904 Hamilton St · Dothan, AL 36301

$75,500

2 bd · 1.0 ba · 1,084 sqft · MultiFamily public records · 10 Days on market

Built 1930

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great income-producing opportunity! This duplex features two 1-bedroom, 1-bath units, each offering a functional layout with carpet and tile flooring, central air and heat, and a durable metal roof for long-term peace of mind. Located just minutes away from a strong Healthcare community, restaurants, and Downtown Dothan this property is ideal for a first-time investor or anyone looking to add a solid rental to their portfolio.

Key facts

• Durable metal roof
• Central air and heat
• Functional layout

Tags

• INCOME-PRODUCING OPPORTUNITY
• FUNCTIONAL LAYOUT
• CARPET AND TILE FLOORING
• CENTRAL AIR AND HEAT
• DURABLE METAL ROOF
• STRONG HEALTHCARE COMMUNITY

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $76k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive. Per door: $320/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Cap rate 16.5% vs local median 4.4% in Dothan — 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 64/100 on livability (#146 in AL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime F, amenities F.
• Dothan City (urban): math 19% / reading 39% proficiency, ranked #73 of 129 in AL (top 57%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Selma Street Elementary School (math 13% / reading 33%, grade F, #431 of 627 statewide, top 69%, 413 students, 93% FRL); Dothan Preparatory Academy (math 12% / reading 38%, grade F, #163 of 257 statewide, top 64%, 1,133 students, 78% FRL); Dothan High School (math 16% / reading 24%, grade F, #163 of 305 statewide, top 54%, 1,454 students, 70% FRL) — zoned schools average 80% FRL vs 59% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 410 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 463 units permitted in Houston County in 2024 (96 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $522 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Houston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 9y 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 $4k; list at $76k implies a 1788% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,500

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. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.84% ✓
• Cap rate: 16.47%
• Cash-on-cash: 36.34%
• DSCR: 2.62
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 32.1%
• Equity multiple: 2.35×
• Total profit: $28,524
• Equity at exit: $11,257

10-year hold

• IRR: 39.2%
• Equity multiple: 4.66×
• Total profit: $77,271
• Equity at exit: $6,528

Cash invested: $21,140 (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 36301

• Home prices YoY: -24.9%
• Active inventory: 410
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,390 medium
• Mortgage (P&I): −$396
• Tax from tax record: −$30 /mo · $366/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $640

Break-even live

Break-even rent $580

Max offer price $75,500

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,390
Total (2 units)			$1,390

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: $18,875
• Closing costs: $2,265
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 S Ussery St Dothan, AL	3.0	1.0	934	$895	$0.96	43d	1	0.52mi
193 S Saint Andrews St Dothan, AL	2.0	2.0	1100	$2,100	$1.91	43d	1	0.62mi
607 E Newton St Dothan, AL	1.0	1.0	800	$595	$0.74	43d	1	0.72mi
1000 Fairlane Dr Dothan, AL	3.0	2.0	1500	$1,200	$0.80	43d	1	0.79mi
1301 Alexander Dr Dothan, AL	1.0–2.0	1.0–1.5	833	$795	$0.95	43d	1	0.81mi
310 W Lafayette St Dothan, AL	3.0	1.0	1459	$995	$0.68	43d	1	0.94mi
1581 E Selma St Aurora, AL	3.0	1.5	1426	$1,149	$0.81	43d	1	0.95mi
306 Mustang Dr Dothan, AL	3.0	1.0	1301	$1,050	$0.81	43d	1	0.98mi
1009 Jonathan St Dothan, AL	3.0	1.5	1318	$1,300	$0.99	43d	1	1.05mi
500 Morgan St Unit C16 Dothan, AL	3.0	2.0	800	$750	$0.94	43d	1	1.31mi
500 Morgan St Dothan, AL	2.0	1.0	850	$725	$0.85	43d	1	1.31mi

Listing history 8 events

1. 2026-05-07
   status Pending
2. 2026-01-28
   listed $75,500 Active
3. 2023-07-05
   status Active
4. 2023-01-11
   listed $85,000 Active
5. 2023-01-10
   listed $85,000
6. 2023-01-10
   listed $85,000 Active
7. 2017-11-13
   soldstatus $4,000
8. 2017-10-02
   listed $7,500

ⓘ 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: $366 · $30/mo
• Projected year-2 tax: $366 · $30/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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,680
• − Mortgage interest: −$4,229
• − Property taxes: −$366
• − Insurance: −$378
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$2,196
• Taxable income: $6,842
• Est. tax owed @ 24.0%: −$1,642
• After-tax cash flow: $6,041/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: Dothan City
• NCES district ID: 0101230
• Math proficiency: 19% ▼ -23.00%
• Reading proficiency: 39% ▼ -3.00%
• Median HH income: $42,279
• Composite: 24.56/100
• National rank: #7640
• State rank: #73 of 129 in AL

Livability — Dothan

• Score: 64/100
• State rank: #146
• US rank: #13662

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dothan, AL
• City population: 47,783
• Population (ZIP): 38,627

Population outlook (Houston County) Hauer SSP2

• Today (2025): 110,280 people
• By 2030: 112,668 · +2.2%
• By 2040: 116,149 · +5.3%
• By 2050: 117,805 · +6.8%
• By 2075: 118,577 · +7.5%
• By 2100: 110,940 · +0.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Houston

• 2024 margin: Solid R (+47.8) · D 25.7% · R 73.5%
• 2008→2024 swing: -7.0pp toward R · 2008: -40.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+42.7 2016: R+47.6 2012: R+40.3 2008: R+40.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.46%
• Current HPI: 161.1212
• 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

+906.7% since first listed

8 events — show timeline

• 2026-05-07 Pending — SAMLS
• 2026-01-28 Listed $75,500 SAMLS
• 2023-07-05 Relisted — SAMLS
• 2023-01-11 Listed $85,000 SAMLS
• 2023-01-10 Listed $85,000 MAAR
• 2023-01-10 Listed $85,000 WBR
• 2017-11-13 Sold (MLS) $4,000 SAMLS
• 2017-10-02 Listed $7,500 SAMLS

Property tax history

+10.2%/yr

Latest (2025): $366 · +2.8% YoY. Source: county tax records.