122 & 124 College Park Cir

North Little Rock, AR 72114

$84,500A-

2 bd · 2.0 ba · 1,528 sqft · Built 1952 · MultiFamily · Active · 384 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,847/mo
• Mortgage (P&I): −$443
• Tax + insurance: −$61
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $955/mo
• Annual: $11,460/yr
• Cap rate: 19.86%
• Cash-on-cash: 48.44%
• DSCR: 3.16
• 1% rule: 2.19%
• Cash to close: $23,660

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $84k. Condition is rated good.
• At list price, monthly cash flow is $955 ($11k/yr) — positive. Per door: $478/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• It's been on market 384 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.7%/yr); year-one equity from $584 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#24 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities F, employment D-.
• N. Little Rock School District (urban): math 21% / reading 26% proficiency, ranked #191 of 238 in AR (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Boone Park Elementary School (math 12% / reading 12%, grade F, #419 of 454 statewide, top 93%, 414 students, 100% FRL); Lakewood Middle School (math 23% / reading 32%, grade F, #155 of 201 statewide, top 77%, 1,115 students, 100% FRL); North Little Rock High School (math 12% / reading 26%, grade F, #248 of 292 statewide, top 86%, 1,949 students, 100% FRL) — zoned schools average 100% FRL vs 66% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.1%/yr); 86 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-2.7% appreciation + 3.1% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.9% vs local median 5.2% in North Little Rock — 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.
• This rent per unit runs 37% of the median local income ($30k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 384 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?