662 S Washington Ave · Mobile, AL 36603

$129,000

4 bd · 3.0 ba · 1,690 sqft · SingleFamily public records · 9 Days on market

Built 1979 7,370 sqft lot Est $155k · 17% under

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Why this score? — see what drove the A- 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
• Appreciation +5.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Brick home located just minutes from downtown Mobile! This 4-bedroom, 3-bath property offers plenty of space and potential for the right buyer. The home needs some TLC, primarily cosmetic updates, making it a great opportunity for investors, renovators, or buyers looking to add their personal touch. Conveniently located near downtown attractions, restaurants, shopping, and major roadways. Whether you're looking for an investment property or a place to call home, this property offers excellent value and potential. Sold as-is. Seller is licensed real estate agent in the state of Alabama. Schedule your showing today!

Key facts

• Major roadways
• Brick home
• Shopping

Tags

• BRICK HOME
• MINUTES FROM DOWNTOWN MOBILE
• NEAR DOWNTOWN ATTRACTIONS
• RESTAURANTS
• SHOPPING
• MAJOR ROADWAYS

Property features AI

Exterior

• Parking: Driveway; 2 parking spaces
• Utilities: Water available; Public sewer; Electric: 110V and 220V; Other utilities
• Home design: Single family residence; Residential property
• Construction: Brick 4 sides construction; Built in 1979; Slab foundation; Shingle roof
• Exterior features: No notable exterior features; Back yard fencing; Property has a view

Interior

• Kitchen: Dishwasher
• Bedrooms: 4 bedrooms
• Flooring: Other flooring
• Bathrooms: 3 full bathrooms; No half baths
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features; No fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Cap rate 18.6% vs local median 4.9% 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: Erwin Craighead Elementary School (math 2% / reading 22%, grade F, #536 of 627 statewide, top 88%, 420 students, 89% FRL); Ben C Rain High School (math 2% / reading 2%, grade F, #291 of 305 statewide, top 100%, 589 students, 90% FRL) — zoned schools average 90% FRL vs 67% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 7% at this address vs 27% district-wide (-20 pts) — the specific schools serving this property underperform the Mobile County average; the district grade overstates school quality for this exact location.
• Market conditions: 36 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,678 units permitted in Mobile County in 2024 (264 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($892 loan paydown + $2k appreciation (1.3% local appreciation)).
• Mobile County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $129,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 2.10% ✓
• Cap rate: 18.63%
• Cash-on-cash: 44.07%
• DSCR: 2.96
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $155,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 Bayou St S	0.08mi	3/2.0 (-1)	1,943 (+15%)	2mo	$150,000	$77	61
350 Broad St S	0.45mi	3/2.5 (-1)	1,731 (+2%)	13mo	$300,000	$173	57
761 Broad St S	0.25mi	3/2.5 (-1)	1,830 (+8%)	13mo	$115,000	$63	56
958 Elmira St	0.41mi	3/1.0 (-1)	1,600 (-5%)	6mo	$64,000	$40	54
809 Montgomery St	0.09mi	3/2.5 (-1)	1,911 (+13%)	17mo	$132,500	$69	53
607 Texas St	0.25mi	3/2.0 (-1)	1,539 (-9%)	15mo	$189,500	$123	52
456 Broad St S	0.30mi	3/1.5 (-1)	1,915 (+13%)	1mo	$142,500	$74	52
909 Dearborn St S	0.29mi	3/2.0 (-1)	1,464 (-13%)	7mo	$135,000	$92	50
700 Carolina St S	0.29mi	3/1.0 (-1)	1,526 (-10%)	15mo	$80,000	$52	45
961 Savannah St	0.51mi	3/2.0 (-1)	1,835 (+9%)	19mo	$420,000	$229	37
1005 Savannah St	0.54mi	3/2.0 (-1)	1,545 (-9%)	18mo	$397,500	$257	36
1103 Marine St	0.75mi	3/2.0 (-1)	1,512 (-10%)	8mo	$230,000	$152	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.9%
• Equity multiple: 3.35×
• Total profit: $84,736
• Equity at exit: $46,210

10-year hold

• IRR: 46.4%
• Equity multiple: 6.65×
• Total profit: $204,032
• Equity at exit: $63,124

Cash invested: $36,120 (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 36603

• Home prices YoY: 2.8%
• Active inventory: 36
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,711 high
• Mortgage (P&I): −$676
• Tax from tax record: −$85 /mo · $1,022/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $1,260

Break-even live

Break-even rent $1,116

Max offer price $129,000

Occupancy floor 49%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
814 S Broad St Unit 1043690P Mobile, AL	3.0	2.0	1991	$3,562	$1.79	13d	1	0.36mi
811 Gorgas St Mobile, AL	4.0	1.0	1300	$1,310	$1.01	43d	1	0.57mi
500 Palmetto St Mobile, AL	3.0	2.0	1786	$1,450	$0.81	43d	1	0.73mi
1204 Seneca St Mobile, AL	3.0	2.0	1425	$1,345	$0.94	13d	1	0.99mi
1141 Montauk Ave Unit 1043864P Mobile, AL	3.0	2.0	1420	$2,741	$1.93	13d	1	1.02mi
961 Old Shell Rd Unit A Mobile, AL	3.0	2.5	1600	$1,295	$0.81	43d	1	1.07mi
84 S Lafayette St Unit 1043577P Mobile, AL	3.0	2.0	1496	$3,116	$2.08	13d	1	1.30mi
107 Michael Donald Ave Unit 1043461P Mobile, AL	4.0	3.5	2195	$3,962	$1.81	13d	1	1.30mi

Listing history 9 events

1. 2026-06-18
   days on market $129,000 Active 9 DOM
2. 2026-06-17
   days on market $129,000 Active 8 DOM
3. 2026-06-16
   days on market $129,000 Active 7 DOM
4. 2026-06-15
   days on market $129,000 Active 6 DOM
5. 2026-06-14
   days on market $129,000 Active 4 DOM
6. 2026-06-13
   remarks 621-char remark
7. 2026-06-13
   days on market $129,000 Active 3 DOM
8. 2026-06-10
   remarks 559-char remark
9. 2026-06-10
   listed $129,000 Active 1 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: $1,022 · $85/mo
• Projected year-2 tax: $1,022 · $85/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 8/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 22 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: $32,535
• − Mortgage interest: −$7,226
• − Property taxes: −$1,022
• − Insurance: −$1,442
• − Repairs & maintenance: −$2,603
• − Management: −$2,603
• − Depreciation: −$3,753
• Taxable income: $13,885
• Est. tax owed @ 24.0%: −$3,332
• After-tax cash flow: $11,787/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: 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

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
• City population: 205,729
• Population (ZIP): 7,805

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (85%)
• Race & ethnicity: Black 85% White 12% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 1.32%
• Current HPI: 48.9551
• 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

1 event — show timeline

• 2026-06-09 Listed $129,000 GCMLS AL

Property tax history

+7.5%/yr

Latest (2025): $1,022 · -10.5% YoY. Source: county tax records.