243 Boland Dr

Henderson, AR 72544

$189,900D

4 bd · 1.0 ba · 1,568 sqft · Built — · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,216/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $-177/mo
• Annual: $-2,123/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• 1% rule: 0.64%
• Cash to close: $53,172

Investor read

• This is a 4-bed/1.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (36.0% below list).
• It's been on market 16 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (36.0% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (9.5% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mountain Home School District (town): math 45% / reading 45% proficiency, ranked #40 of 238 in AR (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 47 units permitted in Baxter County in 2024 (0 in 5+ unit buildings).
• Baxter County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 11 sale attempts since 5y 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.
• Current owner paid $68k; list at $190k implies a 181% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.2% vs local median 1.9% in Henderson — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.