26938 Spyglass Dr · Orange Beach, AL 36561

$335,000

3 bd · 2.5 ba · 1,516 sqft · Townhouse public records · 88 Days on market

Built 2021 1,132 sqft lot $221/sqft · 7% below area Est $357k · 6% under $300/mo HOA · 9% of rent

---

Why this score? — see what drove the D+ 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 +16.2/30.0
• ARV discount +10.2/15.0
• DSCR +5.0/10.0
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller willing to contribute to Buyers closing costs with acceptable offer. Located in the charming Spyglass community in Orange Beach, this charming 3 bed 2.5 bath GOLD FORTIFIED townhome offers comfortable coastal living just minutes from the beautiful Gulf beaches, dining, shopping, and entertainment. The home features an inviting open floor plan with abundant natural light, spacious living areas, and a functional layout for both everyday living and entertaining. Well-designed spaces provide comfort and flexibility, while the private back outdoor area offers a relaxing spot to enjoy the coastal breeze. The kitchen has lovely cabinets, granite counters, and stainless appliances including a refrigerator and a washer and dryer in the upstairs laundry room. Whether you're searching for a primary residence, second home, or long term investment opportunity, this property delivers an ideal location and the relaxed lifestyle Orange Beach is known for. The community pool is just down the street making for a quick and easy walk for a lazy day by the pool. This community has easy access via golf cart to a ton of restaurants such as GT's, the Iconic Keg, Avenue Pub, and Bear Point's OSO. The Coastal Art Center, Library and playground are just down the street and a quick ride in your Golfcart to the Beach. Also, the Orange Beach Rec Center and Orange Beach Elementary is just down the street! Buyer to verify all information during due diligence. Buyer to verify all information during due diligence.

Key facts

• Community pool
• Small backyard area
• Gold fortified

Tags

• GOLD FORTIFIED
• SMALL BACKYARD AREA
• COMMUNITY POOL
• EASY ACCESS VIA GOLF CART
• QUICK RIDE TO THE BEACH
• DOWN THE STREET FROM LIBRARY

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $335k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $323k (3.5% below list).
• Recommended offer: $315k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 0.2% in Orange Beach — 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 (#17 in AL, #3,891 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, commute F.
• Market conditions: 89 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,883 units permitted in Baldwin County in 2024 (481 in 5+ unit buildings).
• This rent runs 39% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Baldwin County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $220k; list at $335k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $314,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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 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: 0.96% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 8.6

CMA / ARV

• ARV (median comp): $356,709
• List price: $335,000
• Delta: -6.09%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26954 Spyglass Dr	0.03mi	3/2.5	1,516 (0%)	4mo	$320,000	$211	95
26941 Spyglass Dr	0.02mi	3/2.5	1,500 (-1%)	2mo	$345,000	$230	95
26940 Spyglass Dr	0.00mi	3/2.5	1,451 (-4%)	1mo	$335,000	$231	92
26996 Spyglass Dr	0.09mi	3/2.5	1,451 (-4%)	1mo	$355,000	$245	88
27282 Canal Rd #104	0.40mi	3/3.0	1,423 (-6%)	4mo	$649,000	$456	66
27282 Canal Rd #207	0.40mi	4/3.0 (+1)	1,604 (+6%)	1mo	$725,000	$452	64
4551 Walker Key Blvd Unit G4	0.30mi	2/2.0 (-1)	1,388 (-8%)	4mo	$468,000	$337	62
4615 Nancy Ln #8	0.61mi	3/2.5	1,618 (+7%)	3mo	$390,000	$241	58
27580 Canal Rd #1504	0.68mi	2/2.0 (-1)	1,308 (-14%)	2mo	$660,000	$505	37
27580 Canal Rd #1210	0.68mi	2/2.0 (-1)	1,308 (-14%)	3mo	$699,999	$535	36
27582 Canal Rd #2310	0.74mi	2/2.0 (-1)	1,308 (-14%)	3mo	$575,000	$440	33
27582 Canal Rd #2110	0.74mi	2/2.0 (-1)	1,308 (-14%)	4mo	$570,000	$436	33

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

Projected returns pro-forma

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

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-43,025
• Equity at exit: $49,950

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-22,724
• Equity at exit: $28,965

Cash invested: $93,800 (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 36561

• Active inventory: 89
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,232 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$182 /mo · $2,182/yr
• Insurance: −$140
• HOA: −$300
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $175

Break-even live

Break-even rent $3,010

Max offer price $335,000

Occupancy floor 90%

Sensitivity live

Price	-10% $365	-5% $270	+0% $175	+5% $81	+10% $-14
Rent	-10% $-80	-5% $48	+0% $175	+5% $303	+10% $431
Rate	-1.0pp $344	-0.5pp $261	base $175	+0.5pp $89	+1.0pp $0

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4532 Walker Key Blvd Unit F-1 Orange Beach, AL	3.0	2.0	1258	$3,250	$2.58	44d	1	0.35mi
27481 Canal Rd Orange Beach, AL	3.0	3.0	1741	$3,450	$1.98	44d	1	0.55mi
4216 Antigua Ct Orange Beach, AL	4.0	3.5	1718	$3,200	$1.86	44d	1	0.77mi
25624 W Perdido Ave Orange Beach, AL	2.0	2.0	1170	$1,580	$1.35	14d	3	1.30mi
4681 Casablanca Dr Orange Beach, AL	3.0	3.0	2011	$3,250	$1.62	44d	1	1.44mi

HOA detail

• Monthly dues: $300 · $3,600/yr
• Likely covers: pool

Listing history 13 events

1. 2026-06-09
   status $335,000 Pending 88 DOM
2. 2026-06-08
   days on market $335,000 Active 88 DOM
3. 2026-06-07
   days on market $335,000 Active 87 DOM
4. 2026-06-05
   days on market $335,000 Active 84 DOM
5. 2026-06-03
   days on market $335,000 Active 83 DOM
6. 2026-06-02
   days on market $335,000 Active 82 DOM
7. 2026-06-01
   days on market $335,000 Active 81 DOM
8. 2026-05-31
   days on market $335,000 Active 80 DOM
9. 2026-05-30
   days on market $335,000 Active 79 DOM
10. 2026-04-17
    price $335,000 1512-char remark

    Show marketing remark (1512 chars)

    Seller willing to contribute to Buyers closing costs with acceptable offer. Located in the charming Spyglass community in Orange Beach, this charming 3 bed 2.5 bath GOLD FORTIFIED townhome offers comfortable coastal living just minutes from the beautiful Gulf beaches, dining, shopping, and entertainment. The home features an inviting open floor plan with abundant natural light, spacious living areas, and a functional layout for both everyday living and entertaining. Well-designed spaces provide comfort and flexibility, while the private back outdoor area offers a relaxing spot to enjoy the coastal breeze. The kitchen has lovely cabinets, granite counters, and stainless appliances including a refrigerator and a washer and dryer in the upstairs laundry room. Whether you're searching for a primary residence, second home, or long term investment opportunity, this property delivers an ideal location and the relaxed lifestyle Orange Beach is known for. The community pool is just down the street making for a quick and easy walk for a lazy day by the pool. This community has easy access via golf cart to a ton of restaurants such as GT's, the Iconic Keg, Avenue Pub, and Bear Point's OSO. The Coastal Art Center, Library and playground are just down the street and a quick ride in your Golfcart to the Beach. Also, the Orange Beach Rec Center and Orange Beach Elementary is just down the street! Buyer to verify all information during due diligence. Buyer to verify all information during due diligence.

11. 2026-03-12
    listed $340,000 Active 1512-char remark

    Show marketing remark (1512 chars)

    Seller willing to contribute to Buyers closing costs with acceptable offer. Located in the charming Spyglass community in Orange Beach, this charming 3 bed 2.5 bath GOLD FORTIFIED townhome offers comfortable coastal living just minutes from the beautiful Gulf beaches, dining, shopping, and entertainment. The home features an inviting open floor plan with abundant natural light, spacious living areas, and a functional layout for both everyday living and entertaining. Well-designed spaces provide comfort and flexibility, while the private back outdoor area offers a relaxing spot to enjoy the coastal breeze. The kitchen has lovely cabinets, granite counters, and stainless appliances including a refrigerator and a washer and dryer in the upstairs laundry room. Whether you're searching for a primary residence, second home, or long term investment opportunity, this property delivers an ideal location and the relaxed lifestyle Orange Beach is known for. The community pool is just down the street making for a quick and easy walk for a lazy day by the pool. This community has easy access via golf cart to a ton of restaurants such as GT's, the Iconic Keg, Avenue Pub, and Bear Point's OSO. The Coastal Art Center, Library and playground are just down the street and a quick ride in your Golfcart to the Beach. Also, the Orange Beach Rec Center and Orange Beach Elementary is just down the street! Buyer to verify all information during due diligence. Buyer to verify all information during due diligence.

12. 2021-02-25
    soldstatus $219,900 1460-char remark

    Show marketing remark (1460 chars)

    * * * Estimated Construction Completion January - February 2021 * * * Spyglass is our new luxury town-home community with so much to offer- including a community pool! These beautiful town-homes are 3 bedrooms, 2 1/2 baths featuring 9 foot ceilings with luxury vinyl plank flooring in the main living areas and wet areas, granite counter tops in the kitchen and bathrooms, and so much more! The floor plan offers the perfect combination of living space and a convenient Orange Beach location. You are minutes from dining, shopping, outdoor activities, and the beach. * * $3000 towards closing costs when preferred lender is used * * * This home is being built to Gold FORTIFIED HomeTM certification, which may save the buyer on their homeowner’s insurance. (See Sales Representative for details. ) * * This home features our Home is Connected (SM) Smart Home Technology, which includes control panel, doorbell, smartcode lock, two smart light switches, and thermostat, all controlled by one app. (See Sales Representative for complete details on these smart home features. ) Enjoy the relaxing view of the pond which features 2 fountains from the living room and kitchen. You can also relax and enjoy the community pool. Don't miss out on this amazing location and price point! * Interior pictures are of similar town-home unit and not necessarily of subject property, including interior and exterior colors, options, and finishes.

13. 2020-08-06
    listed $219,900 1460-char remark

    Show marketing remark (1460 chars)

    * * * Estimated Construction Completion January - February 2021 * * * Spyglass is our new luxury town-home community with so much to offer- including a community pool! These beautiful town-homes are 3 bedrooms, 2 1/2 baths featuring 9 foot ceilings with luxury vinyl plank flooring in the main living areas and wet areas, granite counter tops in the kitchen and bathrooms, and so much more! The floor plan offers the perfect combination of living space and a convenient Orange Beach location. You are minutes from dining, shopping, outdoor activities, and the beach. * * $3000 towards closing costs when preferred lender is used * * * This home is being built to Gold FORTIFIED HomeTM certification, which may save the buyer on their homeowner’s insurance. (See Sales Representative for details. ) * * This home features our Home is Connected (SM) Smart Home Technology, which includes control panel, doorbell, smartcode lock, two smart light switches, and thermostat, all controlled by one app. (See Sales Representative for complete details on these smart home features. ) Enjoy the relaxing view of the pond which features 2 fountains from the living room and kitchen. You can also relax and enjoy the community pool. Don't miss out on this amazing location and price point! * Interior pictures are of similar town-home unit and not necessarily of subject property, including interior and exterior colors, options, and finishes.

ⓘ 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: $2,182 · $182/mo
• Projected year-2 tax: $2,182 · $182/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $38,789
• − Mortgage interest: −$18,765
• − Property taxes: −$2,182
• − Insurance: −$1,675
• − Repairs & maintenance: −$3,103
• − Management: −$3,103
• − HOA: −$3,600
• − Depreciation: −$9,745
• Taxable loss: −$3,385
• Est. tax savings @ 24.0%: +$812
• After-tax cash flow: $2,917/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)

No district data.

Livability — Orange Beach

• Score: 75/100
• State rank: #17
• US rank: #3891

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orange Beach, AL
• County: Baldwin County · 181,514 people
• City population: 9,528
• Metro: Daphne-Fairhope-Foley, AL
• Population (ZIP): 9,528
• Household income: $98,295
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 179.0

Population outlook (Baldwin County) Hauer SSP2

• Today (2025): 248,264 people
• By 2030: 270,315 · +8.9%
• By 2040: 312,967 · +26.1%
• By 2050: 352,262 · +41.9%
• By 2075: 438,841 · +76.8%
• By 2100: 487,736 · +96.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Black 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 4% Slovak 4% Russian 3%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Baldwin

• 2024 margin: Solid R (+58.2) · D 20.5% · R 78.7%
• 2008→2024 swing: -6.7pp toward R · 2008: -51.5pp · 2024: -58.2pp
• All cycles: 2024: R+58.2 2020: R+53.8 2016: R+57.8 2012: R+55.8 2008: R+51.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -219.50%
• Current HPI: 270.8382
• Rent YoY: —
• Metro: Daphne-Fairhope-Foley, AL
• 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

+52.3% since first listed

4 events — show timeline

• 2026-04-17 Price Changed $335,000 BCAR
• 2026-03-12 Listed $340,000 BCAR
• 2021-02-25 Sold (MLS) $219,900 BCAR
• 2020-08-06 Listed $219,900 BCAR

Property tax history

+36.0%/yr

Latest (2025): $2,182 · +10.9% YoY. Source: county tax records.