2123 Bragg St

Little Rock, AR 72206

$105,000B+

3 bd · 1.0 ba · 1,380 sqft · Built 1930 · SingleFamily · Active · 315 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $419/mo
• Annual: $5,033/yr
• Cap rate: 11.09%
• Cash-on-cash: 17.12%
• DSCR: 1.76
• 1% rule: 1.40%
• Cash to close: $29,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $105k. Condition is rated fair.
• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 315 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pulaski Heights Middle School (math 35% / reading 44%, grade F, #92 of 201 statewide, top 50%, 548 students, 57% FRL); Central High School (math 32% / reading 42%, grade F, #64 of 292 statewide, top 26%, 2,338 students, 53% FRL).
• Zoned-school proficiency averages 38% at this address vs 24% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Little Rock School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 190 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 110d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 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 $61k; list at $105k implies a 72% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $29k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 315 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding shows signs of wear and discoloration.
• Major: flooring — The flooring in the interior appears to be in poor condition.
• Major: interior walls/paint — The interior walls and paint appear to be in poor condition.
• Major: windows — The windows appear to be in poor condition, with some showing signs of wear and tear.
• Major: foundation/structure — The foundation and structure appear to be in poor condition, with visible cracks and wear.