3015 Summer Hill Pl

Fairfield Bay, AR 72088

$30,000D+

1 bd · 1.0 ba · 470 sqft · Built 1985 · Condo · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,413/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$29
• HOA: −$300
• Vac / Maint / Mgmt: −$297
• Net cashflow: $630/mo
• Annual: $7,559/yr
• Cap rate: 31.49%
• Cash-on-cash: 89.98%
• DSCR: 5.00
• 1% rule: 4.71%
• Cash to close: $8,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $30k.
• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 57 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• In year one you build about $64 of equity ($207 loan paydown + $-143 appreciation (-0.5% local appreciation)).
• Location reads 62/100 on livability (#220 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, schools F, amenities F.
• Shirley School District (rural): math 44% / reading 42% proficiency, ranked #132 of 245 in AR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 259 active listings in the ZIP; 16 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).
• Van Buren County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $13k; list at $30k implies a 131% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 31.5% vs local median 5.3% in Fairfield Bay — 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

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.