 2026-07-24
    days on market $445,000 Active 114 DOM
13. 2026-07-23
    days on market $445,000 Active 113 DOM
14. 2026-07-22
    days on market $445,000 Active 112 DOM
15. 2026-07-21
    days on market $445,000 Active 111 DOM
16. 2026-07-18
    days on market $445,000 Active 108 DOM
17. 2026-07-16
    days on market $445,000 Active 106 DOM
18. 2026-07-16
    days on market $445,000 Active 105 DOM
19. 2026-07-14
    days on market $445,000 Active 104 DOM
20. 2026-07-13
    days on market $445,000 Active 103 DOM
21. 2026-07-12
    days on market $445,000 Active 102 DOM
22. 2026-07-11
    days on market $445,000 Active 101 DOM
23. 2026-07-10
    days on market $445,000 Active 100 DOM
24. 2026-07-09
    days on market $445,000 Active 99 DOM
25. 2026-07-08
    days on market $445,000 Active 98 DOM
26. 2026-07-07
    days on market $445,000 Active 97 DOM
27. 2026-07-06
    days on market $445,000 Active 96 DOM
28. 2026-07-05
    days on market $445,000 Active 95 DOM
29. 2026-07-04
    days on market $445,000 Active 94 DOM
30. 2026-07-03
    days on market $445,000 Active 93 DOM
31. 2026-07-02
    days on market $445,000 Active 92 DOM
32. 2026-07-01
    days on market $445,000 Active 91 DOM
33. 2026-06-30
    days on market $445,000 Active 90 DOM
34. 2026-06-29
    days on market $445,000 Active 89 DOM
35. 2026-06-28
    days on market $445,000 Active 88 DOM
36. 2026-06-28
    days on market $445,000 Active 87 DOM
37. 2026-06-27
    days on market $445,000 Active 86 DOM
38. 2026-06-25
    days on market $445,000 Active 84 DOM
39. 2026-06-23
    days on market $445,000 Active 82 DOM
40. 2026-06-21
    days on market $445,000 Active 81 DOM
41. 2026-06-18
    days on market $445,000 Active 78 DOM
42. 2026-06-17
    days on market $445,000 Active 77 DOM
43. 2026-06-16
    days on market $445,000 Active 76 DOM
44. 2026-06-15
    days on market $445,000 Active 75 DOM
45. 2026-06-14
    days on market $445,000 Active 73 DOM
46. 2026-06-13
    days on market $445,000 Active 72 DOM
47. 2026-06-10
    days on market $445,000 Active 70 DOM
48. 2026-06-09
    days on market $445,000 Active 69 DOM
49. 2026-06-08
    days on market $445,000 Active 68 DOM
50. 2026-06-07
    days on market $445,000 Active 67 DOM

ⓘ 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: $3,053 · $254/mo
• Projected year-2 tax: $3,053 · $254/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $96,636
• − Mortgage interest: −$24,367
• − Property taxes: −$3,053
• − Insurance: −$2,175
• − Repairs & maintenance: −$7,731
• − Management: −$7,731
• − Depreciation: −$12,655
• Taxable income: $38,925
• Est. tax owed @ 24.0%: −$9,342
• After-tax cash flow: $34,398/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $14,800–$44,400 screening

The property is in good condition with no major repairs needed. The exterior and interior are in good condition with some minor maintenance items to address. Painting the exterior siding and interior walls would significantly increase the property's value.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding will improve the curb appeal and increase the resale value of the property. ↑
• Both Paint the interior walls — Painting the interior walls will improve the appearance of the property and increase the rental value. ↑
• Both Clean the gutters — Cleaning the gutters will prevent water damage and improve the overall appearance of the property. ↑
• Both Trim the bushes — Trimming the bushes will improve the landscaping and increase the curb appeal of the property. ↑
• Both Replace the front door — Replacing the front door will improve the security and appearance of the property. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 14/100

Zoned Schools

Elementary Leinkauf Elementary School F AL #499/627 Nat'l #35,191/41,679 Middle Calloway Smith Middle School F AL #235/257 Nat'l #13,509/14,009 High Murphy High School F AL #220/305 Nat'l #15,534/17,239

Schools (NCES district)

• District: Mobile County
• NCES district ID: 0102370
• Math proficiency: 15% ▼ -28.00%
• Reading proficiency: 39% ▬ 0.00%
• Median HH income: $42,455
• Composite: 22.9/100
• National rank: #8002
• State rank: #81 of 129 in AL

B Composite livability gradescore 75/100

Livability — Mobile

• Score: 75/100
• State rank: #20
• US rank: #4262

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mobile, AL
• County: Mobile County · 415,303 people
• City population: 205,729
• Metro: Mobile, AL
• Population (ZIP): 8,836
• Household income: $66,357
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 10% of renters

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Population outlook (Mobile County) Hauer SSP2

• Today (2025): 415,303 people
• By 2030: 411,755 · -0.9%
• By 2040: 399,670 · -3.8%
• By 2050: 382,616 · -7.9%
• By 2075: 337,353 · -18.8%
• By 2100: 283,391 · -31.8%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 51% Black 42% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Serbian 2% Slovak 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

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Political lean MEDSL · Mobile

• 2024 margin: R (+16.4) · D 41.3% · R 57.7%
• 2008→2024 swing: -7.7pp toward R · 2008: -8.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+11.9 2016: R+13.9 2012: R+9.3 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.27%
• Current HPI: 205.7241
• Rent YoY: ▲ 3.78%
• Metro: Mobile, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Property features AI

Finance

• HOA & community: No transfer feesNo community features

Exterior

• Parking: See remarks for parking details
• Utilities: Public waterPublic sewerElectric service by Alabama Power
• Home design: Multi-story structureTwo levelsResale conditionZoned for 2+ family residenceOwnership: whole/full
• Construction: Pillar/post/pier foundationConstruction materials: other (see remarks)Roof: see remarksBuilding area source: assessorBuilding area total: 5911 sq ft
• Exterior features: Fenced

Interior

• Kitchen: Appliances: other (see remarks)
• Bedrooms: Primary bedroom with combined bathMaster bedroom features: other (see remarks)
• Flooring: Tile flooringWood flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Window air conditioning unitsCooling present
• Interior features: Eat-in kitchenAdditional rooms (see remarks)

Price history

+164.8% since first listed

23 events — show timeline

• 2026-06-04 Price Changed $445,000 GCMLS AL
• 2026-06-04 Price Changed $445,000 BCAR
• 2026-04-01 Listed $475,000 BCAR
• 2026-03-16 Listed $475,000 GCMLS AL
• 2025-07-13 Rental Removed $495 LEASESTAR
• 2025-01-10 Listed for Rent $495 LEASESTAR
• 2025-01-08 Rental Removed $495 LEASESTAR
• 2024-12-08 Listed for Rent $495 LEASESTAR
• 2024-12-08 Rental Removed $995 LEASESTAR
• 2024-11-07 Listed for Rent $995 LEASESTAR
• 2024-11-01 Rental Removed $995 LEASESTAR
• 2024-10-27 Listed for Rent $995 LEASESTAR
• 2024-10-23 Rental Removed $995 LEASESTAR
• 2024-09-12 Listed for Rent $995 LEASESTAR
• 2024-09-12 Rental Removed $995 LEASESTAR
• 2024-06-12 Listed for Rent $995 LEASESTAR
• 2024-05-30 Rental Removed $895 LEASESTAR
• 2024-05-10 Price Changed $895 LEASESTAR
• 2024-05-08 Listed for Rent $995 LEASESTAR
• 2024-04-27 Rental Removed $995 LEASESTAR
• 2024-04-12 Listed for Rent $995 LEASESTAR
• 2023-06-17 Rental Removed — LEASESTAR
• 2004-08-06 Sold (Public Records) $168,075 Public Records

Property tax history

+7.9%/yr

Latest (2025): $3,053 · -3.0% YoY. Source: county tax records.